Nathaniel Lalone, a Financial Services partner at Katten Muchin Rosenman UK LLP, will continue to share his insight into the evolution of the relationship between the United Kingdom and European Union in the wake of the Brexit vote. On July 13, he published an article in Bloomberg Law on the issue of the “passport,” which

On December 4, President Obama signed the “Fixing America’s Surface Transportation Act’’ or the ‘‘FAST Act.” In addition to providing for highway and transportation spending, section 750001 of the FAST Act amended Section 503 of the Gramm-Leach-Bliley Act (GLBA) by eliminating under certain circumstances the GLBA requirement that financial institutions provide annual privacy notices (new GLBA Section 503(f)). For a more general look at the FAST Act, see “FAST Act Legislation and Impact on Securities Law” in the SEC/Corporate section.
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On August 25, the European System of Central Banks (ESCB), in cooperation with the European Commission (EC), provided its contribution to the EC in connection with the EC’s obligation to provide an assessment of the need for any measure to facilitate the access of central counterparties (CCP) to central bank liquidity facilities as required under Article 85(a)(1) of Regulation (EU) No. 648/2012 on over-the-counter (OTC) derivatives, CCPs and trade repositories (EMIR).
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The European Securities and Markets Authority (ESMA) has published the responses received by ESMA, the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) on the Technical Discussion Paper on Risk, Performance Scenarios and Cost Disclosures In Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPS). 
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Under Article 85(1) of the European Market Infrastructure Regulation (648/2012/EU) (EMIR), the European Commission (EC) is required to submit a general report on EMIR to the European Parliament and the European Council on the functioning of certain aspects of the EMIR framework. In connection with that review, the European Securities and Markets Authority (ESMA) published four reports providing information for the EC’s review and also providing various recommendations on amending EMIR at both Level 1 and Level 2 provisions.
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The Corporate & Financial Weekly Digest edition of October 17, 2014, discussed the Small Business, Enterprise and Employment Act 2015 (SBEE) and the potential impact the proposed transparency provisions will have on UK corporate structures and limited liability partnerships and the potential impact these rules will have on UK Crown Dependencies and Overseas Territories. The SBEE received Royal Assent on March 26 and certain provisions have come into force while other provisions remain the subject of further consultation and draft regulations.
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On June 29, the Council of the European Union announced that its Permanent Representatives Committee (Coreper) approved a final compromise text of the proposed regulation on reporting and transparency of securities financing transactions (SFT Regulation). The compromise brings consensus to variations between the European Commission’s proposal published on January 29, 2014 (2014/0017 (COD)) and the European Parliament’s draft report. The final text of the compromise text, which can be found here, was published along with an “I” item note inviting the Coreper to agree. If approved by the Parliament on October 27 as anticipated, the SFT Regulation could be in force as early as the first calendar quarter of 2016. The SFT Regulation is intended to provide transparency in securities financing transactions and is part of the Financial Stability Board’s and European Union’s initiative on “shadow banking.”
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The theme of corporate governance and effective board oversight within the alternative investment funds industry continues to be debated among investment fund boards, investment managers, institutional investors and regulators alike, with the latest guidance being published by the Central Bank of Ireland on June 16. A copy of the Industry Letter can be found here.
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The US District Court of Massachusetts in U.S. v. McPhail, et. al., Case No. 1:14-cr-10201, 2015 WL 2226249 (D. Mass. May 12, 2015), denied the defendants’ motion to dismiss an insider trading indictment in the wake of the U.S. v. Newman insider trading decision issued by the US Court of Appeals for the Second Circuit in 2014, which requires prosecutors to prove that the tippee had knowledge of the personal benefit received by the tipper who initially conveyed the insider information.
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