William Yonge

William Yonge

Morgan Lewis

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Latest Publications


UK Market Abuse Regime Extends Its Reach: Implications for Issuers

Companies trading on either the London Stock Exchange’s Main Market or AIM should ensure that their systems and procedures reflect changes to their disclosure and other obligations arising from the implementation of the new...more

10/24/2016 - AIM Disclosure Requirements EU EU Market Abuse Regulation (EU MAR) European Securities and Markets Authority (ESMA) Financial Conduct Authority (FCA) Investor Protection London Stock Exchange Market Abuse PDMR Share Buybacks UK

ESMA Publishes Guidelines for UCITS V Remuneration Policy

The guidelines, which apply from 1 January 2017, seek to clarify the concepts of disclosure, governance, and risk alignment in respect of remuneration; in advance of this date, non-EU investment managers of UCITS should...more

9/7/2016 - Compensation & Benefits CRD IV Directive Disclosure Requirements EU European Securities and Markets Authority (ESMA) Final Guidance Governance Standards Investment Management MiFID Remuneration UCITS V

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

7/21/2016 - AIFMD AIFMD Passport Alternative Investment Funds ASIC Australia Bermuda Canada Cayman Islands CIMA EU EU Passport European Commission European Securities and Markets Authority (ESMA) Hong Kong Island of Guernsey Japan Member State Monetary Authority of Singapore Singapore Switzerland UCITS

UK Market Abuse Regime Extends Its Reach: Implications for Market Participants

The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more

7/11/2016 - AIM Burden of Proof Disgorgement EU EU Market Abuse Regulation (EU MAR) European Securities and Markets Authority (ESMA) Extraterritoriality Rules Financial Conduct Authority (FCA) Financial Markets FSMA Insider Trading Market Manipulation Market Participants Member State MiFID II UK UK Brexit

Inducement Rules: FCA Reminds Firms of Its Expectations

The FCA has found that client hospitality events do not always enhance the quality of service to clients in line with its inducement rules....more

6/16/2016 - Client Services Financial Conduct Authority (FCA) Hospitality Programs Inducements MiFID Non-Monetary Payments Recordkeeping Requirements UK

‘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 EU European Commission European Securities and Markets Authority (ESMA) 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 EU European Commission European Securities and Markets Authority (ESMA) 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 EU European Securities and Markets Authority (ESMA) 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 EU European Commission European Securities and Markets Authority (ESMA) 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 EU European Commission European Securities and Markets Authority (ESMA) 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 European Securities and Markets Authority (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

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