October 2017

Following the end of a 6-month transition period, the Manager-In-Charge (MIC) regime introduced by the Securities and Futures Commission (SFC) is now fully implemented, starting from 17 October 2017.

The regime seeks to heighten the accountability of senior management at licensed corporations and to promote greater awareness of their obligations. Under…

The latest issue of Global Asset Management Quarterly is now available.

EU / UK articles

  • Quarterly update
  • European Commission to unveil legislation setting out prudential requirements for investment firms
  • New Commission proposal on screening foreign investments in the EU
  • Brexit and international trade in financial services

Asia articles

  • Hong Kong: Bond Connect
  • Hong Kong: Securities

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There has been published on the legislation.gov.uk website, The Criminal Finances Act 2017 (Commencement No. 2 and Transitional Provisions) Regulations 2017. These Regulations are the second commencement regulations made under the Criminal Finances Act 2017 (the Act) which amends the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000…

TheCityUK has published a short summary paper on transitional arrangements.

Key points in the summary paper include:

  • it is critical for the UK-based financial and related professional services industry, and for other UK and EU businesses, to have urgent clarity from the UK and the EU27 on time-limited, legally-binding transitional arrangements and the principles underpinning

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The European Securities and Markets Authority (ESMA) has published a speech by Steven Maijoor, ESMA Chairman, on the state of European financial markets.

The speech focuses on three key areas:

  1. building a Capital Markets Union (CMU), especially by protecting retail investors;
  2. a strong convergent European supervisory culture including Brexit; and
  3. improving

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The European Central Bank (ECB) has published an opinion concerning the European Commission’s proposed Regulation amending the European Market Infrastructure Regulation (EMIR). We blogged the Commission’s legislative proposal on 5 May 2017 (see here).

The ECB generally supports the Commission’s initiative to introduce a number of targeted modifications to EMIR…

The FCA has launched a new asset management authorisation hub.

The hub is intended to support new firms by assisting them throughout the authorisation process and afterwards. However, the hub will not lower entry standards to the market and entrants will need to meet the same standards as current firms before they receive authorisation.

The…

The Bank of England (BoE) has confirmed that its reforms to the SONIA interest rate benchmark will take effect on Monday 23 April 2018.

The reforms will result in:

  • the BoE taking on the end-to-end administration, including the calculation and publication of SONIA;
  • the coverage of SONIA being broadened to include overnight unsecured

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The Financial Stability Board (FSB) has published a report setting out its conclusions following a stocktake on cybersecurity regulations, guidance and supervisory practices which were recently delivered to G20 Finance Ministers and Central Bank Governors.

The conclusions from the FSB’s stocktake of members include the following:

  • FSB member jurisdictions have been active in

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The European Securities and Markets Authority (ESMA) has launched the second phase of its financial instrument reference database. The launch involves providing access to the database containing the currently available reference data that will eventually enable market participants to identify instruments subject to the Market Abuse Regulation and the Markets in Financial Instruments…