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
EBA report on benchmarking of remuneration practices in EU banks for the financial years 2019 and 2020 and high earners data
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
FCA updates webpage on rules that apply to firms and fund operators in the TPR
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
ESMA public statement – Prospectus supervision in the context of EU sanctions connected to Russia’s invasion of Ukraine
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
FCA PS22/8 ‘Protecting investors in authorised funds following the Russian invasion of Ukraine’
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
EBA final guidelines on the remuneration and gender pay gap benchmarking exercise under the CRD IV and the IFD
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
FCA CP22/08: Protecting investors in authorized funds following the Russian invasion of Ukraine
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
ESMA and NCAs find room for improvement in funds’ liquidity stress testing
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
ESMA speech on key priorities for the asset management industry in 2022
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
ESRB publishes letters to the Council Working Party and the European Parliament on AIFMD
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