After several years of negotiations between the European Commission, European Council, and European Parliament following the publication of the initial draft proposal in November 2021, AIFMD II was published in the Official...more
The last few years have thrown many surprises at businesses. Organizations across all sectors have faced inflation, global conflicts, supply chain challenges, a pandemic, and continually changing government policies. In 2023,...more
1/23/2023
/ Automotive Industry ,
Capital Markets ,
Cryptocurrency ,
Energy Sector ,
EU ,
False Claims Act (FCA) ,
FDIC ,
Financial Services Industry ,
FinTech ,
Food and Drug Administration (FDA) ,
Life Sciences ,
Tax Credits
The European Commission recently launched a consultation on a proposal that would allow investment firms to rebundle payments for research on small- and mid-cap issuers and fixed income instruments, to aid in the recovery...more
The EU watchdog, The European Securities and Markets Authority (ESMA), which coordinates securities market supervision across the 27 countries of the European Union, announced on March 11 that it was prepared to use its...more
3/17/2020
/ China ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
Investor Protection ,
Market Participants ,
Policy Statement ,
Public Health ,
Regulatory Standards ,
UK
The European Commission (the Commission) has made sustainable finance an express initiative within its overall plans to strengthen capital markets in the European Union. In July 2018, the Commission sought advice from the...more
Following an assessment by the European Commission (the Commission) of how the European Market Infrastructure Regulation (EMIR) has been working since it entered into force on 16 August 2012 and the phasing in of its various...more
The proposals pave the way for the integration of environmental, social, and governance considerations into the day-to-day thinking of financial services firms....more
The Financial Conduct Authority and Prudential Regulation Authority published policy statements on 4 July on the extended Senior Managers and Certification Regime, setting out near final rules for solo-regulated firms and...more
The EU regulation on key information documents (KIDs) for packaged retail and insurance-based products (PRIIPs) took direct effect in the European Union on 1 January 2018. This LawFlash outlines at a high level the...more
Aware of the risks of regulatory arbitrage developing post-Brexit, a key feature of the Commission’s proposals allows ESAs to monitor the practices of EU27 regulators....more
The European Securities and Markets Authority foresees regulatory and arbitrage risks in Brexit and has issued an opinion as a practical tool to help achieve supervisory convergence among EU regulators—Brexit negotiations...more
The MiFID II regime will have significant ramifications for US investment managers and their use of client commissions to obtain research—especially as cross-border impacts have yet to be addressed by global regulators....more
The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more
In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more
While the swirl of day-by-day posturing, partisan commentary, and reluctance of the UK and EU authorities to reveal their negotiating hands make it challenging to discern probable routes forward and plan accordingly, there is...more
11/4/2016
/ AIFMD Passport ,
EMIR ,
EU ,
EU Single Market ,
Financial Services Industry ,
Member State ,
Passporting ,
Prospectus ,
UCITS ,
UK ,
UK Brexit
Companies trading on either the London Stock Exchange’s Main Market or AIM should ensure that their systems and procedures reflect changes to their disclosure and other obligations arising from the implementation of the new...more
10/24/2016
/ AIM ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investor Protection ,
London Stock Exchange ,
Market Abuse ,
PDMR ,
Share Buybacks ,
UK
The guidelines, which apply from 1 January 2017, seek to clarify the concepts of disclosure, governance, and risk alignment in respect of remuneration; in advance of this date, non-EU investment managers of UCITS should...more
9/7/2016
/ Compensation & Benefits ,
CRD IV Directive ,
Disclosure Requirements ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Guidance ,
Governance Standards ,
Investment Management ,
MiFID ,
Remuneration ,
UCITS V
ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries.
The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more
7/21/2016
/ AIFMD Passport ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
ASIC ,
Australia ,
Bermuda ,
Canada ,
Cayman Islands ,
CIMA ,
EU ,
EU Passport ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Hong Kong ,
Island of Guernsey ,
Japan ,
Member State ,
Monetary Authority of Singapore ,
Singapore ,
Switzerland ,
UCITS
The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more
7/11/2016
/ AIM ,
Burden of Proof ,
Disgorgement ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Extraterritoriality Rules ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSMA ,
Insider Trading ,
Market Manipulation ,
Market Participants ,
Member State ,
MiFID II ,
UK ,
UK Brexit
If Britain decides to leave the European Union as a result of a “Brexit” vote on 23 June 2016, the effect on the UK and EU financial services sectors could be significant; in particular, there could be effects on the London...more
Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant.
The City of London is Europe’s key financial...more
3/9/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Banking Authority (EBA) ,
European Economic Area (EEA) ,
Financial Services Industry ,
Investment Management ,
MiFID ,
Referendums ,
UCITS ,
UK ,
UK Brexit
Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more
Removal of the Model Code and Disclosure Rules are among the important modifications.
On 5 November 2015, the UK Financial Conduct Authority (FCA) published its consultation paper addressing the changes it proposes to...more
ESMA has recommended that the AIFMD passport be extended beyond the countries within the European Union to Jersey, Guernsey, and Switzerland.
On 30 July, the European Securities and Markets Authority (ESMA) sent its...more
The consultation paper aims to clarify the classifications of derivatives and provide a consistent approach for entities operating across the EU.
The European Securities and Markets Authority (ESMA) recently published...more