Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: UK Developments

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UK Private Fund Limited Partnerships

Posted in Financial Markets, UK Developments
HM Treasury has published a revised draft Legislative Reform Order (Order) on amendments to the Limited Partnership Act 1907 (Act), which was laid before parliament on January 16. The Order relates to the new private fund limited partnership (PFLP) structure. The PFLP is designed to reduce the administrative and financial burdens that impact funds under… Continue Reading

HM Treasury Publishes Response to the Transposition of MiFID II Consultation

Posted in Financial Markets, UK Developments
On February 9, HM Treasury published its response (Response) to the consultation that ran from March 27, 2015, to June 18, 2015, on the transposition of the revised Markets in Financial Instruments Directive (MiFID II) into UK domestic law. The Response summarizes responses submitted to the consultation by market participants, as well as the government’s… Continue Reading

FCA Publishes Discussion Paper on Illiquid Investments and Open-Ended Funds

Posted in Financial Markets, UK Developments
On February 8, the UK Financial Conduct Authority (FCA) published a discussion paper (Paper), seeking stakeholder views on open-ended funds investing in illiquid assets. One of the difficulties highlighted in the Paper is the liquidity mismatch that is created when an investor wishes to withdraw its money on short notice, when illiquid assets cannot be… Continue Reading

FCA Extends AIFMD Annex IV Reporting to Master Funds

Posted in UK Developments
On January 25, the UK Financial Conduct Authority (FCA) published amendments to its rules on Annex IV reporting under the EU Alternative Investment Fund Managers Directive (AIFMD). The amendments will affect non-European Economic Area (EEA) Alternative Investment Fund Managers (AIFMs) that market feeder Alternative Investment Funds (AIFs) in the United Kingdom under the United Kingdom’s… Continue Reading

UK Announces Brexit Negotiating Principles

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 17, UK Prime Minister Theresa May laid out the UK government’s negotiating principles for the United Kingdom’s departure from the European Union, which heralds a new, more substantive phase of the Brexit process. The Prime Minister’s theme for the speech was the creation of a “stronger, fairer and global Britain” alongside a “new… Continue Reading

Law Society Publishes Response to Consultation on the Regulatory Perimeter

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On January 10, the Law Society of England & Wales (Law Society) published its response to HM Treasury’s September 2016 consultation (Consultation) on amending the definition of “financial advice” for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (the UK legislation that defines which activities are regulated and with… Continue Reading

ESMA Publishes Follow-Up Report on Peer Review of Best Execution

Posted in EU Developments, Financial Markets, UK Developments
On January 11, the European Securities and Markets Authority (ESMA) published its follow-up report (Follow-Up Report) to its peer review on best execution of European Economic Area (EEA) national regulators. Best execution refers to the obligation under article 21 of the Markets in Financial Instruments Directive (MiFID) for investment firms to execute orders on terms… Continue Reading

Treasury Committee Calls for Written Submissions on EU Transitional Arrangements

Posted in Brexit, EU Developments, Financial Markets, UK Developments
On December 12, the UK Treasury Committee (Committee) published a call for written submissions (Call) on transitional arrangements. The Call forms part of the Committee’s inquiry into the United Kingdom’s future economic relationship with the European Union, and seeks evidence on the possible relationships that the United Kingdom might pursue with the European Union and… Continue Reading

FCA Publishes Updated Page on MiFID II Legal Entity Identifiers

Posted in EU Developments, UK Developments
On December 2, the UK Financial Conduct Authority (FCA) updated its website on the revised Markets in Financial Instruments Directive (MiFID II) to include a new section on transaction reporting and legal entity identifiers (LEI Update) under MiFID II. The LEI Update sets out the function and purpose of an LEI, and clarifies that from… Continue Reading

UK FCA Confirms No Guidance to be Published on the Application of the UCITS Remuneration Code

Posted in EU Developments, Financial Markets, UK Developments
On November 17, the UK Financial Conduct Authority (FCA) updated its webpage focused on Undertakings for Collective Investment in Transferable Securities fund (UCITS) remuneration issues to confirm that it does not intend to publish any specific guidance on the application of the UCITS Remuneration Code. The FCA notes that UCITS management companies may wish to… Continue Reading

FCA Publishes Interim Report on Asset Management Market Study

Posted in Financial Markets, UK Developments
On November 18, the UK Financial Conduct Authority (FCA) published an interim report on its findings from an asset management market study (Report). The FCA launched the market study in November 2015, focusing on competition in the asset management industry and the ability of retail and institutional investors to get value for money when purchasing… Continue Reading

Briefing Paper on Legislating for Brexit and the Great Repeal Bill Published

Posted in Brexit, Brexit/UK Developments, EU Developments, UK Developments
On November 21, the House of Commons published a briefing paper (Paper) that suggested legislation regarding Brexit and the Great Repeal Bill. The Paper covers topics including the likely features of the Great Repeal Bill, the process for repealing the European Communications Act 1972 (ECA), the transposition of EU law into UK law, other primary… Continue Reading

HM Treasury Responds to Consultation on Implementation of UCITS V in the UK

Posted in UK Developments
On October 31, HM Treasury published its response (Response) to the consultation it conducted in Q4 2015 (Consultation) on the United Kingdom’s implementation of the UCITS V Directive (2014/91/EU) (UCITS V). The objective of UCITS V was to make certain changes to the existing UCITS legislative framework to assist in further enhancing the global appeal… Continue Reading

ESMA Publishes Final Guidelines on the Implementation of MiFID II Transaction Reporting

Posted in EU Developments, Financial Markets, UK Developments
On October 10, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on transaction reporting, order record keeping and clock synchronization under the amended and restated Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Guidelines follow a consultation paper published by ESMA in December 2015.… Continue Reading

CFTC and UK Financial Conduct Authority Sign Memorandum of Understanding

Posted in CFTC, Derivatives, Dodd-Frank Developments, UK Developments
The Commodity Futures Trading Commission and the UK Financial Conduct Authority (FCA) have entered into a memorandum of understanding pursuant to which they have agreed to cooperate in the supervision and oversight of certain regulated firms that operate on a cross-border basis in the United States and in the United Kingdom. The affected firms include… Continue Reading

FCA Publishes September 2016 Issue of ‘Market Watch’

Posted in Financial Markets, UK Developments
On September 27, the UK Financial Conduct Authority (FCA) published the 51st edition of Market Watch, its periodic newsletter on market conduct and transaction reporting issues in the United Kingdom. The latest Market Watch provides the FCA’s commentary on its recent thematic review (Review) of market abuse systems and controls in place at UK-regulated firms… Continue Reading

FCA Publishes Further Commentary on Payments for Order Flow

Posted in Financial Markets, UK Developments
On September 27, the UK Financial Conduct Authority (FCA) published an update on its work in relation to payments for order flow (PFOF) in its latest Market Watch newsletter on market conduct and transaction reporting issues. Notably, the commentary on PFOF follows previous guidance on the practice (PFOF Guidance) published by the UK Financial Services… Continue Reading

FCA Publishes New Notification Form for Transaction Reporting Errors

Posted in Financial Markets, UK Developments
On September 15, the UK Financial Conduct Authority (FCA) published a new form (Form) to be used when notifying the regulator of transaction reporting errors or failures in breach of Chapter 17 of the FCA’s Supervision Manual (SUP). Chapter 17 of SUP requires firms to notify the FCA of any transaction reporting errors or failures… Continue Reading

Brexit and Passporting: FCA Statistics

Posted in Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On September 20, the UK House of Commons Treasury Committee published a letter (Letter) from Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), dated August 17. The Letter contains figures on UK firms currently holding single-market “passports” under certain EU directives to provide services or establish branches elsewhere in the European Union. … Continue Reading