The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.
Key Points:
..The FCA has published an updated version of the FCA Handbook,...more
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.
Key Points:
..Pre-hedging / front running: ESMA...more
In a July 2020 speech on climate action in the financial industry, Sarah Breeden, executive director for UK Deposit Takers Supervision, said the industry is “at the start of a critical decade for climate action where the...more
The Guide is intended to provide fresh clarity on the ECB’s approach to assessing proposed M&A transactions and enhance the transparency and predictability of supervisory actions.
Key Points:
Under the Guide, the ECB...more
Many of the wide-ranging amendments address the perceived barriers MiFID II introduced in capital markets and are likely to be welcomed by industry.
Key Points:
..The amendments aim to remove administrative burdens that...more
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms.
Key Points:
..Regulatory obligations are not intended to take precedence over contractual...more
The European Commission has published its long awaited report that assesses the application and scope of AIFMD.
On 10 June 2020, the European Commission published a report assessing the application and scope of the...more
While regulators in the EU have lifted the temporary COVID-19-related short-selling bans, they will monitor the markets and impose further restrictions if required.
Regulators in Austria, Belgium, France, Greece, Italy,...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)
ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made.
Key Points:
..ESMA’s response to the European...more
The AMF has published a report containing a number of new proposals relating to production of research under MiFID II.
Key Points:
..The report pointedly criticises the original MiFID requirements (most of which were...more
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets.
Key Points:
..The EU legislators have been reviewing various financial services regimes and developing reforms...more
1/14/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Central Counterparties ,
Counterparties ,
Credit Rating Agencies ,
Cross-Border ,
Cross-Border Transactions ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
Financial Services Industry ,
MiFID II ,
Regulatory Reform ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
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
ESAs issue important guidance in relation to the application of the PRIIPs Regulation to corporate bonds.
Key Points:
..The ESAs have issued their final view on whether certain features within bonds are conclusive as to...more
European Commission review will inform potential future legislative change.
Key Points:
..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
Call for evidence on regulatory cooperation marks the first phase of the planned review.
The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
The European Commission has set out the elements of MAR that it wishes to consider as part of a planned review.
Key Points:
..The formal review of MAR will consider not only the topics mandated for review by the...more
The FCA has issued feedback from its review of firms’ costs and charges disclosures under MiFID II.
Key Points:
..The FCA found that, despite firms being aware of the rules and taking compliance seriously, firms are not...more