Regulation Round Up - August 2021 | Proskauer Rose LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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Recent UK and EU regulatory developments of interest to financial institutions and markets, including updates on UK MiFIR, EU MAR, SSR, EMIR, MiFIR and MiFID. Also check our supplementary Financial institutions general regulatory news of broader application in the Related Materials links.
Contents
UK EMIR: FCA update on reporting LIBOR transition modifications
UK MiFIR: FCA statement on supervision of commodity position limits
UK MiFIR: FCA consults on LIBOR transition and derivatives trading obligation
UK MiFIR: FCA update on data reporting and LIBOR transition
BMR: LIBOR removed from list of critical benchmarks
a Pan-European Personal Pension Product.
Much like the SFDR, to the extent that a non-EU AIFM has marketed their funds in the EU under the national private placement regime of the AIFMD on or after 10 March 2021, non-EU AIFM and the fund(s) that have been marketed will also be in scope of the Regulation. Non-EU AIFMs that admit EU investors into their funds solely on the basis of reverse solicitation are not subject to the SFDR or the Regulation.
What information is disclosed?
The Regulation supplements the disclosure obligations contained in the SFDR with both regulations intended to be read together. Firms will be required to disclose the degree of environmental sustainability of funds and pension products that are promoted as environmentally friendly, and include disclaimers where they do not (as set out in Articles 8 and 9 of the SFDR). It is expected that fund managers in scope will use the technical screening criteria (“
Securities and markets regulatory news, May 2021 | Hogan Lovells jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Brexit
HoL EU Services Sub-Committee report on trade in services
On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. The Commit