Investment Firms

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UK Financial Regulatory Developments - January 2016 #6

Commission reports on volatility of own funds - The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own...more

The EBA’s New Remuneration Guidelines: Expanding the Scope of the Bonus Cap

On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”)....more

FCA publishes IFPRU modification by consent for bail-in

FCA has published a modification by consent for firms subject to the Prudential Sourcebook for Investment Firms (IFPRU). Currently, the rules in IFPRU 11.6 that transposed Article 55 of the Recovery and Resolution Directive...more

ESMA Guidelines for Assessment of Knowledge and Competence Under MiFID II

On December 18, the European Securities and Markets Authority (“ESMA”) published a final report on guidelines for the assessment of knowledge and competence under the MiFID II Directive (2014/65/EU) (“Directive”)....more

Up next from FCA

The latest edition of FCA’s Policy Development Update highlights publications expected in the opening months of 2016, including: - before the end of the year, a consultation on the markets aspects of MiFID 2...more

FCA makes new rules

FCA has made various changes to its Handbook following its Board meetings on 25 November and 3 December: - the Individual Accountability (Non-Solvency 2 Firms) Instrument 2015: this takes effect on various dates between...more

FCA sets out rules on capital resources for PIFs

FCA has published a policy statement setting out its final rules relating to the capital resources requirements for PIFs (see Capital Resources and Professional Indemnity Insurance Requirements for Personal Investment Firms...more

Finance Update: MiFID II: Best Execution Requirements

MiFID I introduced a comprehensive best execution regime on the basis that delivering best execution is considered fundamental to market integrity. However, there was a perceived need for reform to increase investor...more

The Growing Power of Fair Price and Process in Delaware Appraisal Actions

On October 21, 2015, the Delaware Court of Chancery issued a post-trial opinion in an appraisal action in which it yet again found that the merger price was the most reliable indicator of fair value. Vice Chancellor...more

UK Government Plans to Extend New Senior Managers and Certificate Regimes to all UK Regulated Firms

The initial reception to the new senior managers and certification regime (SM & CR) for banks building societies and PRA-designated investment firms was that the government had gone too far. There was concerns that...more

UK Financial Conduct Authority Issues Final Rules Concerning Whistleblowers

On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more

Up next from FCA

The latest edition of FCA’s Policy Development Update promises by the end of November: - policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers...more

Regulators make whistleblowing rules

FCA and PRA have published their feedback, rules and policy documents on whistleblowing. The rules complement the senior manager regime (SMR) and reforms of remuneration rules. The new rules affect...more

Regulators consult on regulatory references

PRA and FCA are consulting on regulatory references. The proposals, which take into account the recommendations of the Fair and Effective Markets Review, propose new rules for regulatory references for candidates applying...more

SEC Commissioners Making a “Noisy Exit”

Securities and Exchange Commission members Daniel M. Gallagher and Luis A. Aguilar will soon leave the SEC, but neither is keeping quiet about the SEC’s treatment of chief compliance officers (CCOs). Gallagher recently...more

SEC brings first cybersecurity-related enforcement action

The Securities and Exchange Commission (“SEC”) recently settled its first cybersecurity-related enforcement action against a Missouri based registered investment adviser, R.T. Jones Capital Equities Management, Inc. (the ...more

FCA updates liquidity policy for CRD 4 investment firms

FCA has updated its webpage on CRD 4 to alert firms to a clarification on its small firms website on its liquidity policy for CRD 4 investment firms. As a result of CRD 4, FCA planned to end the domestic liquidity regime once...more

Commission publishes EMIR responses

The Commission has published responses to its consultation on the European Market Infrastructure Regulation (EMIR). The review asked stakeholders for feedback on experiences in the implementation of EMIR to date. It received...more

Financial Regulatory Developments Focus - July 2015 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

ESMA Publishes Final Report on Draft Rules Under MiFID II

On June 29, the European Securities and Markets Authority (ESMA) published its final report (Report) on draft rules (both draft implementing technical standards (ITS) and draft regulatory technical standards (RTS)) relating...more

MiFID 2RTS: Authorisation and Passporting

The MiFID 2 package takes effect (with a few exceptions) from 3 January 2017. We still await key technical measures. Following ESMA's discussion, consultation and advice papers last year, it has now started to publish final...more

MiFID II: The Next Big Challenge - Key Issues for Asset Managers

Background - The Markets in Financial Instruments Directive (“MiFID II”) and the related Regulation (“MiFIR”) is the next big rewrite of EU legislation, due to take effect at the beginning of 2017. Although its greatest...more

Suspension of Contractual Rights of Counterparties to UK Banks

On 26 May 2015, the Prudential Regulation Authority (“PRA”) of the UK issued a consultation paper entitled “Contractual stays in financial contracts governed by third-country law”, proposing a new restriction that would apply...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Client Monies - New Legislation Adopted and Guidance Issued - The Central Bank of Ireland issued two sets of regulations on 30 March 2015 relating to investor monies held by third parties. These are the Client Asset...more

U.S. SEC Division of Investment Management Issues Cybersecurity Guidance

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more

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