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29 results for JD Supra European Union › Proskauer Rose LLP

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  • Regulation Round Up - September 2020

    29 September - The Financial Conduct Authority (“FCA”) published its perimeter report 2019/20, which provides an update on the issues raised in its 2018/19 report. A European Commission notice (2020/C 321/01) relating to the interpretation of certain legal provisions of the Bank Recovery and Resolution Directive II Directive ((EU) 2019/879) (“BRRD II”) in reply to questions

  • European ESG Disclosure Requirements for Asset Managers

    A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable Finance.

  • Regulation Round Up - August 2020

    The Prudential Regulation Authority (“PRA”) published a statement announcing that it intends to terminate, with effect from 30 September 2020, the temporary approach to value-at-risk (VAR) back-testing exceptions it announced in March 2020 in the light of the COVID-19 pandemic.

  • Regulation Round Up - July 2020

    30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20) setting out its expectations and guidance relating to auditors' work on the matching adjustment.

  • Regulation Round Up - March 2020

    2 March - The European Banking Authority ("EBA") published a report assessing the Pillar 3 disclosures made by 12 systemically important credit institutions based on an end-2018 disclosure reference date. HM Treasury published a letter (dated 27 February 2020) from Rishi Sunak, Chancellor of the Exchequer, to the European Commission outlining the United Kingdom (&q

  • Regulation Round Up - December 2019

    2 December - The Financial Conduct Authority ("FCA") updated the following webpages: - webpage on its July 2018 discussion paper on price discrimination in the cash savings market (PD18/6); and - webpage on its April 2019 feedback statement following its earlier discussion paper on a new duty of care and potential alternative approaches (FS19/2).

  • Regulation Round Up - September 2019

    2 September - The Financial Conduct Authority ("FCA") updated its webpage relating to its guidance consultation on the fair treatment of vulnerable customers. The European Securities and Markets Authority ("ESMA") published a final report containing guidelines on liquidity stress testing in UCITS and alternative investment funds.

  • Regulation Round Up - June 2019

    1 June - HM Treasury published a consultation paper (dated May 2019) on the regulation of pre-paid funeral plans. HM Treasury intends to bring all funeral plan providers within the remit of the FCA.

  • EU Updates List of Non-Cooperative Jurisdictions for Tax Purposes – Crown Dependencies Moved to White List

    Following lengthy consideration since December 2017, the European Union, on 12 March, updated its blacklist of non-cooperative jurisdictions in tax matters. It has added 10 new jurisdictions, meaning that there are now 15 countries on the blacklist.

  • Regulation Round Up - February 2019

    1 February - The Financial Conduct Authority ("FCA") published a press release announcing that it has agreed with the European Securities and Markets Authority ("ESMA") and other European Union securities regulators memoranda of understanding ("MoU") to cover co-operation and the exchange of information in the event that the United Kingdom ("UK")

  • Regulation Round Up - November 2018

    2 November - The Prudential Regulation Authority ("PRA") updated its consultation paper on changes to the PRA Rulebook and onshored binding technical standards. The Financial Conduct Authority ("FCA") published issue 57 of Market Watch, its newsletter on market conduct and transaction reporting issues. This issue focussed on "flying prices" and

  • Regulation Round Up - September 2018

    The Prudential Regulation Authority ("PRA") published its Regulatory Digest for August 2018 in which it highlighted key regulatory news including reference to a new insurer start-up unit ("NISU") that the PRA and the Financial Conduct Authority ("FCA") launched jointly. The NISU has been launched as part of the regulators' work to improve the authorisation process...

  • Proskauer Represents Private Credit Funds on New LMA Unitranche Intercreditor Agreement

    A new precedent unitranche intercreditor agreement was published by the LMA on 17 May 2018 for use on unitranche transactions where a private credit fund is providing a facility alongside a super senior RCF. Whilst it does not expressly contemplate first out / last out deals, it can also easily be adapted for these transactions. Proskauer was appointed as a member of the working party that was...

  • Regulation Round Up - February 2018

    1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple stakeholders involved in blockchain activities. The Financial Conduct Authority ("FCA") announced its appointment of the first Executive...

  • Regulation Round Up - December 2017

    1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual, changes to its Listing Rules and its Disclosure Guidance Transparency Rules sourcebooks and amendments to its Enforcement Guide and the Supervision manual relating to...

  • Regulation Round Up - November 2017

    3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert emphasised the importance of initial due diligence and monitoring by principals of their appointed representatives. 7 November - The Payment Systems...

  • EU PRIIPs Regulation – Relevance to Fund Managers Explained

    Background - On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a key information document (KID) be prepared for each PRIIP that is made available to "retail investors" within the territory of the EU from 1 January 2018.

  • Regulation Round Up - October 2017

    3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on the PRA website on 12 November 2017. 4 October - Sam Woods (PRA Chief Executive Officer) gave a speech on Geofinance in which he also provided an overview of the...

  • Regulation Round Up - September 2017

    1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template B (Disclosure of Aggregate Statistical Data with regard to Insurance Groups), as required under Article 31(2)(c) of the EU Solvency II Directive. The public disclosure is

  • Regulation Round Up - August 2017

    2 August - The UK Competition and Markets Authority announced a consultation on proposed revisions to its published guidance on penalty setting in Competition Act 1998 cases.

  • Tax Round Up - June 2017

    International Tax Developments - BEPS Multilateral Convention signed - On 7 June, officials from more than 60 jurisdictions signed the BEPS Multilateral Convention which will transplant a number of measures in respect of Action 2 (Hybrid Mismatches), Action 6 (Treaty Abuse), Action 7 (Avoidance of Permanent Establishments) and Action 14 (Improving Dispute Resolution)...

  • Regulation Round Up - May 2017

    2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect the introduction of the PRIIPs key information document. Affected firms will need to comply with the PRIIPS Regulation and any revised disclosure rules in the FCA...

  • ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

    On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive (AIFMD) to non-European managers. The AIFMD applies to alternative investment fund managers (AIFMs) seeking to manage or market alternative investment funds (AI

  • ESMA stalls on extending the AIFMD Marketing Passport to Non-European Managers

    The European Securities and Markets Agency (ESMA) today published its advice on extending the application of the marketing 'passport' under the Alternative Investment Fund Managers Directive (AIFMD) to non-European managers.

  • AIFMD Co-operation Arrangements Are Agreed with 34 Regulators

    In an important further step towards the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in the European Economic Area (EEA) on July 22, 2013, the European Securities and Markets Authority (ESMA) announced on May 30, 2013 that it had reached agreement on co-operation arrangements with regulators in a number of countries outside of the EEA (so-called "Third...

  • The European Commission Adopts AIFMD Implementing Regulation

    On 19 December 2012, the European Commission (the Commission) adopted implementing rules (the Regulation) for the Directive on Alternative Investment Fund Managers (the AIFMD or Directive). The Regulation supplements certain elements of the Directive and contains implementing rules which will have direct effect in EU member states on application without the need for national implementing...

  • Cooperation Arrangement Would Permit Swiss Alternative Investment Funds to Access EU Market

    On December 3, 2012, the European Securities and Markets Authority (ESMA) approved a cooperation arrangement between the Swiss Financial Market Supervisory Authority (FINMA) and regulators in the EU member states for the supervision of Swiss-managed alternative investment funds, including hedge funds, venture capital funds, private equity funds and real estate funds.

  • Venture Capital Funds - Recent European Developments

    Recent months have seen a significant shift in the approach of European regulators and lawmakers to the regulation of venture capital funds. The European Alternative Investment Fund Managers Directive (the "AIFMD") has been assumed to be the European legislation that would frame the venture capital fund industry in Europe from July 2013. While that currently remains the case, there is a

  • Possible Changes to the AIFM Directive for Venture Capital

    Many U.S. managers of alternative investment funds are aware of the EU Alternative Investment Fund Managers Directive (the Directive), which will require some managers to become authorised under the Directive and others to comply with discrete parts of the Directive. The Directive establishes an EU-wide regulatory regime for managers of alternative investment funds. The text

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