Securities and derivatives

Recent Articles

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  11/04/2024

  Lexology Masterclass: The future of AI in financial services, where innovation meets regulation

  On 29 February, our CMS Financial Services Regulatory team and Nextwave hosted a Lexology Masterclass on the future of AI in financial services.In this webinar, we offered practical insights into how financial institutions are navigating the AI landscape, and looked at the challenges to regulating AI, how firms are approaching AI and how they can leverage existing technologies.By using the link below, anyone who wants to learn more or revisit the session can view the webinar on demand: Watch webinar  

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  10/04/2024

  FCA Consultation on Payment Optionality for Investment Research (CP24/7)

  On 10 April 2024, the FCA published a consultation on Payment Optionality for Investment Research (CP24/7). In the consultation, the FCA proposes a new option for asset managers when paying for investment research, in addition to existing options.  Under the current UK rules, which stem from the legacy EU MiFID II regime, there are two ways in which UK asset managers can currently pay for investment research: By agreeing a separate research charge with each of their clients, with the payment for research made from a Research Payment Account (the “RPA model”); and By paying...

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  02/04/2024

  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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  28/03/2024

  FCA Publishes Finalised Guidance on Financial Promotions on Social Media

  The Financial Conduct Authority (“FCA”) has published its finalised guidance on financial promotions on social media (FG24/1) (the “Guidance”). This follows a consultation carried out by the FCA in July 2023 and replaces previous guidance (FG15/4). The Guidance clarifies the FCA’s regulatory expectations for firms and others, including influencers, regarding compliance with the UK’s financial promotions regime. Additionally, it explains how communications on social media might fall within the scope of the financial promotions regime and how the rules will function...

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  18/03/2024

  Financial Services Webinars On Demand

  Click here to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts. 

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  12/03/2024

  Adoption of MiFID 3 and MiFIR 2 to enhance transparency on markets in financial instruments

  On 8 March 2024, Regulation 2024/791 amending Regulation (EU) No 600/2014 (MiFIR) and Directive 2024/790 amending Directive 2014/65/EU (MiFID 2) on markets in financial instruments were published in the Official Journal of the European Union.The Regulation aims at enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow.It introduces consolidated publication systems and pre-trade transparency obligations. Professional and retail investors have access to near-real-time trading data...

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