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ESMA publishes fourth annual report on use of sanctions for UCITS

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 from 1 January 2020 … Continue Reading

ESMA publishes second report on sanctions under AIFMD

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 the penalties and measures imposed … Continue Reading

ESMA finds NCAs imposed sanctions of €8.4 million for MiFID II breaches in 2020

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 for an aggregated value … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

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, … Continue Reading

ESMA advises the Commission on the application of sanctions under MiFID II/MiFIR

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 report to … Continue Reading

Production of information to government authorities: a combined US and UK review

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 … Continue Reading

ESMA announces enforcement priorities for 2019 financial statements

On 22 October 2019, the European Securities and Markets Authority (ESMA) published a statement outlining its priorities for European enforcers to consider when examining the 2019 financial reports of listed companies. The common enforcement priorities related to 2019 IFRS financial statements include: specific issues related to IFRS 16 Leases; follow-up of specific issues related to … Continue Reading

Wolfsberg Group publishes new guidance on how FIs should carry out sanctions screening

On 21 January 2019, the Wolfsberg Group published new guidance on how financial institutions (FIs) should carry out sanctions screening. The fundamentals of the guidance are derived from legal/regulatory requirements, as well as expectations and global industry best practice. It is not intended to suggest that all FIs should apply all elements in the guidance … Continue Reading

Banking and finance disputes review

Norton Rose Fulbright has today published the latest edition of the Banking and finance disputes review, the journal which analyses developments in dispute resolution relevant to financial institutions. This edition highlights some risks and benefits of different jurisdictions as centres for dispute resolution by banks and financial institutions. Of particular note is The financial list: … Continue Reading
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