William Yonge

William Yonge

Morgan Lewis

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‘Brexit’ Implications for Listings of Securities on the London Stock Exchange

If Britain decides to leave the European Union as a result of a “Brexit” vote on 23 June 2016, the effect on the UK and EU financial services sectors could be significant; in particular, there could be effects on the London...more

3/26/2016 - EEA EU Financial Sector Listing Rules London Stock Exchange Securities Stocks UK Brexit

Financial Services Sector Implications of ‘Brexit’

Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London is Europe’s key financial...more

3/9/2016 - AIFMD EEA EU European Banking Authority Financial Services Industry Investment Management MiFID Referendums UCITS UK UK Brexit

Current Status of the Clearing Obligation Under EMIR

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

1/13/2016 - CCPs Derivatives Derivatives Clearing Organizations EMIR ESMA EU European Commission OTC Swap Clearing Swaps

New UK Regime to Strengthen Senior Management Accountability

On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more

11/17/2015 - Banking Sector Code of Conduct Individual Accountability Insurance Industry Senior Managers Senior Managers Insurers Regime (SMIR) UK

UK Financial Conduct Authority Signals Significant Changes to the FCA Handbook arising from EU Market Abuse Regulation

Removal of the Model Code and Disclosure Rules are among the important modifications. On 5 November 2015, the UK Financial Conduct Authority (FCA) published its consultation paper addressing the changes it proposes to...more

11/13/2015 - Consultation Periods Disclosure Requirements EU Financial Conduct Authority (FCA) FSMA Market Abuse SMEs Transparency UK

ESMA Publishes Advice on Extending the Marketing Passport Beyond Europe

ESMA has recommended that the AIFMD passport be extended beyond the countries within the European Union to Jersey, Guernsey, and Switzerland. On 30 July, the European Securities and Markets Authority (ESMA) sent its...more

9/2/2015 - AIFMD ESMA EU European Commission Investor Protection Marketing National Private Placement Regimes (NPPR) Switzerland

UK Financial Institutions Strengthen Accountability

UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more

7/29/2015 - Banks Fair and Effective Markets Review (FEMR) Financial Conduct Authority (FCA) Financial Institutions Individual Accountability Insurance Industry PRA Solvency II UK

UK Financial Institutions: Proposals for New Senior Managers and Certification Regimes

With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more

12/16/2014 - Banks Credit Unions Directors Financial Conduct Authority (FCA) Financial Institutions Managers Prudential Regulation Authority Senior Insurance Managers Senior Managers Senior Managers Insurers Regime (SMIR) UK

ESMA Consults on Uniform Definition of EU Commodity Derivatives

The consultation paper aims to clarify the classifications of derivatives and provide a consistent approach for entities operating across the EU. The European Securities and Markets Authority (ESMA) recently published...more

11/11/2014 - Derivatives Draft Guidance EMIR ESMA EU MiFID

AIFMD: Renewed Focus on Its Impact on Non-EU Managers of Private Funds

Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more

7/23/2014 - AIFMD Alternative Investment Funds Asset Stripping Audits Disclosure Requirements EU Investment Adviser Private Equity Reporting Requirements

FCA Brings Greater Clarity and Rigour to UK’s “Soft Commission” Regime

Changes to the use of dealing commission rules, including a ban on “softing” of corporate access services, reflect the FCA’s continuing objective to ensure that investment managers control the costs that they pass on to their...more

7/9/2014 - Bundling Rules Compliance Financial Conduct Authority (FCA) UK

ESMA Calls for a Uniform Definition of “Derivatives” Under EMIR

The European Securities and Markets Authority has requested clarity on the definition to ensure consistent application across member states. Following industry lobbying, the European Securities and Markets Authority...more

2/26/2014 - Derivatives EMIR ESMA EU European Commission MiFID

European Commission Proposes New Long-Term Investment Funds Product

The EU Long Term Investment Fund will offer investors a mechanism to invest in projects requiring long-term funding. In June 2013, the European Commission (the Commission) proposed a new type of European closed-end...more

2/24/2014 - EU European Commission Financial Regulatory Reform Investment Funds Long-Term Investment Funds

Update on the European Market Infrastructure Regulation

With the imminent trade reporting obligation under EMIR, affected entities should review the new requirements as well as the status of other EMIR obligations. On 12 February 2014, the trade reporting obligation under...more

2/10/2014 - EMIR ESMA EU European Commission Infrastructure

Cap on Bankers’ Bonuses: More Guidance Issued

European Banking Authority publishes regulatory technical standards for the identification of “material risk takers”, reducing the potential impact of the new rules on bonus caps....more

12/24/2013 - Banks Bonuses European Banking Authority

Obligations Under European Market Infrastructure Regulation Imminent

With certain EMIR provisions set to go live in September, both EU counterparties and many non-EU counterparties must take action to comply with risk management requirements, which involve some overlap with Dodd-Frank....more

9/6/2013 - CFTC Compliance Dodd-Frank EMIR EU ISDA New Regulations Risk Management

AIFMD’s Impact on Non-EU Managers of Non-EU Alternative Investment Funds

With AIFMD taking effect, non-EU alternative investment fund managers should be aware of a new regime governing their marketing of such funds into the EU—the AIFMD's private placement overlay. ...more

7/25/2013 - AIFMD Alternative Investment Funds EU Foreign Investment Fund Managers Investors Marketing Private Placements Required Documentation

ESMA Approves Cooperation Arrangements for Alternative Funds

Arrangements allow EU securities regulators to supervise non-EU alternative fund managers and thereby allow such managers access to the EU. On 30 May, the European Securities and Markets Authority (ESMA) announced that...more

5/31/2013 - AIFM AIFMD Alternative Investment Funds Attorney's Fees ESMA Memorandum of Understanding

European Banking Authority Guidance on Financial Services Bonus Cap

Affected financial institutions and investment firms will need to overhaul the way they remunerate many of their highest-paid staff....more

5/24/2013 - Corporate Bonuses European Banking Authority New Legislation Salary Caps

Treasury Changes Course on UK Implementation of AIFMD

UK will now allow qualifying non-EEA firms to rely on the one-year transitional provision. On 29 April, HM Treasury published a short Q&A on the transposition of the Alternative Investment Fund Managers Directive...more

4/30/2013 - AIFMD EU

Implementing Measures of European Market Infrastructure Regulation Take Effect

New clearing, risk mitigation, and reporting obligations imposed on certain derivative contracts. On 15 March, the first six implementing measures of the European Market Infrastructure Regulation (EMIR) entered into...more

4/29/2013 - Derivatives Dodd-Frank EMIR EU OTC Reporting Requirements Risk Mitigation

Corporate Aspects of the UK Financial Services Act 2012

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

4/12/2013 - Bank of England Financial Conduct Authority (FCA) Financial Services Act Financial Services Authority Listing Standards Prospectus Prudential Regulation Authority

New UK Financial Regulation Architecture Takes Effect

The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more

4/8/2013 - Bank of England EU Financial Conduct Authority (FCA) Financial Services Authority Handbooks Prudential Regulation Authority

UK Financial Services Authority Releases AIFMD Regulatory Survey

UK-based alternative investment fund managers should complete the survey, which responds to industry pressure regarding the time line for AIFMD authorisation applications, before the 28 March deadline....more

3/18/2013 - AIFM AIFMD EU Financial Services Authority Surveys

UK Financial Services Authority Releases Draft Handbooks for New Regulators

Handbooks for Financial Conduct Authority and Prudential Regulation Authority will replace FSA Handbook on 1 April. On 8 March, the UK Financial Services Authority (FSA) published draft handbooksfor the two new...more

3/12/2013 - Financial Conduct Authority (FCA) Financial Services Authority Handbooks Listing Standards Prospectus Prudential Regulation Authority Transparency

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