Euro shorts 23.05.14 including updated EMIR implementation Q&As and CC&G auth...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes updates to EMIR implementation guidelines, the authorization of an Italian central counterparty under EMIR, and correspondence between a UK parliamentary committee and Treasury on shadow banking regulation. It also briefly outlines other recent regulatory publications and actions relating to ESMA risk reports, CRD IV, CRR, interest rate derivatives investigations, FATCA guidance, and an OECD regulatory enforcement report.
The document discusses the key aspects and requirements of the Alternative Investment Fund Managers Directive (AIFMD), an EU directive that introduces a regulatory framework for managers of alternative investment funds. It covers topics such as what an alternative investment fund (AIF) and its manager (AIFM) are, the authorization process for AIFMs, capital requirements, conduct standards, transparency and reporting obligations, and the impact on areas like documentation, service providers, and marketing. Managers have until July 2014 to comply with the new rules by becoming authorized or ensuring any entities managing AIFs meet the regulatory standards.
Legal shorts 04.07.14 including FCA updates AIFMD webpage and ESMA updates Q&...Cummings
This document provides a summary of recent legal and financial regulatory developments from the week of July 4, 2014. It outlines updates from the FCA on AIFMD rules and the Alternative Investment Fund Managers Order, updates from ESMA on AIFMD Q&As, and publications from the FCA on EMIR and CRD IV rules. Additionally, it mentions statements from the EU Council on ELTIF regulations and from FATF on virtual currencies.
Aifmd checklist for managers cummings finalCummings
AIFMD: Checklist for Managers outlines steps that alternative investment fund managers should take to prepare for the implementation of the Alternative Investment Fund Managers Directive on July 22, 2013. Managers are advised to review their current arrangements, structures, and documentation to ensure compliance with the new regulations regarding areas such as risk management, portfolio management, investment policies, passporting arrangements, reporting, and marketing materials. Managers should also liaise with regulatory authorities and legal counsel to understand how to meet all of the directive's requirements, such as calculating assets under management and leverage, by the implementation date.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 23.05.14 including updated EMIR implementation Q&As and CC&G auth...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes updates to EMIR implementation guidelines, the authorization of an Italian central counterparty under EMIR, and correspondence between a UK parliamentary committee and Treasury on shadow banking regulation. It also briefly outlines other recent regulatory publications and actions relating to ESMA risk reports, CRD IV, CRR, interest rate derivatives investigations, FATCA guidance, and an OECD regulatory enforcement report.
The document discusses the key aspects and requirements of the Alternative Investment Fund Managers Directive (AIFMD), an EU directive that introduces a regulatory framework for managers of alternative investment funds. It covers topics such as what an alternative investment fund (AIF) and its manager (AIFM) are, the authorization process for AIFMs, capital requirements, conduct standards, transparency and reporting obligations, and the impact on areas like documentation, service providers, and marketing. Managers have until July 2014 to comply with the new rules by becoming authorized or ensuring any entities managing AIFs meet the regulatory standards.
Legal shorts 04.07.14 including FCA updates AIFMD webpage and ESMA updates Q&...Cummings
This document provides a summary of recent legal and financial regulatory developments from the week of July 4, 2014. It outlines updates from the FCA on AIFMD rules and the Alternative Investment Fund Managers Order, updates from ESMA on AIFMD Q&As, and publications from the FCA on EMIR and CRD IV rules. Additionally, it mentions statements from the EU Council on ELTIF regulations and from FATF on virtual currencies.
Aifmd checklist for managers cummings finalCummings
AIFMD: Checklist for Managers outlines steps that alternative investment fund managers should take to prepare for the implementation of the Alternative Investment Fund Managers Directive on July 22, 2013. Managers are advised to review their current arrangements, structures, and documentation to ensure compliance with the new regulations regarding areas such as risk management, portfolio management, investment policies, passporting arrangements, reporting, and marketing materials. Managers should also liaise with regulatory authorities and legal counsel to understand how to meet all of the directive's requirements, such as calculating assets under management and leverage, by the implementation date.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
The document provides a summary of recent developments in the European financial services industry. It discusses consultations and reports from ESMA on indirect clearing under EMIR and MiFIR, responses to draft implementing technical standards under MiFID II, an FSB review and progress report on OTC derivatives reforms, an extension of the senior managers regime to incoming EEA branches, progress on an SFT Regulation, divergence between US and EU rules on swaps, and revised Hedge Fund Standards. It also includes a guest section on locum CF30 services for investment managers experiencing headcount shortfalls.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 31.07.15 including AIFMD EMIR publishes passporting opinion and C...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes recent reports and decisions from organizations such as ESMA, the Cayman Islands government, the FCA, the BIS, ACER, and the IMF regarding several topics:
(1) ESMA published advice on extending the AIFMD passport to certain non-EEA countries but not the US.
(2) The Cayman Islands drafted bills to allow managers to opt into AIFMD reporting requirements.
(3) The FCA published guidance to help firms accurately report data under AIFMD Annex IV.
(4) Progress is being made on implementing OTC derivatives reforms but challenges remain regarding
Legal shorts 31.07.15 including AIFMD annex iv reporting AIFMD and UCITS V re...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry from the law firm Cummings Law. It summarizes updates from the FCA on AIFMD reporting requirements, ESMA guidelines on remuneration policies under AIFMD and UCITS V, and new FCA forms for the senior managers regime. It also briefly outlines reports from other organizations on topics like OTC derivatives reforms, the FX working group code of conduct, and proposed changes to UK limited partnerships for private equity investments.
Euro shorts 24.07.15 including AIFMD EMIR delay on passporting opinion and AI...Cummings
ESMA has announced a delay in publishing its opinion and advice relating to passporting under the AIFMD until the week of July 28, 2015. ESMA is also consulting on guidelines for sound remuneration policies under the AIFMD and UCITS V, with comments due by October 23, 2015. Additionally, ESMA has published updated Q&As on the application of the AIFMD and responses to its consultations on guidelines under MiFID II and draft RTS on clearing obligations under EMIR.
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry. It discusses the Bank of England's response to a consultation on CCP interoperability under EMIR, the EBA's response on an EMIR risk mitigation consultation, and the ESRB's response on an ESMA clearing obligation consultation. It also summarizes speeches by the FCA on the FEMR review and dealing commission, and notes the FCA's update to its enforcement referral criteria. Other topics covered include the EU Parliament's resolution on capital markets union, the introduction of a UK Financial List for complex disputes, concerns about REMIT and MiFID II/MAR reporting, and tax highlights from the UK's recent budget
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
The document provides a summary of recent developments in the European financial services industry:
- The Bank of England published its approach to assessing interoperability arrangements between EU central counterparties.
- The European Banking Authority published responses to its consultation on risk mitigation techniques for over-the-counter derivatives.
- The European Systemic Risk Board supported the European Securities and Markets Authority's proposals to expand the clearing obligation for certain interest rate derivatives.
- The document also summarizes various speeches and updates from regulators like the Financial Conduct Authority on topics like the Fair and Effective Markets Review and enforcement criteria.
Euro shorts 10.07.15 including UK Budget and MiFID II - complex debt instrume...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes key measures from the UK Budget, including consultations on partnership legislation and carried interest taxation. It also outlines publications from ESMA on MiFID II guidelines, and the EBA's advice on a framework for qualifying securitizations. Additional updates cover FSB progress on benchmark reform, an IOSCO/CPMI assessment of financial market infrastructure principles, negotiations on an EU financial transaction tax, and reforms to UK non-domicile tax status and inheritance tax rules.
Euro shorts 03.07.15 including legal and regulatory update webinar and aifmd ...Cummings
This document provides a summary of recent financial services industry developments in Europe. It discusses regulatory updates from ESMA on MiFID II, AML/CTF rules for crowdfunding, and extending EMIR interoperability provisions to exchange-traded derivatives. It also mentions an upcoming webinar on legal and regulatory topics impacting asset management and consultations from IOSCO on investment fund fees and from FATF on risks from virtual currencies and gold. Finally, it provides brief updates on ESMA supporting a Greek short selling ban and an upcoming Greek referendum on creditor bailout proposals.
Euro shorts 26.06.15 including cameron introduces reform agenda at eu summit ...Cummings
Cameron formally introduced the UK's reform agenda to renegotiate its EU membership at a summit, though EU leaders focused on Greece and migration. The Financial Transaction Tax talks may reach agreement soon on which trades to tax and how much revenue to raise. The EU approved a directive requiring central registers of beneficial owners of corporate entities. There will be a delay in technical standards under the securities regulation due to additional review, but the process may still meet deadlines. The risk dashboard was updated to identify systemic risks in the EU financial system. The Cayman Islands was blacklisted as a tax haven by the EU despite exchange agreements with most member states. Greece and the EU failed to resolve differences over Greece's financial reforms ahead of an IMF
Euro shorts 19.06.15 including mi fid ii and esma launches new strategyCummings
ESMA has published a statement on implementing measures under MiFID II focusing on non-equity transparency, position limits, and ancillary activity tests. ESMA also launched a new 2015-2020 strategy focusing on investor protection, orderly markets, and financial stability through risk assessment, supervisory convergence, direct supervision, and completing the EU financial rulebook. Additionally, ISDA published an EMIR frontloading amendment agreement allowing parties to amend master agreements to incorporate a new termination event for frontloading, and the EU called an emergency eurozone summit for next week to discuss Greece's debt talks after they ended without a deal.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
Euro shorts 12.06.15 including mansion house speech 2015 and BOE Carney targe...Cummings
The document provides a summary of recent developments in the financial services industry in Europe. It discusses George Osborne's speech on the UK's renegotiation of EU membership and the sale of shares in the Royal Bank of Scotland. It also mentions Mark Carney calling for longer prison sentences for bankers who break the law. Finally, it summarizes other regulatory developments and reports from the European Commission, Bank of England, and IMF regarding Greece's bailout talks.
Legal shorts 12.06.15 including ESMA speech on MiFID II and EMIR and commissi...Cummings
The document provides a summary of recent legal and regulatory developments in the financial services industry from Cummings Law. It discusses speeches and reports from ESMA on MiFID II, EMIR and risk mitigation techniques. It also mentions the European Commission extending the transitional period for capital requirements and responses to consultations on the capital markets union. Finally, it briefly outlines appointments at the FCA and upcoming publications from the European Parliament and IOSCO.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
The document provides a summary of recent developments in the European financial services industry. It discusses consultations and reports from ESMA on indirect clearing under EMIR and MiFIR, responses to draft implementing technical standards under MiFID II, an FSB review and progress report on OTC derivatives reforms, an extension of the senior managers regime to incoming EEA branches, progress on an SFT Regulation, divergence between US and EU rules on swaps, and revised Hedge Fund Standards. It also includes a guest section on locum CF30 services for investment managers experiencing headcount shortfalls.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 31.07.15 including AIFMD EMIR publishes passporting opinion and C...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes recent reports and decisions from organizations such as ESMA, the Cayman Islands government, the FCA, the BIS, ACER, and the IMF regarding several topics:
(1) ESMA published advice on extending the AIFMD passport to certain non-EEA countries but not the US.
(2) The Cayman Islands drafted bills to allow managers to opt into AIFMD reporting requirements.
(3) The FCA published guidance to help firms accurately report data under AIFMD Annex IV.
(4) Progress is being made on implementing OTC derivatives reforms but challenges remain regarding
Legal shorts 31.07.15 including AIFMD annex iv reporting AIFMD and UCITS V re...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry from the law firm Cummings Law. It summarizes updates from the FCA on AIFMD reporting requirements, ESMA guidelines on remuneration policies under AIFMD and UCITS V, and new FCA forms for the senior managers regime. It also briefly outlines reports from other organizations on topics like OTC derivatives reforms, the FX working group code of conduct, and proposed changes to UK limited partnerships for private equity investments.
Euro shorts 24.07.15 including AIFMD EMIR delay on passporting opinion and AI...Cummings
ESMA has announced a delay in publishing its opinion and advice relating to passporting under the AIFMD until the week of July 28, 2015. ESMA is also consulting on guidelines for sound remuneration policies under the AIFMD and UCITS V, with comments due by October 23, 2015. Additionally, ESMA has published updated Q&As on the application of the AIFMD and responses to its consultations on guidelines under MiFID II and draft RTS on clearing obligations under EMIR.
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry. It discusses the Bank of England's response to a consultation on CCP interoperability under EMIR, the EBA's response on an EMIR risk mitigation consultation, and the ESRB's response on an ESMA clearing obligation consultation. It also summarizes speeches by the FCA on the FEMR review and dealing commission, and notes the FCA's update to its enforcement referral criteria. Other topics covered include the EU Parliament's resolution on capital markets union, the introduction of a UK Financial List for complex disputes, concerns about REMIT and MiFID II/MAR reporting, and tax highlights from the UK's recent budget
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
The document provides a summary of recent developments in the European financial services industry:
- The Bank of England published its approach to assessing interoperability arrangements between EU central counterparties.
- The European Banking Authority published responses to its consultation on risk mitigation techniques for over-the-counter derivatives.
- The European Systemic Risk Board supported the European Securities and Markets Authority's proposals to expand the clearing obligation for certain interest rate derivatives.
- The document also summarizes various speeches and updates from regulators like the Financial Conduct Authority on topics like the Fair and Effective Markets Review and enforcement criteria.
Euro shorts 10.07.15 including UK Budget and MiFID II - complex debt instrume...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes key measures from the UK Budget, including consultations on partnership legislation and carried interest taxation. It also outlines publications from ESMA on MiFID II guidelines, and the EBA's advice on a framework for qualifying securitizations. Additional updates cover FSB progress on benchmark reform, an IOSCO/CPMI assessment of financial market infrastructure principles, negotiations on an EU financial transaction tax, and reforms to UK non-domicile tax status and inheritance tax rules.
Euro shorts 03.07.15 including legal and regulatory update webinar and aifmd ...Cummings
This document provides a summary of recent financial services industry developments in Europe. It discusses regulatory updates from ESMA on MiFID II, AML/CTF rules for crowdfunding, and extending EMIR interoperability provisions to exchange-traded derivatives. It also mentions an upcoming webinar on legal and regulatory topics impacting asset management and consultations from IOSCO on investment fund fees and from FATF on risks from virtual currencies and gold. Finally, it provides brief updates on ESMA supporting a Greek short selling ban and an upcoming Greek referendum on creditor bailout proposals.
Euro shorts 26.06.15 including cameron introduces reform agenda at eu summit ...Cummings
Cameron formally introduced the UK's reform agenda to renegotiate its EU membership at a summit, though EU leaders focused on Greece and migration. The Financial Transaction Tax talks may reach agreement soon on which trades to tax and how much revenue to raise. The EU approved a directive requiring central registers of beneficial owners of corporate entities. There will be a delay in technical standards under the securities regulation due to additional review, but the process may still meet deadlines. The risk dashboard was updated to identify systemic risks in the EU financial system. The Cayman Islands was blacklisted as a tax haven by the EU despite exchange agreements with most member states. Greece and the EU failed to resolve differences over Greece's financial reforms ahead of an IMF
Euro shorts 19.06.15 including mi fid ii and esma launches new strategyCummings
ESMA has published a statement on implementing measures under MiFID II focusing on non-equity transparency, position limits, and ancillary activity tests. ESMA also launched a new 2015-2020 strategy focusing on investor protection, orderly markets, and financial stability through risk assessment, supervisory convergence, direct supervision, and completing the EU financial rulebook. Additionally, ISDA published an EMIR frontloading amendment agreement allowing parties to amend master agreements to incorporate a new termination event for frontloading, and the EU called an emergency eurozone summit for next week to discuss Greece's debt talks after they ended without a deal.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
Euro shorts 12.06.15 including mansion house speech 2015 and BOE Carney targe...Cummings
The document provides a summary of recent developments in the financial services industry in Europe. It discusses George Osborne's speech on the UK's renegotiation of EU membership and the sale of shares in the Royal Bank of Scotland. It also mentions Mark Carney calling for longer prison sentences for bankers who break the law. Finally, it summarizes other regulatory developments and reports from the European Commission, Bank of England, and IMF regarding Greece's bailout talks.
Legal shorts 12.06.15 including ESMA speech on MiFID II and EMIR and commissi...Cummings
The document provides a summary of recent legal and regulatory developments in the financial services industry from Cummings Law. It discusses speeches and reports from ESMA on MiFID II, EMIR and risk mitigation techniques. It also mentions the European Commission extending the transitional period for capital requirements and responses to consultations on the capital markets union. Finally, it briefly outlines appointments at the FCA and upcoming publications from the European Parliament and IOSCO.
Legal shorts 12.06.15 including ESMA speech on MiFID II and EMIR and commissi...
Euro shorts 14.02.14 including AIFMD funds under management and emir reporting deadline
1. Welcome to Euro Shorts, a short briefing on some of the week’s developments in the
financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of
our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
AIFMD funds under management
The FCA has published a new webpage on which it announces a modification by
consent of the meaning of "funds under management" in Chapter 11 of the
Interim Prudential sourcebook for investment business (IPRU (INV) 11). This
modification changes the meaning of "funds under management" so that firms
whose assets under management include derivative instruments can value those
instruments at market value, instead of converting them into their equivalent
positions in the underlying assets and then valuing them on the basis of that
equivalent position. The modification is valid until 31 January 2015 or on the
change of the Glossary definition of "funds under management" that is used in
IPRU (INV) 11, unless subsequently withdrawn. Those firms wishing to take
advantage of this modification by consent should contact the FCA's Central
Waivers Team. Modification directions granted will be published on the FCA
website.
AIFMD allows passporting of MiFID services
The FCA has explained that an amendment to the AIFMD will make it explicit
that an AIFM's right to passport AIFM services into other Member States will
include services that it is authorised to provide in its home Member State under
Article 6(4) of the AIFMD i.e. MiFID services, such as investment advice,
safekeeping of certain investments and reception and transmission of orders. The
AIFMD provides the mechanism to allow this, explaining that the AIFM may
2. request its home state regulator to issue a notification to the relevant host state
regulator to that effect. In June 2013, the FCA published a statement explaining
that the European Commission did not share its view that a passport exists for
MiFID services under the AIFMD. The FCA warns that some Member States
may have already implemented into their national law the original view of the
EC, in which case it is likely to take them some time to change the law and begin
accepting the passporting of MiFID services, but that the Commission's revised
view is that a notification for a full-scope UK AIFM to provide MiFID services
in another Member State should be accepted by the host Member State regulator.
EMIR reporting deadline
This week saw the reporting obligation under EMIR come into force. From
Wednesday, all relevant derivatives trades will need to be reported to one of the
six new trade repositories. According to reports, the FCA has acknowledged that
reporting will not be perfect on the first day and that it recognised the challenges;
as a result, its response to any instances of non-compliance will be proportionate,
although it warns that non-compliance could lead to enforcement action. It is
also reported that the majority of the TRs, which include the LSE, CME, Warsaw
SE, Deutsche Borse with the Madrid Exchange, and ICE see their repositories as
simply a way of offering a non-stop service in derivatives. This proliferation has
caused the Financial Stability Board to launch a public consultation on how to
link and consolidate all the repository date globally.
Mark Carney revises forward guidance on UK growth
This week the Governor of the BoE has presented the Bank’s latest growth,
inflation and unemployment forecasts and has warned that the UK economy is
still too weak to withstand a rate increase in the near future. Mr Carney has
revised the forward guidance he gave at his first inflation report in August by
dramatically broadening the number of economic indicators used by the BoE to
decide when it will be appropriate to raise interest rates. He has also ramped up
the number of public events by Bank officials in an attempt to communicate its
thinking on the economy more effectively, in order to reassure markets that a rate
rise is not imminent even though unemployment is fast approaching the 7% level
which he named as a threshold for the Bank to consider an increase.
3. US trading on European platforms
The CFTC has confirmed that US banks can trade on European platforms that
are not registered with the US. The decision was welcomed in Europe, as traders
had been waiting for clarification on the new US rules coming into effect next
week, which permit US banks to trade only on those European platforms
registered with the CFTC. It is now clear that US banks can keep trading on
European platforms which are not registered, provided the rules on the platform
are as stringent as those of the CFTC.
European Commission publishes speech on competition
The European Commission has published a speech on competition in the
financial markets by its Vice President, Joaquin Almunia. In his speech, Mr
Almunia stated that a competitive and open internal market and the
implementation of EU competition law are key elements of public policy that
will help put the EU back on track after the recession. He said that the
foundations for a strong growth strategy are based on a more competitive single
market and that this means continuing work to open up markets in banking and
finance and the re-regulation of the financial markets following the financial
crisis.
ECON report on financial services legislation
The European Parliament's Committee on Economic and Monetary Affairs
(ECON) has published an informal report on enhancing the coherence of EU
financial services legislation. The report sets out the conclusions ECON has
drawn from its May 2013 consultation on ways to further enhance the coherence
of EU financial services legislation and contains a number of steps that ECON
intends to take as a result of the consultation. In its introduction to the
consultation last year, ECON explained that, given the transition to a single
financial services rule book across the EU, it was increasingly important that
legislation fits together seamlessly. The report was adopted by ECON on 30
January 2014.
4. ESMA 2014 regulatory work programme
ESMA has published its 2014 regulatory work programme, which provides a
detailed breakdown of the individual workstreams outlined in ESMA's 2014
work programme. The regulatory work programme covers various areas
including the following initiatives: MiFID II, the CRA III Regulation, the CSD
Regulation, which is the proposed Regulation on improving securities settlement
and regulating central securities depositories, and the proposed Market Abuse
Regulation (MAR).
EMIR
The European Commission has updated its webpage on EMIR to announce that it
has adopted regulatory technical standards (RTS) specifying the contracts that
are considered to have a direct, substantial and foreseeable effect within the EU.
The RTS also detail the cases where it is necessary or appropriate to prevent the
evasion of rules and obligations. The Regulation will come into effect 20 days
after the date it is published in the OJ, although the Article relating to the
circumstances under which a contract will be considered to have a direct,
substantial and foreseeable effect will not apply until six months after the
Regulation comes into force. ESMA has also published an updated version of its
Q&As on the implementation of EMIR, acknowledging in an accompanying
press release that both reporting firms and TRs will need a certain amount of
time to properly incorporate the new guidance.
Cummings
Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327
www.cummingslaw.com
14 February 2014