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On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K....more

EU MiFID II Review Package Published

On March 8, 2024, legislation amending the EU's Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to...more

EMIR 3 and Clearing in the EU

Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more

EU Extends Use of Third-Country Benchmarks Until End 2025

A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more

EU and UK Sign Memorandum of Understanding on Financial Services Cooperation

On June 27, 2023, the EU and U.K. signed a Memorandum of Understanding on Financial Services Cooperation, a high-level agreement on future cooperation in the regulation of financial services. The MoU provides for - -...more

Clearing in the EU after EU EMIR 3

The European Commission published proposals to amend the EU’s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the...more

UK PRIIPs Review Brings Welcome Clarification

The EU and U.K. PRIIPs Regulations have had a significant effect on practices in the wholesale capital markets. Uncertainty about whether some financial instruments qualify as a PRIIP has resulted in cautious interpretations...more

ESMA’s Post-Brexit Regime for UK Investment Firms Revisited—‘Equivalence’ or Direct Regulation?

The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more

Governance & Securities Law Focus: Europe Edition, July 2020

In this newsletter, we provide a snapshot of the principal European, U.S., U.K. and selected international governance and securities law developments of interest to European corporates. ...more

ESMA’s Post-Brexit Regime for UK Investment Firms—‘Equivalence’ or Direct Regulation?

The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more

COVID-19: ESMA Delays New Reporting Regime for Repos, Securities Lending and Buy Backs for EU Banks and Investment

The European Securities and Markets Authority (ESMA) has announced regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation...more

EU Regulatory Response to COVID-19: ESMA Introduces Lower Short Position Reporting Threshold

European Securities and Markets Authority Takes Steps to Improve Transparency in Light of Disruption to EU Financial Markets Arising from COVID-19 Pandemic - Effective 16 March 2020, all holders of net short positions in...more

Governance & Securities Law Focus: Europe Edition - January 2020

EU DEVELOPMENTS - Corporate and Capital Markets - Institutional Investment: ESMA Report on Undue Short-Term Pressure on Corporations (Corporate Aspects) - On 18 December 2019, the European Securities and Markets...more

Governance & Securities Law Focus: Europe Edition, October 2019

Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in July 2019. ...more

Governance & Securities Law Focus: Europe Edition - July 2019

Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in April 2019. ...more

Governance & Securities Law Focus: Europe Edition, April 2019

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more

Emir Refit: Impact of the Reclassification of Funds

The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more

On the Existence of a Pan-European Reverse Solicitation Regime Under MiFID II, and Its Importance on a ‘Hard’ Brexit

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more

Financial Regulatory Developments Focus - August 2018 #5

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

More Pieces of the Brexit Puzzle: Enhanced Equivalence, Transitional Regimes

Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more

Governance & Securities Law Focus: Asia Edition - July 2018

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

Financial Regulatory Developments Focus - May 2018 #4

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Governance & Securities Law Focus: Asia Edition - May 2018

In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

Governance & Securities Law Focus: Europe Edition, April 2018

In this newsletter, we provide a snapshot of the principal European, U.S. and selected international governance and securities law developments of interest to European corporates. ...more

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