Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
The Financial Conduct Authority (“FCA”) brought proceedings against Asset Land Investment plc along with its principal owner and director, Mr. Banner-Eve (the “Appellants”). The Appellants had been found to be operating an unauthorised real estate collective investment scheme (“CIS”).
Our Thinking · Public Funds · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Investments & Capital Markets · Regulatory & Compliance
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 […]
Our Thinking · Public Funds · Regulatory & Compliance
The minutes of the FCA MiFID II implementation roundtable meeting have recently been published. The minutes cover a bespoke Q&A session the FCA held for Trade Associations that covers product governance and the disclosure of costs and charges.
Our Thinking · Regulatory & Compliance
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”).
Our Thinking · Regulatory & Compliance
The latest amendments to the Financial Services Act 2016 (the “Act”) have been published with many provisions such as sections 31, 37 and 39 to 42 having already received Royal Assent on 4 May 2016. Additionally, certain provisions of section 25 of the Act came into force on 10 May 2016 and section 32 came […]
Our Thinking · Public Funds · Regulatory & Compliance
On 7 April 2016 the European Commission published its Delegated Act which deals in particular with the receipt of investment research under MiFID II and consequently how that will effect UK and EU Investment managers.
Our Thinking · Regulatory & Compliance
The MiFID II Implementation Trade Association Roundtable took place on 22 February 2016. The minutes from that meeting have recently been published and they discuss: (1) implementing measures and proposals to delay the date of application of MiFID II; (2) Consultation Paper 15/43; and (3) a report on the recent MiFID II transposition workshop. Below […]
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