On May 7, the Financial Conduct Authority (FCA) published a consultation paper on a new UK-authorized fund regime for investing in long-term assets (CP21/12). These assets are often called productive finance and include venture capital, private equity, private debt, real estate and infrastructure investments.
Continue Reading FCA Consults on New Authorized Fund Regime for Investing in Long-Term Assets
ESMA Publishes Consultation Paper on MiFIR Reference Data and Transaction Reporting
Posted in EU Developments, Financial Markets
On September 24, the European Securities and Markets Authority (ESMA) published a consultation paper examining transaction reporting and reference data obligations under the Market in Financial Instruments Regulation (MiFIR) (the Consultation Paper).
Continue Reading ESMA Publishes Consultation Paper on MiFIR Reference Data and Transaction Reporting
ESMA Publishes Letter to the European Commission on the AIFMD Review
Posted in EU Developments, Financial Markets
On August 19, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission on its proposed areas of recommendation for the upcoming review of the Alternative Investment Fund Managers Directive (AIFMD).
Since AIFMD’s implementation in 2011 and as a result of the COVID-19 pandemic, ESMA and EU financial regulators have identified areas of improvement to AIFMD. The review provides an opportunity for their recommendations to be enacted.
Continue Reading ESMA Publishes Letter to the European Commission on the AIFMD Review
European Commission Publishes Report on AIFMD Review
Posted in EU Developments, Financial Markets
On June 10, the European Commission (the Commission) published a report to the European Parliament and Council of the European Union (EU) assessing the application and scope of the Alternative Investment Fund Managers Directive (AIFMD) (the Report).
Continue Reading European Commission Publishes Report on AIFMD Review
Brexit: UK Updates TPR Start Date
On January 28, the UK Government published the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations). This is in response to the passing by the UK Parliament of the Withdrawal Act on Thursday last week, and in anticipation of the UK’s withdrawal from the EU (and start of the implementation period) on January 31 (for more information, please see the January 24 edition of Corporate & Financial Weekly Digest).
Continue Reading Brexit: UK Updates TPR Start Date
ESMA Updates AIFMD Q&A
Posted in EU Developments, Financial Markets
On December 4, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).
The new question concerns the apparent conflict between Article 24(2) AIFMD, which requires managers of alternative investment funds (AIFMs) to report results of liquidity stress tests for all of the alternative investment funds (AIFs) that they manage, and Article 16(1) AIFMD, which exempts managers of closed-ended unleveraged AIFs from conducting liquidity stress tests.
Continue Reading ESMA Updates AIFMD Q&A
FCA Announces Changes to AIFM Submission of Notification and Material Change Under NPPR
Posted in Financial Markets, UK Developments
On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes.
Continue Reading FCA Announces Changes to AIFM Submission of Notification and Material Change Under NPPR
ESMA Consults on Compliance Function for UK and EU Investment Firms
By Neil Robson on
Posted in EU Developments, UK Developments
On July 15, 2019, the European Securities and Markets Authority (ESMA) published a consultation paper (the Paper) setting out draft guidelines on aspects of UK and EU investment firms’ compliance functions under MiFID II (the Draft Guidelines).
ESMA describes the compliance function as “a crucial function within firms, responsible for identifying, assessing, monitoring and reporting on the firm’s compliance risk.”Continue Reading ESMA Consults on Compliance Function for UK and EU Investment Firms
FCA Publishes Supervisory Findings and Dear CEO Letter About Principals and Appointed Representatives in the Investment Management Sector
Posted in Financial Markets, UK Developments
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 80 ARs. The FCA visited 15 of the principal firms for a more detailed review. The FCA was particularly interested in: business model risks; the oversight and ongoing monitoring of ARs; and financial resources.
Continue Reading FCA Publishes Supervisory Findings and Dear CEO Letter About Principals and Appointed Representatives in the Investment Management Sector
European Commission Reports on the Operation of the AIFMD
Posted in EU Developments, Financial Markets
On January 10, the European Commission published a report (dated December 10, 2018) on the operation of the Alternative Investment Fund Managers Directive (AIFMD).
Continue Reading European Commission Reports on the Operation of the AIFMD