Barnabas Reynolds on MiFID II

UK allows bundled payments for third-party research and trading commissions

From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more

8/15/2024 / AIFM , Broker-Dealer , Financial Conduct Authority (FCA) , Financial Institutions , Investment Adviser , Investment Management , Listing Rules , MiFID II , Registered Investment Advisors , Regulatory Requirements , Research Funding , Securities and Exchange Commission (SEC) , UCITS , UK

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

7/12/2024 / EU , European Commission , European Securities and Markets Authority (ESMA) , Financial Institutions , Financial Services Industry , Foreign Investment , Legislative Agendas , MiFID II , Regulatory Agenda , Reverse Solicitation , UK

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

4/8/2024 / EU , European Securities and Markets Authority (ESMA) , Financial Markets , Financial Services Industry , MiFID II , UK

HM Treasury Publishes Response to Cryptoasset Regulatory Regime Consultation

HM Treasury has published a response to its consultation on cryptoasset regulation, setting out its final proposals for the U.K.'s cryptoasset regulatory regime. The U.K. plans to make cryptoassets a new category of...more

11/10/2023 / Crypto Exchanges , Cryptoassets , Cryptocurrency , Financial Conduct Authority (FCA) , Financial Institutions , Financial Services Industry , FinTech , HM Treasury , MiFID II , Payment Systems , UK

UK Regulatory Guidance on Trading Venue Regulatory Perimeter

The U.K. Financial Conduct Authority has issued final guidance to clarify the scope of the regulatory perimeter for trading venues and the regulatory approvals needed to conduct their business. The guidance caters for new...more

8/9/2023 / Financial Conduct Authority (FCA) , Financial Markets , Financial Services and Markets Act , Financial Services Industry , MiFID II , MiFIR , UK

UK Regulator Proposes Framework for a Consolidated Tape

On July 5, 2023, the U.K. Financial Conduct Authority launched a consultation on a proposed U.K. consolidated tape for bonds. MiFID II introduced requirements for a "consolidated tape" for transactions in equity and...more

8/9/2023 / Banking Sector , Financial Conduct Authority (FCA) , Financial Services and Markets Act , Financial Services Industry , MiFID II , UK , UK Brexit

UK Investment Research Review Signifies Further EU-UK Divergence on Unbundling Research Rules

The report and recommendations of the UK Investment Research Review were published on July 10, 2023. The recommendations have been accepted by the government and the Financial Conduct Authority has committed to prioritizing...more

8/8/2023 / Banking Sector , EU , Financial Conduct Authority (FCA) , Financial Institutions , Financial Services Industry , Investment , Investors , MiFID II , UK

The Brexit Freedoms Bill and the MiFID Override for Financial Services Regulation

U.K. financial regulation includes a small and unusual provision, the so-called “MiFID override,” which prioritises the EU’s MiFID II regime over the U.K.’s own regulatory framework when determining questions of what is...more

10/25/2022 / Financial Conduct Authority (FCA) , Financial Services and Markets Act , Financial Services Authority , Financial Services Industry , MiFID , MiFID II , UK , UK Brexit

UK Government Publishes Financial Services and Markets Bill

The U.K. government has published the much anticipated Financial Services and Markets Bill. Following its exit from the EU, the U.K. has undertaken a fundamental review of how financial regulation policy and rules should be...more

7/25/2022 / Financial Services Industry , FinTech , HM Treasury , MiFID II , New Legislation , Securities , UK , UK Brexit

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

10/22/2020 / EIOPA , EMIR , EU , European Banking Authority (EBA) , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , FinTech , MiFID II , MiFIR , UK , UK Brexit

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

4/2/2020 / Equivalency Determinations , EU , European Securities and Markets Authority (ESMA) , Investment Firms , MiFID II , MiFIR , Registration Requirement , UK , UK Brexit

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

2/19/2019 / Cross-Border Transactions , EU , European Securities and Markets Authority (ESMA) , Financial Services Industry , Member State , MiFID II , UK , UK Brexit