HM Treasury has published its consultation response to the Wholesale Markets Review, setting out summaries of responses received to its proposals and how changes will be progressed. There are certain areas that HM Treasury...more
The U.K. Financial Conduct Authority has published a statement confirming its approach to supervising commodity derivatives position limits. The statement follows the FCA's Supervisory Statement on the operation of the...more
The European Commission has published legislative proposals to amend the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The proposals are part of the Commission's package of...more
An EU Commission Delegated Regulation (2021/1833) on the criteria for when an activity will be considered as ancillary to the main business has been published in the Official Journal of the European Union. The changes to the...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
10/22/2020
/ EIOPA ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more
On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more
4/25/2018
/ Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Proposed Regulation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
UK
Guidance of questionable legal accuracy from the European Securities and Markets Authority (ESMA) casts doubt on the ability of non-EU members of EU exchanges to provide client access to such exchanges through a technique...more
The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more
The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic...more
Today, it was announced that the UK public has voted to leave the European Union. There will now be a negotiation of a new relationship between the UK and Europe. The fact of the vote itself has no legal effect on the laws of...more