Investment Firms

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European Commission Calls for Further Technical Advice from EBA on Prudential Regime for Investment Firms under CRD IV

On July 6, 2016, the EBA published a call for advice, dated June 13, 2016, that it has received from the European Commission relating to the prudential requirements applicable to investment firms under the Capital...more

European Commission Adopts Delegated Regulation of RTS for Specifying Information to be Notified by Investment Firms, Market...

On June 29, 2016, the European Commission adopted a Delegated Regulation supplementing the MiFID II Directive with regard to regulatory technical standards (RTS) specifying information to be notified by investment firms,...more

Eleventh Circuit Joins Peers in Preserving SEC’s Home Court Advantage

After four failed attempts at persuading federal appellate courts to hear constitutional challenges to SEC administrative courts, it is increasingly clear that defendants in SEC in-house proceedings will not be able to pursue...more

FINRA Sanctions Investment Firm Following Unsuitable Sales of Nontraditional ETFs

On June 7, 2016, FINRA settled proceedings against a New York-based investment firm for alleged violations of its suitability and related rules, namely NASD Rule 2310 and FINRA Rules 2111 and 2010. According to FINRA,...more

ECB Publishes Public Consultation

The European Central Bank (“ECB”) has published a Public Consultation on a draft Addendum to the ECB Guide on options and discretions available in Union law. The consultation document sets out the ECB’s approach to the...more

UK Regulator Provides Feedback on Recovery Plans

The Financial Conduct Authority published initial feedback on the recovery plans submitted by investment firms regulated by it. Recovery plans are required to be submitted by banks and certain investment firms to national...more

Your daily dose of financial news The Brief – 5.16.16

We’ve been hearing a lot about Verizon’s bid for Yahoo. But it’s not alone. In fact, it’s bringing some odd folks to the table together. Case in point: Warren Buffet and Quicken Loans’ Dan Gilbert – NYTimes and Bloomberg...more

Avoiding a Messy Break-Up: How a Firm’s Investigation Can Deflect a Financial Advisor’s Form U-5 Defamation Claim

Breaking up is hard to do. In the investment industry, it can be even harder because one half of the couple needs to publish the reasons for the break-up. When a registered representative separates from a broker-dealer...more

Regulatory Technical Standards for Recovery and Resolution of Institutions

A Commission Delegated Regulation, in the form of Regulatory Technical Standards, was published specifying procedural and content related requirements for the recovery and resolution of banks and certain investment firms...more

EU Guidelines on Assessing Knowledge and Competence Under MIFID II

The European Securities and Markets Authority published translations of its guidelines on the assessment of the knowledge and competence of individuals providing investment advice or information about financial instruments,...more

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

Central Bank Letter Regarding Conflict of Interest (“COI”) Risks in Investment Firms - The Central Bank issued a letter (the “Letter”) to all investment firms providing feedback on the findings of their thematic...more

ECB Publishes Opinion on Proposed Regulation Extending Exemptions for Commodity Dealers under CRR

On March 4, the European Central Bank (“ECB”) published an opinion on the European Commission’s legislative proposal for a Regulation amending the Capital Requirements Regulation (CRR) to extend certain exemptions for...more

Prudential Regulation Authority Finalizes Rules on Internal Governance for Third Country Branches

The Prudential Regulation Authority published a final Policy Statement, Supervisory Statement and Rules for the internal governance of branches of non-EEA banks and PRA-designated investment firms. The PRA consulted in 2015...more

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

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