News & Analysis as of September 20, 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 -

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

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

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

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

European Commission Proposes Revisions to MIFID II

A&O Shearman on 12/15/2021

The European Commission has published legislative proposals to amend the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The proposals are part of the Commission's package of...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

EU Delegated Regulation on Ancillary Activity Criteria under MiFID II

A&O Shearman on 11/8/2021

An EU Commission Delegated Regulation (2021/1833) on the criteria for when an activity will be considered as ancillary to the main business has been published in the Official Journal of the European Union. The changes to the...more

Private Bank Briefing – March 2021

Latham & Watkins LLP on 4/1/2021

ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more

UK Conduct Regulator Confirms Post-Brexit Position on Post-Trade Transparency and Position Limits

A&O Shearman on 11/12/2020

The U.K. Financial Conduct Authority has issued a statement confirming the U.K. position from January 1, 2021, for post-trade transparency reporting obligations and position limit regime under the U.K. Markets in Financial...more

Changes to the Regulatory and Prudential Requirements for European Investment Firms

Jones Day on 10/26/2020

Regulation (EU) 2019/2033 on the prudential requirements of investment firms and Directive (EU) 2019/2034 on the prudential supervision of investment firms (collectively, "IFR/IFD Framework") significantly change the...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

Regulation Round Up - June 2020

Proskauer Rose LLP on 7/6/2020

30 June - The Financial Conduct Authority (“FCA”) announced that the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons will be delayed from 9...more

Regulation Round Up - April 2020

Proskauer Rose LLP on 5/5/2020

Given the current impact of COVID-19 on the financial services industry, please tune in to our podcast discussion on the key considerations that businesses should be aware of while facing potential insolvency and other...more

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

Latham & Watkins LLP on 12/3/2019

Since it entered into force in 2018, the PRIIPs Regulation has raised a number of issues. These range from issues concerning the scope of the Regulation, in particular its application to corporate bonds and the impact this...more

Investment Firms: A new prudential framework

BCLP on 12/2/2019

What is it? The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more

Key Regulatory Topics: Weekly Update 21 June 2019 - 27 June 2019

A&O Shearman on 7/8/2019

CAPITAL MARKETS - European capital markets: priorities and challenges - On 25 June, the ECB published dinner remarks from Benoît Cœuré, Member of the Executive Board of the ECB, at the International Swaps and...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

EBA Outsourcing Guidelines

BCLP on 5/24/2019

The European Banking Authority (“EBA”) has published its revised guidelines on outsourcing arrangements (“New Outsourcing Guidelines”). The New Outsourcing Guidelines are now awaiting to be officially translated into member...more

Key Regulatory Topics: Weekly Update 26 April - 2 May 2019

A&O Shearman on 5/10/2019

CONSUMER/RETAIL - FCA call for input on RDR and FAMR review - On 1 May, the FCA published a call for input on its plans to evaluate the Retail Distribution Review (RDR) and Financial Advice Markets Review (FAMR). The...more

Key Regulatory Topics: Weekly Update 5 to 11 April 2019

A&O Shearman on 4/17/2019

BREXIT - On 11 April, the European Council Decision (EU) 2019/584, taken in agreement with the UK to extend the period under Article 50(3) TEU, was published in OJ. The European Council agreed to a further extension to...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

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

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