The European Securities and Markets Authority (ESMA) has yesterday, March 16, 2020, issued a decision to temporarily lower the net short position notification threshold under the European Union Short Selling Regulation from...more
As a result of the disruption experienced in a number of markets, the UK Financial Conduct Authority (FCA), the Italian securities regulator (Commissione Nazionale per le Società e la Borsa (CONSOB)) and the Spanish...more
The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020, further to AIMA’s request for clarification, that the requirement to report...more
On 25 February 2020, the UK Financial Conduct Authority (FCA) updated its process for the notification and disclosure of net short positions under the European Union Short Selling Regulation (SSR).
To be able to submit a...more
The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020. While the scope of the reporting requirements under Article 4 of the Securities...more
1/23/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Fund Managers ,
Legal Entity Identifiers ,
New Rules ,
Reporting Requirements ,
Securities Financing Transactions (SFTs) ,
SFTR ,
Third Country Entities (TCEs) ,
UCITS
As part of the EU Sustainability Action Plan and the Sustainable Finance initiative, the revised Directive 2007/36/EC (the “Shareholder Rights Directive” or “SRD II”) introduces new requirements on asset managers to establish...more
5/31/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Disclosure Requirements ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Institutional Investors ,
MiFID II ,
New Rules ,
Public Disclosure ,
Shareholder Rights ,
Stakeholder Engagement ,
UCITS
At 11:00 p.m. U.K. time on 29 March 2019 the United Kingdom is expected to leave the European Union (“BREXIT Day”). The below timeline sets out milestones in the lead up to BREXIT Day, and thereafter. Please note that there...more
• Individuals that are UK tax resident and non-UK domiciled have the ability until 5 April 2019 to cleanse their mixed overseas funds and accounts.
• Affected individuals should act now to review their position and assess...more
3/30/2018
/ Accountants ,
Capital Gains ,
Domicile ,
Filing Deadlines ,
Foreign Bank Accounts ,
Foreign Tax ,
Fund Managers ,
Income Taxes ,
International Finance ,
Notification Requirements ,
Recordkeeping Requirements ,
Remittance Transfer Rule ,
UK
On 28 June 2017, the Financial Conduct Authority (FCA) published the Asset Management Market Study Final Report (the “Asset Management Review”) as well as a Consultation Paper setting out some proposed changes to the FCA’s...more
7/3/2017
/ AFMs ,
Asset Management ,
Comment Period ,
EU ,
Financial Conduct Authority (FCA) ,
Independent Directors ,
Investment Funds ,
Investors ,
Public Comment ,
Senior Management Regime (SMR) ,
UCITS ,
UK
Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more
On Wednesday 23 November 2016, Philip Hammond delivered the U.K. Autumn Statement, which included a number of announcements of relevance to the financial services industry. While relatively few new tax measures were...more
Earlier today, the High Court of Justice ruled that the U.K. government does not have the constitutional capacity to trigger the U.K.'s withdrawal from the European Union without further primary legislation being passed. This...more
Key Points -
- ESMA’s UCITS Remuneration Guidelines will apply from 1 January 2017 (subject to certain transitional provisions).
- They will affect UCITS Managers and delegates of UCITS Managers conducting...more
Four things you need to know:
- ESMA has been undertaking a review of whether or not a number of jurisdictions outside the EU might be eligible to benefit from the various passporting rights, which could be extended...more
Three things you need to know -
- The UK Financial Conduct Authority ("FCA") issued guidance (the “Guidance”) on the suspension of fund redemptions.
- The Guidance applies to all FCA-authorised managers...more
MiFID II’s Passport for “Third Countries” and the Possibility of Continued Access to the EU Market for UK Firms -
The decision to hold a referendum as to whether the United Kingdom (UK) should remain a member of the...more
What’s happening?
- On 23 June, the United Kingdom is holding a referendum on withdrawing from the European Union. A vote to leave is forecast to have significant impacts on financial markets and participants in those...more
On Wednesday March 16, 2016, George Osborne delivered his eighth budget as the U.K.’s Chancellor of the Exchequer, which included a number of announcements that will be relevant to the financial services industry....more
The Securities Financing Transactions Regulation (“SFTR”), which imposes requirements on EU AIFMs and UCITS managers to make certain disclosures to investors, was adopted by the European Council on 16 November 2015. Some of...more
Summary -
On 26 November 2015, the United Kingdom’s major shareholding notification rules will be amended in order to implement the requirements of the revised Transparency Directive (“TD2”, as amended by Directive...more
Hardwired into the European Union (EU) Alternative Investment Fund Managers Directive (AIFMD) is a mechanism that could enable a non-EU alternative fund manager domiciled outside the EU to become authorised by an EU regulator...more
On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more
7/13/2015
/ Asset Management ,
Banking Sector ,
Capital Gains ,
Corporate Taxes ,
Derivatives ,
Federal Budget ,
Goodwill ,
Peer-to-Peer ,
Pensions ,
Stamp Duty Land Tax ,
Tax Credits ,
Tax Reform ,
Tax Revenues ,
UK
The Swiss Funds and Asset Management Association (SFAMA) has published a model annex setting out prescribed form disclosure statements to be included in the offering documents and other marketing materials of non-Swiss funds...more
In a speech crammed full of digs aimed at opposition parties (and the French), the UK’s Chancellor of the Exchequer delivered his final pre-election Budget this afternoon....more
Summary -
This alert sets out details of a recently published final notice issued by the UK Financial Conduct Authority (FCA) regarding the management of conflicts of interest within UK-licensed investment managers....more