On May 28, the International Organization of Securities Commissions (IOSCO) published a consultation paper on regulating crypto-asset trading platforms (CTPs). The consultation paper describes issues and risks identified by IOSCO in relation to CTPs. The consultation paper describes key considerations and provides related toolkits that are intended to assist regulatory authorities who may be evaluating… Continue Reading
On May 31, the UK Financial Conduct Authority (FCA) published its policy statement titled “Proposals to Promote Shareholder Engagement: Feedback to CP19/7 and Final Rules” (PS19/13), which implements aspects of the Shareholder Rights Directive II (SRD II). PS19/13 follows the FCA’s consultation on its draft rules relating to SRD II. The FCA states that PS19/13… Continue Reading
On May 24, the UK Financial Conduct Authority (FCA) published a press release confirming that it is extending the deadline for notifications for the temporary permissions regime (TPR) to October 30. TPR would allow European Economic Area-based firms passporting into the UK to continue new and existing regulated business within the scope of their current… Continue Reading
On June 4, the European Securities and Markets Authority (ESMA) announced that it had published an updated version of each of its questions and answers documents (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive.… Continue Reading
On June 3, the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on a draft opinion on sustainability within the Solvency II Directive, following a request from the European Commission in August 2018.… Continue Reading
On June 3, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).… Continue Reading
On May 29, the European Securities and Markets Authority (ESMA) published a revised statement outlining its approach relating to the trading obligation for shares (TO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR), if the United Kingdom were to leave the European Union (Brexit) without a withdrawal agreement (no-deal Brexit) and without… Continue Reading
On May 28, the regulation amending the European Market Infrastructure Regulation (EMIR), or EMIR REFIT, was published in the Official Journal of the European Union. A handful of provisions are subject to delayed implementation (per Article 2, thereof), but the majority will go into effect on June 17, being 20 days after publication.… Continue Reading
On May 27, the European Securities and Markets Authority (ESMA) published an updated opinion on the ancillary activities calculation under the revised Markets in Financial Instruments Directive (MiFID II). Article 2(1)(j) of MiFID II provides an exemption for persons dealing on their own account or providing investment services relating to commodity derivatives, provided that their… Continue Reading
On May 24, the European Securities and Markets Authority (ESMA) published a call for evidence on position limits and position management in commodity derivatives. The call for evidence has been launched so that ESMA can provide advice to the European Commission for its report on the impact of position limits and position management on commodity… Continue Reading
On May 20, the UK Financial Conduct Authority (FCA) published a webpage with findings from its supervisory work on how principal firms in the investment management sector understand and comply with their regulatory responsibilities in respect of their appointed representatives (ARs). The FCA conducted a survey of 338 principal firms, each with between one and… Continue Reading
On May 22, the UK Financial Conduct Authority (FCA) published a statement welcoming the launch by the Cost Transparency Initiative (CTI) of finalized and industry-ready templates for the standardized disclosure of costs and charges to institutional investors in the asset management sector.… Continue Reading
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the… Continue Reading
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted at first reading the proposed Regulation to amend the European Markets Infrastructure Regulation (EMIR), or the EMIR Refit Regulation. This follows the preliminary political agreement the Council of the EU and the European… Continue Reading
On May 2, the UK Financial Conduct Authority (FCA) updated its webpage on the United Kingdom’s national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows non-European Economic Area (EEA) alternative investment funds (AIFs) that are managed by full-scope UK and EEA alternative investment fund managers (AIFMs), as well… Continue Reading
On May 3, the European Securities and Markets Association (ESMA) published final reports on technical advice to the European Commission (EC) on integrating sustainability risks and factors in the core EU asset management directives: the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; the Alternative Investment Fund Managers Directive (AIFMD); and the revised… Continue Reading
Although the pending reforms to the European Market Infrastructure Regulation (EMIR), commonly referred to as EMIR REFIT, have not yet gone into effect, US and other non-EU managers of non-EU alternative investment funds (AIFs) should start determining now whether they will be affected, and, if so, commence preparations for compliance. Any non-EU AIF that is currently classified as… Continue Reading
On April 23, the UK Financial Conduct Authority (FCA) published a report on payment for order flow (PFOF). The report provides an update on the FCA’s supervisory work on conflicts of interest and PFOF, and it follows the FCA’s preliminary findings that were published in issue 56 of its Market Watch newsletter (as reported in… Continue Reading
On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the… Continue Reading
On April 17, the UK Financial Conduct Authority (FCA) published issue 59 of its Market Watch newsletter. In this issue, the FCA details its findings on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Market Abuse Regulation (MAR).… Continue Reading
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it has signed two updated memoranda of understanding (MOUs) with the Securities and Exchange Commission. Both MOUs aim to ensure the continued ability of the United Kingdom and the United States to cooperate and consult with each other regarding the… Continue Reading
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it had published its final instruments and guidance that will apply if the United Kingdom withdraws from the European Union without a deal or an implementation period (No-Deal Brexit).… Continue Reading
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on November 12, 2018 (as reported in the November 16, 2018 edition of the Corporate & Financial Weekly Digest).… Continue Reading
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD). In their updated Q&As, ESMA has added the following under section VII: Q&A 6, on the treatment of short-term interest rate futures for… Continue Reading
