Following an HM Treasury policy statement, the FCA has published a consultation paper proposing amendments to some of the Markets in Financial Instruments Directive (MIFID) conduct of business and systems and controls rules...more
This is the final part of our series of alerts on the EU’s new Market in Crypto-assets Regulation (MiCA). In this part, we will discuss the authorisation regime under MiCA for specified crypto-asset services which is largely...more
This is Part 2 of a three-part series which examines the main elements of the new MiCA regime in the EU. As a recap, our discussion is based on the Compromise Text (published on 5 October), with references also made to the...more
On 30 June 2022, the new EU Market in Crypto-assets Regulation (MiCA) was agreed on between the European Commission (Commission), the European Parliament (Parliament), and the Council of the European Union (Council). MiCA is...more
INTRODUCTION - On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union...more
On 28 January 2021, the Financial Conduct Authority (FCA) published a consultation paper (CP21/3)1 proposing various changes to the UK regulation of payment services and electronic money. Most of the proposed changes relate...more
The Cross-Border Payments Regulation (EC) No 924/2009 (CBPR) is the EU legislation that sets out the principle of equality of charges for intra-EU cross-border euro payments and corresponding national payments within an EU...more
On 2 September 2019, the European Securities and Markets Authority (“ESMA”) published its final Guidelines on liquidity stress testing in UCITS and AIFs (the “LST Guidelines”). Managers will be required to amend their...more
The European Parliament and Council of the EU have adopted a package of measures intended to standardise and improve the cross-border distribution of investment funds in the European Union (“EU”)....more
On January 10, 2019, the European Commission (the “Commission”) published a Report on the Operation of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU or “AIFMD”). ...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers both inside and outside the European Union (“EU”). While the precise scope of these obligations will depend, in many...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers that, to date, have avoided substantive regulation in the European Union ("EU"). While the precise scope of these...more
The regulatory and enforcement landscape of the European natural gas and electricity markets is changing considerably following the last stage in the implementation of the Regulation on Wholesale Energy Markets Integrity and...more
On June 23, 2016, the UK held a referendum in which 52 percent of voters elected to leave the European Union (EU). While there is a great deal of uncertainty about the EU withdrawal process that will remain unresolved for a...more
This Brexit Bite assesses the post-Brexit landscape with respect to the UK’s data protection laws. It is important to remember that the UK remains a member of the European Union until the terms of its withdrawal have been...more
The vote is in. On June 23, 2016, by national referendum, a 52% majority of British voters decided the question of whether the United Kingdom (UK) should leave or remain in the European Union (EU). The referendum turnout...more
In This Presentation:
- AIFMD Remuneration Rules: Not going away
- Are there any ways I could avoid this altogether?
- If not, could I partially avoid it or minimise its effect?
- When do I need to worry about...more
Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms....more
In This issue:
- A general round-up of key provisions in the AIFMD level 2 implementing regulations
- Scope of the AIFMD
- Timetable and transitional relief
- Cross-border marketing
- Delegation and...more