Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement...more
2/16/2021
/ Asset Management ,
BSA/AML ,
Economic Sanctions ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Markets ,
Market Abuse ,
Senior Managers ,
Short Selling ,
UK
1. ESG In recent years, environmental, social and governance (ESG) factors have become a key discussion point in the asset management industry, with many managers now incorporating ESG considerations into their investment...more
1/29/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Biden Administration ,
Capital Requirements Regulation (CRR) ,
EMIR ,
Environmental Social & Governance (ESG) ,
Libor ,
MiFID II ,
Private Investment Funds ,
Regulatory Agenda ,
Regulatory Freeze ,
SFTR ,
UK Brexit
A brief recap -
The main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) will apply from 10 March 2021. The SFDR included provisions requiring the European Supervisory Authorities (ESAs) to...more
Tackling climate change is not a new initiative in the UK. Indeed, the UK was one of the first countries worldwide to endorse the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) – aimed at...more
12/3/2020
/ Asset Management ,
Climate Change ,
Corporate Counsel ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Statements ,
Green Finance ,
UK ,
UK Brexit
Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the...more
The draft regulatory technical standards (RTS) set out detailed information relating to the content, methodology and presentation of certain environmental, social, and governance (ESG) disclosures required under the EU...more
5/29/2020
/ Consultation Papers ,
Disclosure Requirements ,
Draft Implementation Regulations ,
Environmental Social & Governance (ESG) ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Popular ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has...more
4/1/2020
/ Business Continuity Plans ,
Business Interruption ,
Capital Markets ,
Closed-End Funds ,
Contract Terms ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Form ADV ,
Fund Managers ,
ISDA ,
Liquidity ,
Margin Requirements ,
Nonperformance ,
Open-Ended Fund Companies (OFCs) ,
Private Equity ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Trading Policies ,
UK ,
United States
On 6 March 2020, the Financial Conduct Authority (“FCA”) launched a consultation paper outlining new climate-related disclosure requirements for premium listed issuers and consulting on guidance on existing obligations set...more
3/21/2020
/ Climate Change ,
Consultation Periods ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Proposed Rules ,
Publicly-Traded Companies ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR -
ESMA issued a statement on 19 March 2019 regarding the impact of Brexit...more
4/17/2019
/ Asset Management ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFID II ,
MiFIR ,
No-Deal Brexit ,
Trade Repositories
AIFMD – ESMA issues draft guidelines on liquidity stress testing in UCITS and AIFs -
On February 5, ESMA issued a consultation paper on issuing liquidity stress test guidance for investment funds. The draft guidelines aim...more
3/18/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EMIR ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Memorandum of Understanding ,
MiFID II ,
MiFIR ,
No-Deal Brexit ,
Transparency ,
UK Brexit
Following its commitment within the report issued on 30 October 2018 by the UK’s Cryptoassets Taskforce1, on 23 January 2019 the FCA issued a Consultation Paper (“CP 19/3”)2 setting out draft regulatory guidance in respect of...more
2/13/2019
/ Bitcoin ,
Collective Investment Schemes ,
Cryptoassets ,
Debt Instruments ,
E-Money ,
Ether ,
Exchange Tokens ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Investment Funds ,
MiFID II ,
New Guidance ,
Public Consultations ,
Regulatory Agenda ,
Securities Tokens ,
UK ,
Utility Tokens
MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit -
ESMA updated its Q&As on 4 January on MiFID II and MiFIR transparency...more
2/12/2019
/ Anti-Money Laundering ,
Asset Management ,
Cryptoassets ,
Derivatives ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Initial Coin Offering (ICOs) ,
International Regulatory Standards ,
Investment Funds ,
MiFID II ,
MiFIR ,
RegTech ,
Transparency ,
UK ,
UK Brexit
MiFID II – updated Q&A on market structures and transparency and supervisory briefing -
ESMA updated its Q&As on market structures and transparency topics on 14 November. The new Q&As provide clarification on the following...more
AIFMD – updated ESMA Q&A -
ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing...more
11/16/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Commodities ,
Derivatives ,
EU ,
European Securities and Markets Authority (ESMA) ,
Intermediaries ,
Investment Funds ,
Investor Protection ,
MiFID II ,
MiFIR ,
Transparency ,
UCITS ,
UK Brexit
AIFMD – further memoranda of understanding ("MoUs") signed -
On 11 September, ESMA updated its table of MoUs signed by the EU authorities. Croatia and Slovenia have still to sign an MoU....more
AIFMD - ESMA updates AIFMD Memoranda of Understanding ("MoUs") -
ESMA updated its list of MoUs on 17 July 2018, singed the EU regulatory authorities (17 July 2018) – Croatia and Slovenia are still to sign MoUs....more
8/10/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CFD Trading ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Memorandum of Understanding ,
MiFID II ,
MiFIR ,
Pension Schemes ,
UK Brexit
MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements -
ESMA confirmed on 20 June that the current exemption from using Legal Entity Identifiers for certain transactions...more
7/12/2018
/ Anti-Money Laundering ,
Asset Management ,
CCPs ,
CFD Trading ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Legal Entity Identifiers ,
MiFID II ,
Money Market Funds ,
Reporting Requirements ,
UCITS
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers
The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more
6/13/2018
/ Asset Management ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Institutional Investors ,
Investment Funds ,
Investor Protection ,
MiFID II ,
MiFIR ,
Popular ,
Short Selling ,
Sustainable Business Practices ,
UCITS
MIFID II – EMSA updates Q&As on commodity derivatives topics and asks European Commission to clarify “ancillary activity” test under MiFID II -
ESMA updated its Q&As on 27 March 2018 on commodity derivatives topics...more
5/16/2018
/ Asset Management ,
CFD Trading ,
Clearing Agencies ,
Commodities ,
Derivatives ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFID II ,
MiFIR ,
Retail Investors
AIFMD - Updated MoUs -
ESMA updated its table of EEA regulators on 15 March with who has signed MoUs with non-EEA regulators, for the purposes of cross-border marketing of AIFs. Slovenia and Croatia are still to sign up...more
4/9/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Cross-Border Transactions ,
EMIR ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Memorandum of Understanding ,
Pension Funds ,
Proposed Amendments ,
Risk Mitigation ,
UCITS
The Financial Conduct Authority (“FCA”) published a consultation paper on 12 December 2017 addressing the transitioning of the senior manager and certification regime (“SMCR”) to all FCA authorised firms....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
Commission Delegated Regulation (EU) 2015/2205 (the “Regulation”) supplementing the European Markets Infrastructure Regulation (“EMIR”) was published on 1 December in the Official Journal of the European Union....more
Frequent subscribers of this blog may remember MiFID I coming into force on 1 November 2007, fundamentally revising the existing rules applicable to, amongst others, European firms providing portfolio management and broker...more