Investment Firms

News & Analysis as of

Best Execution Concerns Reiterated by the UK Financial Conduct Authority

The Financial Conduct Authority published a statement on best execution compliance by investment firms. The statement sets out the FCA's findings from supervisory work on how investment managers deliver best execution for...more

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

Audit Regulators in Australia and in Luxembourg Enter Into Cooperative Agreement - The Australian Securities and Investments Commission and Luxembourg’s Commission de Surveillance du Secteur Financier (“CSSF”) have...more

Regulation Round Up - February 2017

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

French Financial Regulators Join Forces to Attract Banking and Financial Institutions to France Post-Brexit

The French financial regulators, the AMF and the ACPR, are joining forces to make the French market more attractive to UK-based financial firms after Brexit. In case of a ‘hard Brexit’, banks, investment firms, asset...more

Key Issues for Derivative Transactions under the BRRD

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Changes in regulatory landscape for corporate finance service providers

Investment firms engaged in the provision of corporate finance services to issuer clients are facing some significant changes to their regulatory landscape. With the entry of MiFID II into effect from 3 January 2018,...more

Your Daily Dose of Financial News

The Journal reported yesterday that more than 6,000 Wells Fargo branches were routinely tipped off to inspections by internal risk monitors, a practice that allowed the bank’s sham-account scandal to go undetected for years....more

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

CP 106: Review of Minimum Competency Code 2011 - The Central Bank has published a Consultation Paper on the Review of the Minimum Competency Code 2011 (CP106). The proposed changes to the minimum competency standards...more

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

AMF Communication – Brexit – Launch of the AGILITY program - Pursuant to the Brexit, the Autorité des Marchés Financiers (the French Financial Markets Authority, the “AMF”) launched a dedicated program called “AGILITY”...more

Senior Management Regime and Certification Regime to apply to all FSMA authorised firms from 2018

The Senior Management Regime (SMR) and Certification Regime (CR) is to apply to all FSMA-authorised firms from 2018. HM Treasury forecasts that the proposed extension of the SMR will bring 42,000 consumer credit firms, 17,200...more

The Senior Managers Regime – should GCs be worried?

In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more

Financial Regulatory Developments Focus - September 2016

In this 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 managers and...more

ValueAct Settlement Marks Record Penalty in Heightened Agency Efforts Against HSR Act Violations

Where is the line drawn between acquisitions of securities made “solely for the purpose of investment” on one hand, and influencing control, thereby requiring regulatory approval, on the other hand? That is the central...more

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

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