Our Thinking · Investments & Capital Markets · Regulatory & Compliance · Europe
On 21 November 2017, ESMA added 2 new questions and answers to its Q&A (the “Q&A”) on the Market Abuse Regulation (“MAR”). The purpose of the Q&A is to provide clarity on the practical application of MAR with the aim of promoting a common supervisory approach. The latest updates to the Q&A have been made […]
Our Thinking · Investments & Capital Markets · Regulatory & Compliance · Europe
Whilst derivatives market players are running at full throttle to implement all measures required under the European Market Infrastructure Regulation (“EMIR”) in advance of the next regulatory deadline which will require the collateralisation of physically settled foreign exchange (“FX”) forwards as from 3 January 2018 (“FX Deadline”), the European Supervisory Authorities (“ESAs”), regulators and firms […]
Our Thinking · Regulatory & Compliance · Europe
MiFID II comes into force from 3 January 2018, and introduces a new model (replacing the current commission sharing arrangements) under which research provided by a third party to an investment firm must be paid for. Therefore, firms can no longer be provided with research without additional charges as part of another service (such as execution […]
Our Thinking · Regulatory & Compliance · Europe
The European Securities and Markets Authority (“ESMA”) has issued two warning statements on initial coin offerings (“ICOs”), one on the risks of ICOs for investors and one on the rules applicable to firms involved in ICOs. ESMA is concerned about the rapid growth in ICOs globally and that both investors and firms may be unaware […]
Our Thinking · Regulatory & Compliance · Europe
In November, the FCA will be launching an Asset Management Authorisation Hub (the “Hub”) designed to assist new firms through the FCA authorisation process. In 2016 alone, the FCA approved 204 authorisation applications for asset managers. The establishment of this Hub comes as a result of criticism that regulators and applicable rules can make it […]
Our Thinking · Public Funds · Regulatory & Compliance · Europe
A recent report from the European Commission (“EC”) covering the final stages of its Capital Markets Union (“CMU”) initiative (a key initiative for Europe) aims to ease managers’ capacity to lend to and invest in European businesses. The EC’s vice-president Valdis Dombrovskis said “we want to create the right conditions for more funding to flow to […]
Our Thinking · Investments & Capital Markets · Regulatory & Compliance · Europe
A record 3,730 suspicious transaction and order reports (“STORs”) of suspected insider dealing and market manipulation have been submitted to the FCA in the first 9 months of this year*, 24% more than in all of 2016 (3,008). Banks, brokers and regulated firms have to report suspected insider dealing and market manipulation, like those that […]
Our Thinking · Regulatory & Compliance
On 26 July 2017, the FCA published its consultation paper CP 17/25 regarding the extension of the Senior Managers & Certification regime (“SM&CR”) to all FCA firms. The purpose of extending the SM&CR regime is to raise the standard of conduct for everyone who works within with financial services industry and to make the more […]
Our Thinking · Regulatory & Compliance · Europe
The FCA has recently issued a consultation paper (“CP 17/29”) on minor amendments to the Client Assets sourcebook (“CASS”). These amendments are as a result of feedback received by the FCA from the industry regarding the difficulties that investment firms are experiencing when depositing client money at banks in accordance with CASS requirements. This feedback […]
Our Thinking · Regulatory & Compliance
The final report (the “Final Report”) released by the International Organisation of Securities Commission (“IOSCO”) at the end of July sets out their findings on how jurisdictions are progressing since IOSCO published their 2014 report (the “Report”) regarding the protection of client assets. IOSCO’s review team has looked into whether and to what extent the […]
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