Edward Black

Edward Black

Katten Muchin Rosenman LLP

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ESMA Publishes EMIR Q&As

On March 20, the European Securities and Markets Authority (ESMA) published Questions & Answers (Q&A) relating to the implementation of the Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories...more

3/27/2013 - EMIR ESMA

FSA Publishes Second AIFMD Consultation Paper

On March 19, the UK Financial Services Authority (FSA) published Consultation Paper CP13/9, its second consultation on the rules and guidance required for the UK transposition of the EU Alternative Investment Fund Managers...more

3/27/2013 - AIFMD Alternative Investment Funds Financial Services Authority

One-Day Prohibition Imposed on Short Selling of Four Italian Shares

On February 27, the UK Financial Services Authority (FSA) announced that it had prohibited short selling of the shares of four named Italian financial institutions for the duration of the February 27 trading day. The...more

3/7/2013 - Financial Services Authority Short Sales

FSA Updates Guide to the New PRA and FCA Handbooks

On February 19, the UK Financial Services Authority (FSA) published an updated “one-minute guide” summarizing the changes to the FSA Handbook that will come into effect when the FSA’s two successor regulatory bodies, the...more

2/27/2013 - EU Financial Conduct Authority Financial Services Authority Handbooks Prudential Regulation Authority

ESMA Recommends Proxy Advisor Code of Conduct

On February 19, the European Securities and Markets Authority (ESMA) published a Feedback Statement on its March 2012 consultation on the role of the proxy advisory industry as service providers to institutional investors...more

2/27/2013 - Code of Conduct ESMA Investors Proxy Advisors Proxy Voting Guidelines

ESMA Issues AIFM Remuneration Guidelines

On February 11, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on remuneration of alternative investment fund managers (AIFMs). The Guidelines follow from, and add detail to, the...more

2/20/2013 - AIFM ESMA EU Fund Managers Investment Funds Remuneration

European Commission Announcement Concerning EMIR Regulatory Technical Standards

On February 8, the European Commission issued an announcement concerning the draft regulatory technical standards (RTS) made under the European Market Infrastructure Regulation (the Regulation on OTC Derivatives, Central...more

2/20/2013 - Derivatives ECON EMIR EU European Commission OTC

MF Global Judgment Clarifies Law on Client Money Entitlement

A High Court judgment by Mr. Justice Richards handed down on January 29 has confirmed that a client’s open positions on trades, made with a firm regulated by the UK Financial Services Authority (FSA) that subsequently enters...more

2/10/2013 - Chapter 7 Commercial Bankruptcy Financial Services Authority Liquidation MF Global

Appeal Tribunal Confirms £8 Million Market Manipulation Fine

On January 28, the Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the Regulatory Decisions Committee (RDC) of the UK Financial Services Authority (FSA) to impose a fine of £8 million (approximately $12.6...more

2/8/2013 - Financial Services Authority Trade Market Abuse

ESMA Publishes Further Update of Short Selling Regulation Questions and Answers

On January 30, the European Securities and Markets Authority (ESMA) published a second updated version of its questions and answers EU Regulation on Short Selling and Certain Aspects of Credit Default Swaps (EU236/2012) (the...more

2/8/2013 - ESMA EU Short Sales

Spanish Short Sales Ban Ends, Greek Ban Continues

On January 31, the Spanish securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), announced that the prohibition on short sales of Spanish shares under the EU Short Selling Regulation (EU236/2012) would...more

2/8/2013 - EU Securities Short Sales

European Commission Adopts AIFMD Level 2 Regulation

On December 19, the European Commission adopted a Delegated (Level 2) Regulation (Delegated Regulation) implementing certain aspects of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)....more

12/28/2012 - AIFMD EU European Commission

Preparing for UK Regulatory Change: An Overview of the New Framework

In the aftermath of the 2008 financial crisis, all of the major political parties in the UK proposed significant change to the system of financial regulation. On election in 2010, the coalition government set out its belief...more

12/20/2012 - Bank of England EU Financial Conduct Authority Financial Policy Committee Financial Services Authority Prudential Regulation Authority

FSA Expresses Concerns About Outsourcing by Asset Managers

On December 11, the UK Financial Services Authority (FSA) published a “Dear CEO” letter which had been sent to the CEO’s of regulated asset managers outlining its concerns about asset managers’ outsourcing arrangements....more

12/18/2012 - Asset Management CEOs Financial Services Authority Outsourcing

FSA Consults on Regulation of Benchmarks

On December 5, the UK Financial Services Authority (FSA) announced a consultation on its new regulatory framework for financial benchmarks – CP12/36 The Regulation and Supervision of Benchmarks. This follows on from the work...more

12/13/2012 - Benchmarks Financial Services Authority Libor

ESMA Issues Guidelines on Repo Arrangements for UCITS Funds

On December 4, the European Securities and Markets Authority (ESMA) published final guidelines on repurchase and reverse repurchase agreements for UCITS funds established under the Undertakings for Collective Investment in...more

12/13/2012 - ESMA Securities UCITS

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