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Use of Dealing Commission

Back in July of last year the FCA released a Discussion Paper (DP14/3) on the use of dealing commission regime – see Regulatory Roundup 57.The paper included findings from thematic […] [...]

SEC Annual Updating Reminder

A brief reminder for those firms that are registered with the U.S. Securities and Exchange Commission (“SEC”) that they need to submit an annual updating statement within 90 days of […] [...]

Fourth Money Laundering Directive

The (fourth) Money Laundering Directive (4MLD) continues to progress through the European machinery following a deal having been struck by the European Parliament and European Commission just before Christmas. A […] [...]

SEC Inspection Priorities

On 13 January 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the United States Securities and Exchange Commission (the “SEC”) released their 2015 Examination Priorities. The SEC Examination […] [...]

Regulating Sonia

SONIA (Sterling Overnight Index Average) is one of seven benchmarks which will come under FCA regulation from 1 April 2015. As will be known, currently LIBOR is the only regulated […] [...]

UCITS share classes

ESMA has identified differing national practices in the interpretation of the types of share classes that are permitted under UCITS and, in the light of this, has published Discussion Paper […] [...]

MiFID II

ESMA had a busy period in the run up to Christmas with the publication of both its 645 page MiFID II Consultation Paper (2014/1570) on 19 December (together with a […] [...]

European Long-Term Investment Funds

The proposal to create a further type of fund vehicle – European Long-Term Investment Funds (ELTIFs) – has taken a significant step forward in that the European Council has approved […] [...]

FCA Strategy Review

With the regulation of consumer credit having come under the wing of the FCA last April, the number of firms that the FCA is responsible for has trebled over the […] [...]

Regulatory Fees and Levies

The FCA has published CP14/26 – “Regulatory fees and levies: policy proposals for 2015/16”. As was the case in last year’s CP13/14 (see Regulatory Roundup 52), the purpose of the […] [...]

Recovery and Resolution: Resolution

As we know, the Bank of England (BoE) will be the Resolution Authority for the UK – see ‘Recovery and Resolution’ article in Regulatory Roundup 58 – albeit that the […] [...]

Restrictions on Retail Distribution

The last Regulatory Roundup (No 59) advised that a new chapter in COBS came into force on 1 October – COBS 22 “Restrictions on distribution of contingent convertible instruments” (‘CoCos’). […] [...]

Money Laundering: Transparency and Beneficial Ownership

Firms will be aware that the key requirement in applying customer due diligence measures (CDD) for the prevention of money laundering (and, of course, combating terrorist financing) purposes is the […] [...]

EMIR: Trade Repository Reporting Changes

The reporting requirements arising under Article 9 of EMIR (which became obligatory from 12 February this year) are essentially based upon Implementing Regulation 1247/2012 (format and frequency of trade reports) […] [...]

Legal Entity Identifier: CRD IV

The need for a Legal Entity Identifier (LEI) is most probably associated with reporting under EMIR (see Regulatory Roundup 52) although its use is encouraged elsewhere e.g. AIFMD Reporting (see […] [...]

EuSEF & EuVECA Update

Firms involved in, or considering, the management of Social Entrepreneurship and Venture Capital Funds may be interested to learn that ESMA has updated its Q&A on the application of the […] [...]

Remuneration Reporting

The requirement for certain firms to submit a High Earners report (in relation to employees that earn a total of €1m or more in a financial year) has been contained […] [...]

AIFMD Passport

Under the AIFMD as it currently stands, a marketing passport is only available to EEA AIFMs marketing EEA AIFs (strictly speaking the AIFMD only refers to EU AIFMs etc. although […] [...]

Country by Country Reporting

One of the obligations introduced by CRD IV was the Country by Country disclosure, for the financial year, arising from Article 89 of the CRD and with the first full […] [...]

Financial Crime

The FCA’s Financial Crime Guide (FC) consists of two parts, with part 2 providing summaries of thematic reviews and examples of good and poor practice. The Regulator has published a […] [...]

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