Proskauer Rose LLP (JD Supra European Union)

34 results for Proskauer Rose LLP (JD Supra European Union)

  • Regulation Round Up - May 2021

    Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.

  • Changes to AIFMD Marketing Rules from August 2021 – How will these New Rules Impact Fund Managers?

    On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment funds (“AIFs”) under the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”). These changes are brought into effect by EU Regulation 2019/1156 and EU...

  • Regulation Round Up - February 2021

    26 February - HM Treasury published a report setting out the findings of the Kalifa Review of UK FinTech. The Financial Conduct Authority (“FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook made by the FCA Board on 25 February 2021.

  • European Regulatory Timeline 2021

    Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2021 impacting a range of UK and European firms within the financial services sector. The key dates have been distilled by the Proskauer team in an easy to read timeline with our commentary. Please see full Publication below for more information,

  • Regulation Round Up - October 2020

    29 October - The Financial Conduct Authority (“FCA”) updated its webpage on its responsibilities to mutual societies and its webpage on mutual societies’ annual returns and accounts. The FCA published a press release announcing that it will be participating in the cross-border testing initiative organised by the Global Financial Innovation Network.

  • 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 raised by...

  • 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 ("UK")'s preparations for...

  • 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") leaves the European Union ("EU") without a...

  • 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 "printing trades".

  • 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 for new insurers in the UK....

  • 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 Director of International, Nausicaa...

  • 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 the...

  • 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 Regulator published a

  • 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 issues...

  • 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) directly into each...

  • 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 Handbook...

  • 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 (AIFs) in the...

  • 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 Countries").

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