This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
UK rules will diverge from the much-criticised EU framework. On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...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
BREXIT - Updated draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 published On 12 February, HMT published an updated draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit)...more
The European Securities and Markets Authority has issued a public statement entitled "Managing risks of a no-deal Brexit in the area of central clearing." In the statement, ESMA confirms that its Board of Supervisors...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The European Securities and Markets Authority has issued a public statement urging customers of credit rating agencies and trade repositories to prepare for a "no deal" Brexit. The European Market Infrastructure Regulation...more
HM Treasury has published guidance stating that the laws establishing the three European Supervisory Authorities and the European Systemic Risk Board will be revoked in their entirety once the U.K. has left the EU. The ESAs...more
General data protection regulation – Irish funds working group updates - In July 2018, the Irish Funds General Data Protection Regulation ("GDPR") (Regulation (EU) 2016/679) working group (the "Working Group") issued an...more
The Joint Committee of the European Supervisory Authorities has published a report on risks and vulnerabilities in the EU financial system. The ESAs are the European Securities and Markets Authority, the European Banking...more
Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. ...more
Aware of the risks of regulatory arbitrage developing post-Brexit, a key feature of the Commission’s proposals allows ESAs to monitor the practices of EU27 regulators....more
BREXIT - Please see the Financial Crime section for an update on the new Sanctions and Anti-Money Laundering Bill which is presently being considered by the UK Parliament in preparation for Brexit. TheCityUK publishes...more
Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more