A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...more
11/29/2017
/ Autumn Statement ,
Commercial Real Estate Market ,
Corporate Taxes ,
Derivatives ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Hedge Funds ,
HMRC ,
IOSCO ,
Key Information Document (KIDs) ,
Legal Entity Identifiers ,
MiFID II ,
Money Market Funds ,
Non-Resident Income Taxes ,
Over The Counter Derivatives (OTC) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Real Estate Investments ,
Tax Reform ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the amendments to the European Venture Capital and Social Entrepreneurship Fund...more
11/16/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Capital Markets Union ,
Code of Conduct ,
Digital Currency ,
EU ,
EU Benchmark Regulation ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
MiFID II ,
MiFIR ,
Regulatory Oversight ,
Small and Medium-Sized Enterprises (SMEs) ,
Tax Evasion ,
UK ,
Venture Capital ,
Virtual Currency
It is now only two months until the 3 January 2018 compliance deadline for the revised Markets in Financial Instruments Directive (MiFID II) and the 1 January 2018 compliance deadline for the EU Packaged Retail Investment and...more
In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more
11/1/2017
/ AIFs ,
Asset Management ,
Broker-Dealer ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Investment Firms ,
Investment Funds ,
MiFID II ,
No-Action Letters ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Passporting ,
Securities and Exchange Commission (SEC) ,
Securities Financing Transactions (SFTs) ,
SFTR ,
SMCR ,
UCITS ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more
10/18/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
Derivatives ,
ETFs ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
UCITS ,
UK
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
10/7/2017
/ BaFin ,
Banking Restrictions ,
Banks ,
China ,
Corporate Counsel ,
Corporate Issuers ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Germany ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
People's Bank of China ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Token Sales ,
UK ,
Unregistered Securities ,
Young Lawyers
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on ESMA's updated Q&As on the Benchmark Regulation and European Commission delegated...more
10/7/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
Capital Markets Union ,
Commodities ,
Derivatives ,
ELTIF ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
MiFID II ,
MiFIR ,
Regulatory Agenda ,
Social Entrepreneurship ,
UCITS ,
UK ,
UK Criminal Finances Act 2017 ,
Venture Capital
FCA Publishes Draft Rules to Extend the Senior Managers and Certification Regime to all Firms -
The FCA published its long-expected consultation paper (CP17/25) on 26 July, with proposed rules to extend the senior managers...more
The UK’s Financial Conduct Authority (FCA) has published proposed rules to extend the senior manager & certification regime (SMCR) to all financial services firms....more
FCA Issues New Guidance on Cyber Resilience and Notification of Cyber Attacks -
The FCA published a new page on its website providing informal guidance on cyber resilience on 18 May 2017.
Following the recent global...more
7/7/2017
/ Amended Rules ,
Asset Management ,
Commodities ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
EU ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
UK
Europe is the largest market for fund products after the United States. However, despite the advances of the European single market, there remains a confusing combination of pan-European and country specific rules governing...more
7/1/2017
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Raising ,
Disclosure Requirements ,
EU ,
European Economic Area (EEA) ,
Foreign Investment ,
Investors ,
National Private Placement Regimes (NPPR) ,
Passporting ,
Private Placements ,
Reporting Requirements ,
Retail Investors ,
Reverse Solicitation ,
UCITS ,
UK Brexit
HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 -
As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more
5/8/2017
/ Asset Management ,
Confidential Information ,
EU ,
Financial Conduct Authority (FCA) ,
Hedge Funds ,
HM Treasury ,
Investment Funds ,
MiFID II ,
News Stories ,
Private Fund Limited Partnerships (PFLPs) ,
Restraining Orders ,
UK
FCA Publishes Dealing Commission Review Findings -
The FCA have published their findings from a review that analysed dealing commission expenditure across 31 investment managers. The policy statement on the use of...more
UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU -
Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more
3/13/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Annex IV ,
Article 50 Treaty of the EU ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Private Placements ,
Reporting Requirements ,
UK ,
UK Brexit
Currently a non European Economic Area (EEA) Alternative Investment Fund Manager (AIFM) which markets a non-EEA feeder fund in the UK only has to report article 24(2) data (which forms part of the Annex IV reporting...more
Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" -
The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more
12/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Remuneration ,
The Great Repeal Bill ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements -
The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more
12/3/2016
/ AMF ,
Asset Management ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Passporting ,
Reporting Requirements ,
UCITS ,
UK ,
UK Brexit
FCA Publishes Third MiFID II Consultation Paper -
The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more
10/24/2016
/ AIFM ,
Asset Management ,
Dark Pool ,
EU ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Adviser ,
Investment Funds ,
MiFID II ,
UCITS ,
UK
The European Parliament voted to object to draft regulatory technical standards (“RTS”) implementing the Packaged Retail and Insurance Investment Products (PRIIPs) Regulation (the “Regulation”) on 14 September 2016. The draft...more
9/20/2016
/ ECON ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Financial Markets ,
Insurance Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Investors ,
RTS ,
UCITS
FCA Chief Executive Comments on FCA Mission and Brexit -
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, at the FCA's 2016 annual public meeting on 19 July 2016.
Mr Bailey stated that the FCA...more
9/13/2016
/ Collective Investment Schemes ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Member State ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Referendums ,
UK ,
UK Brexit
Brexit: UK Votes to Leave EU -
The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU.
Under the EU Treaty, the exit process should take at least two years. During...more
7/14/2016
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Funds ,
MiFID ,
Portfolio Managers ,
Senior Managers ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more
The voters have spoken. Britain will (absent any new deals) leave the EU.
Under the EU Treaty, the exit process should take at least two years. During this two-year period, UK-based asset management entities, including...more
6/27/2016
/ AIFM ,
AIFs ,
Asset Management ,
EU ,
Foreign Investment ,
Member State ,
MiFID II ,
Referendum Votes ,
UCITS ,
UK ,
UK Brexit
PRA and FCA Reject the Position Taken on CRD IV Bonus Cap Proportionality in the EBA’s New Remuneration Guidelines -
The PRA and FCA notified the European Banking Authority (EBA) that they will comply with all aspects of...more
5/6/2016
/ Asset Management ,
Conflicts of Interest ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Inducements ,
Investment Funds ,
Prudential Regulation Authority (PRA) ,
UK