In this podcast Jonathan Herbst, Matthew Gregory and Simon Lovegrove discuss the pros and cons of the Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the EU and the UK.… Continue Reading
Introduction UK and EU pension funds are currently exempt from the clearing obligation under the European Market Infrastructure Regulation (EMIR) as a result of the transitional provisions in Article 89 EMIR, which provide that the clearing obligation does not apply to over-the-counter (OTC) derivative contracts that are objectively measurable as reducing investment risks directly relating … Continue Reading
Introduction: what are the facts? The Bank of England (BoE) has a number of resolution tools at its disposal which are provided for in legislation following the 2008 global financial crisis. These tools are designed to protect and enhance UK financial stability, protect public funds and ensure the continuity of banking services. These tools have … Continue Reading
The Financial Services and Markets Bill, which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR). The DAR’s initial aim is to bring activities that are currently regulated under retained EU law into the Financial … Continue Reading
The FCA’s discussion paper DP23/2, which is open for comment until 22 May 2023, sets out a range of proposals to reform the UK regulatory regime for asset managers and funds. The DP follows the government’s conclusion in December 2022 of its Future Regulatory Framework review and is intended to help the FCA decide how … Continue Reading
In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin and Anna Carrier discuss ESMA’s recent opinion on the trading venue perimeter and compare it to the FCA’s proposals in CP22/18.… Continue Reading
On 1 February 2023, HM Treasury issued its latest proposals for the UK’s financial services regime for cryptoassets. It also issued a policy statement on its approach to the regulation of cryptoasset financial promotions. In this podcast Jonathan Herbst is joined by Albert Weatherill and Hannah Meakin who provide their views on the key headlines … Continue Reading
In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading
On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2023 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for approximately nine years. Both guides are now in their fifth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it … Continue Reading
In this episode of RT Plus focusing on the Financial Services and Markets Bill, Jonathan Herbst provides a general update on the Bill following its passage through the Committee Stage Spotify/ Apple podcasts… Continue Reading
In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to take … Continue Reading
In our latest podcast on the Financial Services and Markets Bill, Jonathan Herbst and Glenn Hall cover the politics behind the Bill (Apple podcasts / Spotify).… Continue Reading
The Norton Rose Fulbright annual Markets Infrastructure seminar is back! Please join us from 15:45 – 19:00 on Thursday, 8 September 2022 for an update and discussion on key topics in the world of trade and post-trade. The seminar will be of interest to legal, compliance and risk professionals working with the buy and sell … Continue Reading
On 9 August 2022, the FCA published a portfolio letter on its Alternatives Supervisory Strategy. The letter outlines the FCA’s updated supervisory strategy and priorities for firms within its ‘Alternatives’ portfolio together with firms that are predominantly active in the alternative investment sector (together firms). The FCA’s alternatives portfolio is comprised of FCA authorised firms … Continue Reading
In the latest episodes of our Regulation Tomorrow podcasts: Jonathan Herbst and Hannah Meakin provide a high-level overview of the Financial Services and Markets Bill which was introduced on the 20 July 2022 (Apple podcasts / Spotify). Jonathan Herbst, Hannah Meakin and Albert Weatherill focus specifically on the Bill’s provisions relating to critical third parties … Continue Reading
On 1 August 2022, the FCA published Consultation Paper 22/14 ‘Broadening retail access to the long-term asset fund’ (CP22/14). In CP22/14 the FCA sets out proposals for broadening the retail distribution of long-term asset funds (LTAFs) to more categories of retail investors, whilst including further investor protections. The FCA is proposing to treat a LTAF … Continue Reading
On 27 July 2022, the FCA published Policy Statement 22/9 ‘A new Consumer Duty – Feedback to CP21/36 and final rules’ (PS22/9). This was accompanied by the FCA’s ‘Final non-Handbook Guidance for firms on the Consumer Duty’ (FG22/5). PS22/9 follows Consultation Papers 21/36 and 21/13 on the new Consumer Duty, which the FCA published in … Continue Reading
What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading
In the first instalment of our ‘Beyond Sanctions’, Jonathan Herbst and Haney Saadah consider market conduct issues in light of the developments in Ukraine and the UK’s Economic Crime Bill. The podcast is available to stream and download from the Norton Rose Fulbright website, Apple Podcasts and Spotify.… Continue Reading
A new episode of RT Plus is available to stream and download. In this episode, Jonathan Herbst and Hannah Meakin discuss the FCA’s recent consultation paper, CP22/2 – Strengthening our financial promotion rules for high risk investments, including cryptoassets. CP22/2 has been long anticipated, having been trailed by a discussion paper on the same topic … Continue Reading
On 22 February 2022, the FCA published a new webpage concerning its expectations of firms in light of the UK’s sanctions on Russia. The key message from the FCA is that it expects firms to have established systems and controls to counter the risk that they might be used to further financial crime and this … Continue Reading
