Imogen Garner (UK)

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Under the draft Credit Rating Agencies (Amendments etc.) (EU Exit) Regulations 2018 (the draft SI), the UK regulation of CRAs is transferred from the European Securities and Markets Authority (ESMA) to the FCA. To support a smooth transition to the new regime for CRAs in the UK, and minimise disruption to the users of credit ratings, the draft SI includes two registration regimes for firms: a conversion regime. This will allow CRAs established in the UK…
On 12 December 2018, the FCA published Discussion Paper 18/10: Patient Capital and Authorised Funds (DP18/10). The FCA has published DP18/10 alongside a consultation paper on changes to permitted links rules to facilitate investment in patient capital. In DP18/10 the FCA explores the impact of the regulatory regime on investment in patient capital assets through authorised funds. ‘Patient capital’ refers to a broad range of alternative investment assets intended to deliver long-term returns; for example,…
On 12 December 2018, the Competition and Markets Authority (CMA) published its final report following its investigation into investment consultancy and fiduciary management services. The CMA carried out this investigation following a reference from the FCA in September 2017 at the conclusion of its Asset Management Market Study (our blog on the study is here). The CMA’s investigation covered investment consultancy and fiduciary management as defined in the terms of reference: investment consultancy services –…
On 7 December 2018, there was published on legislation.gov.uk the  Short Selling (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from previous draft published on 10 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force on exit day.…
On 7 December 2018, the FCA published Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary product intervention measure which temporarily restricts how contracts for differences (CFDs) are sold to retail consumers because of the significant investor protection risks they pose. In CP18/38 the FCA is proposing rules making ESMA’s…
On 7 December 2018, the FCA published Consultation Paper 18/37: Product intervention measures for retail binary options (CP18/37). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary EU-wide product intervention measure to ban investment firms from marketing, distributing or selling binary options to retail consumers. The ban applied from 2 July 2018 for an initial 3-month period and has since been renewed twice but has been amended to exclude securitised binary…
On 6 December 2018, the Bank of England (BoE) published a speech by Andrew Hauser, Executive Director, Markets, on why the buy-side should adopt the FX Global Code (the Global Code). The speech includes a Q&A addressing the key uncertainties the buy-side has expressed with the Global Code. The speech also includes the following points: take up of the Global Code, which is voluntary, has increased rapidly. The number of statements of commitment in reference…
On 5 November 2018, the European Parliament published a press release announcing that its Economic and Monetary Affairs Committee (ECON) had voted on provisions for the proposed Regulation and Directive of cross-border distribution of collective investment funds. The new provisions concern cross border distribution of the EU-regulated alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS).  ECON published draft versions of its report on the regulations in September 2018. The press…
On 3 December 2018, the European Securities and Markets Authority (ESMA) has published its annual market share calculation for EU registered credit rating agencies (CRAs). The purpose of the report is to provide guidance on Article 8d of the Regulation on CRAs which provides that issuers or related third parties are required to consider appointing a CRA with no more than 10% total market share whenever they intend to appoint one or more CRAs to…
On 30 November 2018, the Financial Markets Law Committee (FMLC) published a report (the Report) on the onshoring of EU legislation with regards investment funds and investment fund managers. Specifically, the Report considers legal uncertainties arising from the changes proposed by the Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, and the Draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018. These include: references to other legislation; the new regimes for temporary…