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UCITS
02 Aug
2018

Brexit: HMT publishes details on the Temporary Permissions Regime

HM Treasury has published a draft regulation outlining UK regulators’ plans to smooth the transition for inbound passporting firms in the event of a ‘no deal’ Brexit. The draft regulation outlines a temporary permissions regime that will enable EEA financial services firms operating in the UK via a passport to continue their UK operations for Read More

05 Jul
2017

Asset managers and best execution: obtaining the best possible results from MiFID II

  • 5th July 2017
  • Jordan Dilworth

The end is in sight.  In under six months, the deadline for MiFID II implementation will have passed.  Since its legislative inception, JWG has iterated the importance of forward planning and anticipating the major changes under MiFID II.  In concrete terms, our MiFID Implementation Group (MIG) meetings have provided the platform for senior managers from Read More

19 Jun
2017

Costs and charges: the crossover between MiFID II and PRIIPs

  • 19th June 2017
  • Darshna Pindoriya

Not long now – in less than 6 months’ time – both MiFID II and PRIIPs will become effective across EU Member States. ESMA recently published a Q&A on MiFID II and MiFIR investor protection topics in which 14 new questions were added. These include new Q&As on costs and charges in relation to the Read More

25 Jan
2017

Product governance under MiFID II: working out the kinks

  • 25th January 2017
  • Aoife Quinn

On 17 January, ESMA published advice received from the Securities and Markets Stakeholder Group (SMSG) in relation to the consultation on MiFID II product governance.  This CP was released on 5 October 2016 and it set out to create guidelines relating to the target market assessment.  The SMSG established a working group with the specific Read More

12 Jan
2017
FCA 4th CP, FCA MiFID II, FCA MiFID Consultation, FCA Tied agents, FCA specialist regimes

The FCA’s 4th MiFID II consultation: an eclectic mix of technical standards

On 16 December 2016, the Financial Conduct Authority (FCA) published their fourth and final consultation paper (CP) on implementing MiFID II regulations into domestic regulation by 3 July 2017, which will be applied to firms from 3 January 2018.  MiFID II aims to bolster competition in the EU’s financial market by creating a single market Read More

05 Oct
2016

Securities Financing Transactions Regulation (SFTs) – a regulation that is not only about SFTs

  • 5th October 2016
  • Kara Paslawska

There is no hiding that securities financing transactions, thanks to their role in the financial crisis of 2007-2008, do not have a good reputation.  The Financial Stability Board’s policy framework seeks to address SFTs’ complex and opaque nature through increased transparency of these products to allow clients a more accurate assessment of where to invest Read More

28 Sep
2016

Key regulatory themes for 2016

So far 2016 has been one of the most contentious years since the G20 agreed the regulatory reform agenda seven years ago. With ever-rising costs, increasingly more severe penalties, and continued issues with data quality, it would be easy to claim the plans conceived in the wake of the crisis are not going to get Read More

20 Sep
2016

KID Sent to the Naughty Corner- European Parliament rejects PRIIPS rules

  • 20th September 2016
  • Letitia Bolton

On the 14 September 2016 there was a staggering majority vote against the EU Commission’s Regulatory Technical Standards (RTS) for the PRIIPS key information document (KID), at 602 to 4, with 12 abstentions. The rejection by the Parliament of the implementation rules proposed by the Commission is unprecedented in the financial markets, and now it Read More

15 Aug
2016

ESMA’s advice on AIFMD passport in 12 non-EU countries

  • 15th August 2016
  • Letitia Bolton

On 18 July 2016, ESMA, the European Securities and Markets Authority, published its advice to the European Parliament, the Council and the Commission on extending the Alternative Investment Fund Managers Directive (AIFMD) passport to 12 non-EU countries: Australia, Bermuda, Canada, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Japan, Singapore, Switzerland and the Read More