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.
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.
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
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.
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
This presentation by Manuel Sebastião, Member of the Board of Directors, Redes Energéticas Nacionais (Portugal), was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
International Chamber of Commerce calls for governments to be proactive in supporting trade finance, as preparation for economies bouncing back.
Credits to International Chamber of commerce (ICC) source: https://iccwbo.org/media-wall/news-speeches/major-interventions-needed-to-backstop-trade-recovery-warns-icc/
This presentation gives an overview over the EFPIA transparency / disclosure code that requires pharmaceutical companies to disclose payments to doctors and healthcare institutions as of 2015. It supports a critical view on the initiative compared to similar sunshine requirements in other countries.
Mutual recognition of authorized economic operatorM S Siddiqui
AEO is considered as an important tool for facilitation of the customs and trade processes for Customs and for traders, the contribution of trade facilitation to the establishment of open markets and to the creation of long-standing opportunities for investment and, consequently, economic growth and mutual recognition agreements (MRAs) MRA "open the doors" to and for other countries.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This document describes the Chile FinTech landscape, approaching the analysis from a FinTech, regulatory, Investment and talent standpoint.
This document serves as a snapshot of the key pillars of a FinTech ecosystem in a country and provides a good overall view of the state of FinTech at a glance.
Chile has a population of 18m people as of end-2017 and mobile internet users account for 72% as of January 2018 according to Wearesocial. Chile’s government is spurring innovation through investments in startups and loosening restrictions for larger companies looking to penetrate the Latin American market.
Key Findings:
- Chilean FinTechs are driving financial inclusion and SME finance
- Chile’s regulators have recently moved to increase regulatory clarity for FinTechs.
- As of year end 2017, according to Finnovista, there were a total of 75 FinTech startups in Chile, a 34% increase from 2016. The top FinTech segments in Chile is Payment and Remittances, Enterprise Financial Management and crowdfunding at 30%, 16% and 15% of the total number of FinTech startups respectively.
- A survey conducted by Finnovista showed that 22% of startups operate beyond the national border and the main market where Chilean startups operate in is Mexico (33%). Chile’s FinTech ecosystem is relatively young with 81% of the FinTechs surveyed by Finnovista being created during the last 4 years.
- 40% of Chilean FinTechs have a focus on the underbanked and unbanked population. Financial inclusion in Chile have been improving with 63% of the population above 15 years old having access to a bank account.
- FinTech Association of Chile, the industry association, was launched in March 2018 with the purpose of promoting and strengthening the 4 pillars for the proper development of the Fintech industry, namely Public policies and regulation; Education, development and attraction of talent; Attraction of capital and investments; and Promoting the use of Fintech business services. as of October 29, the association had 21 members.
- Chilean startups can access funding from both public and private sources. On the public side, Production Development Corporation (CORFO), founded in 1939, aims to promote economic development in Chile. For every $1 funds invested, the CORFO can match an additional US$2 or US$3 with low interest debt. CORFO also sponsors Chilean incubators up to US$310k in grants for operations each year. There are 18 incubators listed on CORFO’s site in 2016.
-Start-upChile, launched in 2010, is an accelerator with 2 mandates: to elevate Chile’s international profile and to build out a local culture of entrepreneurism. It offers up to CL$50 million (80K USD) in equity free funding across its programs & over 100K of perks as a participant and has attracted technology entrepreneurs from all over the world. As of October 2018, Start-Up Chile has worked with over 1,300 startups, 51% of which are still active.
Unpacking local content requirements in the extractive sectorIsabelle Ramdoo
The E15 Initiative Expert Group on Trade and Investment in the Extractive Sector commissioned a paper on local content requirements. This presentation outlines the key elements of the Paper and unpacks the key characteristics of local content requirements.
This presentation by Manuel Sebastião, Member of the Board of Directors, Redes Energéticas Nacionais (Portugal), was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
International Chamber of Commerce calls for governments to be proactive in supporting trade finance, as preparation for economies bouncing back.
Credits to International Chamber of commerce (ICC) source: https://iccwbo.org/media-wall/news-speeches/major-interventions-needed-to-backstop-trade-recovery-warns-icc/
This presentation gives an overview over the EFPIA transparency / disclosure code that requires pharmaceutical companies to disclose payments to doctors and healthcare institutions as of 2015. It supports a critical view on the initiative compared to similar sunshine requirements in other countries.
Mutual recognition of authorized economic operatorM S Siddiqui
AEO is considered as an important tool for facilitation of the customs and trade processes for Customs and for traders, the contribution of trade facilitation to the establishment of open markets and to the creation of long-standing opportunities for investment and, consequently, economic growth and mutual recognition agreements (MRAs) MRA "open the doors" to and for other countries.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This document describes the Chile FinTech landscape, approaching the analysis from a FinTech, regulatory, Investment and talent standpoint.
This document serves as a snapshot of the key pillars of a FinTech ecosystem in a country and provides a good overall view of the state of FinTech at a glance.
Chile has a population of 18m people as of end-2017 and mobile internet users account for 72% as of January 2018 according to Wearesocial. Chile’s government is spurring innovation through investments in startups and loosening restrictions for larger companies looking to penetrate the Latin American market.
Key Findings:
- Chilean FinTechs are driving financial inclusion and SME finance
- Chile’s regulators have recently moved to increase regulatory clarity for FinTechs.
- As of year end 2017, according to Finnovista, there were a total of 75 FinTech startups in Chile, a 34% increase from 2016. The top FinTech segments in Chile is Payment and Remittances, Enterprise Financial Management and crowdfunding at 30%, 16% and 15% of the total number of FinTech startups respectively.
- A survey conducted by Finnovista showed that 22% of startups operate beyond the national border and the main market where Chilean startups operate in is Mexico (33%). Chile’s FinTech ecosystem is relatively young with 81% of the FinTechs surveyed by Finnovista being created during the last 4 years.
- 40% of Chilean FinTechs have a focus on the underbanked and unbanked population. Financial inclusion in Chile have been improving with 63% of the population above 15 years old having access to a bank account.
- FinTech Association of Chile, the industry association, was launched in March 2018 with the purpose of promoting and strengthening the 4 pillars for the proper development of the Fintech industry, namely Public policies and regulation; Education, development and attraction of talent; Attraction of capital and investments; and Promoting the use of Fintech business services. as of October 29, the association had 21 members.
- Chilean startups can access funding from both public and private sources. On the public side, Production Development Corporation (CORFO), founded in 1939, aims to promote economic development in Chile. For every $1 funds invested, the CORFO can match an additional US$2 or US$3 with low interest debt. CORFO also sponsors Chilean incubators up to US$310k in grants for operations each year. There are 18 incubators listed on CORFO’s site in 2016.
-Start-upChile, launched in 2010, is an accelerator with 2 mandates: to elevate Chile’s international profile and to build out a local culture of entrepreneurism. It offers up to CL$50 million (80K USD) in equity free funding across its programs & over 100K of perks as a participant and has attracted technology entrepreneurs from all over the world. As of October 2018, Start-Up Chile has worked with over 1,300 startups, 51% of which are still active.
Unpacking local content requirements in the extractive sectorIsabelle Ramdoo
The E15 Initiative Expert Group on Trade and Investment in the Extractive Sector commissioned a paper on local content requirements. This presentation outlines the key elements of the Paper and unpacks the key characteristics of local content requirements.
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.
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.
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during May and June 2018.
https://www.duffandphelps.com/insights/publications/compliance-and-regulatory-consulting/regulatory-focus-july-2018
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA up...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.
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
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...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 16.12.16 including Brexit: European Parliament briefing and Brexi...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 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.
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 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
Collective Mining | Corporate Presentation - May 2024
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ii- esma publishes further draft its
1.
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.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
MiFID II: FCA first consultation
The FCA has published its first consultation paper on the implementation of MiFID II (CP15/43).
CP15/43 focuses on areas where the FCA has sufficient certainty about the MiFID II legislation to
be able to make proposals for UK implementation. The proposals mainly cover changes to the
trading of financial instruments. They relate to matters including the following: trading venues,
systematic internalisers, transparency, market data, algorithmic and HFT requirements,
passporting and UK branches of non-EEA firms. The proposed Handbook text is set out in the
draft Markets (MiFID 2) Instrument 2016 in appendix 1 to the paper. Comments are invited by 8
March 2016.
MiFID II: ESMA publishes further draft ITS
ESMA has published further draft ITS under MiFID II, which relate to the following areas: (i)
standard forms, templates and procedures for cooperation arrangements in respect of a trading
venue whose operations are of substantial importance in a host Member State; (ii) format and
timing of communications relating to the suspension and removal of financial instruments from
trading on a regulated market, a MTF or an OTF; (iii) standard forms, templates and procedures
for the authorisation of data reporting services providers; (iv) position reporting and format and
timing of weekly position reports; and (v) various standard forms, templates and procedures for
national competent authorities. ESMA published two other sets of technical standards on the
implementation of MiFID II in June 2015.
EMIR draft RTS on access to data
2. ESMA is consulting on draft RTS relating to data access, and aggregation and comparison of data
under EMIR. ESMA proposes amendments to the current RTS in force on data access to allow
improvements to be made to allow the authorities to better fulfil their responsibilities, in particular
in the context of monitoring systemic risk and increased OTC derivatives transparency.
Comments are invited by 1 February 2016, following which ESMA will submit a final report to
the European Commission.
Draft Finance Bill 2016
The government is consulting on draft clauses and explanatory notes to be included in the
Finance Bill 2016. The draft legislation represents the majority of the measures to be included in
the Finance Bill 2016, and implements a number of tax policies, some of which were announced
in the 2015 Autumn statement. Measures include: (i) taxation of asset managers’ performance-
based rewards; (ii) bad debt relief on P2P lending; and (iii) changes to the bank levy. The draft
legislation is open for consultation until 3 February 2016. The final contents of the Finance Bill
2016 will be confirmed in the 2016 Budget, which is to be delivered on 16 March 2016.
FCA speech on fair and effective markets
The FCA has published a speech by David Lawton, FCA Director of Markets Policy and
International, on wholesale market policy. In his speech, Mr Lawton comments on some of the
more important market policy developments in 2015 and looks at how they might contribute to
the goal of fair and effective markets, and referred to, amongst other things on: (i) the proposed
delay to the MiFID II implementation date; (ii) the final delegated acts on dealing commission;
(iii) publication of the delegated acts on MAR; and (iv) an update on the FCA’s competition
market study.
FCA thematic review on confidential and inside information
The FCA has published a thematic review report on flows of confidential and inside information
(TR15/13). The review findings indicate that, although firms recognise the risks associated with
flows of confidential and inside information, further work is needed to ensure that these risks are
managed appropriately. The FCA states that it is essential for firms' senior management to take
note of the findings and messages outlined in the report, and take the steps necessary to identify
and resolve any outstanding issues. Firms must instil a culture in which market integrity is at the
heart of how they do business.
IOSCO third hedge fund survey
IOSCO has published the findings from its third hedge fund survey. The aim of the survey is to
gather data from hedge fund managers and advisers about the markets in which they operate, their
trading activities, leverage, funding and counterparty information. It forms part of IOCSO's work
to support the G20 initiative to mitigate risk associated with hedge funds. The report explains the
results of the survey and provides an overview of the hedge fund industry as at 30 September
2014. IOSCO considers that the regular collection and analysis of hedge fund data by regulators
remains an important building block in monitoring trends in the hedge fund sector and
understanding any potential systemic risks that hedge funds may pose to the financial system. As
a result, it aims to continue to conduct the survey on a periodic basis. The results of its second
3. hedge fund survey were published in October 2013.
FCA consults on social investments
The FCA has published a call for input on regulatory barriers relating to the social investment
market, asking for views about specific rules and policies that may be hindering investment for
social purposes. The FCA indicated that it would comment further on this sector in its March
2014 policy statement on crowdfunding. Social investment is a term used to describe investments
where the aim is to provide a wider social benefit, rather than the primary benefit being a purely
financial benefit to investors. They can include unlisted equity or debt securities issued by a
social enterprise, units issued by unregulated collective investment schemes (UCIS) and
traditional green or "ethical" investments. Comments are invited by 14 March 2016 and the FCA
will then consider any further actions it may need to take.
LIBOR update
ICE Benchmark Administration Ltd (IBA) has published an update following feedback to its
position paper regarding its proposals for the evolution of LIBOR. A recurring theme in the
feedback was that benchmark submitters should transmit eligible transaction data to IBA, rather
than submissions, and that IBA should calculate LIBOR rates from the transactional data. This
was seen as likely to result in a reduced need for subjectivity. IBA stated that it was important to
recognise that in the absence of sufficient transactions, some form of expert judgement will still
need to be exercised and the capacity of IBA to provide this will have to be carefully considered.
IBA intends to publish a further paper in early 2016.
Directors’ remuneration
The GC100 and Investor Group has published a statement relating to its guidance on directors’
remuneration. The Group has reviewed the guidance and 2014 Statement, particularly in the light
of experience over the 2015 AGM season and other developments. After due consideration, the
Group believes that the guidance, as supplemented by the 2014 Statement, continues to serve its
purpose effectively and will not be making any changes.
EBA recommends prudential regime for investment firms
The European Banking Authority has published a collaborative report with ESMA which lists a
series of recommendations that aim to provide a more proportionate and less complex prudential
regime for investment firms, based on appropriate risk sensitivity parameters. The main
recommendations of the EBA relate to: (i) a new categorisation of investment firms,
distinguishing between systemic risk and "bank-like" investment firms to which the full CRD IV
requirements should be applied, other investment firms ("non-systemic") with a more limited set
of prudential requirements, and very small firms with "non-interconnected" services; (ii) the
development of a prudential regime for "non-systemic" investment firms; and (iii) extending the
waiver for commodity trading firms until 31 December 2020.