Selected regulatory updates of interest to the funds and asset management sector. This update reports on ESMA's final report on guidelines addressing leverage risks under the AIFMD.
...more
TMPR: FCA webpage on adding new sub-fund to umbrella scheme -
The UK Financial Conduct Authority (FCA) has published a new webpage on adding a new sub-fund to an umbrella scheme that will be in the temporary marketing...more
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 -
The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
12/7/2020
/ EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
Regulatory Agenda ,
Securities Transactions ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others.  Recent regulatory developments of interest to...more
11/30/2020
/ ACER ,
EMIR ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Regulatory Agenda ,
REMIT ,
RTS ,
Securitization ,
SFTR ,
UK ,
UK Brexit
UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy -
The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more
ISDA 2020 IBOR Fallbacks Protocol -
The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
11/10/2020
/ CCPs ,
Coronavirus/COVID-19 ,
CSDR ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
MiFID ,
Securities Regulation ,
SFTR ,
UK ,
UK Brexit
AIFMD review: European Commission consultation -
The European Commission has launched a consultation questionnaire relating to its review of the Alternative Investment Fund Managers Directive (AIFMD)....more
10/26/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Key Information Document (KIDs) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Investors ,
RTS
ISDA 2020 IBOR Fallbacks Protocol to be launched on 23 October 2020 -
The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the ISDA 2020 IBOR Fallbacks Protocol, which is designed to assist...more
10/20/2020
/ Crowdfunding ,
EU ,
Financial Markets ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
MiFID II ,
Ofgem ,
Regulatory Agenda ,
REMIT ,
Securities Regulation ,
UK
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment -
Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
FMI supervision: BoE policy statement on fees regime for 2020/21 -
The Bank of England (BoE) has published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI) that will apply...more
9/21/2020
/ Bank of England ,
CCPs ,
EFTA ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infrastructure ,
ISDA ,
MiFIR ,
Short Selling ,
UK ,
UK Brexit
Annual transparency calculations for non-equity instruments: ESMA grants option to postpone to 21 September 2020 -
The European Securities and Markets Authority (ESMA) has announced that trading venues and investment...more
PRA PS20/20: response to CP3/20 occasional paper -
Following its March 2020 occasional consultation paper (CP3/20), the UK Prudential Regulation Authority (PRA) has published a policy statement, PS20/20, setting out its...more
9/15/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
Infectious Diseases ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Securities Financing Transactions (SFTs) ,
UK
Accessing and using wholesale data: FCA extends call for input deadline
The UK Financial Conduct Authority (FCA) has extended the deadline for responses to its call for input on the use and value of data and advanced...more
9/8/2020
/ Analytics ,
CSDR ,
Data Collection ,
EMIR ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Securities Regulation ,
UK
Title transfer collateral arrangements: FCA Dear CEO letter -
The UK Financial Conduct Authority (FCA) has published a Dear CEO letter to firms acting as brokers in wholesale financial markets, who currently, or may in the...more
8/4/2020
/ Coronavirus/COVID-19 ,
CSDR ,
Dear CEO Letter ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Libor ,
MiFID ,
MiFIR ,
RTS ,
Securities Regulation ,
UK
Brexit: ISDA updates FAQs -
HM Treasury has published a policy statement explaining the government's reasons for extending the transitional period for third-country benchmarks under the retained EU law version of the...more
Role of investment managers in post-COVID-19 recovery: FCA speech -
The UK Financial Conduct Authority (FCA) has published a speech by Christopher Woolard, FCA Interim Chief Executive, on the role of investment managers in...more
7/21/2020
/ Asset Management ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Investment Funds ,
Investment Management ,
Liquidity ,
Money Market Funds ,
Recovery Plans ,
UK
EMIR: FCA revises breach notification form -
The UK Financial Conduct Authority (FCA) has published a revised version of its form for reporting errors or omissions in their trade reports under Article 9 of the European...more
Recent regulatory developments of interest to financial institutions and markets. Includes updates on MiFIR open access regime for trading and clearing ETDs and various ESMA Q&A updated....more
7/14/2020
/ Coronavirus/COVID-19 ,
CSDR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Exchange-Traded Products ,
Financial Markets ,
MiFID ,
MiFIR ,
Securities Regulation ,
Transparency ,
UK
Recent regulatory developments of interest to financial institutions and markets. Includes updates on UK recognition applications for EEA CSDs and more....more
Marketing speculative illiquid securities to retail investors: FCA CP20/8 -
The UK Financial Conduct Authority (FCA) has published a consultation paper, CP20/8, "High-risk investments: Marketing speculative illiquid...more
Recent regulatory developments of interest to financial institutions and markets. Includes the extension of the senior managers regime to benchmark administrators, updates relating to MiFID II, EMIR, ESMA's draft guidelines...more
6/9/2020
/ Bank of England ,
Cloud Service Providers (CSPs) ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Inter-Bank Offered Rates (IBORs) ,
MiFID II ,
RTS ,
UK
COVID-19: PRA Dear CEO letter on treatment of payment deferrals under IFRS 9 and CRR -
On 4 June 2020, the UK Prudential Regulation Authority (PRA) published a Dear CEO letter on International Financial Reporting Standard...more
6/9/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
Financial Markets ,
IFRS ,
Prudential Regulation Authority (PRA) ,
RTS ,
Single Resolution Board ,
Supervisory Highlights ,
UK
In its 2020/21 Business Plan, the FCA states its aim to move towards a regulatory approach that's increasingly focused on end outcomes for consumers, markets and firms. The Business Plan reflects this approach, honing in on...more
4/8/2020
/ Banks ,
Big Data ,
Business Plans ,
Climate Change ,
Consumer Credit Protection ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Payment Systems ,
Small and Medium-Sized Enterprises (SMEs)
COVID-19: FCA updates statement on short selling bans and reporting -
On 31 March 2020, the UK Financial Conduct Authority (FCA) updated its webpage on short selling bans and reporting to confirm that the required changes...more
A draft version of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) Regulations 2020 has been published, together with an explanatory...more
4/2/2020
/ Coronavirus/COVID-19 ,
Derivatives ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
IFRS ,
Investment ,
MiFIR ,
SFTR ,
Trade Repositories ,
UK