3 April -
The Financial Conduct Authority ("FCA") published a press release, warning that it intends to take action against general insurance firms that fail to properly implement the rules aimed at increasing...more
5/2/2018
/ AIMA ,
Antitrust Provisions ,
Artificial Intelligence ,
ECON ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
Solvency II ,
UK ,
WTO
1 March -
The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more
4/5/2018
/ Capital Markets ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Free Trade Agreements ,
Insurance Industry ,
ISDA ,
Libor ,
Mergers ,
MiFID II ,
Payment Services Directive ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
1 February -
The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
3/9/2018
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Blockchain ,
Collective Investment Schemes ,
Cryptocurrency ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
EuSEF ,
EuVECA ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Gambling ,
General Data Protection Regulation (GDPR) ,
IOSCO ,
MiFID II ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
1 January -
The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation (1286/2014) (the "PRIIPs Regulation") came into force on 1 January 2018. This includes an obligation on PRIIP manufacturers to...more
2/1/2018
/ Anti-Money Laundering ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
MiFID II ,
MLD4 ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UK ,
UK Brexit ,
UK Payment Systems Regulator ,
Withdrawal
1 December -
The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more
1/5/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
E-Signatures ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Insurance Industry ,
Key Information Document (KIDs) ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UCITS ,
UK ,
UK Competition and Markets Authority (CMA)
3 November -
The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more
12/6/2017
/ Best Practices ,
Broker-Dealer ,
Competition ,
Due Diligence ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
EuVECA ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Information Commissioner's Office (ICO) ,
Investment Adviser ,
Key Information Document (KIDs) ,
Legal Entity Identifiers ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UK ,
UK Competition and Markets Authority (CMA)
Background -
On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a...more
11/21/2017
/ Debt Securities ,
Disclosure Requirements ,
EU ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investors ,
Key Information Document (KIDs) ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Investors ,
Special Purpose Entities ,
Special Purpose Vehicles ,
UCITS
3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more
11/6/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Broker-Dealer ,
European Council ,
European Securities and Markets Authority (ESMA) ,
EuSEF ,
EuVECA ,
Financial Conduct Authority (FCA) ,
IFRS ,
Legal Entity Identifiers ,
Mergers ,
MiFID II ,
MiFIR ,
Payment Services Directive ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
PSD2 ,
Senior Management Regime (SMR) ,
Treaty on the Functioning of the European Union (TFEU) ,
UK ,
UK Competition and Markets Authority (CMA) ,
UK Competition Appeal Tribunal (CAT)
1 September -
The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more
10/11/2017
/ EU ,
European Securities and Markets Authority (ESMA) ,
EuSEF ,
EuVECA ,
Financial Conduct Authority (FCA) ,
Financial Solvency ,
Initial Coin Offering (ICOs) ,
Key Information Document (KIDs) ,
Legal Entity Identifiers ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Payment Services Directive ,
Policy Statement ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
PSD2 ,
Public Disclosure ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
2 August - The UK Competition and Markets Authority announced a consultation on proposed revisions to its published guidance on penalty setting in Competition Act 1998 cases....more
9/8/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Guidance Update ,
Memorandum of Understanding ,
MiFID II ,
MiFIR ,
Ministry of Justice ,
National Private Placement Regimes (NPPR) ,
Payment Protection Insurance ,
Penalties ,
UK ,
UK Competition and Markets Authority (CMA)
This week, the Fourth Anti-Money Laundering Directive came into force in the UK. Among the changes arising from the transposition of the Directive in the UK has been to broaden the "persons with significant control" (PSC)...more
2 June -
The ESMA published its final report on guidelines on product governance requirements under the MiFID II Directive (2004/65/EU). The guidelines (set out in Annex IV) to the final report aim to promote greater...more
7/4/2017
/ Amended Legislation ,
Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Financial Regulatory Reform ,
Foreign Investment ,
MiFID II ,
MiFIR ,
Money Laundering ,
PSC Amendment Regulations ,
Repeal ,
Terrorist Financing Regulations ,
UK ,
UK Brexit
2 May -
The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more
6/5/2017
/ Acquisitions ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Anti-Money Laundering ,
CRD IV Directive ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Facebook ,
Financial Conduct Authority (FCA) ,
Merger Controls ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Remuneration ,
UK ,
WhatsApp
On 29 June 2017, changes to the UK’s Financial Conduct Authority’s rules and guidance on Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) will come into effect....more
Key developments in April 2017: 3 April -
The FCA published its Consultation Paper on persistent debt and earlier intervention remedies, “Reforming the availability of information in the UK equity IPO process”...more
5/1/2017
/ AIF ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Distributed Ledger Technology (DLT) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Key Information Document (KIDs) ,
MiFID II ,
MiFIR ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Payment Services Directive ,
Private Fund Limited Partnerships (PFLPs) ,
Prudential Regulation Authority (PRA) ,
RTS ,
UK ,
UK Brexit ,
Whistleblowers
On 6 April 2017, changes to the law governing UK limited partnerships will come into effect through the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (the "LRO"). The changes introduce the new concept of a...more
Key developments in March 2017:
1 March -
The FCA published its Consultation Paper on "Reforming the availability of information in the UK equity IPO process" (CP17/5). The CP proposes a package of policy measures...more
3/31/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank of England ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FSMA ,
General Data Protection Regulation (GDPR) ,
HM Treasury ,
Initial Public Offering (IPO) ,
Investment Management ,
Key Information Document (KIDs) ,
RTS ,
Senior Managers ,
UK
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
2/28/2017
/ Article 29 Working Party (WP29) ,
Banking Sector ,
Banks ,
Capital Markets ,
Corporate Issuers ,
Data Protection ,
Data Protection Officers (DPOs) ,
EIOPA ,
Enforcement Actions ,
EU ,
EU Transparency Directive ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FSMA ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
International Data Transfers ,
Investment ,
Investment Firms ,
Investors ,
Listing Rules ,
Money Laundering ,
NYDFS ,
ORSA ,
Payment Systems ,
Penalties ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
PSD2 ,
Regulatory Oversight ,
Reinsurance ,
RTS ,
Solvency II ,
Terrorism Funding ,
UK
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers.
The start of 2017 saw a number of regulatory developments including...more
2/2/2017
/ AIFM ,
AIFs ,
Alternative Investment Funds ,
Asset Management ,
Blockchain ,
Code of Conduct ,
Consumer Credit Protection ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Guarantors ,
Loans ,
Market Abuse ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
Rolls-Royce ,
Serious Fraud Office (SFO) ,
UK ,
UK Regulatory Reforms
On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more
The United Kingdom (UK) has voted to leave the European Union (EU). Although the vote will have long term implications, in the short term there will be no change to the current legal and regulatory status quo; the UK will...more
6/27/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Antitrust Provisions ,
David Cameron ,
EU ,
EU Passport ,
Financial Services Industry ,
Insolvency ,
Member State ,
Mergers ,
MiFID ,
One-Stop Shop ,
Popular ,
Referendums ,
Resignation ,
UK ,
UK Brexit
The European Securities and Markets Agency (ESMA) today published its advice on extending the application of the marketing 'passport' under the Alternative Investment Fund Managers Directive (AIFMD) to non-European managers....more