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EU Reaches Provisional Agreement on ESG Ratings Regulation

The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal. Key Points: ..The agreed text includes important clarifications on the scope of the regime and...more

EU Supervisors to Scrutinise ESG Benchmark Disclosures

Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024. On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more

EU Revamps Consumer Credit Rules

The changes will significantly modernise the regime and enhance consumer protections. The EU has adopted a new Consumer Credit Directive, known as CCD2, which repeals and replaces the existing EU consumer credit regime...more

European Commission Seeks to Exclude Non-Significant Benchmarks From the BMR

The proposal would substantially reduce the number of benchmarks in scope of the EU BMR. On 17 October 2023, the European Commission published a legislative proposal that would significantly alter the benchmarks in scope...more

EU Consults on Plans for a New Regulatory Regime for ESG Ratings Providers

An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. International momentum to regulate ESG ratings continues as the European Commission released a...more

European Commission Proposes Wide-Ranging Enhancements to Retail Investor Protection Rules

As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs. On 24 May 2023, the European Commission (Commission)...more

The “Edinburgh Reforms”: Timetable of Key Changes

The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more

Private Bank Briefing – March 2021

ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - December 2020

Ahead of the end of the Brexit transition period, on 31 December 2020, regulators in the UK and the EU have issued a number of updates: Share trading obligation - In relation to the potential conflict between the share...more

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more

UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations

The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes. Key Points: ..The FCA has published an updated version of the FCA Handbook,...more

The MAR Review — ESMA’s Final Report

ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way. Key Points: ..Pre-hedging / front running: ESMA...more

European Commission Proposes Changes to MiFID II Due to COVID-19

Many of the wide-ranging amendments address the perceived barriers MiFID II introduced in capital markets and are likely to be welcomed by industry. Key Points: ..The amendments aim to remove administrative burdens that...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - July 2020

Brexit: Latest Updates - Private banks are currently going through a process of assessing the changes that need to be made to their systems and controls, in addition to client facing documentation, to facilitate the...more

FCA Consults on Post-Brexit Prudential Regime for Investment Firms

Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules. Key Points: ..FCA consults on a UK capital regime that in some respects breaks...more

FCA Fails to Find Its Watersheds Moment in Adams v. Options SIPP UK LLP

The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms. Key Points: ..Regulatory obligations are not intended to take precedence over contractual...more

ESMA Draft Guidelines on Outsourcing to Cloud Service Providers

The new guidelines reflect the European Commission’s aim to provide additional certainty for regulated entities outsourcing to cloud services. On 3 June 2020, ESMA published a consultation paper on draft guidelines...more

European Commission Publishes Draft Delegated Regulations on ESG Disclosures in Benchmarks

The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation. Key Points: ..The measures follow amendments...more

New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation

The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. Key Points: ..The draft RTS contain new guidance that makes clear who is responsible for which...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - March 2020

On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance...more

MiFID Refit - Commission Consults on Review of MiFID II Framework

The consultation provides a key opportunity for market participants to provide feedback on the regime. Key Points: ..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more

ESMA Provides Its Input on the BMR Review

ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

AMF Proposals to Revive the Research Industry in France

The AMF has published a report containing a number of new proposals relating to production of research under MiFID II. Key Points: ..The report pointedly criticises the original MiFID requirements (most of which were...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Brexit: 10 Commonly Asked Questions

Q&As for UK Regulated Firms - Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more

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