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
6/6/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Best Interest Standard ,
Capital Markets Union ,
EU ,
European Commission ,
Member State ,
MiFID ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Proposed Amendments ,
Retail Investors ,
Solvency II ,
UCITS
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q3 2021.
In this edition, we include a summary of the latest sustainable...more
9/28/2021
/ Afghanistan ,
AML/CFT ,
Anti-Money Laundering ,
Banks ,
Diversity and Inclusion Standards (D&I) ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Green Finance ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Sustainable Finance ,
UK ,
UK Brexit
A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit.
On 16 June 2021, the Taskforce on Innovation,...more
6/17/2021
/ Banking Sector ,
Counterparties ,
Digital Currency ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Information Reports ,
MiFID II ,
Open Banking ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Banks ,
UK ,
UK Brexit
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
4/1/2021
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Cloud Service Providers (CSPs) ,
CRD V ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
Sustainable Finance ,
UK ,
UK Brexit
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
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
3/30/2020
/ Banks ,
Benchmarking ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
State of Emergency ,
UK Brexit
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
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
Consultation Paper looks at ways in which issues with the KID requirements could be improved.
Key Points:
- The ESAs are seeking to make adjustments to the PRIIPs KID requirements to address ongoing issues relating to...more
ESAs issue important guidance in relation to the application of the PRIIPs Regulation to corporate bonds.
Key Points:
..The ESAs have issued their final view on whether certain features within bonds are conclusive as to...more
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more
4/2/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consultation ,
Cryptoassets ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
SMCR ,
UK ,
UK Brexit
Report concludes that the AIFMD has been helpful in building a market for AIFs, but is not free from issues.
Key Points:
..The report concludes that the AIFMD has played a significant role in helping to create an...more
1/15/2019
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
EMIR ,
EU ,
EU Passport ,
European Commission ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Equity ,
Private Placements ,
UCITS
The FCA has published a second consultation on the Brexit onshoring project. Like the first, and many other Brexit onshoring documents, it is both long and very technical. However, a number of important policy points are...more
11/29/2018
/ Consultation ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Listing Rules ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Securities ,
Senior Management Regime (SMR) ,
UCITS ,
UK ,
UK Brexit