In a previous alert, Crypto-Asset Services and Grandfathering Under MiCA: Clarity From ESMA, we noted that the provisions of the Markets in Crypto Assets Regulation (MiCA) governing crypto-asset service providers (CASPs) is...more
In a previous alert, “Are You Ready for MiCA Implementation?,” we discussed provisions of the Markets in Crypto Assets Regulation (MiCA) governing stablecoins that came into effect on 11 June 2024.
With further provisions...more
For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more
10/2/2024
/ Annual Reports ,
Auditors ,
Compliance ,
Consultation ,
Cryptocurrency ,
Customers ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Investors ,
Lehman Brothers ,
Money Transfer ,
Payment Systems ,
UK
In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more
9/20/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Compliance ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Liquidity ,
Liquidity Management ,
Liquidity Risk Management Rule ,
Loan Origination Funds ,
Open-Ended Fund Companies (OFCs) ,
Risk Management ,
UCITS
The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more
8/12/2024
/ Amended Regulation ,
Artificial Intelligence ,
Broker-Dealer ,
Brokers ,
Compliance Dates ,
Effective Date ,
EIOPA ,
EU ,
EU Directive ,
European Banking Authority (EBA) ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Extraterritoriality Rules ,
Financial Services Industry ,
Insurance Brokers ,
International Harmonization ,
Investment Adviser ,
Lenders ,
Member State ,
Nonbank Firms ,
Retail Investors ,
Third-Party Service Provider
In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more
8/1/2024
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
Investors ,
Liquidity ,
Regulation Technical Standards (RTS) ,
Stock Redemption
The publication by the Joint Committee of the European Supervisory Authorities (ESAs) on (a) 17 July 2024 of the second batch of implementing materials and (b) 26 July 2024 of the sub-contracting of information and...more
7/30/2024
/ Banking Sector ,
Compliance ,
Cyber Incident Reporting ,
Digital Services ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Implementing Technical Standards (ITS) ,
Information Sharing ,
Regulation Technical Standards (RTS) ,
Risk Management ,
Third-Party Service Provider ,
UK
In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
7/30/2024
/ AIFM ,
Amended Rules ,
Broker-Dealer ,
False Claims Act (FCA) ,
Investment Adviser ,
Investment Management ,
Listing Rules ,
MiFID II ,
No-Action Letters ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more
7/26/2024
/ Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Adviser ,
Investment Funds ,
Investors ,
Popular ,
Sustainability ,
Sustainable Business Practices ,
Taxonomy
The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans.
Most of the requirements...more
The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more
With so much focus on the regulatory treatment (and mistreatment) of blockchain related businesses, the benefits of commercial legal certainty for choosing a country or territory as a home of choice for these businesses is...more
7/18/2024
/ Anti-Money Laundering ,
Blockchain ,
Business Entities ,
Corporate Governance ,
Decentralized Autonomous Organization (DAO) ,
Distributed Ledger Technology (DLT) ,
Extraterritoriality Rules ,
Information Reports ,
Jurisdiction ,
Legal Entities ,
Nonprofits ,
Securities Tokens ,
Token Sales ,
UK ,
UK Companies Acts
On June 30, 2024, the new Markets in Crypto-assets (MiCA) regulation, which affects stablecoins in the European Union, went into effect. This client alert outlines the critical obligations and considerations for stablecoin...more
On 14 May 2024, the European Securities and Markets Authority (ESMA) published its final guidelines ESMA34-472-440 Final Report on the Guidelines on funds names (europa.eu) on the use of ESG- or sustainability-related terms...more
5/31/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Guidance ,
Investment Funds ,
Regulatory Oversight ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
UCITS
Welcome to the second edition of our Horizon Scan for 2024: key recent and expected funds, regulatory, and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
5/24/2024
/ Climate Change ,
Cross-Border ,
Disclosure Requirements ,
EU ,
False Claims Act (FCA) ,
Fund Managers ,
Investment Funds ,
Private Funds ,
Private Investment Funds ,
Regulatory Standards ,
Reporting Requirements ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Transitional Arrangements ,
UK
On 10 April 2024, the Financial Conduct Authority (FCA) published a Consultation Paper on payment optionality for investment research (CP24/7). CP24/7 followed the UK Investment Research Review, in which recommendations were...more
4/29/2024
/ AIFM ,
Broker-Dealer ,
Brokers ,
Consultation ,
Financial Conduct Authority (FCA) ,
Investment ,
Investors ,
Market Research ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...more
In our previous alert The FCA’s Sustainability Disclosure Requirements and Labelling Regime (SDR): A Flexible Regime for UK Private Fund Managers, we examined the final framework under policy statement PS23/16, on...more
4/26/2024
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Management ,
Portfolio Companies ,
Portfolio Managers ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In our previous alert “Acquiring or Investing in EU Crypto-Asset Businesses: MiCA’s Impact,” we discussed the impact of the European Union (EU) Markets in Crypto-Assets Regulation (MiCA) on the acquisition or investment in EU...more
4/18/2024
/ Acquisitions ,
Anti-Money Laundering ,
Cryptoassets ,
Digital Assets ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Investment ,
Popular ,
Regulation Technical Standards (RTS) ,
Regulatory Oversight ,
Regulatory Standards
In our previous alert, we looked at the draft revised Regulatory Technical Standards (RTS) supplementing the amended ELTIF Regulation (ELTIF 2.0) published by the European Securities and Markets Authority (ESMA) in its...more
On 6 March 2024, following the Chancellor’s budget statement, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301) (the March Amendment) was...more
In our previous alert AIFMD II (Near) Final Text Agreed: What’s New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting...more
2/14/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Amended Regulation ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Member State ,
Portfolio Managers ,
Regulatory Requirements ,
Risk Management ,
UCITS
In our previous alert, we noted the statement of the European Securities and Markets Authority (ESMA) encouraging market participants and national competent authorities in EU member states to prepare for implementation of the...more
Welcome to the first edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
2/1/2024
/ Consumer Financial Contracts ,
Corporate Governance ,
Decentralized Finance (DeFi) ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Financial Regulatory Reform ,
Germany ,
Green Finance ,
Greenwashing ,
Investment Funds ,
IOSCO ,
Long-Term Investment Funds ,
Open-Ended Fund Companies (OFCs) ,
Securities and Exchange Commission (SEC) ,
Sustainable Business Practices ,
Sustainable Finance ,
UK ,
Venture Capital
In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission’s adoption of a revised regulation for the European Long-Term...more