Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
26 February - HM Treasury published a report setting out the findings of the Kalifa Review of UK FinTech. The Financial Conduct Authority (“FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook...more
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more
Sustainable investing and ESG have become “buzz” words in the asset and fund management industry, with a vast array of new industry bodies and initiatives both in the EU and globally. New regulations are also emerging as the...more
MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR - ESMA issued a statement on 19 March 2019 regarding the impact of Brexit...more
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
The European Securities and Markets Authority has published a statement on its approach to certain provisions of the Markets in Financial Instruments package and the Benchmarks Regulation in the event of a no-deal Brexit. The...more
As we approach the end of the post-crisis regulatory reform agenda, we are still witnessing fast-paced regulatory developments that are undeniably and significantly driven by Brexit — with no signs of things slowing down in...more
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more
BROKER-DEALER - FINRA Requests Comment on the Effectiveness and Efficiency of Its Carrying Agreements Rule - On March 23, the Financial Industry Regulatory Authority (FINRA) announced it is conducting a retrospective...more
MiFID II – Member State Transposition and Updated Q&A on Market Transparency - The European Commission updated its webpage on 13 February 2018 setting out member state transposition of MiFID II....more
FCA Report on Algorithmic Trading Compliance in the Wholesale Markets - The FCA published a report on “Algorithmic Trading Compliance in Wholesale Markets” on 12 February 2018. The report followed certain research into...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more
In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
CFTC - CFTC Approves Exemption From SEF Registration Requirements for Multilateral Trading Facilities and Organized Trading Facilities Authorized Within the EU - On December 8, in response to a request by the European...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the amendments to the European Venture Capital and Social Entrepreneurship Fund...more
Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more
Final TLAC Rules and Structured Products - On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding long-term debt and total loss absorbing...more
The European Commission adopted a Delegated Regulation on RTS setting out the standards for non-discriminatory access for central counterparties and trading venues to licenses of, and information relating to, benchmarks. The...more