SEC Approves New Rules to Address Run Risks in Money Market Funds
It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
The Financial Stability Oversight Council unanimously approved an analytic framework for financial stability risk identification, assessment and response and interpretive guidance on nonbank financial company determinations...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more
Executive Summary - On 12 July 2023, the Securities and Exchange Commission (the SEC) adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Final Rule), which governs the...more
On July 26, 2023, the CFTC approved a proposal to amend the margin regulations for uncleared swaps (the “Proposed Amendments”). The Proposed Amendments, if finalized, would relieve registered swap dealers and major swap...more
Welcome to the January – March 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter under...more
On July 26, 2022, William Birdthistle, the Director of the Division of Investment Management of the US Securities & Exchange Commission (“SEC”), gave remarks at the Practising Law Institute’s annual Investment Management...more
On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which governs the structure and...more
SECTIONS - I. Introduction - II. Key Requirements for Swing Factor Implementation - III. When a Swing Factor Must Be Applied - IV. Calculation of the Swing Factor - V. The President’s Working Group 2020 White Paper and Prior...more
I. EXECUTIVE SUMMARY - On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which...more
Regulation on cross-border distribution of investment funds: Commission Implementing Regulation laying down ITS Commission Implementing Regulation (EU) 2021/955 laying down implementing technical standards (ITS) produced...more
Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 - The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 (SI 2021/566) has been...more
Liquidity management in UK open-ended funds: BoE and FCA report - The Bank of England (BoE) and the Financial Conduct Authority (FCA) have published a report on liquidity management in UK open-ended funds. The report...more
Selected regulatory updates of interest to the funds and asset management sector. This edition reports on UCITS liquidity risk management and the EU MMF Regulation. ...more
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
The European Securities and Markets Authority has published a statement confirming that the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation will be updated by the end of 2020 to reflect...more
Role of investment managers in post-COVID-19 recovery: FCA speech - The UK Financial Conduct Authority (FCA) has published a speech by Christopher Woolard, FCA Interim Chief Executive, on the role of investment managers in...more
Recent regulatory developments of interest to the funds and asset management sector. Other key updates are included in our Financial institutions general regulatory news in the related materials margin....more
Part 1 of a weekly series detailing approaches that Independent Board Members are utilizing to address Coronavirus-related matters and highlighting emerging issues. As veterans of the asset management industry — having...more
Coming on the heels of the share class initiative, the US Securities and Exchange Commission (SEC) is at the initial stages of another initiative involving concerns about adviser disclosures and conflicts related to bank...more
In September 2019, the Central Bank of Ireland (the Central Bank) published CP130, a consultation paper on the proposed regulatory framework (the Framework) for the treatment, correction and redress of errors in investment...more
The European Securities and Markets Authority has published, in an economic report, a stress simulation framework for investment funds, which is intended for use by national regulators...more
The U.S. Department of the Treasury is currently collecting data from all U.S. persons for its five-year mandatory benchmark survey of foreign ownership of U.S. securities as of June 30, 2019. U.S. issuers and U.S. asset...more
Parliament Adopts Law on Register of Beneficial Owners - Parliament has adopted the law of 13 January 2019 establishing a register of beneficial owners....more
Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 - The Government of Ireland approved the general scheme of drafting of the Criminal Justice (Money Laundering and Terrorist Financing)...more