On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment...more
4/5/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
CSSF ,
EU ,
Fund Managers ,
Luxembourg ,
New Regulations ,
New Rules ,
Portfolio Managers ,
UK ,
UK Brexit
On the 4 March 2021, the UK’s Financial Conduct Authority (“FCA”) updated its website with further guidance on the Temporary Permissions Regime (“TPR”), which came into force at the end of the transition period on 31 December...more
On 25 February 2021, the Joint Committee of the European Supervisory Authorities (“ESAs”) published a joint supervisory statement (“Joint Statement”) on the application of the Sustainable Finance Disclosure Regulation ((EU)...more
26 February -
HM Treasury published a report setting out the findings of the Kalifa Review of UK FinTech.
The Financial Conduct Authority (“FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook...more
3/2/2021
/ Consultation Papers ,
Coronavirus/COVID-19 ,
EU Benchmark Regulation ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
MiFID II ,
Prudential Regulation Authority (PRA)
The EU Sustainable Finance Disclosure Regulation (2019/2088) (“Disclosure Regulation” or “SFDR”) will come into force on 10 March 2021. As detailed in our update in September last year, the SFDR has a wide scope and will...more
29 January -
The Joint Committee of the European Supervisory Authorities (“ESAs”) (that is, the EBA, EIOPA and ESMA) published two consultation papers on the mapping of external credit assessment institutions' (“ECAIs”)...more
2/8/2021
/ Consultation Papers ,
EMIR ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Implementing Technical Standards (ITS) ,
IOSCO ,
UK
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2021 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
31 December -
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact...more
1/11/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
CRD V ,
ESRB ,
ETFs ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Action Task Force ,
Financial Stability Board ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
Background -
On 31 January 2020, the United Kingdom (“UK”) officially exited the European Union (“EU”), an event more commonly referred to as “Brexit”.
From 1 February 2020 to 31 December 2020 (the “Implementation...more
On 6 January 2021, the HM Treasury published the Short Selling (Notification Thresholds) Regulations 2021 (the “Regulations”). The FCA has updated its webpage on the notification and disclosure of net short positions to...more
On 14 December 2020, the Financial Conduct Authority (“FCA”) published the first out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“IFPR”) (CP20/24) in relation to a new UK...more
In March 2021, a new European Union regime on sustainability-related disclosures in the financial sector will come into force. The Sustainable Finance Disclosure Regulation 2019/2088 (“SFDR”) contains rules regarding...more
12/15/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Management ,
National Private Placement Regimes (NPPR) ,
Sustainable Finance ,
Taxonomy ,
UK
30 November -
The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878).
HM Treasury updated its webpage on a call for...more
12/7/2020
/ Bank of England ,
Capital Markets ,
Capital Markets Union ,
Capital Requirements Regulation (CRR) ,
Commission Delegated Regulation ,
EMIR ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
UK
EEA Firms and funds relying on EEA passporting to do business in the UK should act now if they want to continue carrying on business in the UK on the same basis into 2021....more
On 16 November 2020, the United Kingdom Financial Conduct Authority (“FCA”) published a statement in conjunction with HM Treasury, Prudential Regulation Authority (“PRA”) providing an update on timelines for introducing the...more
29 October -
The Financial Conduct Authority (“FCA”) updated its webpage on its responsibilities to mutual societies and its webpage on mutual societies’ annual returns and accounts.
The FCA published a press release...more
11/4/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Consultation Papers ,
Dear CEO Letter ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinCEN ,
HM Treasury ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA)
29 September -
The Financial Conduct Authority (“FCA”) published its perimeter report 2019/20, which provides an update on the issues raised in its 2018/19 report.
A European Commission notice (2020/C 321/01) relating...more
10/7/2020
/ Banking Sector ,
Consultation Papers ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Libor ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Sterling Overnight Index Average (SONIA) ,
UK
A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable...more
9/18/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
Mergers ,
MiFID II ,
National Private Placement Regimes (NPPR) ,
Securities and Exchange Commission (SEC) ,
SFDR ,
UCITS ,
UK Brexit
The Prudential Regulation Authority (“PRA”) published a statement announcing that it intends to terminate, with effect from 30 September 2020, the temporary approach to value-at-risk (VAR) back-testing exceptions it announced...more
On 19 August 2020, the European Securities and Markets Authority (“ESMA”) published a letter (“Letter”) received by the European Commission (“Commission”) making several recommendations with regard to the Commission’s...more
30 July -
The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case.
The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more
8/7/2020
/ Annual Reports ,
Anti-Corruption ,
Bank of England ,
Consultation Papers ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
HM Treasury ,
HMRC ,
Libor ,
MiFID II ,
MiFIR ,
Policy Statement ,
Prudential Regulation Authority (PRA)
30 June -
The Financial Conduct Authority (“FCA”) announced that the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons will be delayed from 9...more
7/6/2020
/ Banking Sector ,
Business Interruption ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
IOSCO ,
MiFID II ,
Prudential Regulation Authority (PRA)
On 23 June 2020, the UK Financial Conduct Authority (“FCA”) published a discussion paper (“DP 20/2”) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments...more