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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
Welcome to the July – September 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter, such...more
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
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
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
The EU Markets in Financial Instruments Directive II (“MiFID II”), which came into effect on January 3, 2018, raised concerns that U.S. broker-dealers that would receive “hard dollars” for research from firms subject to MiFID...more
Proposed changes seek to reflect the integration of sustainability considerations into MiFID II. The European Securities and Markets Authority (ESMA) is consulting on updates to its Guidelines on the MiFID II suitability...more
ESG geht auch an der Vertriebsregulierung nach MiFID II (Richtlinie 2014/65/EU) nicht spurlos vorbei: Die delegierten Rechtsakte zur MiFID II (Delegierte VO (EU) 2017/565 und Delegierte Richtlinie (EU) 2017/593) werden um...more
The European Securities and Markets Authority has published final guidelines on the compliance function requirements that are set out in the revised Markets in Financial Instruments package. The final guidelines replace...more
On October 26, 2017, the SEC staff issued a no-action letter providing relief to broker-dealers that provide research that constitutes “investment advice” under the Investment Advisers Act of 1940 to investment managers...more
On November 4, 2019, the Office of the Chief Counsel of the SEC's Division of Investment Management extended the temporary no-action relief from compliance with the registration and other provisions of the Investment Advisers...more
The EU sustainable finance market has developed organically, guided by voluntary but universally accepted principles. According to recent research, climate change could cost up to 19 per cent. of Global GDP by the end of...more
Currently in the European Union, no level playing field exists for asset management and rating agency activities when it comes to ensuring sustainability. The European Securities and Market Authority ("ESMA") is proposing...more
New Rules, Proposed Rules, Guidance and Alerts – PROPOSED RULES – SEC Proposes New Fund-of-Funds Rule – On December 19, 2018, the SEC proposed new Rule 12d1-4 under the Investment Company Act of 1940, which, if...more
German Federal Ministry for Economic Affairs and Energy publishes draft bill implementing MiFID II requirements for investment brokers and advisers regulated under the German Industrial Code - The German Federal Ministry...more
1 October - The Competition and Markets Authority ("CMA") published a paper that was prepared jointly with the Financial Conduct Authority ("FCA") setting out the lessons that have been learned from the programme of work...more
INVESTMENT COMPANIES AND INVESTMENT ADVISERS - SEC Releases Updates to Custody Rule Frequently Asked Questions - On June 5, the Securities and Exchange Commission’s Division of Investment Management staff (Staff)...more
Private equity and hedge fund advisers continue to be subject to an increasing degree of supervision by the Securities and Exchange Commission (SEC) and other governmental agencies and self-regulatory organizations. The...more
On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more
This alert contains a summary of the primary annual and periodic compliance-related obligations that may apply to investment advisers registered with the Securities and Exchange Commission (the “SEC”) or with a particular...more
Unbundling research and execution costs for money managers subject to MiFID II means that US broker-dealers can expect to receive hard dollars or other separately identified payments for research, at least from EU managers....more
In three no-action letters, the SEC has provided some relief for investment advisers in complying with the European Union's overhaul of its securities regulations. Commonly referred to as MiFID II, which is set to take effect...more
3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more
New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more
On January 3, 2018, the European Commission’s sweeping reform, the Markets in Financial Instruments Directive II (“MiFID II”), will become effective. MiFID II applies to firms providing investment services or performing...more