Asset Management, Funds and Capital Investment Law

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Recent Articles

  •  
    10/06/2024
    Europe

    ESMA issues first formal guidance on use of AI in retail financial services

    The European Securities and Markets Authority (ESMA) recently released a public statement on the use of artificial intelligence (AI) in the provision of retail investment services. The statement provides initial guidance to investment firms and credit institutions using, or planning to use, AI so they can ensure compliance with their obligations under MiFID II. It also outlines live use cases and ESMA’s understanding of the “known challenges” currently facing firms in adopting AI.Emerging ESMA approach?While this is by no means ESMA’s first publication or statement on AI,...
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  •  
    05/06/2024
    United Kingdom

    2024 UK EMIR Refit: finalisation of Q&A-style guidance

    On 30 September 2024, significant changes to the UK’s derivatives reporting framework will come into effect known as the “2024 UK EMIR refit”. Counterparties are in the process of finalising implementation projects to reflect the revised Article 9 reporting requirements under the UK version of the European Market Infrastructure Regulation (“UK EMIR”), having negotiated similar changes in relation to EU EMIR, which took effect on 29 April 2024. The UK Financial Conduct Authority (“FCA”) and Bank of England (“BoE”) (together the “Supervisory...
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  •  
    27/05/2024
    Europe

    MiFID/MiFIR review: ESMA publishes series of consultation papers on transparency topics

    On 21 and 23 May 2024, the European Securities and Markets Authority (“ESMA”) published three consultation papers, as part of the ongoing MiFID/MiFIR review.The revised Markets in Financial Instruments Directive and Regulation (known as MiFID III/MiFIR II) came into force on 28 March 2024. The package was finalised amid widespread industry concern at the uncertainty created by apparent misalignments between the Level 1 text of MiFIR as amended, and the Level 2 text, which is yet to be updated, as well as other issues. On 27 and 28 March 2024 respectively, the EU Commission published...
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    16/05/2024
    United Kingdom

    A Roadmap to the Overseas Funds Regime

    HM Treasury and the FCA jointly published a Roadmap on 1 May 2024 for implementing the Overseas Funds Regime (the “OFR”).  This follows on from the FCA’s December 2023 Consultation Paper on Implementing the OFR (see our previous article on this here). Who does this impact?Operators of EEA UCITS funds (excluding money market funds (“MMFs”)) that either are within the Temporary Marketing Permissions Regime (“TMPR”), or who wish to market to UK retail investorsUK Distributors of non-UK UCITS funds (excluding MMFs) with a UK retail...
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  •  
    02/04/2024
    Europe

    ESMA feedback statement on shortening the EU settlement cycle reveals widespread industry concern

    The European Securities and Markets Authority (ESMA) has released a feedback statement summarising comments received from market participants during its consultation on shortening the EU settlement cycle.Under the EU Central Securities Depositories Regulation (CSDR), all transactions in transferable securities and other similar instruments executed on a trading venue must be completed no later than the second business day following the trade date. The CSDR also established a settlement discipline regime, which includes measures to prevent failed settlements.Since its adoption, financial markets...
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  •  
    25/03/2024
    United Kingdom

    Introduction to the Crypto-Asset Reporting Framework

    The market for Crypto Assets is growing rapidly. Crypto Assets can be issued, recorded, transferred and stored in a decentralised manner, without the need to rely on traditional financial intermediaries or central administrators. Further, the Crypto-Asset market has given rise to a new set of intermediaries and other service providers, such as Crypto-Asset exchanges and wallet providers, which may currently only be subject to limited regulatory oversight. Overall, the characteristics of the Crypto-Asset sector have reduced tax administrations’ visibility on tax-relevant activities carried...
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