A new episode of RT Plus is available now to stream and download. This episode features Celia Cohen and Samuel Ramer, both of whom are partners in NRF’s US practice. This podcast will be of particular interest to US based firms but also to non-US firms that have some dealings with the US.
In this
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
On 29 June 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a revised policy that the regulator uses to determine the amount of nearly all administrative fines it imposes: the Fine Allocation Policy AFM 2021 (Boetetoemetingsbeleid AFM 2021).
Market participants were given the opportunity
On 31 May 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published various news items on its website calling on investment firms (see here, here and here), managers of alternative investment funds (AIFs) and depositaries of AIFS and undertakings for collective investment in
The Dutch Central Bank (De Nederlandsche Bank, DNB) has recently published a newsletter in which it discusses a number of developments around the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD). The IFR and IFD will make significant alterations to the prudential framework governing investment firms. This
On 15 April 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) sent a sector letter to alternative investment fund managers (AIFMs) falling under the so-called ‘light’ regime. ‘Light’ AIFMs are exempted from the EU Alternative Investment Fund Managers Directive’s license obligation as laid down in
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 25 March 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) started a public consultation of a proposed revision of the policy rule used to determine the amount of nearly all administrative fines imposed by the AFM: the Fine Allocation Policy AFM 2021 (Boetetoemetingsbeleid AFM 2021