On 15 December 2023, the International Organization of Securities Commissions (IOSCO) issued a statement on the risk of online harm to retail investors from investment scams and frauds. IOSCO has issued the statement noting that with growing online retail investor participation there has been a rise of ‘bad actors’ using sophisticated and fraudulent tactics to … Continue Reading
On 15 December 2023, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR investor protection topics. ESMA has added two new items in its section on information on costs and charges. These concern aggregation of costs and charges and foreign currency.… Continue Reading
On 15 December 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the European crowdfunding service providers for business Regulation. The following sections of the Q&As have been updated:… Continue Reading
Our global funds and financial services and regulation teams have recently created a new publication called Global Asset Management Review which comprises of a series of articles from colleagues around the world designed to help clients and contacts keep up-to-date with key trends in the asset management industry. Click here to view it.… Continue Reading
On 15 December 2023, the Financial Stability Board (FSB) issued a 2023 Resolution Report. The 2023 Resolution Report is the FSB’s twelfth report on the implementation of resolution reforms and takes stock of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, central counterparty, and insurance sectors. It … Continue Reading
On 13 December 2023, the European Securities and Markets Authority published the Terms of Reference for its Task Force on the Effectiveness of EU Capital Markets. The Task Force will develop key strategic messages from the EU securities market’s supervisory perspective.… Continue Reading
On 14 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report on market outages. Market outages occur when a technical problem or an operational issue causes a disruption of trading output or the orderly trading of a trading venue, leading to the suspension of trading. Market outages can be highly disruptive. … Continue Reading
On 7 December 2023, the European Securities and Markets Authority issued a final report on EU credit ratings for collateralised loan obligations (CLO). The report highlights potential conflicts of interest risks that were observed in the dialogue between credit rating agencies (CRAs) and market participants, and the potential influence these may have had on the … Continue Reading
On 7 December 2023, the European Supervisory Authorities (ESAs) issued a second consultation concerning their joint guidelines on the system for the exchange of information relevant to fit ad proper assessments. Our blog on the first consultation can be found here. The consultation covers amendments extending the scope of the joint guidelines to legal persons … Continue Reading
On 6 December 2023, the European Supervisory Authorities (ESAs) published a Consultation Paper on draft guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants by … Continue Reading
On 28 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a report on the progress that 31 global systemically important banks have made in implementing the Basel Committee’s Principles for effective risk data aggregation and reporting (the Principles). Of the 31 banks assessed, only two banks are fully compliant with all the … Continue Reading
On 28 November 2023, there was published in the Official Journal of the EU Directive (EU) 2023/2673 amending Directive 2011/83/EU as regards financial services contracts concluded at a distance and repealing Directive 2002/65/EC. The Directive aims to repeal the Distance Marketing Directive (DMD) and transfer the framework for consumer protections relating to financial services distance … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay … Continue Reading
On 15 November 2023, the European Banking Authority published a speech (dated 10 October 2023) by its chair, José Manuel Campa. The speech is entitled Operational resilience in EU financial services. Before exploring the concept of operational resilience (the ability of a financial entity to continue to deliver critical activities for the good functioning of … Continue Reading
On 13 November 2023, the European Supervisory Authorities (ESAs) published draft implementing technical standards (ITS) amending existing ITS on the mapping of external credit assessment institutions’ (ECAIs) credit assessments under the Capital Requirements Regulation (CRR). The amendments reflect the outcome of a monitoring exercise on the adequacy of existing mappings, and the deregistration of three … Continue Reading
On 8 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a document containing final technical amendments which have been integrated into the consolidated Basel Framework. The amendments relate to: (i) the standardised approach to operational risk; (ii) the disclosure standards for credit valuation adjustment risk; (iii) the description of the calculation of … Continue Reading
We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for some time. Both guides are now in their sixth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it illustrates … Continue Reading
On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25. At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons to ensure a … Continue Reading
On 27 October 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on MiFID II and MiFIR transparency topics. Section 5, topic 12 covering the minimum size of orders held in an order management facility for non-equity financial instruments, was deleted on 27 October 2023.… Continue Reading
On 23 October 2023, the European Council announced that it has approved the European Parliament’s position on proposed legislation intended to make it safer to contract financial services online or by phone. The proposed directive amends the Consumer Rights Directive (CRD) and repeals the Directive concerning the distance marketing of consumer financial services (Distance Marketing … Continue Reading
On 20 October 2023, the European Commission published Commission Delegated Regulation (EU) of 20 October 2023 supplementing the Capital Requirements Regulation with regard to regulatory technical standards (RTS) on the calculation of the stress scenario risk measure. The RTS foresee two overarching methods to develop the extreme scenarios of future shock for non-modellable risk factors: … Continue Reading
On 19 October 2023, the Council of the European Union (EU) published an information note regarding the: The information note attaches a letter that the Presidency had sent to the Chair of the European Parliament Committee on Economic and Monetary Affairs following the Permanent Representatives’ Committee meeting of 18 October 2023 which endorsed the final … Continue Reading
On 19 October 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/2175 of 7 July 2023 on supplementing the Securitisation Regulation with regard to regulatory technical standards specifying in greater detail the risk retention requirements for originators, sponsors, original lenders and services. The technical standards, in … Continue Reading
On 13 October 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on MiFID II and MiFIR market structure topics. The Q&As have been updated to include the two following Q&As with regards to access to CCPs and trading venues:… Continue Reading
