Our Thinking

FCA changes for Appointed Representatives

by Victoria Smith|17 August 2022|Our Thinking

The Financial Conduct Authority (“FCA”) has confirmed new rules to improve oversight of Appointed Representatives (“AR”), which will take effect on 8 December 2022 (“New Rules”). The AR regime is set in primary legislation and allows unauthorised firms to engage in regulated activities without having to be authorised by the FCA. The New Rules will […]

EU Commission publishes RTS under SFDR in the Official Journal

by Victoria Smith|16 August 2022|Our Thinking

On 25 July 2022, the European Commission (the “Commission”) published the Commission Delegated Regulation (EU) 2022/1288 (the “Regulation”) in the Official Journal, setting out the details of the Regulatory Technical Standards (the “RTS”) relating to the Sustainable Finance Disclosure Regulation (the “SFDR”) and EU Taxonomy Regulation… next steps The finalised version of RTS has now […]

Updated guidance for CCIVs

by Victoria Smith|8 August 2022|Our Thinking

summary The Australian Securities and Investments Commission (“ASIC”) released two key materials regarding the licencing and additional requirements for corporate collective investment vehicles (“CCIVs”), effective from 1 June 2022. ASIC initially published CP360: Corporate Collective investment vehicles: Preparing for the commencement of the new regime (CP360) in March 2022, seeking feedback on proposed guidance regarding […]

Financial Services: How will the UK regulate for the future?

by Victoria Smith|3 August 2022|Our Thinking

On 29 April 2021, the Financial Services Act 2021 (the “FSA 2021”) received Royal Assent. The main purpose of the FSA 2021 is to set forth a regulatory framework for financial services in the United Kingdom (“UK”) fit for today’s world. Following the wave of changes initiated by the FSA 2021 following the UK’s departure […]

FCA Handbook Notice No. 101

by Vicki McEwan|27 July 2022|Our Thinking

On 18 July 2022, the Financial Conduct Authority (“FCA”) published its Handbook Notice No.101, addressing the changes to its Handbook (the “Handbook”), along with relevant consultation feedback. The following instruments were introduced on the 23 June and 15 July 2022: Collective Investment Schemes Sourcebook (Side Pockets) (Russia) Instrument 2022 (“COLL Instrument”) Dormant Assets Instrument 2022 […]

Latest guidance on Sustainable Finance Disclosures (SFDR) for fund management companies

by Victoria Smith|20 July 2022|Our Thinking

background The European Commission (“EU Commission”), the European Securities and Market Authority (“ESMA”) and the European Supervisory Authorities (“ESA”) have recently published new (and eagerly anticipated) guidance for fund management companies on SFDR regulation[1].The trifold guidance (together, “Guidance”) included: conclusion The Guidance promotes supervisory convergence to combat greenwashing. Fund management companies should assess their sustainable […]

European Parliament: Draft report on AIFMD II

by Victoria Smith|12 July 2022|Our Thinking

On 16 May 2022, the European Parliament issued its draft report (“Report”) on the European Commission’s (“EC”) proposals to amend the existing Alternative Investment Fund Managers Directive (“AIFMD”). The Report, which reflects stakeholder feedback, seeks to align regulation with commercial and legal reality… next steps The Report’s proposals will be debated, following which, a majority […]

Funded class actions as managed investment schemes? Recent Australia Federal Court decision says no!

by Victoria Smith|30 June 2022|Our Thinking

On 16 June 2022, the Full Federal Court of Australia in LCM Funding Pty Ltd v Stanwell Corporation Limited [2022] FCAFC 103 (‘LCM’) held that funded class actions are no longer considered to be managed investment schemes (“MIS”) for the purpose of the Corporations Act 2001 (“CA 2001”)… next steps Parliament has not amended the […]

Liability of non-contracting party for breach of warranty and misrepresentation claims

by Victoria Smith|27 June 2022|Our Thinking

The High Court recently handed down a 200-page judgement in the case of Ivy Technology Ltd v Martin [2022], following a two-week trial. The High Court considered whether a seller of shares under a share purchase agreement (“SPA”), pursuant to which it purported to sell as the sole beneficial owner of 100% of the target […]

FCA Policy Statement on diversity and inclusion on company boards

by Victoria Smith|16 June 2022|Our Thinking

SUMMARY On 20 April 2022, the Financial Conduct Authority (“FCA”) published its final statement regarding diversity and inclusion on company boards and executive management with a view to increasing the disclosure of diversity and inclusion on listed company boards and executive committees, with benefits to corporate governance and management decision making (“PS22/3”). PS22/3 sets out […]