The phased-in implementation of the European Market Infrastructure Regulation1 (EMIR), the European Union’s wide-ranging reform of its derivative markets, is due to continue throughout 2014. Risk mitigation rules were...more
There has been another very significant twist in the somewhat chaotic implementation of the European Market Infrastructure Regulation (EMIR) as the European Securities and Markets Authority (ESMA) has today requested the...more
Following extensive consultation with its members, in September 2013 the International Swaps and Derivatives Association (“ISDA”) published seven model international arbitration clauses (the “Model Arbitration Clauses”) for...more
The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments.
In This Issue:
- Part A – Regulation of Financial...more
The UK Financial Conduct Authority (FCA) released proposed guidance on 6 September 2013 on its implementation of the remuneration provisions in the AIFM Directive (the AIFM Remuneration Code) for UK alternative investment...more
The European Commission’s regulation on clearing of OTC derivatives (EMIR) requires counterparties to OTC derivative contracts that are not cleared by a central counterparty to mitigate their trading risks by using a number...more
UK asset managers may have understood that they had until July 2014 to apply to become Alternative Investment Fund Managers (AIFMs) under the AIFM Directive (AIFMD). However, in a recent statement, the UK Financial Conduct...more
The UK Financial Conduct Authority (FCA) published its Policy Statement 13/5 on 28 June 2013, containing its (substantially) final rules and guidance to implement the Alternative Investment Fund Managers Directive...more
This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union.
In this issue:
- Part A – Regulation of Financial Markets
- Part B –...more
It is widely (and incorrectly!) believed that it is unlawful in the UK in any circumstances to monitor and record telephone calls without drawing this to the attention of the parties to the call. There are in fact broad...more
The Alternative Investment Fund Managers Directive (the “AIFM Directive”) requires that private funds appoint a “depositary”. To date, there has been no cross-border regulatory requirement for hedge or other private funds to...more