Podcast: ESMA Report: Undue Pressure on Companies
The Financial Conduct Authority has published a speech by Sarah Pritchard, FCA Executive Director, Markets and International, on taking a targeted and outcomes-based approach to tackling financial crime....more
In this week’s edition, we look at a Brazilian enforcement action relating to illegal deforestation in the Amazon. We also discuss ESMA’s opinion on the functioning of the Sustainable Finance Framework, as well as proposed...more
Welcome to the January – March 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for Asset Management and Investment Funds. This report covers key developments during the quarter, such as: ...more
In this week’s edition, we discuss the ever-increasing focus on greenwashing by way of enforcement action taken by regulatory authorities and incoming legislation aimed at enhancing consumer protection. The EU confirmed the...more
Washington is in a period of closely divided government. The Democrats have the White House; the Republicans have a bare majority in the House; and Democrats have a bare majority in the Senate. In practice, this means policy...more
Welcome to the October – December 2022 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key developments during the quarter under the...more
This OnPoint summarizes the panel discussion at Dechert’s annual investment funds conference that took place in Luxembourg in the last quarter of 2022. At the conference, we discussed the Regulation on the Markets of Crypto...more
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, recently announced that it fined UnaVista Limited, a UK-based trade repository, €238,500 ($280,000) for eight breaches of the...more
BROKER-DEALER - Notice of Filing of a Proposed Rule Change to Adopt a Supplemental Liquidity Schedule - The Securities and Exchange Commission is seeking comments on a Financial Industry Regulatory Authority (FINRA)...more
For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more
The European Securities and Markets Authority has launched a consultation on proposed procedural rules for penalties imposed on third-country CCPs, trade repositories and credit rating agencies. Responses are invited by...more
The European Securities and Markets Authority has published its second annual report on the sanctions imposed in 2018 under the Undertakings for Collective Investments in Transferable Securities Directive. The UCITS Directive...more
This publication maps out key current areas of legal or regulatory change that are of specific relevance for institutional asset managers. These focus areas are arranged thematically, by those that affect managers or...more
SEC/CORPORATE - SEC Division of Corporation Finance Issues C&DIs Regarding Inline XBRL - On August 20, the staff of the Division of Corporation Finance (the staff) of the Securities and Exchange Commission released...more
The European Securities and Markets Authority has published a report on enforcement actions taken across the EU for breach of the revised Markets in Financial Instruments package...more
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
SEC/CORPORATE - SEC-Proposed Amendments to Financial Disclosures for Acquisitions and Dispositions of Businesses - As a result of the Securities and Exchange Commission’s 2015 request for comments on Regulation S-X, the...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
A well-renowned think tank sued the Securities and Exchange Commission claiming that the SEC’s prohibition against respondents contesting allegations in enforcement settlements violates the freedom of speech guarantee under...more
U.S. and International Governments Address Smart Ports, Smart Cities, and Cryptocurrencies - According to reports, in an Oct. 3 meeting, representatives of U.S. Customs and Border Protection (CBP) claimed that the agency is...more
The Situation: The European Securities and Markets Authority ("ESMA") has fined several banks for negligently issuing credit ratings on a professional basis without obtaining the necessary authorization to be a credit rating...more
The European Securities and Markets Authority has fined five EU banks for issuing credit ratings without being authorized to do so by ESMA. The Credit Rating Agencies Regulation requires firms to register with ESMA as a...more
SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more
BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more