On 28 June 2017, the FCA published the highly anticipated final findings of its Asset Management Market Study ("Final Report"), which can be accessed here. This follows the release of its interim report in November 2016 and the subsequent intensive… Read more

MiFID II: Where do asset managers go from here?

The one year delay to the implementation of MiFID II provided the industry with some welcome respite from the seemingly unrelenting waves of regulatory reform. European regulatory implementation timetables are always tight but the original MiFID II timetable was proving… Read more

The EU Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation (SFTR) entered into force on 12 January 2016.  The SFTR has a broad scope with extraterritorial and retrospective reach, and impacts on both EU and non-EU financial and non-financial counterparties.  All firms involved in securities… Read more

China plans to reshuffle foreign investment regulation

After a long wait, on 19 January 2015, China's Ministry of Commerce (MOFCOM) released the draft Foreign Investment Law for public comment.  The draft Foreign Investment Law represents a significant step forward in China's continuing reform and opening-up.  When it… Read more

UK FSA prohibits short-selling in some Italian shares in support of CONSOB ban

The FSA has temporarily prohibited short-selling in the following financial instruments: Banco Popolare shares (ISIN code: IT0004231566) Mediolanum shares (ISIN code: IT0001279501) Banca Carige shares (ISIN code: IT0003211601) INTESA shares (ISIN code: IT0000072618) This temporary prohibition applies on all UK trading venues on which the above instruments are… Read more

Updates to European Commission’s MiFID Q&A website

The European Commission has published new questions and answers on several issues related to the Markets in Financial Instruments Directive (MiFID).  The answers consider: whether a London Metal Exchange Warrant constitutes a "transferable security" within MiFID; the application of MiFID to Binary Options;… Read more

New UK Investment Trust Company Tax Regime – Final Regulations

The Investment Trust (Approved Company) (Tax) Regulations 2011 (the Regulations) have been published. Once the Regulations have been approved by Parliament the process of the modernisation of the investment trust company (ITC) tax regime will have been completed. Corresponding changes… Read more

Investment funds update

Update at a glance including Alternative Investment Fund Managers Directive, Hedge Fund Standards Board and RDR platform proposals. ... Read more