The FCA has published its final rules and guidance necessary to implement the Overseas Funds Regime (OFR).
The gateway for eligible funds to apply for recognition under the OFR is scheduled to open in September for new...more
The UK Financial Conduct Authority’s (FCA) anti-greenwashing rule (Rule) will come into effect on 31 May 2024 and applies to all FCA-authorised firms.
The Rule requires that references made to the sustainability...more
The UK Financial Conduct Authority (FCA) is planning to lift its ban on asset managers making joint or ‘bundled’ payments to broker-dealers for third-party investment research and execution services.
The change is being...more
AIFMD 2.0 enters into force today –15 April 2024.
Member States have 24 months to transpose the provisions into national law, meaning that AIFMD 2.0 will take effect from 16 April 2026....more
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024.
Member States have 24 months to transpose the...more
Operators marketing EU UCITS in the UK under the FCA’s temporary marketing permissions regime (“TMPR”) will be able to continue to do so following the expiry of the TMPR, provided they register the UCITS in question for...more
The definition of a “cryptoasset” is unchanged from the February Consultation.
The cryptoasset activities that will come into scope of the new regime are unchanged from those in the February Consultation, with amendments...more
11/13/2023
/ AML/CFT ,
Cryptoassets ,
Disclosure Requirements ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Adviser ,
Investment Management ,
Liability ,
Market Abuse ,
Regulatory Agenda ,
SFTR ,
UK
From 8 October, firms wishing to make a “financial promotion” relating to a “qualifying cryptoasset” can only do so legally if:
The financial promotion is communicated by an FCA- or PRA-authorised person....more
10/3/2023
/ AIFs ,
Compliance ,
Criminal Penalties ,
Cryptoassets ,
Enforcement Actions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Fines ,
FSMA ,
Investment ,
Investors ,
Marketing ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Proceeds of Crime Act 2002 (POCA) ,
Prudential Regulation Authority (PRA) ,
UK
Financial promotions of qualifying cryptoassets are now within the scope of the UK financial promotion regime.
The FCA has published its final policy statement on rules for communicating financial promotions of qualifying...more
6/15/2023
/ Compliance ,
Cooling-Off Rule ,
Cryptoassets ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Incentives ,
Investment ,
Marketing ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
Securities ,
Stablecoins ,
UK
The United Kingdom HM Treasury (“HMT”) on 1 February 2023 launched its first consultation on the future regulatory regime for cryptoassets (the “Cryptoassets Consultation”). At the same time, it also published a response to...more
2/13/2023
/ Consumer Protection Laws ,
Cryptoassets ,
Data Reporting ,
Disclosure Requirements ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Investors ,
Market Abuse ,
Trading Platforms ,
UK ,
Valuation
On 25 January 2023, the FCA published its key findings on the state of implementation of firms’ plans to embed the new Consumer Duty within their businesses. The Consumer Duty will apply from 31 July 2023 in relation to new...more
On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms)....more
12/20/2022
/ Capital Markets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Long-Term Investment Funds ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
Scotland ,
Short Selling ,
Sustainable Finance ,
UK ,
Value-Added Tax (VAT)
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
On 20 July 2022, just over 18 months after the end of the transition period that marked the UK’s full departure from the EU, HM Treasury laid the Financial Services and Markets Bill 2022-2023 (the Bill) before Parliament for...more
ESMA published on February 2, 2022, a supervisory briefing (ESMA35-43-2900) setting out its expectations under the MiFID II framework for firms that use tied agents (the Briefing). ...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
SEC Publishes Annual Rule Making Agenda - The SEC published its annual Rule Making Agenda on June 11, 2021 (the Agenda). The Agenda indicates a number of upcoming regulatory reviews and changes that will affect private funds...more
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
AIFMD Marketing/Pre-marketing – Cross-border distribution of investment funds - Changes to EU law on the cross-border distribution of AIFs and UCITS came into effect on 2 August 2021. Following Brexit, UK AIFMs are out of...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
Of most significance are the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation that impact “Financial Market Participants” (FMPs) (which includes, amongst others, AIFMs, UCITS ManCos, Portfolio...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
Brexit simplifies? - FCA consultation on changes to UK MiFID's conduct and orgnisational requirements - On 28 April 2021, the FCA published a consultation paper (CP21/9) setting out proposals to change certain conduct and...more
1. ESG In recent years, environmental, social and governance (ESG) factors have become a key discussion point in the asset management industry, with many managers now incorporating ESG considerations into their investment...more
1/29/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Biden Administration ,
Capital Requirements Regulation (CRR) ,
EMIR ,
Environmental Social & Governance (ESG) ,
Libor ,
MiFID II ,
Private Investment Funds ,
Regulatory Agenda ,
Regulatory Freeze ,
SFTR ,
UK Brexit
Readers scanning the UK/EU trade deal on Christmas Eve will have looked in vain for a meaningful section on financial services. Instead, the UK asset management industry has been presented with something that looks very much...more