Elias Allahyari on EU

Court of Justice of the European Union Annuls Sanctions Measures

The Court of Justice of the European Union has decided that the reasons for the EU sanctions measures designating Mr Fridman and Mr Aven (two of the shareholders of LetterOne) were not sufficiently substantiated and their...more

4/11/2024 / AML/CFT , EU , Insider Trading , Sanctions , UK

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

2/29/2024 / CCPs , Derivatives , EMIR , EU , European Commission , European Securities and Markets Authority (ESMA) , Over The Counter Derivatives (OTC)

The UK’s Lighter-Touch, Post-Brexit, Short Selling Regime

The U.K. is currently engaged in a wide-ranging review of the inherited package of EU financial services law. The rules on short selling, which impose disclosure obligations and restrictions on persons seeking an economic...more

12/15/2023 / EU , Financial Conduct Authority (FCA) , Financial Services Industry , Short Sales , Short Selling , UK , UK Brexit

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more

8/1/2023 / Competition , EU , Financial Conduct Authority (FCA) , Financial Institutions , Financial Regulatory Reform , Financial Services and Markets Act , Financial Services Industry , HM Treasury , Prospectus , Prudential Regulation Authority (PRA) , Securitization , Solvency II , UK

MiFID II and the U.S. Investment Adviser Regime

The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

7/3/2023 / Broker-Dealer , EU , Financial Conduct Authority (FCA) , Financial Institutions , Financial Markets , Financial Services Industry , Investment Adviser , Market Research , MiFID II , Securities and Exchange Commission (SEC) , UK

MiFID II: An Update on the Rules for Unbundling of Research

The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before...more

3/21/2023 / Broker-Dealer , EU , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , Financial Services Industry , Investment Adviser , MiFID II

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

1/20/2023 / Derivatives , EMIR , EU , European Banking Authority (EBA) , European Commission , European Securities and Markets Authority (ESMA) , Over The Counter Derivatives (OTC)

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

4/29/2022 / Capital Markets , EU , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , Packaged Retail And Insurance-Based Investment Products (PRIIPS) , UK

European Securities and Markets Authority Publishes Report on Short Selling Regulation Review

The European Securities and Markets Authority has published a report on its review of certain aspects of the EU Short Selling Regulation. The review was prompted by the volume of short selling that occurred around the...more

4/15/2022 / Capital Markets , Disclosure Requirements , EU , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , Financial Markets , Short Selling