Of relevance to: All firms in the UK’s financial services sector Key date: 29 March 2019 The Draft Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (“Draft UK EU Withdrawal Agreement”) was published on [...]
Of relevance to: Any firm subject to MiFID II transaction reporting obligations Key date: LEIs must be in place by 3 January 2018 The Global Legal Entity Identifier Foundation (GLEIF) has published its first Entity Legal Forms (ELF) Code List, showing more than 1,600 entity legal forms across over 50 [...]
Of Relevance to: Hong Kong Licensed Firms A reminder that the SFC’s rules for the Manager-in-Charge requirements (“MIC Rules”) came into effect on 18 April 2017, with the need for Licensed Corporations to submit certain information to the SFC about their MICs and organisation structure by 17 July 2017. A [...]
Of Relevance to: FX Market Participants This new Code is relevant to all FX market participants, whether buy-side or sell-side, regardless of ‘product’, including E-Trading Platforms (page 4 provides a guide to the types of entities to which the Code will be relevant – ranging from the treasury operations of [...]
Of interest to: Hong Kong Licenced Firms A reminder of the annual submissions due to the SFC by Friday 28 April 2017 for firms having their financial year ending December: 1. Account Disclosure Document for Licensed Corporation – prepared by the firm; 2. Audit Questionnaire – prepared by the firm’s [...]
Of interest to: Hong Kong Licenced Firms Effective 1 February 2017, all Hong Kong Securities and Futures Commission (“SFC”) applications, notifications and annual returns filed by Licensed Representatives (which includes Responsible Officers) must be submitted by way of the SFC’s online portal https://portal.sfc.hk/sfcportal/signin?locale=en (“Portal”). Submissions by Licensed Corporations and their [...]
Of relevance to: AIFMs and, non-EU fund managers As we know (see Regulatory Roundup 78) the AIFMD allows for the extension of the marketing passport to EU AIFMs of non-EU AIFs (currently such marketing is subject to the national private placement regime – “NPPR”) and to non-EU AIFMs (currently also [...]
Brexit and its Implications The votes have been counted and ‘Brexit’ has won the day. The UK electorate has voted 52% to 48% to leave the European Union (EU). The Prime Minister David Cameron has announced he will resign in the Autumn as soon as a new Leader of the [...]
Of Relevance to: Hong Kong Licenced Firms Financial Year 2015: Submissions to the Hong Kong SFC For Hong Kong Licensed Corporations with a fiscal year ending 31 December, there are certain annual submissions due to the SFC by Friday 29 April 2016: Account Disclosure Document for Licensed Corporation (“ADD”) – [...]
The President of the United States, Barack Obama, signed into law the Fixing America’s Surface Transportation (“FAST”) Act on 4 December 2015. The FAST Act included an amendment of the consumer privacy provisions of the Gramm-Leach-Biley (“GLB”) Act revising the requirement for Financial Institutions to provide an annual privacy disclosure. [...]
The International Tax Compliance Regulations 2015 (SI 2015/878) came into force in April this year which capture: The OECD’s Common Reporting Standards (CRS) The Directive on Administrative Cooperation (DAC) (2011/16) which implements the CRS in the EU The UK’s FATCA Agreement with the US The effect will be to place [...]
The Alternative Investment Fund Managers Directive (AIFMD) – see past Regulatory Roundups e.g. No. 15 – has taken a long time coming (the original proposal was back in April 2009) but the clock has now started ticking. The Directive came into force on 21 July 2011 – the twentieth day [...]
The European Securities and Markets Authority (ESMA – previously CESR) has published a 430+ page consultation on implementing measures for the AIFMD. Issues addressed include ‘General provisions’ (e.g. organisational requirements; valuation; identification of AIF); Depositaries (e.g. liability regime; duties and functions); and Transparency and leverage (including definition and appropriate methods [...]
A letter from the US Securities and Exchanges Commission (‘SEC’) to the North American Securities Administrators Association, sent on 8 April, provides an indication that the SEC will look to delay the deadline for firms required to register with the regulator in accordance with the Dodd Frank Act, from 21 [...]
An article on short selling in Regulatory Roundup 10 advised that a CESR report recommended the introduction of a pan-European short selling disclosure regime. The European Commission has now published a proposal to harmonise short selling rules across the EU. In line with the CESR report, the proposal would require [...]
Following on from Regulatory Roundup #17 we have had requests for further details on the regulatory developments within the US. As you will know, the ‘Dodd Bill’ was enacted on 21 July which will have an impact on both certain US investment advisers and non-US investment advisers that have US [...]
The US President has this week signed the H.R. 4173 ‘Restoring American Financial Stability Act of 2010’ (which can be found via the link). Contained within ‘Title IV–Regulation of Advisers to Hedge Funds and Others’ (see section 401) ‘The Private Fund Investment Advisers Registration Act of 2010’ can be found. [...]
As you will be aware from Regulatory Roundup #15, the European Commission has proposed the establishment of a European System of Financial Supervisors (ESFS) which will be composed of national supervisors and three new European Supervisory Authorities (ESA). The latter will be created by the transformation of the three existing [...]
Rapporteur Jean-Paul Gauzès has now announced that the Parliamentary vote on the AIFM directive will be delayed from July until September. The UK is said to be pushing for second chance passports into individual countries for non EU funds that fail to qualify for a license because they do not [...]
In early June the FSA held a presentation on the AIFM directive. The link will take you to the slides used for the FSA’s AIFM directive presentation. Slides 14 & 15 concern marketing and firms could find them useful as an aide memoire. The slides contain domicile of fund vs. [...]
