On February 21, 2022, Commission Delegated Regulation was published in the Official Journal of the European Union which will add the Cayman Islands to the list of countries that have been identified by the European Commission...more
3/17/2022
/ AML/CFT ,
Anti-Money Laundering ,
Cayman Islands ,
Enforcement Priorities ,
EU ,
EU Directive ,
FATF ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Laundering ,
Terrorist Financing Regulations
Moscow’s invasion of Ukraine has – as promised by US President Joseph R. Biden and other world leaders – provoked “unprecedented” economic sanctions against Russia. The United States, the United Kingdom, and the European...more
3/10/2022
/ Biden Administration ,
Blocked Person ,
Economic Sanctions ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
General Licenses ,
Infrastructure ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Pipelines ,
Russia ,
SDN List ,
SWIFT ,
Ukraine ,
Vladimir Putin
Brexit and the Temporary Transitional Power -
On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December...more
2/10/2022
/ Banks ,
Collateralized Loan Obligations ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Firms ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Securities Regulation ,
Securitization ,
Securitization Market ,
Securitization Standards ,
Transitional Arrangements ,
UK Brexit
Background -
On 24 June 2021, the UK Treasury (“HMT”) launched a call for evidence on the functioning of the UK Securitisation Regulation (“UKSR”). Article 46 of the UKSR required HMT to review the functioning of the...more
This week sees the introduction of significant changes to the rules and regulations governing the marketing of alternative investment funds (“AIFs”) to investors in the Member States of the European Economic Area (the “EEA”)...more
8/2/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Cross-Border ,
EU ,
European Economic Area (EEA) ,
Financial Regulatory Reform ,
Investment ,
Investors ,
Marketing ,
SFDR
The newly enacted National Security and Investment Act 2021 (the “Act”) introduces a broad regime enabling the Government to intervene in M&A transactions on the grounds of national security. ...more
Background -
On 26 March 2021, the European Supervisory Authorities (the “ESAs”) published a Joint Opinion (the “Opinion”) on the jurisdictional scope of the obligations of the non-EU parties to securitisations under the...more
3/29/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Requirements Regulation (CRR) ,
EU ,
European Supervisory Authorities (ESAs) ,
Institutional Investors ,
Investment ,
Joint Statements ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Special Purpose Entities
Further to our Clients & Friends Memo of 22 June 2020, the Sustainability Taxonomy Regulation (2020/852) (the “Regulation”) was published in the Official Journal on 22 June 2020 and entered into force on 12 July 2020....more
3/11/2021
/ Asset Management ,
Consumer Financial Products ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Greenwashing ,
Investment ,
Key Performance Indicators (KPIs) ,
Regulatory Requirements ,
Sustainability ,
UK
I. A Growing Risk -
The United States, along with the United Kingdom and European Union, has increasingly wielded economic sanctions against major commercial actors and financial transactions, sometimes roiling global...more
3/3/2021
/ AML/CFT ,
Blocking Statutes ,
Derivatives ,
Economic Sanctions ,
EU ,
Financial Transactions ,
Global Market ,
ISDA ,
Popular ,
UK ,
White Collar Crimes
As discussed in our previous Clients and Friends Memo (the “First Update”), on 24 July 2020 the European Commission (the “Commission”) published proposed amendments to the current securitisation framework set out in...more
On November 30, ICE Benchmark Administration ("IBA"), the administrator of LIBOR, announced a consultation on its intention to cease publishing USD LIBOR (1) in the case of 1-week and 2-month LIBOR, on December 31, 2021; and...more
On 22 October 2020, the European Commission (the Commission) published a public consultation (the Consultation) on the review of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). ...more
The European Securities and Markets Authority (ESMA) has published its Final Report (the Final Report) containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and...more
I. Introduction -
The Securitisation Regulation applies to securitisations, the securities of which are issued (or where no securities are issued, the securitisation positions of which are created) on or after 1...more
On 24 July 2020, the European Commission (the “Commission”) published its proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “Securitisation Regulation”)....more
The European Commission has last week published a draft regulation to amend the Benchmark Regulation (“BMR”), in respect of (i) the exemption of certain third country foreign exchange benchmarks and (ii) the designation of...more
The Securitisation Regulation applies to securitisations, the securities of which are issued (or where no securities are issued, the securitisation positions of which are created) on or after 1 January 2019....more
10/21/2019
/ Consumer Financial Products ,
Disclosure Requirements ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Lenders ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Reporting Requirements ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
Special Purpose Entities ,
Transparency ,
UK ,
UK Brexit
On 13 September 2019, the European Banking Authority (the “EBA”) updated its guidance in respect of the Securitisation Regulation[1] by publishing an answer to a question submitted to it in November 2018 by the Association...more
9/17/2019
/ Collateralized Loan Obligations ,
Credit ,
EU ,
European Banking Authority (EBA) ,
Financial Markets ,
Financial Services Industry ,
Financial Transactions ,
Regulatory Oversight ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK Brexit
On 7 June 2019, Regulation (EU) 2019/876 (“CRR II”)[1] was published in the Official Journal of the EU. CRD II amends the Capital Requirements Regulation in a number of respects. For securitisation market participants, a key...more
Regulation (EU) No 648/2012 (“EMIR”) imposed a range of obligations which can apply to counterparties trading in derivatives, including a clearing obligation, risk mitigation obligations (including the exchange of collateral)...more
6/13/2019
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
CCPs ,
Derivatives ,
EMIR ,
Financial Counterparties (FC) ,
Financial Services Industry ,
Mandatory Clearing Requirements ,
Non-Financial Counterparties (NFC) ,
Regulatory Requirements ,
Third Country Entities (TCEs) ,
Threshold Requirements ,
UK Brexit