Jacqui Hatfield

Jacqui Hatfield

Reed Smith

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Latest Publications


The Impact of Brexit on Debt Capital Markets

On 23 June 2016, the UK electorate voted in favour of exiting the European Union. Whilst the UK will not leave the EU in the immediate future, issuers of, and investors in, existing debt capital market transactions or those...more

9/28/2016 - Capital Markets Union Debt Market EU Eurobonds Member State Passporting Prospectus Referendums UK UK Brexit

Applying for a German Banking or Financial Services Licence

Due to Brexit developments, for many non-European investors the option to acquire a German banking or financial licence, including the attached benefit of being able to use the European passport regime, is a part of their...more

7/25/2016 - Anti-Money Laundering BaFin Banking Sector Capital Requirements Regulation (CRR) EU EU Passport European Central Bank Financial Services Industry Germany Internal Controls Licensing Rules Recordkeeping Requirements Risk Management UK UK Brexit

Brexit for asset managers and fund managers - don’t panic, it may not be as bad as it at first appears!

UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (6 July 2016), the process of withdrawal under...more

7/11/2016 - AIFMD Asset Management EEA EFTA EMIR EU EU Passport EU Single Market European Securities and Markets Authority (ESMA) Free Trade Agreements Fund Managers MiFID MiFID II UCITS UK UK Brexit

EU Referendum – what does it mean for alternative capital providers?

The UK referendum has caused uncertainty in the financial services industry, but what does it mean for alternative capital providers? And could it create some business opportunities? Alternative capital providers are...more

6/29/2016 - Capital Markets Union EU Financial Services Industry Financing Institutional Investors Investors Non-Bank Lenders Private Placements Referendums Regulatory Oversight Securitization Vehicles SMEs UK UK Brexit

FCA Enforcement Action Overview

Reed Smith’s Enforcement Action by the FCA 2016 is a useful overview of enforcement action taken by the FCA in 2016. Enforcement action is important in terms of showing where the focus of the regulator is in terms of...more

6/17/2016 - Convictions Enforcement Actions Financial Conduct Authority (FCA) Fines FSMA Insider Trading Internal Controls Market Abuse Suspensions & Debarments UK

Beyond Bitcoin: Blockchain - The Essential Building Block in Designing the Future

Bitcoin relies on its peer-to-peer network to do two things: maintain the authoritative ledger of transactions and issue new currency. The application of the blockchain is anticipated to extend far beyond financial services...more

5/12/2016 - Bitcoin Blockchain Corporate Counsel EU Financial Sector Popular Regulatory Standards Underwriting Young Lawyers

New “Senior Managers Regime” to be introduced for all financial services firms, including the fund management sector

The Government has confirmed that it will be pushing forward with extending the Senior Managers and Certification Regime to all financial services firms (including investment firms and fund managers), following the Fair and...more

1/7/2016 - Fair and Effective Markets Review (FEMR) Financial Conduct Authority (FCA) Financial Services Industry Senior Managers Senior Managers Insurers Regime (SMIR) UK

Addressing Attestations

Attestations are part of the FCA supervisory toolkit used to ensure accountability from senior management in all regulated firms. They are a means by which the FCA can gain personal commitment from an approved person that...more

1/7/2016 - Attestation Deadlines Enforcement Authority Financial Conduct Authority (FCA) Financial Services Industry

The European Securities and Markets Authority (ESMA) published advice on the extension of the Alternative Investment Fund Managers...

For Jersey and Guernsey, the ESMA Advice was positive: no obstacles exist to the extension of the AIFMD passport to these jurisdictions. AIFMD Article 67 envisages that a delegated act will follow within three months to...more

8/7/2015 - AIFMD EU European Commission European Securities and Markets Authority (ESMA) Marketing

Increased regulatory activity on the horizon as the FCA acquires new competition powers

As of 1 April 2015, the Financial Conduct Authority (FCA) has acquired new functions and powers in relation to competition. The FCA’s new powers include...more


Plenty for firms to think about as the FCA publishes its 2015/2016 Business Plan

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2015/2016, setting out the areas on which it intends to focus over the coming year....more

3/25/2015 - Financial Conduct Authority (FCA) Strategic Enforcement Plan UK

FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

3/18/2015 - Consumer Financial Products Financial Conduct Authority (FCA) Financial Promotions New Guidance Social Networks UK

FCA publishes Memorandum of Understanding between the FCA and ICO

On 28 January 2015, the Financial Conduct Authority (FCA) published the Memorandum of Understanding (MoU) which it entered into with the Information Commissioner’s Office (ICO) (dated 29 September 2014)....more

3/6/2015 - Financial Conduct Authority (FCA) FSMA ICO Information Sharing Memorandum of Understanding

Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule...more

12/10/2014 - Annual Notices CFPB Debt Collectors Disability Benefits Discrimination Disparate Impact Faxes FCC FDCPA Financial Conduct Authority (FCA) HUD Mail Mobile Banking Notice of Privacy Practices Opt-Outs Privacy Laws Regulation P Ring-Fencing Unsolicited Faxes

Financial Industry Regulatory Update - December 2014

In this issue: - The Financial Services (Banking Reform) Act 2013 - Proprietary Treading And Ring Fencing (EU) - Shadow Banking - Mobile Banking And Payments - Stress Testing And Asset...more

12/9/2014 - Banking Sector Capital Requirements Financial Regulatory Reform Mobile Apps Mobile Payments Ring-Fencing Shadow Banking Stress Tests UK

Mobile banking and payments – FCA industry review

A fast developing market - There have been dramatic developments in the mobile banking and payments sphere in recent years. Customers of the UK’s largest retail banks made more than 18 million mobile transactions per...more

11/3/2014 - Banks Financial Conduct Authority (FCA) Mobile Payments UK

Building banking ring-fences: too high a cost?

Last week, Douglas Flint, the chairman of HSBC, told the House of Lords’ European economic and financial affairs sub-committee that the changes required by the new ring-fencing rules would be “very expensive”, and estimated...more

10/31/2014 - Banks HSBC Prudential Regulation Authority Ring-Fencing UK

Changes to the UKs Client Asset Source Book (CASS) –Harder, Better, Faster, Stronger

The collapse of Lehmans Brothers and MF Global outlined commercial challenges in respect of client assets and client money, including the role of regulated investment firms, the regulator, administrators and external auditors...more

10/31/2014 - Financial Conduct Authority (FCA) Investment Firms Regulatory Standards UK

What to expect in 2014

2013 was a significant year for the UK regulatory landscape. National and international regulators continued to address the issues identified by the financial crisis in addition to responding to the LIBOR scandal with...more

1/14/2014 - Compliance Enforcement Financial Conduct Authority (FCA) Financial Regulatory Reform Libor Penalties Prudential Regulation Authority UK

“Volcker Rule” Regulations Finally See The Light Of Day

Federal financial regulators on December 10, 2013 released final regulations for the Volcker Rule, which is a key provision of the Dodd-Frank Act. The rule is found in section 619 of the Dodd-Frank Act, which adds a new...more

12/16/2013 - Bank Holding Company Bank Holding Company Act Dodd-Frank Volcker Rule

FCA Reform of Consumer Credit Regulation

Introduction - As a response to the 2007/2008 global financial crisis, the financial regulatory system in the UK has experienced a major restructuring to address the failings of the previous system. The regulation of...more

11/20/2013 - Financial Conduct Authority (FCA) FSA Prudential Regulation Authority UK

What should UK and non EU AIFMs be doing now and how can we help?

The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively...more

10/8/2013 - AIFM AIFMD EU UK

Private Equity Newsletter - September 2013: Private Equity Sound Bite AIFMD – What should UK AIFMs do to prepare for July 2014?

As most of you will be aware, the AIFMD trigger date has passed and we are now into the 12 month transitional period for UK AIF managers (“AIFMs”) who were actively marketing in the UK prior to 22 July 2013, but what should...more


EMIR – Summary of Key Requirements

The European Markets Infrastructure Regulation (EMIR) introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market. EMIR also establishes organisational, conduct of...more

6/17/2013 - EEA EMIR European Securities and Markets Authority (ESMA) Investment Portfolios Mandatory Clearing Requirements OTC Reporting Requirements Risk Mitigation

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