News & Analysis as of

European Securities and Markets Authority Advice on Extension of AIFMD Passport to non-EU AIFMs and AIFs

The European and Securities Markets Authority published its advice to the European Parliament, Council and Commission on the extension of the Alternative Investment Fund Managers Directive passport to non-EU Alternative...more

Orrick's Financial Industry Week in Review

EBA Final Draft RTS on Assessment Methodology for Internal Ratings-Based Approach - The EBA has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent...more

ESMA Updates Q&A on Application of UCITS Directive

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A paper on the application of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (2009/65/EC)...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

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

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

UK Financial Regulatory Developments - July 2016 #4

BoE publishes SRFRR group minutes - BoE has published the minutes of the May meeting of the working group on Sterling Risk-Free Reference Rates (SRFRR). Among the issues discussed was a set of principles to facilitate...more

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

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

Orrick's Financial Industry Week in Review

SEC Approves IEX Proposal to Launch National Exchange, Issues Interpretation on Automated Securities Prices - On June 17, 2016, the Securities and Exchange Commission ("SEC") approved the application of Investors'...more

ESMA Publishes Responses to its Discussion Paper on UCITS Share Classes

The European Securities and Markets Authority (“ESMA“) has published the responses received to the Discussion Paper on UCITS share classes. The UCITS Directive recognizes the possibility for UCITS to offer different...more

UK Financial Regulatory Developments - June 2016 #8

ESMA updates EMIR Q&A - ESMA has updated its Q&A on EMIR. The new questions address: - the clearing obligation, specifically about the self-categorisation needed to establish which counterparties belong to which...more

UK Financial Regulatory Developments - May 2016 #19

EBA finalises guidelines for DGS stress test - EBA has published the finalised guidelines on stress tests for deposit guarantee schemes (DGSs) under the recast Deposit Guarantee Schemes Directive (DGSD).... ...more

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

AIFMD - Updated Q&A - ESMA published an updated Q&A on the AIFMD on 5 April 2015. The new Q&A address notification requirements relating to additional investment in existing Alternative Investment Funds....more

UK Financial Regulatory Developments - April 2016 #15

ESAs finalise proposal for RTS on KIDs for PRIIPs - The Joint Committee of the ESAs has finalised its proposal for regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and...more

European Securities and Markets Authority Discussion on Classes of Undertakings for Collective Investments in Transferable...

The European Securities and Markets Authority published a discussion paper on the recognition of the different share classes offered by Undertakings for Collective Investments in Transferable Securities funds in different EU...more

UK Financial Regulatory Developments - April 2016 #10

ESMA updates MAD Q&A - ESMA has published an updated version of its Q&A on the common operation of the Market Abuse Directive (MAD). A new question regarding investment recommendations has been added. (Source: ESMA...more

UK Financial Regulatory Developments - April 2016 #9

ESRB extends deadline for recommendations on funding credit institutions - ESRB has published a Recommendation which it adopted concerning changes to the set of recommendations on the funding of credit institutions. EBA...more

European Securities and Markets Authority Joins European Banking Authority in Call for Legislative Changes on Application of...

The European Securities and Markets Authority published its final report on Guidelines on the sound remuneration policies under the Units in Collective Undertakings Directive and the Alternative Investment Fund Managers...more

UK Financial Regulatory Developments - March 2016 #4

Treasury Committee scrutinises appointments - The House of Commons Treasury Committee has published its eighth report of session 2015/16 on the scrutiny of appointments. It covers the appointments of various chairs and...more

UK Government Implements Provisions of Undertakings for Collective Investment in Transferable Securities Directive V

HM Treasury published the Undertakings for Collective Investment in Transferable Securities Regulations 2016 together with an explanatory memorandum. The Regulations implement the provisions of the European UCITS V Directive...more

What's Happening on UCITS V?

Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more

UK Financial Regulatory Developments - February 2016 #4

ESRB approves expansion of macroprudential policy framework - ESRB has published two recommendations relating to expanding the European macroprudential policy framework. The first concerns the counter-cyclical buffer...more

"MiFID II Expected to Have Significant Impact on Investment Managers"

When implemented, revisions to the EU’s Markets in Financial Instruments Directive (MiFID II) will radically change the regulation of EU securities and derivatives markets, and significantly impact the investment management...more

UK Financial Regulatory Developments - January 2016 #2

MoU between CMA and FCA on consumer protection powers - CMA has published on MoU establishing a framework for cooperation between CMA and FCA on the use of concurrent powers under consumer protection legislation. The...more

Financial Services Quarterly Report - Fourth Quarter 2015: And a Partridge in a Pear Tree: Top 12 Regulatory Heads-up for the...

1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies;...more

Orrick's Financial Industry Week in Review

CFTC Approves Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants - On December 16, 2015, the U.S. Commodity Futures Trading Commission approved a new regulation for...more

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