The FCA has found that client hospitality events do not always enhance the quality of service to clients in line with its inducement rules....more
If Britain decides to leave the European Union as a result of a “Brexit” vote on 23 June 2016, the effect on the UK and EU financial services sectors could be significant; in particular, there could be effects on the London...more
Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant.
The City of London is Europe’s key financial...more
3/9/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Banking Authority (EBA) ,
European Economic Area (EEA) ,
Financial Services Industry ,
Investment Management ,
MiFID ,
Referendums ,
UCITS ,
UK ,
UK Brexit
Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more
On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more
Removal of the Model Code and Disclosure Rules are among the important modifications.
On 5 November 2015, the UK Financial Conduct Authority (FCA) published its consultation paper addressing the changes it proposes to...more
ESMA has recommended that the AIFMD passport be extended beyond the countries within the European Union to Jersey, Guernsey, and Switzerland.
On 30 July, the European Securities and Markets Authority (ESMA) sent its...more
UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance.
The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more
With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks.
The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more
12/16/2014
/ Banks ,
Credit Unions ,
Directors ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Managers ,
Prudential Regulation Authority (PRA) ,
Senior Insurance Managers ,
Senior Managers ,
Senior Managers Insurers Regime (SMIR) ,
UK
The consultation paper aims to clarify the classifications of derivatives and provide a consistent approach for entities operating across the EU.
The European Securities and Markets Authority (ESMA) recently published...more
Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more
Changes to the use of dealing commission rules, including a ban on “softing” of corporate access services, reflect the FCA’s continuing objective to ensure that investment managers control the costs that they pass on to their...more
The European Securities and Markets Authority has requested clarity on the definition to ensure consistent application across member states.
Following industry lobbying, the European Securities and Markets Authority...more
The EU Long Term Investment Fund will offer investors a mechanism to invest in projects requiring long-term funding.
In June 2013, the European Commission (the Commission) proposed a new type of European closed-end...more
With the imminent trade reporting obligation under EMIR, affected entities should review the new requirements as well as the status of other EMIR obligations.
On 12 February 2014, the trade reporting obligation under...more
European Banking Authority publishes regulatory technical standards for the identification of “material risk takers”, reducing the potential impact of the new rules on bonus caps....more
With certain EMIR provisions set to go live in September, both EU counterparties and many non-EU counterparties must take action to comply with risk management requirements, which involve some overlap with Dodd-Frank....more
With AIFMD taking effect, non-EU alternative investment fund managers should be aware of a new regime governing their marketing of such funds into the EU—the AIFMD's private placement overlay.
...more
Arrangements allow EU securities regulators to supervise non-EU alternative fund managers and thereby allow such managers access to the EU.
On 30 May, the European Securities and Markets Authority (ESMA) announced that...more
Affected financial institutions and investment firms will need to overhaul the way they remunerate many of their highest-paid staff....more
UK will now allow qualifying non-EEA firms to rely on the one-year transitional provision.
On 29 April, HM Treasury published a short Q&A on the transposition of the Alternative Investment Fund Managers Directive...more
New clearing, risk mitigation, and reporting obligations imposed on certain derivative contracts.
On 15 March, the first six implementing measures of the European Market Infrastructure Regulation (EMIR) entered into...more
Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime.
On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more
The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more
UK-based alternative investment fund managers should complete the survey, which responds to industry pressure regarding the time line for AIFMD authorisation applications, before the 28 March deadline....more