News & Insights

ESMA proposed guidelines on AIFMD assets segregation

by Emma Cleveland|24 February 2015|Industry News

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 […]

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

by Emma Cleveland|11 February 2015|Industry News

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:

Reduce your drafting time – our templates are now available for purchase!

by Emma Cleveland|11 February 2015|Our News

We are pleased to announce that our wide selection of templates and guidance notes are now available to purchase.

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

by Emma Cleveland|4 February 2015|Industry News

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’.

Focus of the FCA (MiFID II)

by Emma Cleveland|2 February 2015|Industry News

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:

Financial Stability Board – G20 Brisbane Summit

by Emma Cleveland|2 February 2015|Industry News

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 […]

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

by Emma Cleveland|28 January 2015|Industry News

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.

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

by Emma Cleveland|10 December 2014|Industry News

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 […]

PFOF, HFT and the bigger picture

by Emma Cleveland|9 December 2014|Our Thinking

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 […]

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

by Emma Cleveland|2 December 2014|Industry News

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 […]