Tackling climate change is not a new initiative in the UK. Indeed, the UK was one of the first countries worldwide to endorse the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) – aimed at...more
12/3/2020
/ Asset Management ,
Climate Change ,
Corporate Counsel ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Statements ,
Green Finance ,
UK ,
UK Brexit
18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force.
On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect....more
6/2/2020
/ AIFM ,
AIFs ,
Derivatives ,
EMIR ,
EU ,
Financial Counterparties (FC) ,
Non-Financial Counterparties (NFC) ,
Regulatory Requirements ,
Reporting Requirements ,
SFTR ,
UCITS
On 6 March 2020, the Financial Conduct Authority (“FCA”) launched a consultation paper outlining new climate-related disclosure requirements for premium listed issuers and consulting on guidance on existing obligations set...more
3/21/2020
/ Climate Change ,
Consultation Periods ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Proposed Rules ,
Publicly-Traded Companies ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more
2/25/2020
/ AIFM ,
AIFs ,
Buy-Side Trading ,
Derivatives ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
International Capital Markets Association (ICMA) ,
Non-EU Funds ,
Reporting Requirements ,
Securities Financing Transactions (SFTs) ,
SFTR ,
UCITS
Earlier this month, the ESAs published a final report on proposed updates to the existing EMIR margin rules (the “Margin RTS Updates”).
Although not yet final, the absence of a public consultation and fast approaching...more
12/24/2019
/ Amended Rules ,
Derivatives ,
EMIR ,
EU ,
European Commission ,
European Parliament ,
European Supervisory Authorities (ESAs) ,
FX Forwards ,
FX Swaps ,
Margin Requirements ,
SFTR ,
Stock Options ,
Swaps ,
Variation Margin Requirements (VM)
Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the Official Journal of the European Union on 9 December 2019, the regulation on sustainability-related disclosures...more
12/19/2019
/ AIFM ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Fund Managers ,
Investment ,
Investment Firms ,
Investment Management ,
MiFID II ,
Sustainability ,
Sustainable Finance ,
UCITS ,
Venture Capital
On 24 October 2019, the Financial Reporting Council (the "FRC"), the regulatory body for auditors, accountants and actuaries, published the UK Stewardship Code 2020 (the "Code"). In its press release, the FRC states that the...more
11/15/2019
/ Accountants ,
Actuaries ,
Asset Management ,
Auditors ,
Corporate Governance ,
EU ,
Financial Reporting Council (FRC) ,
Financial Services Industry ,
Investment Funds ,
Reporting Requirements ,
Service Professionals ,
Shareholder Rights ,
Stewardship Code ,
UK
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
On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more
5/30/2019
/ AIFM ,
AIFs ,
Amended Rules ,
Asset Management ,
Compliance ,
Derivatives ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Counterparties (FC) ,
Investment Funds ,
Mandatory Clearing Requirements ,
Margin Requirements ,
Non-Financial Counterparties (NFC) ,
Over The Counter Derivatives (OTC) ,
Reporting Requirements ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
Six months have now passed since publication of the Dechert OnPoint, LIBOR – Where Are We Now?, and in that period progress on benchmark reform and the development of alternative risk-free-rates (RFRs) has gathered pace. At a...more
10/23/2018
/ Banking Sector ,
Benchmarks ,
Commodities ,
Derivatives ,
EU ,
EURIBOR ,
European Benchmark Regulation (BMR) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
FSB ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
Japan ,
Libor ,
Loan Market Association ,
Prudential Regulation Authority (PRA) ,
Risk Free Rates (RFRs) ,
Secured Overnight Funding Rate (SOFR) ,
Switzerland ,
UK
The new EU securitisation regulations (Regulations)1 came into force on 17 January 2018, and will be directly applicable across the European Union from 1 January 2019. EU retail funds (Undertakings for Collective Investment...more
With six months to go until the UK’s departure from the EU, Dechert’s ‘Brexit Manoeuvres’ guide sets out at a high level, from a UK perspective, the practical implications of a “hard Brexit” as it relates to:
- Alternative...more
9/21/2018
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Choice-of-Law ,
EMIR ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
Fund Managers ,
Investors ,
Marketing ,
MiFID ,
SFTR ,
Trading Plans ,
UCITS ,
UK Brexit
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...more
The International Swaps and Derivatives Association ("ISDA") has published two new ISDA Master Agreements in a Brexit prompted update for the European OTC Derivatives market.
What has happened?
On 28 June 2018, new...more
The UK Government yesterday released its long awaited whitepaper on Brexit, "The future relationship between the United Kingdom and the European Union."
Whilst 100 pages long, the paper provided a fairly high-level...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s statement on the implementation period for Brexit; the requirement for firms...more
4/20/2018
/ Asset Management ,
BEPS ,
Corporate Taxes ,
Cross-Border ,
Cryptocurrency ,
Customer-Loyalty Programs ,
Cybersecurity ,
Derivatives ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
Discussion of LIBOR was catapulted back into the spotlight last summer when Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA), gave a speech1 on the reference rate’s future. The key take-away was...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s approach to authorisation; action taken on closet tracking funds; proposed EU...more
3/22/2018
/ Asset Management ,
Broker-Dealer ,
Collective Investment Schemes ,
Cross-Border Transactions ,
Distribution Rules ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Stability Board ,
Investment Funds ,
Member State ,
MiFID II ,
Surveys ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry.This issue includes details of proposed changes to the Financial Services Register to accommodate the Senior Managers...more
3/14/2018
/ Asset Management ,
Certification Requirements ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FinTech ,
Legal Entity Identifiers ,
Libor ,
MiFID II ,
Secured Overnight Funding Rate (SOFR) ,
Senior Management Regime (SMR) ,
Senior Managers ,
SMCR ,
Sterling Overnight Index Average (SONIA) ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more
2/22/2018
/ AIFs ,
Algorithmic Trading ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
EMIR ,
ESRB ,
EU Benchmark Regulation ,
EU Data Protection Laws ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FSMA ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
IOSCO ,
Liquidity ,
Market Conditions ,
MiFID II ,
Over The Counter Derivatives (OTC) ,
Prudential Regulation Authority (PRA) ,
Risk Controls ,
UCITS ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the situation for financial services rules and regulations during the Brexit...more
2/7/2018
/ Asset Management ,
Blockchain ,
Bulgaria ,
Capital Markets Union ,
Collective Investment Schemes ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
IOSCO ,
Key Information Document (KIDs) ,
Liquidity Risk Management Rule ,
MMF ,
Money Market Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Risk Management ,
UK ,
UK Brexit
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the publication of delegated regulations under the Benchmark Regulation; a call for...more
1/24/2018
/ Asset Management ,
Benchmarks ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Liquidity ,
MiFID II ,
MiFIR ,
Money Market Funds ,
Regulatory Oversight ,
Retail Investors ,
Technical Standards ,
Transparency Directive ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the matters to be considered by users of financial benchmarks when selecting an...more
1/11/2018
/ Asset Management ,
Benchmarks ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
IOSCO ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit ,
WTO