Industry News

The Board of the International Organization of Securities Commission – Good Practices for the Termination of Investment Funds

by Emma Cleveland|23 September 2016|Industry News

Purpose The Board of International Organization of Securities Commission (“IOSCO“) have recently published a consultation paper in order to obtain stakeholders’ views on a set of proposed good practices for investors to voluntarily terminate collective investment schemes and other types of funds such as hedge funds, commodities and real estate. The IOSOC are producing these […]

Good Practices for the Termination of Investment Funds – Consultation Report by the IOSCO

by Emma Cleveland|15 September 2016|Industry News

Purpose The Board of the International Organization of Securities Commission (“IOSCO”) have recently published a consultation paper in order to obtain stakeholders’ views on a set of proposed good practices for investors to voluntarily terminate collective investment schemes and other types of funds such as hedge funds, commodities and real estate. The IOSOC are producing these […]

Financial Stability Board addresses structural vulnerabilities within the asset management sector

by Emma Cleveland|27 July 2016|Industry News

The asset management industry has grown exponentially in the past decade, for example, through an increased variety of fund structures and cross border distribution. Consequently, this means that vulnerabilities associated with asset management activities need to be monitored. Therefore, since its launch in March 2015, the Financial Stability Board (“FSB”) has been addressing these potential […]

Access to financial services in the UK

by Emma Cleveland|21 July 2016|Industry News

The FCA commissioned the Occasional Paper no.17 (the “Paper”) as a means of bringing together the views and opinions from both academics and the FCA in order to stimulate ideas and solutions with the aim of improving access to retail financial services. Instigating this type of conversation plays a part in the wider issues of […]

NURS Key Investor Information

by Emma Cleveland|20 July 2016|Industry News

The FCA’s modification by consent of its Conduct of Business Sourcebook (“COBS”), rule 14, means that any firm that is required to provide a key investor information document (“KIID”) to a client must do so after the transaction has taken place rather than before. Initially, this modification was valid until June 2016 but it will […]

Latest MiFID II Delegated Regulations adopted by the European Commission

by Emma Cleveland|13 July 2016|Industry News

On the 8 June 2016, the European Commission (the “EC”) adopted the latest Delegated Acts to supplement MiFID II and its regulatory technical standards (“RTS”) in relation to the reporting requirements and obligation to execute orders on terms most favourable to the client (article 27). Notwithstanding the recent Brexit decision and until there is further […]

ESMA’s technical standards for European Long-Term Investment Funds.

by Emma Cleveland|28 June 2016|Industry News

On 8 June 2016, ESMA published their draft regulatory technical standards (“RTS”) for the European Long Term Investment Fund (“ELTIF”) regime. An ELTIF is an Alternative Investment Fund (“AIF”) that must be managed by an Authorised Fund Manager (“AIFM”) under AIFMD. Subject to certain conditions, the ELTIF regime will allow fund managers to have access […]

The Road to MiFID – key note speech “Towards a New Era of Innovation and Competitiveness” 9 May 2016

by Emma Cleveland|14 June 2016|Industry News

A key note speech by Verena Ross, Executive Directive of ESMA, has recently been published. In the speech, Verena notes how MiFID II/MiFIR is one of the key reform measures in response to the financial crisis, its main aim is to make financial markets more stable and more transparent for investors, therefore it is important that all the […]

ESMA issues Opinion on MiFID II standards on ancillary activities

by Emma Cleveland|9 June 2016|Industry News

The European Securities and Markets Authority (“ESMA”) issued an Opinion on 30 May 2016 in response to a letter sent by the European Commission (“Commission”) asking to amend its draft RTS 20 under MiFID II and MiFIR. RTS 20 provides the necessary criteria to establish when a non-financial firm’s commodity derivatives trading activity is considered […]

FCA: inducements and conflicts of interest

by Emma Cleveland|26 May 2016|Industry News

In 2015 the FCA carried out a thematic review in relation to the benefits (or inducements) provided and received by firms conducting MiFID II business and it included those firms carrying out regulated activities in relation to a retail investment product (“Firms”).