Tag:United Kingdom

1
Europe: Why Are Firms Currently Focusing on Derivatives Post Trade Reporting?
2
EUROPE: UK’s Overseas Funds Regime Moves a Step Closer with Confirmation that Most EEA UCITS Will Be Deemed Equivalent
3
Europe: ESMA Publishes Long-Awaited Final Report on ELTIF 2.0 Regulatory Technical Standards
4
Europe: Final SDR rules published by FCA – Time to label your funds (maybe)
5
Europe: Significant Expansion to Corporate Criminal Liability in the United Kingdom
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ESG Labelling On the Cards for Global Regulation
7
SEC Adopts Amendments to Beneficial Ownership Reporting
8
Europe: UK’s FCA Challenges Firms to Improve Sanction Screening Processes
9
Europe: At Last, the UK and EU are Due to Begin Active Post-Brexit Cooperation on Financial Services Matters
10
Europe: Public Marketing of Cryptocurrencies in the UK – The End is (Nearly) Nigh

Europe: Why Are Firms Currently Focusing on Derivatives Post Trade Reporting?

By: Ron Feldman and Philipp Riedl

Deficiencies in compliance with derivatives post trade reporting rules have recently triggered regulator fines. Fin-FSA in Finland fined a pension fund €90K and the Central Bank of Ireland imposed the first fine on an investment fund, €192K. Although the fines are reasonably modest, they have sharpened industry focus on this issue.

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EUROPE: UK’s Overseas Funds Regime Moves a Step Closer with Confirmation that Most EEA UCITS Will Be Deemed Equivalent

By: Shane Geraghty, Aoife Maguire, Andrew Massey, Philip Morgan, and Courtney Hunter

The UK’s overseas funds regime has been in development for several years and is finally close to becoming a reality. It will create a more streamlined method by which non-UK funds given “equivalence” status may be marketed to UK retail investors.

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Europe: ESMA Publishes Long-Awaited Final Report on ELTIF 2.0 Regulatory Technical Standards

By: Gayle Bowen and Shane Geraghty

On 19 December, the European Securities and Markets Authority (ESMA) published its final report setting out draft Regulatory Technical Standards under the amended European Long-Term Investment Funds Regulation.

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Europe: Final SDR rules published by FCA – Time to label your funds (maybe)

The FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:

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Europe: Significant Expansion to Corporate Criminal Liability in the United Kingdom

By: Dylan Moses, Michael Ruck, Rosie Naylor and Joseph Skilton

Under the new UK Economic Crime and Corporate Transparency Act 2023, organisations that are bodies corporate or partnerships will become criminally liable for the economic crimes of their senior managers. They will also have a new liability (albeit subject to an important defence) for failure to prevent their employees and associates from committing fraud. 

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SEC Adopts Amendments to Beneficial Ownership Reporting

By: Jennifer Gonzalez, Trayne Wheeler, and Megan Clement

On 10 October 2023, the SEC adopted amendments to beneficial ownership reporting requirements under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments shorten deadlines for Schedule 13D and 13G filers, clarify Schedule 13D disclosure requirements for derivatives, and require filers to use machine readable data language.

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Europe: UK’s FCA Challenges Firms to Improve Sanction Screening Processes

By: Joseph Skilton, Michael Ruck, Rosie Naylor

The FCA has assessed and reported on the sanctions controls of over 90 financial service firms from a range of sectors including wealth management.

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Europe: At Last, the UK and EU are Due to Begin Active Post-Brexit Cooperation on Financial Services Matters

By Robert Lloyd and Philip Morgan

On 27 June 2023, the UK and the EU Commission entered into a memorandum of understanding (MoU) on regulatory cooperation in financial services triggered, it seems, by the agreement of revised arrangements on Northern Ireland.  You could be forgiven for thinking that the MoU was agreed a long time ago – accordingly to a nonbinding joint declaration between the EU and the UK, the targeted date was 31 March 2021.  At the end of the Brexit transition period on 31 December 2020 few people would have expected that it would take the best part of two and a half years to reach this modest objective. 

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Europe: Public Marketing of Cryptocurrencies in the UK – The End is (Nearly) Nigh

By Kai Zhang and Jin Enyi

Thousands of advertisements for cryptoasset-related products were displayed on London public transport, including the underground network, in 2021. There has been a drop-off since the Advertising Standards Authority (“ASA”) issued standards for crypto adverts. Nonetheless, in 2022 there were reportedly adverts for 24 crypto products on London public transport. Now, however, legislation seems likely to end much of this public advertisement of crypto in the UK.

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