On 20 July 2021, the European Securities and Markets Authority (ESMA) issued its latest report in the use of supervisory sanctions by Member State competent authorities (NCAs) under the UCITS IV Directive. The report has been prepared in accordance with Article 99e(1) of the UCITS IV Directive and covers the period

On 20 July 2021, the European Securities and Markets Authority (ESMA) issued its second annual report on the use by Member State competent authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD). The report has been prepared in accordance with Article 48(3) AIFMD. It contains information

On 19 July 2021, the European Securities and Markets Authority (ESMA) published its third report on the use of sanctions and measures by Member State competent authorities (NCAs) under MiFID II. Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless,

On 29 March 2021, the European Securities and Markets Authority (ESMA) published its advice to the European Commission concerning the application of administrative and criminal sanctions under MiFID II/MiFIR.

The legislative background to the advice is Article 90 of MiFID II which provides that the Commission, after consulting with ESMA, will present a

Information requests from regulators can raise a host of complex legal and practical issues for entities and individuals.

Our experts in this field have set out the key considerations around the production of information to UK and US regulators, including information-gathering powers, privilege issues and increased global data sharing.

Information-gathering powers

Many UK regulators have