News & Insights

Our Thinking · Public Funds · Regulatory & Compliance

ESMA proposed guidelines on AIFMD assets segregation

Since the adoption of the AIFMD, the European Securities and Markets Authority (“ESMA”) has produced a range of material relating to the application of the Alternative Investment Fund Managers Directive such as technical advice, guidelines, regulatory technical standards and Q&As. On 1 December 2014, ESMA published a consultation paper with proposed guidelines regarding asset segregation […]

Emma Cleveland24 February 2015

Our Thinking

G20 Leaders Communiqué: ‘Building a stronger more resilient economy’

Following the Brisbane Summit in November, the G20 leaders published a communiqué that addressed many global economic issues. We set out below the following points of regulatory interest from Section 12:

Emma Cleveland11 February 2015

Our Thinking · Regulatory & Compliance · Commercial & Corporate

CPMI & IOSCO’s assessment methodology for financial market infrastructure (FMI) oversight expectations regarding critical service providers

Financial market infrastructures often contract out a number of their operations, such as IT and telecommunications, to third-party service providers. Their reliance on these third-party service providers makes the contracted services critical for the smooth functioning of the financial markets and hence they are often called ‘critical service providers’.

Emma Cleveland4 February 2015

Our Thinking · Regulatory & Compliance

Focus of the FCA (MiFID II)

On 13 January 2015 the FCA issued an update regarding the actions the FCA and HM Treasury will be taking for the implementation of MiFID II. Three main workstreams were discussed:

Emma Cleveland2 February 2015

Our Thinking

Financial Stability Board – G20 Brisbane Summit

The Financial Stability Board (“FSB”) has recently published the following documents that were delivered to G20 leaders attending the Brisbane Summit (the G20 Leaders’ Summit is the principal forum for international economic cooperation and decision-making. As an annual event, the G20 gives world leaders the chance to share ideas and outline visions regarding key international […]

Emma Cleveland2 February 2015

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

Financial Stability Board – Standards and processes for global securities financing data

The Financial Stability Board (“FSB”) has recently published its Standards and Processes for Global Securities Financing Data Collection and Aggregation report. The proposed standards are based on the policy recommendations in the FSB report Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos.

Emma Cleveland28 January 2015

Our Thinking · Public Funds · Regulatory & Compliance

The FCA’s TR14/19 Review on conflicts of interest arising out of the use of IHPs

The FCA have issued a report on their findings of a review of conflicts of interest arising from wealth management and private banking firms’ use of in-house investment products (“IHPs”) in retail discretionary and advisory investment portfolios. The regulator’s review was based on a sample of 18 wealth management and private banking firms with a […]

Emma Cleveland10 December 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

PFOF, HFT and the bigger picture

In its TR 13/14 thematic review, the FCA discussed the implications of payment for order flow on best execution and the integrity of the financial markets. The regulator took a clear stance against payment for order flow and declared its active pursuit against the practice. However, the commercial impact of payment for order flow and […]

Emma Cleveland9 December 2014

Our Thinking · Regulatory & Compliance

FCA issues regulatory fees and levies policy proposals for 2015/2016

On 27 November 2014 the FCA issued their regulatory fees and levies policy proposals for 2015/16 (CP14/26 Regulatory fees and levies: policy proposals for 2015/16). In the paper they have set out the proposed policy changes to the regulator’s fee and levy regimes. The fees policy directly affects all regulated firms and this is reflected […]

Emma Cleveland2 December 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

Dark Liquidity – Why hide orders from the market?

Following the MiFID II conference on 18 September 2014, the FCA have expressed their pursuit towards more lit and transparent trading venues. MiFID II will set new caps on dark trading and will aim to achieve a balance between allowing for the maintenance of sufficient liquidity and bringing orders into the light. Dark trading as […]

Emma Cleveland27 November 2014

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