On 1 July 2022, the European Parliament published a report on the proposed Regulation amending the European Long Term Investment Funds Regulation as regards the scope of eligible assets and investments, the portfolio composition and diversification requirements, the borrowing of cash and other fund rules and as regards requirements pertaining to the authorisation, investment policies … Continue Reading
Our latest 20 minute webinar will be taking place on 15 June at 9:00am and will explore the UK sustainable finance regime for asset managers. Sustainable finance regulation continues to be high on the agenda of asset managers and in this 20 minute webinar our financial services team provides an overview of existing UK rules … Continue Reading
On 31 May 2022, the European Securities and Markets Authority (ESMA) issued a report on the common supervisory action (CSA) on costs and fees for investment funds. The CSA was carried out with Member State competent authorities (NCAs) during 2021. The CSA’s aim was to assess, foster and enforce the compliance of supervised entities with … Continue Reading
Tuesday, 7 June, 2022 08:00 – 09:00 BST / 11:00 – 12:00 GST / 15:00 – 16:00 HKT 11:00 – 12:00 EDT / 16:00 – 17:00 BST / 19:00 – 20:00 GST In this webinar, members of our global financial services team will compare notes on their jurisdiction’s approach to crypto funds. The speakers will … Continue Reading
Introduction On 23 May 2022, the FCA, jointly with the Bank of England, published Discussion Paper 22/1 ‘Resilience of Money Market Funds’ (DP22/1). At the same time the FCA published Finalised Guidance 22/3 ‘Finalised Guidance (non-Handbook) on parts of the UK MMF Regulation’ (FG22/3). DP22/1 Money market funds (MMFs) are a type of open-ended investment … Continue Reading
On 4 May 2022, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under the Regulation on money market funds (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be … Continue Reading
The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading
The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom The new regime for preferential taxation of qualifying asset holding companies Luxembourg Luxembourg update Australia Australian Federal Government commits to the new corporate collective investment vehicle (CCIV) regime with … Continue Reading
We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon. The webinar will be held on the following times during 18 November 2021: 14:00 SGT and HKT … Continue Reading
We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon. The webinar will be held on the following times during 18 November 2021: 14:00 SGT and HKT … Continue Reading
On 4 November 2021, the Investment Association published version 3.0 of its model discretional investment management agreement, in co-operation with Norton Rose Fulbright. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client. The model … Continue Reading
On 3 November 2021, the FCA published ‘A strategy for positive change: our ESG priorities’ which sets out the regulator’s updated ESG strategy following the publication in October 2019 of Feedback Statement 19/6: Climate change and green finance. The FCA’s work is based on five core themes: Transparency: promoting transparency on climate change and wider … Continue Reading
On 3 November 2021, the FCA published Discussion Paper 21/4: Sustainability Disclosure Requirements and Investment Labels (DP21/4). DP21/4 follows the publication of the Government’s Roadmap to Sustainable Investing on 18 October 2021. The Roadmap sets out the Government’s ambitions for new economy-wide sustainability disclosures that enable every financial decision to factor in climate change and … Continue Reading
On 28 October 2021, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), The Pensions Regulator (TPR) and the Financial Reporting Council on (FRC) released a joint statement concerning the publication of Climate Change Adaptation Reports. Each report sets out how climate change affects the UK financials regulators responsibilities and the actions that they are … Continue Reading
On 26 October 2021, the Association for Financial Markets in Europe (AFME) published two Consultation Responses (CR) in response to two publications that the HM Treasury released. The AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, … Continue Reading
On 25 October 2021, the Financial Conduct Authority (FCA) published Policy Statement PS 21/14, ‘A new authorised fund regime for investing in long term assets’. PS21/14 sets out a response to the feedback received to Consultation Paper CP21/12 proposing a new category of authorised open-ended fund called the long-term asset fund (LTAF). The LTAF is … Continue Reading
On 22 October 2021, the ESAs delivered to the European Commission their Final Report with the draft RTS regarding disclosures under the Sustainable Finance Disclosure Regulation (SFDR) as amended by the Regulation on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation). The disclosures relate to financial products that make sustainable investments contributing … Continue Reading
On 19 October 2021, the Network for Greening the Financial System (NGFS) published the report “Scenarios in action: a progress report on global supervisory and central bank climate scenario exercises”. The report sets out how a growing number of NGFS members, across all continents, are using climate scenarios to identify, assess and understand climate risk … Continue Reading
On 18 October 2021, the HM Treasury published a policy paper titled, ‘Greening Finance: A Roadmap to Sustainable Investing’. The policy paper refers to the government’s long-term goal to green the financial system and align it with the UK’s net-zero commitment. Greening the financial system will be carried out through three phases: informing investors and … Continue Reading
On 4 October 2021, the Organisation for Economic Co-operation and Development (OECD) published: A report ‘ESG investing and climate transition: Market practices, issues and policy considerations’. The report highlights the main findings from recent OECD research on ESG rating and investing. It offers policy considerations to strengthen ESG practices to foster global interoperability and comparability, … Continue Reading
The FCA published Finalised Guidance 17/9 (FG17/9) in 2017, setting out how firms should calculate redress for unsuitable defined benefit (DB) pension transfers. At the time, the FCA committed to reviewing the guidance every four years, and on 1 September 2021, the FCA confirmed the following: Confirm that we (the FCA) intend to start a … Continue Reading
On 27 August, the European Commission (EC) published its final study on the development of tools and mechanism for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policuies. The report looks into the integration of ESG risks within banks’ risk management processes and prudential supervision, … Continue Reading
8 September 2021 | 08:50 AM – 09:30 AM BST In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers … Continue Reading
