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Markets in Financial Instruments Directive

Brexit: Financial Services Firms: Appendix

by White & Case LLP on

This appendix contains a brief description of the key EU financial services directives (excluding the insurance sector) which create the core regulatory framework within which financial services firms principally operate as...more

Prudential Regulation Authority Publishes Second Policy Statement on Implementing MiFID II

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a second Policy Statement and final rules implementing certain aspects of the Markets in Financial Instruments legislative package. Policy Statement 2 relates to aspects of...more

French Legal and Regulatory Update – March 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for March 2017. Please see full...more

Financial Regulatory Agenda for 2017 and onwards

by DLA Piper on

We bring to you the Financial Regulatory Agenda for 2017 and onwards in the Netherlands and in Europe. Download and keep up to date with the most important dates. Please see full Calendar below for more information....more

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

by Dechert LLP on

Enforcement of the 2016 Financial Information Published by Issuers Subject to the Transparency Law - In accordance with the Luxembourg law of 11 January 2008 on transparency requirements for issuers, the CSSF monitors...more

Revised EU Commodity Derivatives Position Reporting Standards Published

by Shearman & Sterling LLP on

The European Securities and Markets Authority published revised final draft Implementing Technical Standards on the format of position reports by market operators and investment firms. The revised Markets in Financial...more

ESMA Publishes Opinion on the Effect of Excluding Fund Managers From the Scope of MiFIR Intervention Powers

On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more

Final Guidelines on Disclosure of Information on Commodity Derivatives and Spot Markets Take Effect

by Shearman & Sterling LLP on

The European Securities and Markets Authority published translations of the final Guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under the Market Abuse...more

European Securities and Markets Authority Follows Up on Supervision by National Regulators of Best Execution Requirements

by Shearman & Sterling LLP on

The European Securities and Markets Authority published a follow-up report to the 2015 peer review on best execution. The Markets in Financial Instrument Directive requires investment firms to provide best execution for their...more

UK Prudential Regulation Authority Issues Second Consultation Paper on Implementing MiFID II

by Shearman & Sterling LLP on

The Prudential Regulation Authority launched its second consultation on implementing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive...more

European Banking Authority Presents Proposed Design of a New Prudential Regime for Investment Firms

by Shearman & Sterling LLP on

The European Banking Authority published a discussion paper on the design for a new framework for applying prudential standards to non-bank investment firms that are not deemed to be systemically important...more

EU Consultation on Assessing the Suitability of Management

by Shearman & Sterling LLP on

The European Banking Authority and the European Securities and Markets Authority launched a joint consultation on proposed Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function...more

Financial Regulatory Developments Focus - September 2016

by Shearman & Sterling LLP on

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

The new market abuse regime: a long road for financial institutions to navigate

by Allen & Overy LLP on

On 3 July 2016, the Market Abuse Regulation (596/2014/EU) (MAR) came into force. Even though guidance and clarity from the European Securities and Markets Authority is still awaited in relation to certain key aspects of MAR,...more

ESMA Publishes Guidelines for UCITS V Remuneration Policy

by Morgan Lewis on

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

New flexibility in professional secrecy?

by Allen & Overy LLP on

Standing in between provisions implementing the Multi-Interchange Regulation and other reformatting and errata regarding various Luxembourg laws of the financial sector, article 14 of the bill of law n°7024 (the Bill of Law...more

Brexit: Overview of Potential Impact on Derivatives

by Morrison & Foerster LLP on

The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

No more passporting post-Brexit?

by DLA Piper on

UK authorised financial institutions (banks, investment firms, fund managers, insurers, insurance intermediaries payment institutions and e-money issuers) can carry out their activities across the EEA without setting up a...more

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

by Dechert LLP on

Brexit: UK Votes to Leave EU - The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU. Under the EU Treaty, the exit process should take at least two years. During...more

Brexit: Potential consequences on CEE / SEE finance

by DLA Piper on

On 23 June 2016, the UK electorate voted to leave the European Union (EU) in a so-called 'Brexit' referendum. The full implications of Brexit are unknown and unknowable at this time as the referendum decision will need to be...more

Brexit for asset managers and fund managers - don’t panic, it may not be as bad as it at first appears!

by Reed Smith on

UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (6 July 2016), the process of withdrawal under...more

Financial Services Quarterly Report - Second Quarter 2016: MiFID II: Key Considerations for Asset Managers

by Dechert LLP on

The Council of the European Union on 13 May 2014 formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive (MiFID), which has been in force since 2007. The new...more

What impact will Brexit have on the passporting rights of UK-based financial services?

by Locke Lord LLP on

For many years, the European Union’s single market directives have allowed City of London firms to ‘passport’ their services across the European Economic Area (‘EEA’) and operate out of other member states without the need to...more

EU Secondary Legislation Under the Market Abuse Regulation on Investment Recommendations Published

by Shearman & Sterling LLP on

An EU Delegated Regulation containing Regulatory Technical Standards on investment recommendations under the Market Abuse Regulation was published in the Official Journal of the European Union. MAR will apply from July 3,...more

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