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AIFMD II Comes into Force in April 2024

The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on...more

EU New Net Short Position Disclosure Threshold at 0.1%—ESMA Confirms Disclosure of Existing Positions Required

As previously notified, the European Commission has revised rules to permanently lower the initial net short position reporting threshold from 0.2 per cent to 0.1 per cent under the EU Short Selling Regulation (EU SSR) and...more

Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more

ESG: European Regulators Publish Revised Secondary Rules and Templates for Environmental-Related Sustainability Disclosures

The European Supervisory Authorities (ESAs) have published the draft Regulatory Technical Standards (“Taxonomy RTS”) on product-level disclosures that apply to funds or portfolios that promote or make environmentally...more

EU Short Selling Regulation: ESMA to End Temporary Lower 0.1% Net Short Position Reporting Threshold

The European Securities and Markets Authority (ESMA) has announced that the temporary lower net short position reporting threshold of 0.1 percent under the EU Short Selling Regulation (SSR) with respect to shares traded on an...more

UK Regulators Consult on Amendments to Margin Requirements Under UK EMIR

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have published a Consultation Paper1 with proposed changes to the secondary rules regarding margin requirements applicable to non-centrally...more

ESG: European Regulators Confirm Approach to SFDR Compliance from 10 March 2021

The European Supervisory Authorities (ESAs) have published a Supervisory Statement to clarify the application of the Sustainable Finance Disclosure Regulation (SFDR) in anticipation of the requirements applying in the...more

SFDR – Revised Secondary ESG Disclosure Measures

The European Supervisory Authorities (ESAs) have published the final draft of the Regulatory Technical Standards (RTS) under the EU Sustainable Finance Disclosure Regulation (SFDR), which set out the detailed disclosure...more

ESG Disclosures: Guiding Principles and Best Practices for Investment Managers

Whether preparing or reviewing Environmental, Social, and Governance (ESG) disclosures for compliance with regulatory requirements in the EU, the United Kingdom (UK) or the United States (US), or for alignment with ESG best...more

ESMA and the FCA Extend the Temporary 0.1% Net Short Position Reporting Threshold

In response to the unprecedented circumstances caused by the COVID-19 pandemic, the EU and the UK temporarily lowered the reporting threshold under the EU Short Selling Regulation (“EU SSR”) for net short positions in shares...more

ESG: New Disclosure Rules for Investment Managers

1. New EU and UK disclosure requirements - The new disclosure requirements for investment managers and advisers with respect to their environmental, social and corporate governance (ESG) policies will apply in the European...more

ESMA Renews 0.1% Net Short Reporting Threshold for a Further Three Months

On 10 June 2020, the European Securities and Markets Authority (ESMA) renewed its decision to temporarily require holders of net short positions in shares traded on a European Union regulated market to notify the relevant...more

Termination of EU Short Selling Bans but 0.1% Net Short Reporting Continues

On 18 May 2020, the European Securities and Markets Authority (ESMA) announced the non-renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht (FMA) of Austria, the Financial...more

Austria, Belgium, France, Greece and Spain Extend Short Selling Ban Until 18 May 2020

The European Securities and Markets Authority (ESMA) has confirmed the renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht (FMA) of Austria, the Financial Securities and...more

The FCA Confirms New 0.1 Percent Net Short Reporting Will Be Required From 6 April 2020

The Financial Conduct Authority (FCA) has confirmed that it has adjusted its systems to facilitate reporting in accordance with the decision of the European Securities and Markets Authority (ESMA) of 16 March 2020 to...more

BaFin Confirms Which Euro Indices Can Be Traded

BaFin, the German financial regulator, issued on 19 March 2002 a clarification statement confirming that the recent prohibitions on establishing and increasing net short positions imposed by the European Union regulatory...more

EU Short Selling Bans Prolonged

Further bans on all types of short selling have been extended by financial regulators in Austria, Belgium, France, Greece, Italy and the UK (in respect of the shares identified by the Spanish and Italian regulators) and now...more

Further EU Short Selling Prohibitions and FCA Update

Following on from Friday’s temporary prohibitions on short selling, Belgium, France, Italy, Spain and the U.K. have announced temporary prohibitions on short selling of specified shares exercising the exceptional powers...more

ESMA Lowers Threshold for Net Short Position Disclosures

The European Securities and Markets Authority (ESMA) has yesterday, March 16, 2020, issued a decision to temporarily lower the net short position notification threshold under the European Union Short Selling Regulation from...more

EU Countries Issue Temporary Short Selling Restrictions

As a result of the disruption experienced in a number of markets, the UK Financial Conduct Authority (FCA), the Italian securities regulator (Commissione Nazionale per le Società e la Borsa (CONSOB)) and the Spanish...more

EU Commission Confirms No SFTR Reporting for Non-EU Funds

The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020, further to AIMA’s request for clarification, that the requirement to report...more

Countdown To Brexit

At 11:00 p.m. U.K. time on 29 March 2019 the United Kingdom is expected to leave the European Union (“BREXIT Day”). The below timeline sets out milestones in the lead up to BREXIT Day, and thereafter. Please note that there...more

Financial Conduct Authority’s Asset Management Review – Authorised Funds Shake Up

On 28 June 2017, the Financial Conduct Authority (FCA) published the Asset Management Market Study Final Report (the “Asset Management Review”) as well as a Consultation Paper setting out some proposed changes to the FCA’s...more

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

Brexit on Ice? Court Rules That Only UK Parliament Can Trigger Article 50

Earlier today, the High Court of Justice ruled that the U.K. government does not have the constitutional capacity to trigger the U.K.'s withdrawal from the European Union without further primary legislation being passed. This...more

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