Our Thinking · Europe
On 23 September 2019, the Thomas Cook Group plc (“Thomas Cook”), a world-renowned holding travel group, consisting of nineteen companies, entered insolvency as it was approaching the end of its cash flows and therefore unable to pay its liabilities. As a result, the high court issued an order for the group to be compulsorily liquidated. […]
Our Thinking · Public Funds · Regulatory & Compliance · Europe
The new Prospectus Regulation (EU) 2017/1129 came into effect on 21 July 2019 (the “Prospectus Regulation”) which repealed and replaced the current Prospectus Directive 2003/71/EC (the “Prospectus Directive”). As a result, new prospectuses approved after 21 July 2019, must follow the new regulations and structures of the Prospectus Directive. THE REGIME The […]
Awards & Press · Regulatory & Compliance · Europe
Our Managing Director was recently quoted in an article, “Asset managers face mounting regulatory data costs” by Ignites Europe talking about exponential data costs coupled with the number of licences firms need resulting in increasing costs per year as well as the latest ESMA consultation paper looking into the issue! Check out the article on https://igniteseurope.com
Our Thinking · Public Funds · Regulatory & Compliance · Europe
Following on from our Brexit series which focused on the updated no deal measures in the United Kingdom (“UK”) and in the European Union (‘EU”), this article focuses on the updated no deal measures in Italy and Ireland. In light of how quickly the developments surrounding Brexit evolve, preparations for a no deal Brexit […]
Our Thinking · Regulatory & Compliance · Europe
Earlier this month the Financial Conduct Authority (“FCA”) published a consultation paper on prohibiting the sale to retail clients of investment products that reference crytpoassets (“Consultation Paper”). The Consultation Paper proposes a ban on marketing, distribution and sales of all derivatives and exchange traded notes (“ETNs”) that reference unregulated transferable cryptoassets by firms acting in, […]
Our Thinking · Regulatory & Compliance · Europe
THE CONSULTATION The European Securities and Markets Authority (“ESMA”), launches a public consultation on the development in prices for pre and post trade data and post-trade consolidated tape (“CT”) for equity instruments. Whilst MiFID II sets out the legal framework for operating a CT, to date no CT has been established, meaning MiFID II has […]
Our Thinking · Regulatory & Compliance · Europe
In May 2019, the Financial Conduct Authority (the “FCA”) published their findings of a review they carried out with respect to principal firms (“Principals”) and their appointed representatives (“ARs”) within the investment management sector (the “Review”). The Review included a survey of 338 Principals each with between 1 and 80 ARs. Of the 338 Principals, […]
Our Thinking · Private Funds · Regulatory & Compliance · Europe
A UK based crypto currency hedge fund is the first investment firm in the UK to receive full-scope authorisation from the financial regulator, the Financial Conduct Authority (“FCA”). THE LICENCE In a Bloomberg report published on 2 July 2019, it has been confirmed that the licence will enable the cryptocurrency focussed firm to operate as […]
Our Thinking · Investments & Capital Markets · Europe
In the recent case of, The State of the Netherlands (the “State of the Netherlands“) and Deutsche Bank AG (“DB“)[2019], the Court of Appeal (the “Court”) has confirmed that negative interest is not payable by the party transferring cash collateral (the “Transferor”) under the standard form of the ISDA 1995 Credit Support Annex (the “CSA”). This […]
Our Thinking · Investments & Capital Markets · Europe
BACKGROUND As a consequence of the London Interbank Offered Rate (“LIBOR”) scandal in which several bankers at many major financial institutions manipulated LIBOR by reporting artificially low or high interest rates to benefit their derivative traders, undermining a major benchmark for interest rates and financial products, a Bank of England working group (the “BoE Working […]
When regulation shifts, our General Counsel set out what has changed for your firm and the steps we recommend you take.
We use cookies to analyse site traffic and improve your experience. You can accept or reject analytics cookies. See our Cookie Policy.