On January 13, the UK Financial Conduct Authority (FCA) released the findings of their multi-firm review of how asset management firms select, use and oversee the tools and models they use to manage portfolios (the Review).
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Financial Markets
European Commission Grants Temporary Equivalence to UK CCPs
On December 23, 2019, the European Commission’s (EC) Implementing Decision, which grants temporary equivalence to UK central counterparties (CCPs), was published in the Official Journal of the European Union (EU). This means that the Implementing Decision became law on December 24, 2019.
ESMA Issues SFTR Guidelines
Posted in EU Developments, Financial Markets
On January 6, the European Securities and Markets Authority (ESMA) issued a series of documents concerning the Securities Financing Transaction Regulation (SFTR). SFTR came into force in January 2016, and the reporting obligations will “go live” on April 13.
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European Commission Finalizes Taxonomy Regulation
Posted in EU Developments, Financial Markets
On December 17, 2019, the European Commission published the text of the proposed “regulation on the establishment of a framework to facilitate sustainable investment,” which is also known as the “Taxonomy Regulation.” This forms part of the EU’s sustainable finance reforms. More information is available in the May 10 edition of Corporate & Financial Weekly Digest and December 13 edition of Corporate & Financial Weekly Digest.
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Fifth Money Laundering Directive Becomes Operational
Posted in EU Developments, Financial Markets
On January 10, the changes introduced by the European Union’s fifth Money Laundering Directive (MLD5) became operational. MLD5 came into force on July 9, 2018, but member states had until January 10 to transpose these changes into national law. MLD5 amends and builds on the fourth Money Laundering Directive (MLD4). More information is available in the February 12, 2016 edition of Corporate & Financial Weekly Digest.
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FCA Updates SM&CR Webpage
Posted in Financial Markets, UK Developments
On December 13, the UK Financial Conduct Authority (FCA) updated its webpage for the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms. In particular, the FCA added two new sections to the landing page: “Ongoing requirements for firms;” and “Other considerations.”…
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ESMA Publishes AMP Annual Report
Posted in EU Developments, Financial Markets
On December 13, the European Securities and Markets Authority (ESMA) published their second annual report on the application of the accepted market practice (AMP) regime under the Market Abuse Regulation (MAR). The annual report is available here.…
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FCA Publishes SM&CR Materials
Posted in Financial Markets, UK Developments
On December 9, the Senior Managers and Certification Regime (SM&CR) was extended to around 47,000 UK-based financial services firms. …
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EBA Publishes Action Plan on Sustainable Finance
Posted in EU Developments, Financial Markets
On December 6, the European Banking Authority (EBA) published its action plan on “Sustainable Finance” (the Action Plan), available here.
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ECOFIN Outlines Next Steps for Crypto and Climate Action
Posted in EU Developments, Financial Markets
On December 5, Valdis Dombrovskis made a speech at the conclusion of the first Economic and Financial Affairs Council (ECOFIN) meeting of the new European Commission (EC). Mr. Dombrovskis is the European Commissioner for “an Economy that Works for People”, and is one of the three newly-appointed Executive Vice Presidents of the EC.
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