The European Commission has finalised its proposed ESG-related changes to MiFID II. These are intended to fit together with SFDR, and are part of a suite of ESG related changes being made via amends to AIFMD, the UCITS...more
As the start date for the EU Taxonomy Regulation looms, the ESAs have published their final draft of the RTS for the taxonomy’s product disclosure requirements.
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Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more
As appetite in the market for “green” and ESG badged products grows and grows, so too grows the number of legislative and regulatory initiatives intended to prevent or mitigate the risk of greenwashing.
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A number of deadlines are looming for private banks, wealth managers and advisers as the next stage of the EU’s Sustainable Finance Disclosure Regulation (SFDR) and Taxonomy Regulation begins to apply – this briefing gives a...more
A number of deadlines are looming for asset managers as the next stage of the EU’s Sustainable Finance Disclosure Regulation (SFDR) and Taxonomy Regulation begins to apply – this briefing gives a snapshot on what is required...more
The most innovative and challenging aspect of the EU’s Sustainable Finance Disclosure Regulation (SFDR) is probably the new principal adverse impacts or PAI regime. This is being introduced in stages, starting from 10 March...more
A high-level timeline summarising key dates and expected publications for the EU and UK MiFID Review.
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The new principle adverse impacts or PAI regime is one of the most challenging elements of the EU’s Sustainable Finance Disclosure Regulation (SFDR). It will require relevant firms to provide extensive disclosures on various...more
On 1 July 2021, HM Treasury published a consultation paper for its Wholesale Markets Review. The areas considered by HM Treasury in the consultation overlap in certain aspects with those being considered by the EU authorities...more
The PRA has published updates to its policy and a revised supervisory statement on ensuring operational continuity in resolution (PS 9/21 and SS4/21) following its consultation paper in October 2020 (CP 20/20). This bulletin...more
The first step in shaping the UK's financial services regime post-Brexit.
On 29 April 2021, the Financial Services Act 2021 (the Act) received Royal Assent. It is seen as the UK’s first step in control of the financial...more
Under SFDR, the European Supervisory Authorities (ESAs) have been mandated to develop various Level 2 measures, to take the form of Regulatory Technical Standards (RTS). On 4 February 2021, the ESAs published their final...more
As Firms continue to implement SFDR, which applies on 10 March 2021 across the EU, our latest Great Fund Insights client alert gives further detail on the Regulatory Technical Standard and how firms can make sense of the new...more
Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. While the Trade and...more
As Brexit negotiations show no indication of a concrete deal, it is crucial we consider the impacts of a no-deal scenario on the UK’s restructuring and insolvency regime, and its relationship with the European framework.
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On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (the AIFMD Review). The public consultation follows the European Commission’s...more
The European Commission and other bodies continue to press ahead with an ambitious Environmental, Social and Governance (ESG) sustainability agenda, with a number of further initiatives in the pipeline.
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The UK government has announced a number of measures designed to respond to the economic shock arising from Covid-19 coronavirus – these include providing businesses of all sizes with access to a £330 billion package of...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the priority for both the UK and the EU27 in relation to Brexit was the approval, ratification and implementation of the deal agreed at...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the immediate priority for both the UK and the EU27 in relation to Brexit is now the approval, ratification and implementation of the...more
On 11 April 2019, politicians kicked the possibility of a cliff edge Brexit into the (relatively) long grass but with UK politics still deeply divided, a leadership contest for the next prime minister underway and the Irish...more
The Brexit engines at HM Treasury, the FCA, PRA and Bank of England are responding admirably to the challenge posed by Brexit to ensure that the UK has a continuing, robust and effective legal regime once the currently...more