News & Insights

Regulation – supporting vibrant markets: a speech by Martin Wheatley, CEO of the Financial Conduct Authority, 2 June 2015

by Emma Cleveland|30 June 2015|Industry News

In his speech at the Future of Financial Services event in London, Mr Wheatley discusses how innovation, competition and regulation can be effectively managed to benefit both consumers and businesses. Mr Wheatley argues that we need effective regulation that protects consumers but which doesn’t stifle innovation, because innovation creates competition in business which is beneficial to […]

The Prudential Regulatory Authority’s consultation paper (CP18/15) – Corporate governance: board responsibilities

by Emma Cleveland|16 June 2015|Our Thinking

The Prudential Regulation Authority (“PRA”) has recently published a supervisory statement that identifies the key aspects of board governance that PRA-regulated firms should pay attention to, as they are the aspects which the PRA sees as particularly important to proper board governance.

MiFID II Impacts and Implementation

by Emma Cleveland|11 June 2015|Our Thinking

On 3 January 2017, MiFID II will be implemented with far-reaching implications for many financial services firms. Firms may be concerned about the compliance changes required and the time it may take to ensure they are fully prepared come January.

Investment Association – Statement of Principles

by Emma Cleveland|27 May 2015|Industry News

On 28 April 2015, the Investment Association published their Statement of Principles for Investment Managers. The Principles aim to set out behaviours which go beyond the regulatory requirements of “treating consumers fairly” by seeking to “represent a culture of excellence for investment managers in helping clients succeed in their financial goals”.

Multilateral Trading Facilities – Good practice observations and finalised guidance on the MTF Rulebook

by Emma Cleveland|26 May 2015|Industry News

An MTF, even though sometimes referred to as ‘male-to-female’, for the purpose of this article means Multilateral Trading Facility. MTFs are non-exchange financial trading venues which are often used as alternatives to traditional stock exchanges.

How to avoid £126 million FCA fines

by Emma Cleveland|26 May 2015|Industry News

On 14 April 2015 the FCA published a notice against two subsidiaries of Bank of New York Mellon Group, referred to as “the Firms”, issuing them with a record financial penalty of £126,000,000 for failing to comply with the FCA Client Assets Sourcebook (Custody Rules, or CASS), which applies to safe custody assets and to […]

SPL Private Finance (PFI) IC Ltd v Arch FP LLP [2014] (Commercial Court) (Article 3 of our “Fiduciary Duties” Series)

by Emma Cleveland|14 May 2015|Our Thinking

The recent case of SPL Private Finance v Arch FP 2014 has served as somewhat of a reminder that investment managers are not always outside of the scope of fiduciary obligations, despite attempts to exclude such in contract. In particular, the decision in Arch brings some needed clarification to a topic that is generally surrounded […]

Key benefits of using Irish Collective Asset-management vehicles

by Emma Cleveland|12 May 2015|Industry News

Shortly after the enactment (Feb/March 2015) of the Irish Collective Asset-management Vehicle Bill 2014 (the “Bill”) and innovative investment vehicle called an Irish Collective Asset-Management Vehicle (“ICAV”) will be made available. ICAVs are tailor made corporate fund vehicles for both UCITs and AIFs which provide a pro-active approach to meeting the evolving needs of fund […]

Commercial contracts – key cases

by Emma Cleveland|30 April 2015|Our Thinking

Our key cases glance card contains practical take away points and drafting tips from some of the most notable cases of 2014 in regards to commercial contracts. Should you have any questions regarding any commercial contract matter, Cleveland & Co is here to help.

Consultation on amendments to the Prospectus Directive

by Emma Cleveland|29 April 2015|Our Thinking

On 18 February 2015, the European Commission published a consultation paper seeking responses to a number of questions concerning the effectiveness of the Prospectus Directive. The objective of the paper is to reform and reshape the current prospectus regime in order for it to better serve and facilitate capital raising with a particular focus on […]