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
FCA issues final report in investment platforms market study -
The FCA has published the final report in its investment platforms market study.
While the FCA found competition generally to be working well, it was...more
4/16/2019
/ Asset Management ,
Certification Requirements ,
Competition ,
Deadlines ,
EU ,
EU Passport ,
Extensions ,
Final Report ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Informational Studies ,
Investment Funds ,
Investment Platforms ,
New Guidance ,
Notification Requirements ,
Senior Managers ,
SMCR ,
Statement of Responsibilities (SoRs) ,
Temporary Permissions Regime (TPR) ,
UK ,
UK Brexit
FCA issues further guidance on Brexit preparations -
The FCA has published a series of guidance to assist regulated firms in finalizing their preparations for Brexit, particularly in the event of a no-deal scenario when EU...more
3/15/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CFTC ,
Commodities Traders ,
Derivatives ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
Investment Funds ,
Memorandum of Understanding ,
MiFID ,
MiFID II ,
New Guidance ,
UCITS ,
UK Brexit
FCA Opens Notification Window for Passported EU Firms and Funds under No-Deal Brexit Temporary Permissions Regime -
The FCA has announced that the notification window for passported EU ex-UK firms and funds wishing to...more
2/11/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CEOs ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
False Statements ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Marketing ,
MiFID II ,
Misrepresentation ,
Passporting ,
UK ,
UK Brexit
FCA issues direction confirming the notification process under its post-Brexit temporary permissions regime -
As previously reported, the UK government and the FCA are proposing to implement a Temporary Permissions Regime...more
12/12/2018
/ Asset Management ,
Consultation Periods ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
Long-Term Investment Funds ,
Passporting ,
Technical Standards ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Venture Capital
FCA Consults on Rules for Post-Brexit Temporary Permissions Regime for Incoming EEA Firms and Funds -
The UK government is proposing to implement a “temporary permissions regime” to cover “inbound” European Economic Area...more
11/14/2018
/ Asset Management ,
Certification Requirements ,
Collective Investment Schemes ,
Consultation Periods ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
FSMA ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Illiquid Assets ,
Investment Funds ,
Memorandum of Understanding ,
Non-UCITS Retail Schemes (NURS) ,
Proposed Rules ,
Public Comment ,
Retail Investors ,
Risk Management ,
Senior Managers ,
SFC ,
SMCR ,
Technical Standards ,
UCITS ,
UK ,
UK Brexit
Commons Treasury Committee report on crypto-assets -
The House of Commons Treasury Committee published its report on crypto-assets. The report relates to the digital currencies inquiry the Committee launched earlier this...more
10/10/2018
/ Anti-Money Laundering ,
Asset Management ,
CII ,
Cryptocurrency ,
Digital Assets ,
EU ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
FSMA ,
Global Financial Innovation Network (GFIN) ,
High Risk Financial Products ,
HM Treasury ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
Investor Protection ,
Retail Investors ,
UK
UK government publishes Brexit white papers -
The UK government has published two white papers, one on the future relationship between the UK and the EU and the other on legislating for the withdrawal agreement between the...more
8/9/2018
/ Asset Management ,
Comment Period ,
Discussion Draft ,
Duty of Care ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Trading Platforms ,
UK ,
UK Brexit
FCA comments on increased use of “Periodic Auctions” after-MiFID II -
The FCA has published a webpage on the use of periodic auction platforms as a method for share trading in light of their significantly increased use...more
7/11/2018
/ Asset Management ,
Auction ,
Dark Pool ,
EU ,
European Money Markets Institute (EMMI) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Money Market Funds ,
Remuneration ,
UK ,
UK Brexit
FCA Reports on Hard to Value Assets Review -
The FCA has reported on its 2017 review into how asset management firms value so-called ‘hard to value’ assets, consisting of a short video with transcript into the risks, the...more
6/12/2018
/ Asset Management ,
Asset Valuations ,
Conflicts of Interest ,
Consultation Periods ,
CRD IV Directive ,
EU ,
Financial Conduct Authority (FCA) ,
Guidance Update ,
Inducements ,
Investment Funds ,
IOSCO ,
Prudential Regulation Authority (PRA) ,
Securitization ,
Solvency II ,
UK
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
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
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
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
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
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
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
A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details of the FCA’s stance on the reporting of cyber attacks; the Government’s opinion on...more
12/13/2017
/ Asset Management ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
EMIR ,
EU ,
European Central Bank ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Hackers ,
Investment Management ,
Jurisdiction ,
Regulatory Oversight ,
UK ,
Variation Margin Requirements (VM)
HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the amendments to the European Venture Capital and Social Entrepreneurship Fund...more
11/16/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Capital Markets Union ,
Code of Conduct ,
Digital Currency ,
EU ,
EU Benchmark Regulation ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
MiFID II ,
MiFIR ,
Regulatory Oversight ,
Small and Medium-Sized Enterprises (SMEs) ,
Tax Evasion ,
UK ,
Venture Capital ,
Virtual Currency
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more
11/1/2017
/ AIFs ,
Asset Management ,
Broker-Dealer ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Investment Firms ,
Investment Funds ,
MiFID II ,
No-Action Letters ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Passporting ,
Securities and Exchange Commission (SEC) ,
Securities Financing Transactions (SFTs) ,
SFTR ,
SMCR ,
UCITS ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more
10/18/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
Derivatives ,
ETFs ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
UCITS ,
UK
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
10/7/2017
/ BaFin ,
Banking Restrictions ,
Banks ,
China ,
Corporate Counsel ,
Corporate Issuers ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Germany ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
People's Bank of China ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Token Sales ,
UK ,
Unregistered Securities ,
Young Lawyers