In 2016, as a response to the many risks posed by shadow banking, the EU introduced the Securities Financing Transaction Regulation (“SFTR”), a set of new requirements aimed at improving the transparency of Securities Financing Transactions (“SFTs”). Is your firm affected by SFTR? The Regulation captures: EU entities that enter [...]
The Money Market Funds Regulations 2018 (the “UK MMF Regulations”) are made in relation to EU Regulation 2017/1131 on money market funds (“MMF Regulation”) which will apply in the UK from 21 July 2018. They make amendments to ensure that the Financial Conduct Authority (“FCA”) is able to authorise money [...]
Of relevance to: All UCITS Management Companies, AIFMs and those managing AIFs Key date: Adoption planned by May 2019 The European Commission (“EC”) has published a proposed directive and a proposed regulation amending Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMs”) and Directive 2009/65/EC on Undertakings for Collective Investment in [...]
Of relevance to: All firms managing and/or marketing, advising on and/or distributing money market funds Key date: Comments to FCA by 23 March 2018 The EU Money Market Funds (“MMF”) Regulation came into force on 21 July 2017 and applies to new MMFs from 21 July 2018 and to existing [...]
Of relevance to: All firms involved in Asset Management and Markets in Financial Instruments Key date: 30 March 2019 The UK will become a ‘third country’ (being a country that is not a member of the remaining EU (“EU27”)) on 30 March 2019 (“the withdrawal date”), unless a ratified withdrawal [...]
Of relevance to: Managers of UK UCITS Key date: Has sufficient notice been given to investors for when MiFID II comes into force on 3 January 2018? MiFID II requires EU portfolio managers to either bear investment research costs directly from the firm’s own resources, or, if they choose to [...]
SFTR – Transparency Requirements for UCITS and AIFs Of Relevance to: UCITS Management Companies and AIFMs Although the principal requirement under the Securities Financing Transactions Regulation (2015/2365) (“SFTR”) is the obligation on counterparties to securities financing transactions (“SFT”) to report details of any concluded SFTs to a trade repository, it [...]
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: [...]
Of relevance to: MiFID investment firms, UCITS management companies and AIFMs that conduct permissible MiFID activities, particularly those subject to CRD IV In December 2015 a joint ESMA/EBA report was published on the suitability, or otherwise, of the prudential regime for investment firms. The paper recommended a new categorisation of [...]
Of relevance to: UCITS management companies and AIFMs UCITS V introduced the concept of remuneration policies and practices for management companies – see Regulatory Roundup 75 for details of ESMA’s final report on UCITS remuneration guidelines. The UCITS Remuneration Code is, of course, captured in SYSC 19E of the Handbook. [...]
Of Relevance to: Most firms providing investment products or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS. As mentioned in Regulatory Roundup 61, Regulation 1286/2014 on the provision of key information documents for packaged retail and insurance-based investment products (“PRIIPs”) applies [...]
Of Relevance to: Those entities subject to EMIR EMIR: Further Clearing Requirements Article 4 of EMIR (648/2012) imposes a clearing obligation on all OTC derivative contracts meeting the conditions therein, with ESMA being charged with proposing the particular classes of OTC derivatives that will require clearing. Previous Delegated Regulations have [...]
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 [...]
The votes have been counted and ‘Brexit’ has won the day. Whilst the Government considers what exactly that means for the UK as a whole, and what needs to be done – the run up to the Brexit vote seemed to be heavy on aspirations but light on detail – [...]
Of relevance to: UCITS management companies, AIFMs The FCA has published Consultation Paper CP16/14 – “UCITS V Level 2 Regulation, SFTR and consequential changes to the Handbook”. In basic terms the consultation can be broken down in to two specific areas: UCITS V Level 2 Regulation and Securities Financing Transactions [...]
Of Relevance to: Fund Management Firms; Financial Advisers; Platform Providers Fund Management Firms: Thematic Review The FCA has carried out a thematic review on UK fund management firms and has published its findings in TR16/3 – “Meeting investors’ expectations”. The review looked at 19 fund management firms which, between [...]
Of Relevance to: UCITS Management Companies UCITS Share Classes ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 – on the subject in December 2014). As a reminder, [...]
Of Relevance to: UCITS management companies; AIFMs Remuneration Guidelines: UCITS V and AIFMD UCITS V introduces the need for UCITS management companies to establish and apply remuneration policies and practices – SYSC 19E incorporates the nine UCITS remuneration principles (see Regulatory Roundup 73). Last year ESMA produced a consultation paper [...]
Of Relevance to: Firms concluding Securities Financing Transactions Securities Financing Transactions Regulation: ESMA Discussion Paper As advised in Regulatory Roundup 72, reporting and transparency obligations will arise in respect of securities financing transactions (“SFT”) – for the definition of a SFT, the timetable and overview of the requirements please refer [...]
Of Relevance To UCITS Management Companies; AIFMs of NURS; depositaries and custodians of UCITS schemes and AIFs. UCITS V The FCA has released Policy Statement PS16/2 “Implementation of the UCITS V Directive”. Despite its title, the paper is not only of importance to UCITS Management Companies but also to Alternative [...]
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