The International Organization of Securities Commissions has published a report on a targeted implementation review on principles for the regulation and supervision of commodity derivatives markets. In October, IOSCO...more
The International Organization of Securities Commissions has published its final report on post trade risk reduction services. The report highlights potential policy considerations and risks associated with the using and...more
Welcome to the third edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the private funds and investment management...more
The International Organization of Securities Commissions has published guidance on how to address potential conflicts of interest and associated conduct risks for intermediaries involved in the issuance of debt securities....more
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
Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more
CAPITAL MARKETS - Please see Conduct for an update on the IOSCO report on conflicts of interests and risks during the debt capital raising process - FCA publish Primary Market Bulletin - On 17 December 2019, the FCA...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...more
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
2 November - The Prudential Regulation Authority ("PRA") updated its consultation paper on changes to the PRA Rulebook and onshored binding technical standards. The Financial Conduct Authority ("FCA") published issue...more
BREXIT - Draft Short Selling (Amendment) (EU Exit) Regulations 2018 - On 9 August, HMT published a draft version of the Short Selling (Amendment) (EU Exit) Regulations 2018 and an explanatory information document....more
BREXIT - TheCityUK paper on continuity of cross-border financial contracts post-Brexit - On 20 June, TheCityUK published a paper on the continuity of cross-border financial contracts post-Brexit. In the paper, TheCityUK...more
Antitrust and Competition - Gun jumping attracts increased scrutiny by the European Commission - The European Commission continues its scrutiny against breaches of the procedural obligations in the framework of the EU merger...more
BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
AMF Study on Fees Charged in 2015 by UCITS Distributed in France - The Autorité des Marchés Financiers (the French financial regulator, AMF) conducted a study based on the fees disclosed in the KIID distributed to...more
Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more
BREXIT - HoL EU Financial Affairs sub-committee publishes transcript of BoE oral evidence on financial supervision - On 17 January, the HoL EU Financial Affairs Sub-Committee published the transcript of the oral...more
A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. If you would like to receive this update by email please contact RegulatoryChange@allenovery.com. BREXIT - HoL EU...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - See Recovery and Resolution section for an update on CCP recovery and resolution. FCA makes available draft forms for benchmark administrators - On 6 July, as part of their...more
Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more
Potential Damages in RMBS Suit Against WMC Mortgage Drastically Reduced - On August 18, Judge Denise Cote of the federal district court for the Southern District of New York addressed the appropriate measure of potential...more