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eAlerts Récentes

  •  
    19/07/2024
    EU

    Commission Delegated Regulation on sustainability disclosures for STS securitisations enters into force

    IntroductionThe Commission Delegated Regulation, supplementing Regulation (EU) 2017/2402 (the “Securitisation Regulation”[1]), entered into force on 8 July 2024 (the “Commission Delegated Regulation” [2]). It provides for regulatory technical standards (“RTS”) on the content, methodologies and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors for (a) simple, transparent and standardised (“STS”) non-ABCP traditional securitisation, and for (b) STS on-balance-sheet...
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  •  
    28/06/2024
    United Kingdom

    FCA publishes Consumer Duty outcomes review – what do I need to know?

    The FCA has published the results of its multi-firm review into Consumer Duty outcomes monitoring. Although the review concentrated on 20 of the larger insurance firms, the FCA’s observations are relevant to all retail financial services firms and all firms should consider the review’s findings.What are the key takeaways for firms?Firms tend to concentrate too much on processes being completed rather than on outcomes being delivered. For example, reporting on whether there are overdue value assessments or product reviews, without providing any insight into the key findings, lessons...
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  •  
    27/06/2024
    United Kingdom

    Taxation of carried interest: where are we now?

    Reform of the taxation of carried interest has long been Labour policy. It was one of first tax policies announced by Rachel Reeves after becoming the Shadow Chancellor in Spring 2021, shortly prior to the Labour party conference in Autumn of the same year.In the period between that announcement and the delivery of Labour’s manifesto on 13 June, there was some uncertainty over whether those proposals remained part of Labour policy. Those affected may have been buoyed by the absence of the policy from the Labour party’s conference in 2023 – and its omission from the three key tax...
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  •  
    25/06/2024
    Europe

    Market Abuse Regulation (MAR): Ensuring Fair and Transparent Markets

    Market Abuse Regulation (MAR) represents a comprehensive framework established by the European Union to prevent inter alia market manipulation, insider dealing, and unlawful disclosure of inside information. MAR came into force in 2016 and transposed into national law in Luxembourg by the law of 23 December 2016 on market abuse. Its main goal is to maintain the integrity of financial markets and bolster investor confidence by enforcing strict compliance standards and severe penalties for violations.MAR’s key components are the following:Insider Dealing: the use of inside information by a...
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  •  
    21/06/2024
    EU

    ESAs propose improvements to the SFDR and suggests introducing categories and/or sustainability indicators

    BackgroundOn 18 June 2024, the three European Supervisory Authorities (EBA, EIOPA, and ESMA, collectively known as the ESAs) published an opinion (the Opinion) on the evaluation of the Sustainable Finance Disclosure Regulation (SFDR). This Opinion was initiated by the ESAs themselves and was addressed to the European Commission.Through two consumer testing exercises, the ESAs observed that the SFDR could be perceived as “complex and difficult to comprehend”. Furthermore, its practical use as a classification tool for financial products could potentially lead to greenwashing and mis-selling...
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  •  
    22/05/2024
    Luxembourg

    CSSF’s communication on ESMA final report on guidelines on funds’ names using ESG and sus­tai­na­bi­lity-re­la­ted terms

    On 15 May 2024, the Commission de Surveillance du Secteur Financier (the “CSSF”) published a communication related to the European Securities and Markets Authority (“ESMA”)’s final report on the guidelines on funds’ names using ESG and sustainability-related terms (the “CSSF Communication”).In line with its confirmation that funds’ names are a powerful marketing tool that should not mislead investors, ESMA conducted a consultation targeted to the funds’ names using ESG and sustainability-related terms that closed on 20 February 2023 (the...
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