Following on from Friday’s temporary prohibitions on short selling, Belgium, France, Italy, Spain and the U.K. have announced temporary prohibitions on short selling of specified shares exercising the exceptional powers...more
The European Securities and Markets Authority (ESMA) has yesterday, March 16, 2020, issued a decision to temporarily lower the net short position notification threshold under the European Union Short Selling Regulation from...more
As a result of the disruption experienced in a number of markets, the UK Financial Conduct Authority (FCA), the Italian securities regulator (Commissione Nazionale per le Società e la Borsa (CONSOB)) and the Spanish...more
The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020, further to AIMA’s request for clarification, that the requirement to report...more
On February 19, 2020, the European Commission (Commission) published proposals for the regulation of Artificial Intelligence (AI) with potentially far-reaching implications both for users and developers worldwide. The...more
3/11/2020
/ Artificial Intelligence ,
Corporate Counsel ,
EU ,
European Commission ,
Legislative Agendas ,
New Legislation ,
Popular ,
Regulatory Agenda ,
Research and Development ,
Technology Sector ,
White Papers
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more
1/30/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Certifications ,
Climate Change ,
Cybersecurity ,
Data Protection ,
Data Security ,
Disclosure Requirements ,
EMIR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
EU ,
EU Benchmark Regulation ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Firms ,
Investment Funds ,
Investment Management ,
Investors ,
Libor ,
Market Abuse ,
National Competent Authorities (NCA) ,
Personal Liability ,
Proposed Amendments ,
Reporting Requirements ,
Senior Managers ,
SFTR ,
Shareholder Rights ,
Sustainability ,
UK ,
UK Brexit
A year ago, on May 25, 2018, the European Union’s General Data Protection Regulation (GDPR) came into force. With its extraterritorial scope and detailed requirements, the GDPR aimed to change the approach to personal data...more
5/31/2019
/ Consent ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Processors ,
Data Protection ,
Data Protection Authority ,
Data Security ,
Data Subjects Rights ,
Enforcement Actions ,
EU ,
EU Data Protection Laws ,
General Data Protection Regulation (GDPR) ,
Personal Data ,
Popular ,
Regulatory Oversight ,
Regulatory Standards ,
Telemarketing
Legislative reform to the European Market Infrastructure Regulation (EMIR) has now been finalised and the changes are expected to take effect in or around June 2019. The EMIR Refit, as the reform is known, amends the scope of...more
• Under Swiss law, to fulfil the clearing, reporting and risk mitigation obligations applying to derivatives trading under foreign law, the Swiss Financial Market Supervisory Authority (FINMA) must recognize the foreign law...more
4/18/2019
/ Counterparty Risk ,
Cross-Border Transactions ,
Derivatives ,
EMIR ,
EU ,
Financial Markets ,
FINMA ,
Foreign Financial Institutions (FFI) ,
Over The Counter Derivatives (OTC) ,
Reporting Requirements ,
Risk Mitigation ,
Switzerland ,
UK ,
UK Brexit
The EU General Data Protection Regulation (GDPR), which revised and sought to ensure greater harmonization of the European Union’s data protection framework, took effect in May 2018. Among the changes it introduced was the...more
2/21/2019
/ Cybersecurity ,
Data Controller ,
Data Privacy ,
Data Processors ,
Data Protection ,
Data Security ,
Data Subjects Rights ,
EU ,
Extraterritoriality Rules ,
General Data Protection Regulation (GDPR) ,
Goods or Services ,
International Data Transfers ,
Proposed Guidance
In the 2018 edition of this publication, we ended the introduction with the line, “We can only hope that we will enter 2019 with greater certainty than 2018 as to how the regulatory landscape will look.” Unfortunately,...more
1/31/2019
/ Amended Regulation ,
Asset Management ,
Banking Sector ,
Benchmarks ,
Broker-Dealer ,
Compensation Agreements ,
Cybersecurity ,
Data Protection ,
Data Security ,
EMIR ,
Enforcement ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Infrastructure ,
Libor ,
Market Abuse ,
Market Infrastructure ,
Securities Financing Transactions (SFTs) ,
SMCR ,
Sustainability ,
UK Brexit
The new European General Data Protection Regulation (Regulation (EU) 2016/679) (GDPR) will take effect on 25 May 2018. The GDPR expands and clarifies the EU’s existing personal data protection framework. Investment managers...more
3/6/2018
/ Cybersecurity ,
Data Breach ,
Data Processors ,
Data Protection ,
EU ,
EU Data Protection Laws ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Investment Management ,
Investors ,
Penalties ,
Personal Data
There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more
1/25/2018
/ Anti-Money Laundering ,
Appeals ,
Asset Management ,
Attorney-Client Privilege ,
Banks ,
Code of Conduct ,
Compensation ,
Competition ,
Conflicts of Interest ,
Data Breach ,
Data Protection ,
Data Subjects Rights ,
Disclosure Requirements ,
EMIR ,
Encryption ,
Enforcement Actions ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
General Data Protection Regulation (GDPR) ,
Internal Investigations ,
Investment Funds ,
Investors ,
Law Firm Ownership ,
Law Firm Partners ,
Market Abuse ,
MiFID II ,
Mobile Apps ,
New Legislation ,
Notification Requirements ,
Penalties ,
Performance Reviews ,
Personal Data ,
Popular ,
Reporting Requirements ,
Royal Bank of Scotland ,
Securities and Exchange Commission (SEC) ,
Securities Financing Transactions (SFTs) ,
SFO ,
SFTR ,
Short Selling ,
Skilled Laborers ,
SMCR ,
Technology Sector ,
Transparency ,
Trustees ,
UCITS ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Wall Street
The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation of the revised Markets in Financial Instruments Directive 2014/65/EU and the new Markets in Financial Instruments...more
The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation of the revised Markets in Financial Instruments Directive 2014/65/EU and the new Markets in Financial Instruments...more
On 28 June 2017, the Financial Conduct Authority (FCA) published the Asset Management Market Study Final Report (the “Asset Management Review”) as well as a Consultation Paper setting out some proposed changes to the FCA’s...more
7/3/2017
/ AFMs ,
Asset Management ,
Comment Period ,
EU ,
Financial Conduct Authority (FCA) ,
Independent Directors ,
Investment Funds ,
Investors ,
Public Comment ,
Senior Management Regime (SMR) ,
UCITS ,
UK
Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more
On 23 June 2016, the UK shocked the world, and perhaps itself, when it voted in favour of a “Brexit” from the European Union. While the referendum result has brought significant uncertainty to the financial services sector,...more
2/2/2017
/ AIFM ,
Distributed Ledger Technology (DLT) ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Regulatory Agenda ,
Senior Management Regime (SMR) ,
UK ,
UK Brexit
The Securities Financing Transactions Regulation (“SFTR”), which imposes requirements on EU AIFMs and UCITS managers to make certain disclosures to investors, was adopted by the European Council on 16 November 2015. Some of...more
Summary -
On 26 November 2015, the United Kingdom’s major shareholding notification rules will be amended in order to implement the requirements of the revised Transparency Directive (“TD2”, as amended by Directive...more
Hardwired into the European Union (EU) Alternative Investment Fund Managers Directive (AIFMD) is a mechanism that could enable a non-EU alternative fund manager domiciled outside the EU to become authorised by an EU regulator...more
The European Securities and Markets Authority (ESMA) issued a consultation paper on 23 July 2015 in respect of the proposed guidelines on remuneration (UCITS Remuneration Guidelines) regarding the remuneration principles...more