Financial Markets Infrastructure: The Bank of England published a speech by Sasha Mills, Executive Director, Financial Market Infrastructure, on operational resilience and its expectations of financial market infrastructures...more
Welcome to the first edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more
In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. International momentum to regulate ESG ratings continues as the European Commission released a...more
On May 23, 2023, the International Organisation of Securities Commissions launched a consultation on proposed policy recommendations for crypto and digital asset markets. IOSCO is proposing that the final recommendations,...more
1.1 ESMA UCITS Q&A updates On 20 July 2022, ESMA published an updated version of its UCITS Q&As with the following new Q&As: Section X: Depository – new Q&As 7 and 8 on reconciliations; and - • Section XIII: Delegation...more
On 31 May 2022, the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2022 were published in Iris Oifigiúil and will come into operation on 1 January 2023. The...more
Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. ...more
ESMA has published a new "Sustainable Finance Roadmap 2022-2024" setting out its strategic priorities and key planned actions for the next three years. ...more
IOSCO this week published a consultation on measures to address risks from digitalisation of retail marketing and distribution. Here in the UK, the FCA launched its own a consultation on strengthening financial promotion...more
The Board of the International Organization of Securities Commissions (IOSCO) has published a set of revised outsourcing principles for regulated entities. IOSCO is an international policy forum for securities regulators and...more
SMCR for FMIs: HM Treasury consultation HM Treasury has published a consultation paper proposing a Senior Managers and Certification Regime (SMCR or SM&CR) for financial market infrastructures (FMIs). The consultation closes...more
EU SSR: ESMA proposes permanently lowering reporting threshold of net short positions - The European Securities and Markets Authority (ESMA) has published an opinion in which it recommends that the European Commission...more
Draft Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021 A draft version of the Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021...more
Brexit - FCA provides information on the Temporary Permissions Regime (TPR) On 3 March, the FCA published new webpages providing information on the TPR. Firstly, the FCA published a webpage on how it will supervise firms...more
Brexit and Debt Capital Markets transactions: some practical perspectives -Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules...more
UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more
29 January - The Joint Committee of the European Supervisory Authorities (“ESAs”) (that is, the EBA, EIOPA and ESMA) published two consultation papers on the mapping of external credit assessment institutions' (“ECAIs”)...more
ANTITRUST AND COMPETITION - The European Commission Consults on New EU Competition Rules for Distribution Agreements - The Vertical Block Exemption Regulation (VBER) and its accompanying Vertical Guidelines (VGL) are designed...more
The International Organization of Securities Commissions has published guidance on how to address potential conflicts of interest and associated conduct risks for intermediaries involved in the issuance of debt securities....more
Brexit: FCA opens registration applications for UK securitisation repositories - The UK Financial Conduct Authority (FCA) has published a new webpage for securitisation repositories under the Securitisation Regulation that...more
30 June - The Financial Conduct Authority (“FCA”) announced that the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons will be delayed from 9...more
Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more
The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions and...more