News & Analysis as of September 21, 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 -

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

UK Conduct Regulator Proposes Payment Optionality for Investment Research

A&O Shearman on 4/12/2024

The U.K. Financial Conduct Authority has opened a consultation setting out proposals for allowing firms to use joint (bundled) payments for third-party research and execution services, subject to certain requirements being...more

Taking Stock of Commodity Derivatives Regulation in the UK and EU

Skadden, Arps, Slate, Meagher & Flom LLP on 3/25/2024

In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more

UK Investment Research Review Signifies Further EU-UK Divergence on Unbundling Research Rules

A&O Shearman on 8/8/2023

The report and recommendations of the UK Investment Research Review were published on July 10, 2023. The recommendations have been accepted by the government and the Financial Conduct Authority has committed to prioritizing...more

UK Investment Research Review: Reforming MiFID II and Revitalising Investment Research in the UK Public Markets

Skadden, Arps, Slate, Meagher & Flom LLP on 8/1/2023

In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more

MiFID II and the U.S. Investment Adviser Regime

A&O Shearman on 7/3/2023

The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

EU Distributed Ledger Technology Pilot Regime Published

A&O Shearman on 6/15/2022

The EU has published in the Official Journal of the European Union its Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The pilot regime will permit certain DLT market...more

UK Financial Conduct Authority Publishes Discussion Paper on Sustainability Disclosure Requirements and Investment Labels

A&O Shearman on 11/22/2021

The U.K. Financial Conduct Authority has published a discussion paper on its proposed Sustainability Disclosure Requirements and sustainable investment labels. The FCA is seeking initial views on these proposals with the...more

Recording Requirements for Mobile Devices, Electronic Communications, and Videoconferencing

Latham & Watkins LLP on 11/5/2021

MiFID II introduced obligations to record telephone conversations and any electronic communications that are intended to lead to a transaction. Records must be kept for at least five years. The COVID-19 pandemic, which...more

Regulation Round Up - September 2020

Proskauer Rose LLP on 10/7/2020

29 September - The Financial Conduct Authority (“FCA”) published its perimeter report 2019/20, which provides an update on the issues raised in its 2018/19 report. A European Commission notice (2020/C 321/01) relating...more

EU MiFID II Review: First Review Report on Prices for Market Data and on the Consolidated Tape

A&O Shearman on 12/23/2019

Following its consultation earlier this year, the European Securities and Markets Authority has published a report on the development of prices for market data and on the consolidated tape for equity. The report is the first...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - September 2019

Latham & Watkins LLP on 9/10/2019

On 23 July 2019, the FCA published a Dear CEO letter on its wealth management and stockbroking supervision strategy, which began in April 2019. The strategy includes work to identify, diagnose, and remedy the harm that wealth...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - June 2019

Latham & Watkins LLP on 6/27/2019

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

Brussels Regulatory Brief: June 2019

K&L Gates LLP on 6/27/2019

INSTITUTIONAL DEVELOPMENTS - The New European Parliament: More Fragmentation, Ad Hoc Coalitions, And Greener Policies? The results of the May 2019 European Parliament (“EP”) elections resulted in a more complex European...more

UK Regulator Delays Final Product Intervention Measures on Contracts for Difference

A&O Shearman on 5/22/2019

The Financial Conduct Authority has published a statement on the delay to publication of final rules for contracts for difference products and CfD-like options. The FCA has consulted on its proposals to make European...more

European Commission Investigates Anti-Competitive EU Loan Syndication

A&O Shearman on 5/20/2019

A report examining competition within the European syndicated loan market has been published, following a call by the European Commission for an examination of the sector. The report was prepared at the request of the...more

FS Regulators’ Business Plans: Infographic Timeline and Summary

BCLP on 4/24/2019

Click here for an infographic timeline summarising the FCA, PRA and PSR business plans for 2019/20, together with key EU and UK financial services developments. The Financial Conduct Authority published its business plan on...more

Regulation Round Up - March 2019

Proskauer Rose LLP on 4/3/2019

1 March - The European Banking Authority ("EBA") published an opinion on deposit protection resulting from the United Kingdom's ("UK") withdrawal from the European Union ("EU"). The Financial Conduct Authority ("FCA")...more

Leveling the Financial Institutions Playing Field: EBA Publishes Revised Guidelines on Outsourcing Arrangements

Jones Day on 3/27/2019

The Situation: The European Banking Authority ("EBA") published its Final Report on EBA Draft Guidelines on Outsourcing Arrangements ("Guidelines") on February 25, 2019, which will eventually replace the existing CEBS...more

MiFID II Costs and Charges - Room For Improvement

Latham & Watkins LLP on 3/1/2019

The FCA has issued feedback from its review of firms’ costs and charges disclosures under MiFID II. Key Points: ..The FCA found that, despite firms being aware of the rules and taking compliance seriously, firms are not...more

Key Regulatory Topics: Weekly Update 18 January 2019 – 24 January 2019

A&O Shearman on 1/31/2019

BREXIT - Financial services regulation in 2019 – don’t mention the B-word - On 30 January, Allen & Overy will hold a seminar regarding financial services regulation. 2019 promises to be another bumper year for UK and...more

Financial institutions M&A: Sector trends - January 2019: Market infrastructure—deal-making bucking the doom and gloom of Brexit

White & Case LLP on 1/24/2019

Payments - Payment services M&A retains its spark on the financial services landscape. Overview - Competition for innovative technology is fierce. Financial sponsors, big banks and, of late, fashion moguls are driving...more

Financial institutions M&A: Sector trends - January 2019: Smaller and mediumsized asset/wealth managers consolidate at a feverish...

White & Case LLP on 1/21/2019

Smaller and medium-sized managers are seeking scale to compete with "the trillionaires", who have enjoyed the lion's share of business inflows in 2018. Industry-wide margin squeeze, fierce market competition, eager buyers and...more

Regulation Round Up - December 2018

Proskauer Rose LLP on 1/3/2019

3 December - The European Central Bank ("ECB") published a document setting out its cyber resilient oversign expectations for financial market infrastructures. 4 December - On 4 December 2018, the Council of the EU...more

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