On 11 June 2019, the European Commission published for consultation nine draft implementing decisions regarding the equivalence of jurisdictions’ supervisory frameworks with the Credit Rating Agencies (CRA) Regulation.  The following decisions repeal previous equivalence decisions on the basis that these jurisdictions no longer meet the equivalence requirements under the CRA Regulation: Argentina; Australia; Brazil; Canada; and Singapore. The following decisions recognise the legal frameworks as equivalent under the CRA Regulation:…

On 6 June 2019, the FCA published Policy Statement 19/15: Securitisation (Amendment) (EU Exit) Regulations 2019 and Securitisation Regulations 2018 (near final and final rules) (PS19/15). The Securitisation (Amendment) (EU Exit) Regulations 2019 (the Brexit SI) will come into force on the day the UK leaves the EU in a hard Brexit scenario, and will transfer powers for the regulation of Securitisation Repositories (SRs) from the European Securities and Markets Authority (ESMA) to the…

We have launched a new environmental, social and governance (ESG) page on our Asset Management Regulation knowledge hub. This page is called ‘ESG insight’. ESG insight contains resources and materials to guide asset managers through the evolving regulatory landscape on ESG, features include: videos from our financial services team discussing UK and EU regulatory developments on ESG; a library of ESG related papers from international, EU and UK regulatory authorities; regular updates on regulatory developments…

On 5 June 2019, the International Organization of Securities Commissions (IOSCO) published a final report on sustainable finance in emerging markets and the role of securities regulators. IOSCO notes that during the past several years, market participants, regulators and policy makers have increasingly focused their attention on issues concerning sustainable finance in its many forms. In particular, the increasingly intense focus on global sustainability issues has been accompanied by growth in innovative sustainability-themed capital market…

On 5 June 2019, the House of Commons’ Treasury Committee announced that it was launching an inquiry into the decarbonisation of the UK economy and green finance. The inquiry will scrutinise the role of HM Treasury, regulators and financial services firms in supporting the Government’s climate change commitments. It will also examine the economic potential of decarbonisation for the UK economy in terms of job creation and growth. The inquiry will cover: the economic opportunity…

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Alternative Investment Fund Managers Directive (AIFMD). Five new Q&As have been inserted under Section VI regarding depositories, namely asking: Under recital 42 of AIFMD, what are ‘supporting tasks that are linked to depositary tasks such as administrative or technical functions performed as part of the depositary tasks’ and under which conditions would it be possible…

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Five new Q&As have been inserted, regarding: the distinction between depositary tasks and mere supporting tasks; depositary tasks entrusted to third parties; performance of depositary functions where there are branches in other Member States; supervision of depositary functions in case of branches in other Member States;…