Global

• 17 April 2024 -On 17 January 2024, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions published a report on streamlining variation margin processes and the responsiveness of initial margin models in non-centrally cleared markets. The deadline for comments is 17 April 2024.

EU

• 14 April 2024 – On 25 March 2024, the Commission Implementing Regulation (EU) 2024/913 relating to the UCITS Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) was published in the Official Journal of the European Union (OJ). On the same date The Delegated and Implementing Regulation will apply from 14 April 2024.

• 14 April 2024 – On 25 March 2024, Commission Implementing Regulation (EU) 2024/910 laying down implementing technical standards for the application of the UCITS Directive with regard to the form and content of the information to be notified in respect of the cross-border activities of UCITS, UCITS management companies, the exchange of information between competent authorities on cross-border notification letters, and amending Commission Regulation (EU) No 584/2010 was published in the OJ. The annexes to the Implementing Regulation set out template notifications. It applies from 14 July 2024.

• 15 April 2024 – On 26 March 2024, there was published in the OJ, Directive 2024/927 amending the Alternative Investment Fund Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depository and custody services and loan origination by alternative investment funds. The Directive enters into force on the twentieth day following its publication in the OJ (15 April 2024). By 16 April 2026, Member States must adopt and publish the laws, regulations and administrative provisions necessary to comply with the Directive. They must apply these measures from 16 April 2026, with the exception of the measures transposing Article 1(12), and those transposing Article 2(7) with regard to Article 20a of the UCITS Directive, which Member States must apply from 16 April 2027.

• 18 April 2024 – On 18 January 2024, the European Banking Authority issued a consultation on draft guidelines on the management of environmental, social and governance risks. The deadline for comments on the consultation is 18 April 2024.

UK

• 14 April 2024 -On 14 March 2024, HM Treasury (HMT) published a near final version of the Payment Services (Contract Terminations Amendment) Regulations 2024 together with a policy note. The Government welcomes technical comments on the draft legislation by 14 April 2024, and intends to lay this legislation before Parliament in Summer 2024.

• 17 April 2024 – On 6 March 2024, HMT published a consultation setting out the Government’s proposal for a new innovative market that aims to allow private companies to scale and grow, and to boost the pipeline of future initial public offerings in the UK. The consultation closes to responses on 17 April 2024.