ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made.
Key Points:
..ESMA’s response to the European...more
The AMF has published a report containing a number of new proposals relating to production of research under MiFID II.
Key Points:
..The report pointedly criticises the original MiFID requirements (most of which were...more
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes.
Key Points:
..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make...more
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
The Commissioner held senior leadership accountable for illegal “sign-stealing”, even though the conduct generally involved players and low-level operations employees.
On 13 January 2020, the Major League Baseball...more
The MLB Commissioner held senior leadership accountable for illegal sign stealing - even though the conduct generally involved players and low-level operations employees.
On January 13, 2020, Major League Baseball (MLB)...more
1/17/2020
/ Baseball ,
Compliance ,
Corporate Culture ,
Corporate Governance ,
Corporate Management ,
Department of Justice (DOJ) ,
Employee Misconduct ,
Employment Policies ,
Ethics ,
Individual Accountability ,
Internal Investigations ,
Leadership ,
MLB ,
Work Suspensions
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets.
Key Points:
..The EU legislators have been reviewing various financial services regimes and developing reforms...more
1/14/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Central Counterparties ,
Counterparties ,
Credit Rating Agencies ,
Cross-Border ,
Cross-Border Transactions ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
Financial Services Industry ,
MiFID II ,
Regulatory Reform ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators.
Key Points:
..The SMCR for benchmark administrators (that perform no other regulated activities) will...more
Consultation Paper looks at ways in which issues with the KID requirements could be improved.
Key Points:
- The ESAs are seeking to make adjustments to the PRIIPs KID requirements to address ongoing issues relating to...more
The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks.
Key Points:
..The FCA has set out its expectations for firms, from a conduct...more
European Commission review will inform potential future legislative change.
Key Points:
..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules.
Key Points:
..Overall, the FCA found that the rules have produced “positive changes” and have had...more
All firms should take note of the FCA’s latest feedback on SMCR implementation.
In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the...more
8/5/2019
/ Banking Sector ,
Code of Conduct ,
Compliance ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Industry Examinations ,
Insurance Industry ,
Risk Assessment ,
Senior Managers ,
SMCR ,
UK
The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms.
Key Points:
..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more
The FCA found that three asset managers breached competition law by sharing information in relation to securities offerings.
Key Points:
..The decision gives market participants some helpful indications as to what kinds...more
The European Commission has set out the elements of MAR that it wishes to consider as part of a planned review.
Key Points:
..The formal review of MAR will consider not only the topics mandated for review by the...more
Latest Dear CEO letter from the regulator includes strong criticism and warns that firms need to improve to meet regulatory expectations.
Key Points:
..FCA supervisory work during the next two years will focus on four...more
4/30/2019
/ Brokers ,
Conflicts of Interest ,
Corporate Governance ,
Dear CEO Letter ,
Executive Compensation ,
Financial Conduct Authority (FCA) ,
Internal Controls ,
Market Abuse ,
Strategic Enforcement Plan ,
UK ,
Wholesale
The FCA has issued feedback from its review of firms’ costs and charges disclosures under MiFID II.
Key Points:
..The FCA found that, despite firms being aware of the rules and taking compliance seriously, firms are not...more
The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario.
Key Points:
..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more
ESMA and the EBA publish documents considering the application of the EU regulatory regime to crypto-assets and ICOs.
Key Points:
..ESMA highlights the importance of taking a technology-neutral approach to regulation,...more
The FCA seeks to clarify the position of the Head of Legal and the scope of the Client Dealing Function.
Key Points:
..The FCA is proposing to exclude the Head of Legal from the scope of the Senior Managers...more
HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU.
Key Points:
..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more
1/22/2019
/ Capital Requirements Regulation (CRR) ,
Credit Rating Agencies ,
EMIR ,
EU ,
EU Benchmark Regulation ,
EU Prospectus Regime ,
European Economic Area (EEA) ,
Financial Services Industry ,
HM Treasury ,
MiFIR ,
Onshoring ,
Proposed Legislation ,
Short Selling ,
Solvency II ,
UK ,
UK Brexit
Report concludes that the AIFMD has been helpful in building a market for AIFs, but is not free from issues.
Key Points:
..The report concludes that the AIFMD has played a significant role in helping to create an...more
1/15/2019
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
EMIR ,
EU ,
EU Passport ,
European Commission ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Equity ,
Private Placements ,
UCITS