Iona Wright (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

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ESMA updates Q&As on application of AIFMD

By Imogen Garner (UK) & Iona Wright (UK) on June 5, 2019

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…

Financial services: Regulation tomorrow

ESMA updates Q&As on application of UCITS Directive

By Imogen Garner (UK) & Iona Wright (UK) on June 5, 2019

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;…

Financial services: Regulation tomorrow

FCA welcomes launch of finalised CTI templates

By Imogen Garner (UK) & Iona Wright (UK) on May 23, 2019

On 7 November 2018, the Cost Transparency Initiative (CTI) was launched. The CTI is an independent group working to improve cost transparency for institutional investors with the responsibility for progressing the work already undertaken by the Institutional Disclosure Working Group. On 22 May 2019, the FCA published a statement welcoming the launch of the CTI finalised templates for the disclosure of costs and charges to institutional investors. The new templates can now be used by institutional investors…

Financial services: Regulation tomorrow

Delegated Regulations on conflicts of interest in European funds published in OJ

By Imogen Garner (UK) & Iona Wright (UK) on May 23, 2019

On 22 May 2019, there was published in the Official Journal of the EU (OJ) two Delegated Regulations concerning conflicts of interests in European funds: Commission Delegated Regulation (EU) 2019/819 of 1 February 2019 supplementing Regulation (EU) No 346/2013 of the European Parliament and of the Council with regard to conflicts of interest, social impact measurement and information to investors in the area of European social entrepreneurship funds; and Commission Delegated Regulation (EU) 2019/820 of…

Financial services: Regulation tomorrow

FCA supervisory findings about principals and appointed representatives in the investment management sector

By Imogen Garner (UK) & Iona Wright (UK) on May 23, 2019

On 20 May 2019, the FCA published a webpage setting out the findings of its supervisory review of principal firms in the investment management sector. The review was carried out following a similar review in the insurance sector which identified shortcomings in the control and oversight of appointed representatives (ARs) by their principal firms. More recent supervisory work within the investment management sector identified similar concerns, prompting this review. The review included a survey of 338…

Financial services: Regulation tomorrow

FCA updates NPPR notification process

By Iona Wright (UK) & Imogen Garner (UK) on May 7, 2019

On 2 May 2019, the FCA updated its webpage on the national private placement regime (NPPR). The NPPR allows some Alternative Investment Fund Managers (AIFMs) to market certain categories of Alternative Investment Funds (AIFs) in the UK in accordance with the Alternative Investment Fund Managers Regulations 2013 (the Regulations). The updated webpage notes that AIFMs marketing AIFs under Regulations 58, 59 and, for UK AIFMs only, regulation 57 of the Regulations need to submit their…

Financial services: Regulation tomorrow

Primary Market Bulletin No.23

By Iona Wright (UK) & Imogen Garner (UK) on April 17, 2019

On 16 April 2019, the FCA published Primary Market Bulletin No.23. In this Bulletin the FCA finalises its guidance on periodic financial information and inside information, after consulting on updating Technical Note UKLA/TN/506.1 in Primary Market Bulletin No. 19. The FCA also outlines its findings and sets out its expectations on some of the issues raised in its recent supervisory review of the new regulatory requirements for firms managing securities offerings. Introduced in 2018,…

Financial services: Regulation tomorrow

Updated ESMA Questions and Answers on the Transparency Directive

By Iona Wright (UK) & Imogen Garner (UK) on April 12, 2019

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive (TD). The updated Q&As modify question 26 which deals with the situation where the UK leaves the EU without a Withdrawal Agreement and concerns a third country issuer and their disclosure of a new home Member State for the purposes of the TD.…

Financial services: Regulation tomorrow

Updated ESMA Questions and Answers on the Prospectus Regulation

By Imogen Garner (UK) & Iona Wright (UK) on April 12, 2019

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Prospectus Regulation. The updated Q&As amend question 103 which has been modified in the event the UK withdraws from the EU without a Withdrawal Agreement and concerns the position where third country issuers have chosen the UK as their Home Member State for prospectus approval. Question 104 is also amended in light of the possibility…

Financial services: Regulation tomorrow

ESMA guidelines on risk factors under the PR

By Imogen Garner (UK) & Iona Wright (UK) on April 1, 2019

On 29 March 2019, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on risk factors under the Prospectus Regulation (PR). ESMA is mandated to provide the guidelines under Article 16(4) of the PR to assist Member State competent authorities in their review of the specificity and materiality of risk factors and of the presentation of risk factors across categories depending on their nature. The guidelines will be translated into the…

Iona Wright (UK)

ESMA updates Q&As on application of AIFMD

ESMA updates Q&As on application of UCITS Directive

FCA welcomes launch of finalised CTI templates

Delegated Regulations on conflicts of interest in European funds published in OJ

FCA supervisory findings about principals and appointed representatives in the investment management sector

FCA updates NPPR notification process

Primary Market Bulletin No.23

Updated ESMA Questions and Answers on the Transparency Directive

Updated ESMA Questions and Answers on the Prospectus Regulation

ESMA guidelines on risk factors under the PR

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