Regulation Round Up - June 2017

by Proskauer Rose LLP

Proskauer Rose LLP

2 June

The ESMA published its final report on guidelines on product governance requirements under the MiFID II Directive (2004/65/EU). The guidelines (set out in Annex IV) to the final report aim to promote greater convergence in the implementation and application of the MiFID II requirements on product governance.

The FCA published Market Watch No.52, which expressed concerns on some firms engaging in dividend arbitrage. Firms which identify areas of concern relating to this practice should conduct an assessment and also consider whether it should make a disclosure to the FCA under Principle 11 of the FCA's Principles for Businesses.

6 June

ESMA published an updated version of its questions and answers (Q&As) on investor protection topics under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR). ESMA added 14 new Q&As covering information on costs and charges, post-sale reporting, and appropriateness.

21 June

The UK government announces eight major bills to prepare for withdrawal from the EU. However, it remains unclear whether Prime Minister Theresa May's government will be able to push through the legislation. The eight bills are (i) the Repeal Bill (to enshrine EU legislation into domestic law and to repeal the European Communities Act 1972 which gives EU law effect in the UK); (ii) a Customs Bill (to create a new legal basis for the UK's customs regime which is currently decided at an EU level); (iii) a Trade Bill (to put in place the "essential and necessary legislative framework" to allow the UK to conduct an independent trade policy outside the EU); (iv) an Immigration Bill (to create new powers governing the immigration status of EU nationals and their family members, and allow for the repeal of the EU's free-movement laws in the UK); (v) a Fisheries Bill (to enable the UK to "exercise responsibility" over access to its territorial waters after Brexit when the UK must exit the Common Fisheries Policy); (vi) a Nuclear Safeguards Bill (to hand powers to the Office for Nuclear Regulation to oversee British civil nuclear facilities and uphold international non-proliferation agreements); and (vii) an International Sanctions Bill (to create the new legal powers to allow the UK to impose non-UN sanctions).

In the Queen's Speech it was announced that foreign investments in Britain that endanger national security could be stopped by the UK government under newly announced proposals. The proposals would "ensure critical national infrastructure is protected to safeguard national security". It again remains unclear whether Prime Minister Theresa May's government will be able to push through the legislation.

23 June

The UK published the finalised legislation (The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) transposing the EU Fourth Money Laundering Directive into UK. The deadline for transposition was 26 June.

26 June

The UK published the finalised legislation (The Scottish Partnerships (Register of People with Significant Control) Regulations 2017) creating a persons of significant influence (PSC) regime for Scottish limited partnerships. This PSC regime was introduced to transpose aspects of the Fourth Money Laundering Directive.

The UK finalised and published legislation (The Information about People with Significant Control (Amendment) Regulations 2017) to the PSC regime for UK companies and limited liability partnerships were also finalised and published. These amendments increase the reporting frequency for in-scope undertakings, requiring them to report changes to their PSCs within 14 days as oppose to waiting until the annual confirmation statement as had previously been the case.

28 June

The UK Financial Conduct Authority (FCA) published the final findings of its asset management market study and announced the package of remedies it will take forward to address the concerns identified in its interim report into the sector. The proposed remedies include holding individual asset managers accountable for failing to act in the interests of investors. Further consultations on the proposed remedies are expected before the end of the year.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Proskauer Rose LLP | Attorney Advertising

Written by:

Proskauer Rose LLP

Proskauer Rose LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
Privacy Policy (Updated: October 8, 2015):

JD Supra provides users with access to its legal industry publishing services (the "Service") through its website (the "Website") as well as through other sources. Our policies with regard to data collection and use of personal information of users of the Service, regardless of the manner in which users access the Service, and visitors to the Website are set forth in this statement ("Policy"). By using the Service, you signify your acceptance of this Policy.

Information Collection and Use by JD Supra

JD Supra collects users' names, companies, titles, e-mail address and industry. JD Supra also tracks the pages that users visit, logs IP addresses and aggregates non-personally identifiable user data and browser type. This data is gathered using cookies and other technologies.

The information and data collected is used to authenticate users and to send notifications relating to the Service, including email alerts to which users have subscribed; to manage the Service and Website, to improve the Service and to customize the user's experience. This information is also provided to the authors of the content to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on JD Supra.

If you prefer not to enable cookies, you may change your browser settings to disable cookies; however, please note that rejecting cookies while visiting the Website may result in certain parts of the Website not operating correctly or as efficiently as if cookies were allowed.

Email Choice/Opt-out

Users who opt in to receive emails may choose to no longer receive e-mail updates and newsletters by selecting the "opt-out of future email" option in the email they receive from JD Supra or in their JD Supra account management screen.


JD Supra takes reasonable precautions to insure that user information is kept private. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. However, please note that no method of transmitting or storing data is completely secure and we cannot guarantee the security of user information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time.

If you have reason to believe that your interaction with us is no longer secure, you must immediately notify us of the problem by contacting us at In the unlikely event that we believe that the security of your user information in our possession or control may have been compromised, we may seek to notify you of that development and, if so, will endeavor to do so as promptly as practicable under the circumstances.

Sharing and Disclosure of Information JD Supra Collects

Except as otherwise described in this privacy statement, JD Supra will not disclose personal information to any third party unless we believe that disclosure is necessary to: (1) comply with applicable laws; (2) respond to governmental inquiries or requests; (3) comply with valid legal process; (4) protect the rights, privacy, safety or property of JD Supra, users of the Service, Website visitors or the public; (5) permit us to pursue available remedies or limit the damages that we may sustain; and (6) enforce our Terms & Conditions of Use.

In the event there is a change in the corporate structure of JD Supra such as, but not limited to, merger, consolidation, sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information collected on and through the Service to one or more affiliated or unaffiliated third parties.

Links to Other Websites

This Website and the Service may contain links to other websites. The operator of such other websites may collect information about you, including through cookies or other technologies. If you are using the Service through the Website and link to another site, you will leave the Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We shall have no responsibility or liability for your visitation to, and the data collection and use practices of, such other sites. This Policy applies solely to the information collected in connection with your use of this Website and does not apply to any practices conducted offline or in connection with any other websites.

Changes in Our Privacy Policy

We reserve the right to change this Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our privacy policy will become effective upon posting of the revised policy on the Website. By continuing to use the Service or Website following such changes, you will be deemed to have agreed to such changes. If you do not agree with the terms of this Policy, as it may be amended from time to time, in whole or part, please do not continue using the Service or the Website.

Contacting JD Supra

If you have any questions about this privacy statement, the practices of this site, your dealings with this Web site, or if you would like to change any of the information you have provided to us, please contact us at:

- hide
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.