News & Analysis as of September 23, 2024

MiFID II

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

ESMA Issues Guidance on AI in Retail Financial Services as EU AI Act Takes Effect

Morgan Lewis on 8/20/2024

The European Securities and Markets Authority (ESMA) recently published its first formal guidance on the use of artificial intelligence (AI) in the provision of retail investment services. The guidance outlines AI’s potential...more

Regulation Round Up - July 2024

Proskauer Rose LLP on 8/7/2024

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

EU Statement on Transition of OTC-Transactions to New Post-Trade Transparency Regime

A&O Shearman on 7/22/2024

The European Securities and Markets Authority has published a public statement on the transition to the new regime for post-trade transparency of OTC-transactions in light of the revised Markets in Financial Instruments...more

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

A&O Shearman on 7/12/2024

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K....more

Initial guidance on the use of AI in the provision of investment services

Walkers on 6/25/2024

With the Regulation on Artificial Intelligence (the "AI Act") entering into force in due course, following its publication in the Official Journal of the EU, there has been an increasing focus of supervisory bodies to provide...more

Regulation Round Up - May 2024

Proskauer Rose LLP on 6/12/2024

Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more

Cadwalader Climate - June 2024 #2

Cadwalader, Wickersham & Taft LLP on 6/11/2024

In this week’s edition, we discuss the U.S. government’s proposed guidelines for the ever-controversial voluntary carbon markets. In the EU, ESMA published a report of its findings on greenwashing in the marketing materials...more

EU MiFID II Review Package Published

A&O Shearman on 4/8/2024

On March 8, 2024, legislation amending the EU's Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to...more

AIFMD 2.0: What’s New? Analysis of Key Changes

Dechert LLP on 3/28/2024

The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024. Member States have 24 months to transpose the...more

Regulation Round Up - February 2024

Proskauer Rose LLP on 3/5/2024

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

European Securities and Markets Authority Consults on Guidelines on Reverse Solicitation and Cryptoassets as Financial Instruments...

A&O Shearman on 2/28/2024

The European Securities and Markets Authority has published two consultation papers on proposed guidelines under the EU Markets in Crypto Assets Regulation, one on reverse solicitation and the other on the classification of...more

Regulation Round Up - January 2024

Proskauer Rose LLP on 2/21/2024

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

EU: ESMA consults on ‘reverse solicitation’ and classification of cryptoassets under MiCA

Hogan Lovells on 1/30/2024

On 29 January 2024, the European Securities and Markets Authority (“ESMA”) published two Consultation Papers seeking comments on draft guidelines under the Markets in Crypto Assets Regulation—one on the “reverse solicitation...more

Regulation Round Up - December 2023

Proskauer Rose LLP on 1/4/2024

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more

Regulation Round Up - October 2023

Proskauer Rose LLP on 11/7/2023

Fund Tokenisation: The Financial Conduct Authority (“FCA”) published a press release announcing that it has joined the Monetary Authority of Singapore’s Project Guardian, a collaborative initiative with the financial industry...more

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds July - September 2023

Walkers on 10/18/2023

Welcome to the July – September 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter, such...more

Regulation Round Up - July 2023

Proskauer Rose LLP on 8/10/2023

31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more

Regulation Round Up - June 2023

Proskauer Rose LLP on 7/5/2023

MiFIR / MiFID II: The European Parliament published a press release announcing it has reached provisional political agreement with the Council of the EU on the proposed amendments to the Markets in Financial Instruments...more

Key Regulatory Topics: Weekly Update 19 May - 25 May 2023

A&O Shearman on 6/28/2023

The consumer/retail sector has been the subject of a number of publications this week, including the European Commission’s Retail Investment Package and the FCA’s consultation on a new framework for firms to better support...more

Regulation Round Up - May 2023

Proskauer Rose LLP on 6/6/2023

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

AIFMD 2.0 – The Negotiations Begin

Dechert LLP on 5/31/2023

As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more

EU Opinion on Trading Venue Perimeter

A&O Shearman on 4/7/2023

On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU’s revised...more

MiFID II: An Update on the Rules for Unbundling of Research

A&O Shearman on 3/21/2023

The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before...more

ESMA Announces Review Covering the Marketing of Financial Products across EU including Greenwashing

Cadwalader, Wickersham & Taft LLP on 2/13/2023

On January 16, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) in partnership with EU Member State national competent authorities (NCAs). The CSA will cover...more

Key Regulatory Topics: Weekly Update 16 - 21 Dec 2022

A&O Shearman on 1/6/2023

As the year draws to a close, regulators have been busy publishing their last reports of the year. HMT published its AML/CFT supervision report for 2020-2022, the Joint Regulatory Oversight Committee issued an update on the...more

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