The Financial Services and Markets Act 2023 (“FSMA 2023”) marks a watershed moment in British legislative history. FSMA 2023 introduces sweeping changes to the financial services regulatory infrastructure and will have a...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
The United Kingdom and the European Union have concluded technical discussions on the text of the Memorandum of Understanding (MoU) referred to in the Joint Declaration on Financial Services Regulatory Cooperation agreed...more
Key Points The United States Securities and Exchange Commission (SEC) is able to make requests of U.K. firms (including U.K. branches of non-U.K. firms) to provide books and records and other documents of SEC regulated...more
1/26/2021
/ Books & Records ,
Document Requests ,
Financial Conduct Authority (FCA) ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
IOSCO ,
Personal Data ,
Public Interest ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
UK Brexit ,
UK GDPR
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
1/6/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Cooperation Agreement ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
UCITS ,
UK ,
UK Brexit
In response to the unprecedented circumstances caused by the COVID-19 pandemic, the EU and the UK temporarily lowered the reporting threshold under the EU Short Selling Regulation (“EU SSR”) for net short positions in shares...more
In this episode recorded in late February, Akin Gump financial regulatory partners Helen Marshall and Ezra Zahabi, using Akin Gump’s recently published In Principle annual report as a springboard, discuss what U.K. authorized...more
4/2/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Contingency Plans ,
Corporate Governance ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Executive Compensation ,
General Data Protection Regulation (GDPR) ,
Institutional Investors ,
Investment Management ,
No-Deal Brexit ,
Pension Schemes ,
Public Sector ,
Risk Mitigation ,
Shareholders ,
Sustainability ,
Transparency ,
UK ,
UK Brexit
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
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
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
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 EU Market Abuse Regulation (MAR), which came into effect across the EU on July 3, is a timely reminder in the aftermath of the UK’s Brexit referendum, that, for the time being at least, the UK remains a member of the...more