To address the limitations of the current temporary marketing permission regime (“TMPR”), which permits EEA funds marketed in the UK before Brexit to continue to access the UK market, the UK government introduced the overseas...more
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
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
The proposed disclosure rules applicable to UK investment managers have been published for comment by the UK’s Financial Conduct Authority (FCA). The rules focus on enhancing transparency on climate-related risks and align...more
FCA and PRA on passporting in and out of Gibraltar after the transition period - On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4...more
On 24 December 2020, the government of the United Kingdom (UK) and the European Union (EU) reached a Trade and Cooperation Agreement (the “Agreement”) in advance of the end of the Brexit transition period (11:00 p.m. GMT on...more
For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more
A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable...more
On 19 August 2020, the European Securities and Markets Authority (“ESMA”) published a letter (“Letter”) received by the European Commission (“Commission”) making several recommendations with regard to the Commission’s...more
The UK government has proposed amendments to the UK PRIIPs regime with performance information in the KID to differ from the EU “performance scenario” requirement. On 30 July 2020, HM Treasury published a policy statement...more
Recent regulatory developments of interest to all financial institutions. Includes updates on COVID-19, FCA guidance on assessing adequate financial resources, and European Commission draft legislation incorporating...more
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...more
What is it? The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more
The UK’s exit from the European Union is now postponed to 31 January 2020, and whilst there is still significant uncertainty regarding the occurrence of Brexit on that date, the CSSF set out a new deadline on 6 November 2019...more
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
On 16 September 2019, the Central Bank of Ireland (the “Central Bank”) sent a letter to the Irish funds industry outlining the timeframes for receipt of (i) new fund applications and (ii) post-authorisation amendments that...more
This publication maps out key current areas of legal or regulatory change that are of specific relevance for institutional asset managers. These focus areas are arranged thematically, by those that affect managers or...more
Three questions relevant for UK managers still considering whether to apply or not. 1. We are a UK manager acting as portfolio manager based on a delegation from a Luxembourg AIFM or UCITS management company. Should we...more
The CSSF press release 19/41 of 2 August 2019 informs UK firms, UCIs and/or their managers established in the UK (authorised under the UCITS Directive or AIFM Directive) having passported their services into Luxembourg that...more
On 4 July 2019 the Financial Conduct Authority (“FCA”) published its findings following a review of the safeguarding arrangements in 11 non-bank payment service providers (“PSPs”). The FCA requires that all non-bank PSPs to...more
In March 2018 the European Commission published a draft package of measures aimed at reducing barriers to the cross-border distribution of investment funds. The proposed approach involves aligning the rules between different...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
Law on 21-month grandfathering period in a "hard Brexit" scenario - Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up...more
No-deal Brexit preparations: BaFin criticizes financial entities for missing Brexit preparation with regard to license requirements - As of March 2019, Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt...more