Funds

Brexit Outline Political Declaration: Initial indicators for the financial services industry

Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services.  More detail is expected on this next week. The draft withdrawal agreement provides … Continue reading

Leave a Comment

Filed under Article 50, Asset management, Banking, Draft Legislation, EU, Europe, Funds, HM Treasury, Investment Funds, UK

FCA publishes proposals to extend the Senior Managers and Certification Regime

The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading

Leave a Comment

Filed under Asset management, Banking, Funds, Investment banking, Investment Funds, UK

UK FCA ASSET MANAGEMENT MARKET STUDY – FINAL REPORT

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 … Continue reading

Leave a Comment

Filed under Asset management, FCA, Funds, Regulatory Reform

AIFMs, UCITS managers and proprietary trading firms: EU MAR surveillance and STORs requirements apply

With just under 5 weeks to go before the Market Abuse Regulation comes into application across the EU, the European Securities and Markets Authority (ESMA) on Monday clarified that the obligations to detect and report market abuse under Article 16(2) … Continue reading

Leave a Comment

Filed under Asset management, Banking, EU, Funds, Insurance, Investment banking, Investment Funds, Uncategorized

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 … Continue reading

Leave a Comment

Filed under Asset management, Europe, European Regulation, Funds

UK: no Suremime-type duty of care owed directly to customer in connection with past business review

Six months after the High Court's surprising judgment in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB), the recent decision in CGL Group Limited v Royal Bank of Scotland [2016] EWHC 281 (QB) will be encouraging for financial … Continue reading

Leave a Comment

Filed under Asset management, Banking, Commercial Litigation, Funds, Insurance, Investment banking

EU: Final ESMA Guidelines on UCITS V remuneration provisions: ESMA addresses the application of the proportionality principle under UCITS V and AIFMD

The European Securities and Markets Authority ("ESMA") has published its final guidelines on the remuneration requirements of the UCITS V directive (the "UCITS V Guidelines").  The key issue addressed by ESMA is the ability for smaller or less complex managers … Continue reading

Leave a Comment

Filed under Asset management, EU, Funds

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 … Continue reading

Leave a Comment

Filed under Americas, Asia, Australia, Banking, Europe, European Regulation, Funds

Hong Kong regulator loses battle on the fight against unauthorized advertisement, but the war continues

On 20 March 2015, the Hong Kong Court of Final Appeal (CFA) allowed the appeal by Pacific Sun Advisors Limited and its Chief Executive Officer, Mantel, Andrew Pieter, which effectively confirmed their earlier acquittal by the Magistrate of offences relating … Continue reading

Leave a Comment

Filed under Asia, Funds, Hong Kong

UK: Proposed FCA Technical Notes on closed-ended investment companies

You would be forgiven if the Financial Conduct Authority (“FCA”)’s rather plainly titled ‘Primary Market Bulletin No. 11‘ passed you by in the lead up to our, now distant, Easter break.  If that is so, and you have even a … Continue reading

Leave a Comment

Filed under FCA, Funds, UK, UK Regulations