News & Insights

Key changes made on ASIC’s regulatory guides from January to June 2022

by Victoria Smith|1 September 2022|Our Thinking

overview On 11 July 2022, the Australian Securities Investments Commission (‘‘ASIC’’) published the ‘January-June 2022 consolidated regulatory document updated tables’, illustrating the changes made to the Regulatory Guides (“RGs”) from January 2022 to June 2022. The RGs have been reissued by ASIC which relate to (1) the Corporate Collective Investment Vehicles (“CCIVs”) and (2) the […]

UK competition law: the CMA’s recommendations on the retained block exemption regulation

by Victoria Smith|31 August 2022|Our Thinking

On 28 June 2022, the Competition and Markets Authority (“CMA”) published its recommendations to the Secretary of State on whether the two EU Horizontal Block Exemption Regulations retained from EU law (“HBERs”), should be renewed or varied after 31 December 2022. This includes certain categories of research and development agreements, in which two or more […]

FCA sets out final rules and guidance for a new Consumer Duty

by Victoria Smith|25 August 2022|Our Thinking

summary On 27 July 2022, the Financial Conduct Authority (“FCA”) published a Policy Statement 22/9 (‘‘PS22/9’’), and provided feedback to its December Consultation Paper 21/36 (‘‘CP21/36’’), setting out the final updated rules on the new Consumer Duty (the “Duty”) which will set higher expectations on the standard of care firms provide consumers in retail financial […]

‘Meet the Team’, trainee cohort: Rebecca Solomon

by Victoria Smith|17 August 2022|Our News

As part of our ‘Meet the Team’ series, over the next few weeks we will be featuring Q&As with our amazing trainee cohort. Today, we are delighted to introduce you to Rebecca Solomon who joined us initially as a paralegal and then was accepted on our trainee programme. We sat down with Rebecca to ask […]

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 […]

Licensing relief in Australia: make hay while the sun shines

by Victoria Smith|4 August 2022|Templates & Guidance

Did you know that if you are a fund manager considering raising funds or providing other financial services in Australia, you may qualify for relief as a “Foreign Financial Services Provider” based on your having FCA authorisations? The Australian Securities and Investments Commission have recently extended the period of transitional relief to 31 March 2024. […]

Meet the Team: Helin Genc

by Victoria Smith|4 August 2022|Our News

At Cleveland & Co we love to celebrate our people and their successes. We’re delighted that Helin Genc, a member of our Legal team, has passed her LPC and is now a step closer to qualifying as a solicitor in England & Wales! To celebrate we sat down and asked Helin a few questions about […]

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 […]