Brexit & Financial Services: Preparing for the End of the Transition Period
The Council of the European Union has announced that it has agreed its negotiating position on the retail investment package and published the relevant texts. The package consists of an amending Directive, known as the...more
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
Background - On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular,...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more
The European Commission adopted its Retail Investment Package on 24 May 2023 as part of its 2020 Capital Markets Union Action Plan. The main objective is to strengthen the protection of retail investors in the European Union...more
The consumer/retail sector has been the subject of a number of publications this week, including the European Commission’s Retail Investment Package and the FCA’s consultation on a new framework for firms to better support...more
As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs. On 24 May 2023, the European Commission (Commission)...more
New ESMA guidance less strict than the established UK position on PFOF. On 13 July 2021, ESMA published a statement on payment for order flow (PFOF), the practice of brokers receiving payments from third parties for...more
ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more
1 November - The Prudential Regulation Authority ("PRA") published a Dear CEO letter in relation to the reliability of regulatory returns. Firms are expected, if asked, to be able to respond promptly to a request from...more
The Banking Reform Package marks a milestone in the new EU regulatory landscape. On 27 June 2019, a series of measures referred to as the Banking Reform Package comes into force, subject to various transitional and staged...more
Law amending Financial Market Laws to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013 as amended by Regulation (EU) 2017/2401 published in the Federal Law Gazette - The Law amending Financial Market Laws to...more
The European Banking Authority and the European Securities and Markets Authority have published a joint statement on the treatment of retail holdings of debt financial instruments under the EU Bank Recovery and Resolution...more
MIFID II – EMSA updates Q&As on commodity derivatives topics and asks European Commission to clarify “ancillary activity” test under MiFID II - ESMA updated its Q&As on 27 March 2018 on commodity derivatives topics...more
BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more
SEC OCIE Examinations Announces 2018 Examination Priorities - On February 7, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") announced its 2018 examination...more
The performance of investment services and activities by entities established in third countries in Italy is becoming an increasing concern among specialized operators for the obvious reason, which will be discussed...more
Background - On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a...more
In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more
Commencing on 1 January 2018, European and non-European entities or persons producing or selling packaged retail investment and insurance-based products (so-called PRIIPs) to retail investors in Europe, will be required under...more
The European Parliament voted to object to draft regulatory technical standards (“RTS”) implementing the Packaged Retail and Insurance Investment Products (PRIIPs) Regulation (the “Regulation”) on 14 September 2016. The draft...more
The Council of the European Union on 13 May 2014 formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive (MiFID), which has been in force since 2007. The new...more