This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more
Report concludes that the AIFMD has been helpful in building a market for AIFs, but is not free from issues. Key Points: ..The report concludes that the AIFMD has played a significant role in helping to create an...more
The U.K. Financial Conduct Authority has published two draft Directives relating to Brexit under the: (1) draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019; and (2) Alternative Investment Fund...more
HM Treasury has published a draft of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will onshore the Undertakings for Collective...more
BROKER-DEALER - SEC Disapproves BZX Proposed Rule Change to List Shares of Bitcoin-Based Exchange-Traded Product - On July 26, the Securities and Exchange Commission disapproved a Bats BZX Exchange proposed rule change...more
One likely impact of the decision of the United Kingdom (UK) to leave the European Union (EU) is that the UK’s financial services industry will lose automatic rights of access to the EU’s free trade area (the Single Market)...more
ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more