EMIR Review

Of Relevance to: Firms subject to European Markets Infrastructure Regulation The FCA has issued an EMIR update alert to inform us that the European Commission has published proposals to amend EMIR. Aspects of the proposals include the removal of the frontloading and backloading requirements – frontloading concerns the clearing of [...]

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Variation Margin

Of Relevance to: Firms trading in OTC derivatives A reminder that the EMIR Variation Margin Regulations (2016/2251) apply from 1 March 2017 in respect of uncleared OTC derivatives (although it was 4 February 2017 for those large players with uncleared derivatives in excess of €3 trillion). The Regulations require a [...]

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UCITS and AIFs: Transparency Requirements

Of relevance to: UCITS management companies and AIFMs UCITS and AIFs: Transparency Requirements A reminder to UCITS management companies and AIFMs that certain transparency obligations arising under the Securities Financing Transactions Regulation (“SFTR” – 2015/2365) apply from 13 January 2017 – see Regulatory Roundup 76. A SFT is defined as: [...]

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Connect vs. ONA

A reminder to firms that the FCA’s Online Notifications and Applications system (ONA), under which applications for Approved Persons, Variations of Permission etc. are submitted, will be largely replaced by a new online system – ‘Connect’ – from 1 October (although passport applications will remain on ONA). For the avoidance [...]

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