This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
9/22/2022
/ Alternative Reference Rates Committee (ARRC) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
CFTC ,
China ,
Climate Change ,
Commission Delegated Regulation ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Custody Rule ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EONIA ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Act ,
Form PF ,
FSOC ,
Fund Managers ,
Hedge Funds ,
Hong Kong ,
ICE Benchmark Administration (IBA) ,
Investors ,
Libor ,
MiFID ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Private Funds ,
Proposed Amendments ,
Regulatory Standards ,
REIT ,
Rulemaking Process ,
Russia ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
SFDR ,
Supply Chain ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit ,
Ukraine
Financial Services Act - The UK’s departure from the EU at the end of the transition period has significant implications for the regulation of financial institutions. In June 2020, the government issued a policy statement...more
Focus remains on the transition away from the London Interbank Offered Rate (LIBOR), a key interest rate benchmark that is referenced across many of the agreements that you, funds you manage or advise or entities that you...more
This note sets out at a high level the core regulatory issues that are likely to impact fund managers in the coming months, including an overview of the key actions needed with regard to ESG, LIBOR and Brexit. The paper also...more
5/10/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Cryptoassets ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Fund Managers ,
Investment Management ,
Libor ,
Private Funds ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has...more
4/1/2020
/ Business Continuity Plans ,
Business Interruption ,
Capital Markets ,
Closed-End Funds ,
Contract Terms ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Form ADV ,
Fund Managers ,
ISDA ,
Liquidity ,
Margin Requirements ,
Nonperformance ,
Open-Ended Fund Companies (OFCs) ,
Private Equity ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Trading Policies ,
UK ,
United States
This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
10/22/2019
/ AIFM ,
AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
Choice-of-Law ,
Contract Terms ,
Cross-Border Transactions ,
CSSF ,
EMIR ,
EU ,
EU Passport ,
EU-27 ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Fund Managers ,
Income Taxes ,
Investors ,
ISDA ,
Luxembourg ,
Marketing ,
MiFID ,
No-Deal Brexit ,
Private Equity ,
Rome Regulation ,
SFTR ,
Third-Party Service Provider ,
Traders ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
The Central Bank of Ireland (the “Central Bank”) on 18 July 2019 published a ‘Dear Chair’ letter to the industry (the “Industry Letter”) highlighting the key supervisory issues identified in a thematic review of Irish...more
FCA statement on authorisation for firms offering cryptocurrency derivatives -
The (Financial Conduct Authority) FCA has stated that cryptocurrency derivatives are capable of being financial instruments under the Markets...more
5/15/2018
/ Asset Management ,
Collective Investment Schemes ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Investment Funds ,
MiFID ,
Technical Standards ,
UK ,
UK Brexit
FCA Publishes a Closet Tracking Fund Webpage -
The FCA published a new webpage on 14 March 2018, outlining its recent work on closet tracking funds. The FCA considers that closet tracking funds look like, and charge...more
4/6/2018
/ Asset Management ,
Cryptocurrency ,
Enforcement ,
EU ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
Investment Funds ,
New Guidance ,
Public Consultations ,
Supervision ,
Tracking Systems ,
UK
FCA Report on Algorithmic Trading Compliance in the Wholesale Markets -
The FCA published a report on “Algorithmic Trading Compliance in Wholesale Markets” on 12 February 2018. The report followed certain research into...more
3/2/2018
/ Algorithmic Trading ,
Asset Management ,
EU ,
EU Benchmark Regulation ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
FSMA ,
General Data Protection Regulation (GDPR) ,
HM Treasury ,
Information Commissioner's Office (ICO) ,
Investment Funds ,
Joint Policy Statements ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
UK ,
Wholesale
FCA issues statements on distributed ledger technology -
The FCA published a feedback statement in December 2017 regarding its April 2017 discussion paper on distributed ledger technology (DLT), or blockchain....more
2/1/2018
/ Asset Management ,
CEOs ,
Distributed Ledger Technology (DLT) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
MiFID II ,
New Guidance ,
Retail Investors ,
UK
FCA Publishes Draft Rules to Extend the Senior Managers and Certification Regime to all Firms -
The FCA published its long-expected consultation paper (CP17/25) on 26 July, with proposed rules to extend the senior managers...more
FCA Issues New Guidance on Cyber Resilience and Notification of Cyber Attacks -
The FCA published a new page on its website providing informal guidance on cyber resilience on 18 May 2017.
Following the recent global...more
7/7/2017
/ Amended Rules ,
Asset Management ,
Commodities ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
EU ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
UK
HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 -
As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more
5/8/2017
/ Asset Management ,
Confidential Information ,
EU ,
Financial Conduct Authority (FCA) ,
Hedge Funds ,
HM Treasury ,
Investment Funds ,
MiFID II ,
News Stories ,
Private Fund Limited Partnerships (PFLPs) ,
Restraining Orders ,
UK
FCA Publishes Dealing Commission Review Findings -
The FCA have published their findings from a review that analysed dealing commission expenditure across 31 investment managers. The policy statement on the use of...more
UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU -
Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more
3/13/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Annex IV ,
Article 50 Treaty of the EU ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Private Placements ,
Reporting Requirements ,
UK ,
UK Brexit
Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" -
The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more
12/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Remuneration ,
The Great Repeal Bill ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements -
The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more
12/3/2016
/ AMF ,
Asset Management ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Passporting ,
Reporting Requirements ,
UCITS ,
UK ,
UK Brexit
FCA Publishes Third MiFID II Consultation Paper -
The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more
10/24/2016
/ AIFM ,
Asset Management ,
Dark Pool ,
EU ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Adviser ,
Investment Funds ,
MiFID II ,
UCITS ,
UK
FCA Chief Executive Comments on FCA Mission and Brexit -
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, at the FCA's 2016 annual public meeting on 19 July 2016.
Mr Bailey stated that the FCA...more
9/13/2016
/ Collective Investment Schemes ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Member State ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Referendums ,
UK ,
UK Brexit
Brexit: UK Votes to Leave EU -
The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU.
Under the EU Treaty, the exit process should take at least two years. During...more
7/14/2016
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Funds ,
MiFID ,
Portfolio Managers ,
Senior Managers ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
PRA and FCA Reject the Position Taken on CRD IV Bonus Cap Proportionality in the EBA’s New Remuneration Guidelines -
The PRA and FCA notified the European Banking Authority (EBA) that they will comply with all aspects of...more
5/6/2016
/ Asset Management ,
Conflicts of Interest ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Inducements ,
Investment Funds ,
Prudential Regulation Authority (PRA) ,
UK
UCITS Regulations 2016 Published -
The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (SI 2016/225) were published on 25 February 2016. These implement provisions of the UCITS V...more
Where are we on implementation? Are we nearly there yet?
Yes and no. The UCITS V directive comes into force on 18 March 2016. But:
Additional implementing rules (known as "Level 2") on the duties of UCITS...more
HM Treasury Publishes Draft Technical Legislative Amendments for UCITS V -
HM Treasury published a consultation on 23 October 2015, including a draft statutory instrument, on technical changes to the Financial Services...more