Podcast: ESMA Report: Undue Pressure on Companies
Crypto-asset firms are increasingly focused on the impact of MiCA on their businesses both from the perspective of high-level strategy and in relation to changes to their day-to-day compliance arrangements. MiCA represents a...more
Fund Tokenisation: The Financial Conduct Authority (“FCA”) published a press release announcing that it has joined the Monetary Authority of Singapore’s Project Guardian, a collaborative initiative with the financial industry...more
Annual transparency calculations for non-equity instruments: ESMA grants option to postpone to 21 September 2020 - The European Securities and Markets Authority (ESMA) has announced that trading venues and investment...more
In the 2018 edition of this publication, we ended the introduction with the line, “We can only hope that we will enter 2019 with greater certainty than 2018 as to how the regulatory landscape will look.” Unfortunately,...more
On 6 July 2017, ESMA updated its Q&A relating to the Market Abuse Regulation ("MAR") which included a clarification on the definition of a "closely associated person" for the purposes of Article 3(1)(26) of MAR. Under Article...more
A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. ...more
Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more
First director disqualification: UK focus on pursuing individuals as well as companies for breach of competition law - The UK's Competition and Markets Authority has secured its first disqualification of a director of a...more
The EU Regulation on Market Abuse (“MAR”) prohibits a person from unlawfully disclosing inside information relating to securities within the scope of the legislation. An unlawful disclosure is made when a person possesses...more
The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more
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
SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more
Regulation 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (also known as the Market Abuse Regulation, hereinafter referred to as MAR) became directly applicable in all EU Member States...more
Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more
The EU Market Abuse Regulation (596/2014) (“MAR”) applies from 3 July 2016. This guide is intended as an aid to asset managers in assessing, in the weeks running up to 3 July but also on an ongoing basis, whether amendments...more
On March 9, the European Commission adopted a delegated Regulation (and an accompanying Annex) in relation to the EU Market Abuse Regulation (MAR). The delegated Regulation sets out arrangements, systems and procedures and...more
On February 26, the European Commission adopted a Delegated Regulation supplementing the Market Abuse Regulation (No. 596/2014) (“MAR“) laying down regulatory technical standards on accepted market practice. MAR defines...more
On February 10, the European Commission published a press release announcing it is proposing a one year extension to the application date of the MiFID II legislative package (that is, the MiFID II Directive (2014/65/EU) and...more
AIFMD – Updated Q&As Clarify Position on Sub-Delegation of Custody by AIF Depositaries - ESMA updated its Q&As on 1 October regarding the application of the AIFMD, clarifying its position on AIFMD provisions on...more