News & Analysis as of September 20, 2024

Financial Services Industry

+ Follow

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

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

Investment Research

Mayer Brown Free Writings + Perspectives on 6/20/2024

During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...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

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

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

EU: MiFIR Amendments prohibiting Payment for Order Flow (PFOF) will enter into force on 28 March 2024

Hogan Lovells on 3/12/2024

On 8 March 2024, the final consolidated revised Markets in Financial Instruments Regulation (MiFIR) ((EU) 2024/791) and Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2024/790) texts were published in...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

The EU Adopts a Directive Amending MiFID II and MiFIR on Data Transparency, the Consolidated Tape and Payment for Order Flow

Cadwalader, Wickersham & Taft LLP on 2/27/2024

The Council of the European Union has confirmed that it has adopted changes to EU trading rules in the Markets in Financial Instruments Regulation (“MiFIR”) and the Markets in Financial Instruments Directive (“MiFID II”)...more

Key Regulatory Topics Weekly Update 16 February to 22 February 2024

A&O Shearman on 2/26/2024

Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more

UK Data Reporting Services Regulations 2024 Published

A&O Shearman on 2/19/2024

On January 29, 2024, the Data Reporting Services Regulations 2024 (SI 2024/107) were made. The Data Reporting Services Regulations 2024 will enter into force on the same day that the Data Reporting Services Regulations 2017...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

MiFID II/MiFIR – divergence emergence?

A&O Shearman on 8/11/2023

Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways. In the UK, there have been changes under the EUWA on-shoring process; “quick-fix”...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

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

MiCAR under the microscope – Part 2: Are you in or out of scope?

A&O Shearman on 7/27/2023

The Regulation on Markets in Crypto-assets (MiCAR) seeks to regulate a broad range of crypto-related products and services that do not currently fall within the scope of existing EU financial services legislation. It does not...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

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

European Commission Publishes Retail Investment Strategy

A&O Shearman on 6/6/2023

On May 24, 2023, the European Commission published a Retail Investment Strategy package aimed at enhancing retail investor protections across the EU and encouraging participation in the EU capital markets. The package...more

UK Investment Research Review Call for Evidence Published

A&O Shearman on 4/7/2023

The U.K. Investment Research Review call for evidence was published on April 3, 2023. Relevant background to these issues is set out in our recent client note, “MiFID II: An Update on the Rules for Unbundling of Research,” in...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

115 Results

View per page

Page: of 5

European Union › MiFID II › Financial Services Industry

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