UK open-ended funds review: BoE and FCA conclusions On 13 July 2021, the Bank of England (BoE) and the Financial Conduct Authority (FCA) set out the conclusions of their joint review into UK open-ended funds in a section on...more
AIFMD review: European Commission consultation - The European Commission has launched a consultation questionnaire relating to its review of the Alternative Investment Fund Managers Directive (AIFMD)....more
Consultation Paper looks at ways in which issues with the KID requirements could be improved. Key Points: - The ESAs are seeking to make adjustments to the PRIIPs KID requirements to address ongoing issues relating to...more
A Commission Delegated Regulation amending secondary legislation supplementing the Packaged Retail and Insurance-Based Investment Products Regulation has been published in the Official Journal of the European Union. The...more
The Joint Committee of the European Supervisory Authorities has published a Supervisory Statement on the scope of application to bonds of the EU Packaged Retail and Insurance-based Investment Products Regulation. The ESAs...more
On March 8, the Joint Committee of the European Supervisory Authorities (ESAs) published a letter that had been sent to the European Commission proposing draft regulatory technical standards (RTS) amending Commission...more
The Joint Committee of the European Supervisory Authorities have launched a consultation on amendments to the Key Information Document for Packaged Retail and Insurance-based Investment Products....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
The Joint Committee of the European Supervisory Authorities (i.e., the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) has published a...more
AFG issues template of PRIIPs KID for French Société Civile de Placement Immobilier - The Association Française de la Gestion Financière ("AFG") published for the benefit of its members a template of the PRIIPs Key...more
The MoFo Private Funds Group knows you are busy so we don’t waste your time. Below are the tracks we are listening to right now – and why they matter...more
Law on benchmarks published - Parliament voted bill 7164 implementing certain provisions of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial...more
The EU regulation on key information documents (KIDs) for packaged retail and insurance-based products (PRIIPs) took direct effect in the European Union on 1 January 2018. This LawFlash outlines at a high level the...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the situation for financial services rules and regulations during the Brexit...more
The European Union (the ”EU”) packaged retail and insurance-based investment products (PRIIPs) Regulation (the ”PRIIPs Regulation”) is applicable throughout the EU from 1 January 2018. ...more
1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more
Many managers may have assumed that the EU PRIIPS Regulation (the Regulation) does not apply to them because they do not generally raise capital from retail investors. Because, however, of the wide definition of “retail...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
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
Background - On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a...more
In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more
1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the European Commission’s consultation on post-trade barriers, the responses received...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...more
Federal Reserve and FDIC Post Resolution Plans for Eight Major Financial Firms - On July 5, 2017, the Federal Reserve Board (the "Board") and the Federal Deposit Insurance Corporation ("FDIC") posted the public portions of...more