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EU Trade Reporting to Begin in February 2014

On November 14, the registration of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR) took effect. The four registered TRs are...more

11/20/2013 - EMIR EU Reporting Requirements Trade Policy

ESMA Publishes Updated Q&A

EU national competent authorities and the European Securities and Markets Authority have published an amended set of European Market Infrastructure Regulation (EMIR) Q&As. The purpose of the document is to promote common...more

8/14/2013 - CCPs Derivatives EMIR ESMA EU European Commission

FCA Publishes Final AIFMD Rules

On June 28, 2013, the Financial Conduct Authority (FCA) published its Policy Statement setting out its rules for implementing the Alternative Investment Fund Managers Directive (AIFMD)....more

7/3/2013 - AIFMD Financial Conduct Authority Fund Managers Investment Funds New Regulations

ESMA Approves Co-Operation Agreements With 34 non-EEA Jurisdictions

The European Securities and Markets Authority (ESMA) has approved co-operation arrangements that can now be entered into between European Economic Area (EEA) financial services regulators and 34 non-EEA jurisdictions where...more

6/5/2013 - AIFM AIFMD Cooperation Initiative EEA ESMA EU Memorandum of Understanding

UK Extends AIFMD Transitional to Non-EEA Fund Managers

On April 29, HM Treasury issued a Question and Answer publication which stated its intention to extend the transition period of the Alternative Investment Fund Managers Directive (AIFMD) to existing third-country Alternative...more

5/16/2013 - AIFM AIFMD EEA EU Fund Managers

EMIR: An Overview of the New Framework

The “European Market Infrastructure Regulation,” known as EMIR, was adopted on July 4, 2012, as the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EU 648/2012), and took effect in all EU Member...more

4/15/2013

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

The Alternative Investment Fund Managers Directive – How Does It Affect Non-EU Managers?

The EU Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) applies to managers of alternative investment funds (each an “Alternative Investment Fund Manager” or “AIFM”). The main...more

3/20/2013 - AIFM AIFMD Disclosure Requirements EU

EMIR Technical Standards Published in the Official Journal of the European Union

Technical Standards which clarify certain aspects of Regulation 648/2012 on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories (generally known as the European Markets Infrastructure...more

3/7/2013 - CCPs Derivatives EMIR EU OTC Technical Standards

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

The Limits of Delegation Under the Alternative Investment Fund Managers Directive

The EU Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) limits delegation by a manager regulated under the Directive (an “Alternative Investment Fund Manager” or “AIFM”). Delegation by...more

3/1/2013 - AIFMD EU

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 Financial Transaction Tax Proposal

On February 14, the European Commission released draft text for a proposed financial transaction tax directive. If the text is implemented into law a financial transaction tax (FTT) will be payable to the tax authorities in...more

2/20/2013 - EU Financial Transaction Tax

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

The European Financial Transaction Tax Proposal Returns

On 14 February 2013, the European Commission (the “Commission”) released draft text for a proposed financial transaction tax Directive (the “Draft Proposal”). If the text is implemented into law a financial transaction tax...more

2/15/2013 - EU Financial Transaction Tax

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

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

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