The government sets out a bold and ambitious arrangement for financial services, including free market access and a new Financial Services Committee.
On 19 May 2020, the UK government published draft legal texts of 12...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance...more
3/30/2020
/ Banks ,
Benchmarking ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
State of Emergency ,
UK Brexit
ESMA, BaFin, and FCA have provided guidelines on firms’ obligation to record client telephone calls.
Remote working raises uncertainties in various regulated areas as it dramatically changes institutions’ day-to-day...more
A Call for Input reveals that the FCA is planning for a post-EU future and examining ethics with regard to MAR.
On 9 March 2020, the Financial Conduct Authority (FCA) issued a Call for Input on the way that wholesale...more
Not too long ago, an investment manager looking to invest in a company might conduct due diligence, attend investor relation calls, peruse quarterly or annual filings, and consider standard ratios such as price to earnings...more
3/5/2020
/ California Consumer Privacy Act (CCPA) ,
Data Privacy ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Investment Advisers Act of 1940 ,
MiFID ,
Regulation S-P ,
Risk Management ,
Risk Mitigation ,
Securities Exchange Act
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)
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
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
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
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 extension benefits market participants in the US seeking to comply with EU MiFID II research rules, but significant issues remain.
Key Points:
..The no-action relief has been extended for three additional years from...more
ESAs issue important guidance in relation to the application of the PRIIPs Regulation to corporate bonds.
Key Points:
..The ESAs have issued their final view on whether certain features within bonds are conclusive as to...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
Call for evidence on regulatory cooperation marks the first phase of the planned review.
The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
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
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
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