On 25 July 2022, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regard to regulatory technical standards. Specifying the details of the content and presentation of the information in relation … Continue Reading
On 21 July 2022, the European Banking Authority (EBA) published its report on benchmarking of remuneration practices in EU banks for the financial years 2019 and 2020 and high earners data for 2020. The number of high earners went down from 1,444 (EU27/EEA) or 4,963 (EU28/EEA) in 2019 to 1,383 (EU27/EEA) in 2020. While the … Continue Reading
On 14 July 2022, the FCA updated its webpage regarding rules that apply to firms and fund operators in the Temporary Permissions Regime (TPR). The webpage summarises the rules that apply to firms in the TPR and fund operators in the temporary marketing permissions regime (TMPR). The updated text reads: “In the UK the exemption … Continue Reading
On 7 July 2022, the European Securities and Markets Authority (ESMA) issued a public statement on prospectus supervision in the context of EU sanctions connected to Russia’s invasion of Ukraine. The statement alerts stakeholders to the European Commission’s FAQs, which cover the scope and implementation of EU sanctions and concerns whether there is sufficient legal … Continue Reading
On 6 July 2022, the FCA published Policy Statement 22/8 ‘Protecting investors in authorised funds following the Russian invasion of Ukraine’ (PS22/8). In PS22/8 the FCA responds to feedback to Consultation Paper 22/8 (CP22/8) and sets out final rules and guidance which allow authorised fund managers to create separate unit classes (side pockets) for retail … Continue Reading
On 30 June 2022, the European Banking Authority (EBA) published updated guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive IV (CRD IV). The updated guidelines take into account additional requirements introduced by the CRD V regarding the application of derogations and the benchmarking of the gender pay gap. The EBA has also … Continue Reading
On 28 April 2022, the Financial Conduct Authority (FCA) published Consultation Paper 22/08: Protecting investors in authorised funds following the Russian invasion of Ukraine (CP22/08). The FCA has published CP22/08 in light of the significant impact that Russia’s invasion of Ukraine is having on financial markets. Many investments have been affected both by the events … Continue Reading
On 30 March 2022, the European Securities and Markets Authority (ESMA) announced that following a supervisory engagement with investment funds and Member State national competent authorities (NCAs) it had found some room for improvement in funds’ liquidity stress testing. This year the ESMA will facilitate further discussion among NCAs on the application of its liquidity … Continue Reading
On 30 March 2022, the European Securities and Markets Authority (ESMA) published a speech given by Natasha Cazenave, Executive Director at the ICI Investment Management Conference. The speech is entitled Key priorities for the asset management industry in 2022: sustainable finance and systemic risk and focusses on: Developing a framework for the asset management industry … Continue Reading
On 23 March 2022, the European Systematic Risk Board (ESRB) published a letter to the Council Working Party and the European Parliament on the Directive on Alternative Investment Fund Managers (AIFMD) Review. The European Commission’s proposal reflects most of the considerations presented by the ESRB; they particularly welcome the proposal to increase the availability of … Continue Reading
On 16 March 2022, the FCA issued a statement on its website stating that it has begun discussions with stakeholders about options to allow UK authorised retail funds to make exceptional use of ‘side pockets’ given the practical issues in disposing of Russian and Belarussian assets in the context of suspensions and extensive global sanctions. … Continue Reading
On 21 February 2022, the European Court of Auditors (ECA) published a special report concerning its findings following an audit during the period 2016 to July 2021 which examined how the EU set up a single market for investment funds. The special report concludes that EU actions have enabled a single market for investment funds … Continue Reading
On 16 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing an opinion setting out proposed reforms to the regulatory framework for money market funds (MMFs). The final report is the outcome of the work that ESMA conducted on the reforms of the EU MMF regulatory framework in light of … Continue Reading
On 14 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing updated guidelines that apply in relation to Article 28 of the Regulation on money market funds and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) … Continue Reading
On 8 February 2022, the European Securities and Markets Authority (EMSA) announced that it is launching a common supervisory action (CSA) with Member State competent authorities (NCAs) on the application of MiFID II costs and charges disclosure rules across the European Union. This action will allow ESMA and the NCAs to assess the application by … Continue Reading
On 21 January 2022, the European Banking Authority (EBA) issued a consultation to update its guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive IV (CRD IV), which was originally published in 2012 and updated in 2014. The review is necessary to take into account additional requirements introduced by the CRD V regarding … Continue Reading
On 21 January 2022, the European Banking Authority (EBA) launched a consultation on updates to its guidelines on the data collection exercise on high earners, which were originally published in 2012 and revised in 2014. The review of the data collection exercises reflect the amended remuneration framework laid down in the Capital Requirements Directive (CRD … Continue Reading
On 20 January 2022, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State competent authorities on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Throughout 2022 the CSA will focus on authorised managers of UCITS and open-ended AIFs investing … Continue Reading
On 13 January 2022, the FCA published a new webpage concerning the MIFIDPRU Remuneration Code which applies to MiFIDPRU investment firms for performance periods starting on or after 1 January 2022. The core requirements in the MIFIDPRU Remuneration Code apply to all small and non-interconnected (SNI) MIFIDPRU investment firms, with the requirements applying in full … Continue Reading
On 17 December the PRA published Policy Statement 28/21 ‘Remuneration: Identification of material risk takers’ (PS28/21). In PS28/21 the PRA provides feedback to responses to Consultation Paper 18/21 ‘Remuneration: Identification of material risk takers’. It also contains the PRA’s final policy, as follows: Amendments to the Remuneration Part of the PRA Rulebook, in relation to … Continue Reading
On 9 December 2021, the European Banking Authority (EBA) published a report on the application of its guidelines on the remuneration of sales staff in force since 2016. The EBA has found that financial institutions focus more on prudential requirements and commercial interests than on meeting the interests of consumers. The EBA also found that … Continue Reading
On 25 November 2021, the European Commission published a proposal for a Regulation amending the Regulation on European long-term investment funds (ELTIFs). The changes relate to 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, … Continue Reading
On 18 November 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on whether the list of financial instruments that are considered highly liquid with minimal market and credit risk, in accordance with Article 47 of the European Market Infrastructure Regulation (EMIR), could be extended to include one or more money market … Continue Reading
