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
New online briefing note – European Commission’s AIFMD legislative proposal: Focus on delegation
We have published a new online briefing note on the European Commission’s AIFMD legislative proposal focussing on delegation.
Commission proposal to amend ELTIF Regulation
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
ESMA consults on CCP investment practices for highly liquid financial instruments
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
nvestment Association/Norton Rose Fulbright: Model Discretionary Investment Management Agreement (V 3.0)
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
AFME publish responses made to HMT call for evidence on AML/CTF supervisory regime and on amendments to AML legislation
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
ESAs propose new rules for taxonomy-related product disclosures
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
European Parliament draft reports
On 18 October 2021, the European Parliament published the following reports:
Regulation Tomorrow Plus – UK IFPR series: Governance and Remuneration
In this latest podcast in our new mini-series focussing on the new UK Investment Firm Prudential Regime (or UK IFPR), brought to you as part of the Regulation Tomorrow podcast, we look at governance requirements, the ICARA process and the new MiFIDPRU Remuneration Code to firms.
In addition, we have developed an IFPR: Impact
PRA CP18/21 – Remuneration: Identification of material risk takers
On 8 September 2021, the PRA published Consultation Paper 18/21 – Remuneration: Identification of material risk takers (CP18/21).
In CP18/21 the PRA sets out proposed changes in respect of the applicable requirements on the identification of material risk takers (MRTs) for the purposes of the PRA’s remuneration regime. In particular the PRA sets out proposals