Iona Wright (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

ESMA publishes stress simulation framework for investment funds

By Imogen Garner (UK) & Iona Wright (UK) on September 6, 2019

On 2 September 2019, the European Securities and Markets Authority (ESMA) published a final report on guidelines on liquidity stress testing in UCITS and AIFs (the Guidelines). In April 2018, the European Systemic Risk Board (ESRB) published a set of recommendations to address liquidity and leverage risk in investment funds. One of the ESRB’s recommendations asked ESMA to “develop guidance on the practice to be followed by managers for the stress testing of liquidity risk…

Financial services: Regulation tomorrow

FCA announces changes to AIFMs’ submission of notification and material change under NPPR

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

On 3 September 2019, the FCA updated its webpage on the national private placement regime (NPPR). The FCA reports that on 9 September 2019, it will be introducing changes to the submission of notifications by alternative investment fund managers (AIFMs) marketing alternative investment funds (AIFs) under Regulations 57, 58, 59 of the Alternative Investment Fund Managers Regulations 2013 (as amended). AIFMs marketing funds under Regulations 58, 59 and, for UK AIFMs only, Regulation 57, will…

Financial services: Regulation tomorrow

FCA letter on UK specific UCITS liquidity standards

By Imogen Garner (UK) & Iona Wright (UK) on August 8, 2019

On 7 August 2019, the FCA published a letter (dated 6 August 2019) from Andrew Bailey, FCA Chief Executive, in response to Lord Myners’ written question asking if the Government has ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for UCITS at higher levels than specified in EU Directives or whether the UK is bound by EU rules and cannot introduce higher standards. Mr Bailey explains that the…

Financial services: Regulation tomorrow

AFME updates model equity selling restrictions

By Imogen Garner (UK) & Iona Wright (UK) on July 29, 2019

On 26 July 2019, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the application in full of the Prospectus Regulation that came into force on 21 July 2019. The updated version of the equity selling restrictions replaces references to the Prospective Directive with the new Prospectus Regulation and reflects that the Regulation is directly applicable in all EEA Member States and that no…

Financial services: Regulation tomorrow

ESMA consults on draft guidelines on performance fees in UCITS

By Imogen Garner (UK) & Iona Wright (UK) on July 18, 2019

On 16 July 2019, the European Securities and Markets Authority (ESMA) issued a public consultation on draft guidelines on performance fees under the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. The draft guidelines aim to improve harmonisation in the way in which performance fees can be charged to UCITS. This follows a mapping exercise ESMA carried out in 2018 which analysed the current national practices for key aspects of performance fees. The results…

Financial services: Regulation tomorrow

Cross border distribution of investment funds – legislation published in the OJ

By Imogen Garner (UK) & Iona Wright (UK) on July 15, 2019

On 12 July 2019, the following legislative acts were published in the Official Journal of the EU (OJ): Directive (EU) 2019/1160 amending the UCITS Directive and the Alternative Investment Fund Managers Directive with regard to the cross-border distribution of collective investment undertakings; and Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings and amending the European Venture Capital Funds Regulation, the European Social Entrepreneurship Funds Regulation, and the Regulation on key information documents…

Financial services: Regulation tomorrow

ESMA Q&As on MiFID II and MiFIR investor protection and intermediaries

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

On 11 July 2019, the European Securities and Markets Authority updated its Q&As on the implementation of investor protection topics under MIFID II and MiFIR. The new Q&As provide clarification on the following: Best execution – Classification of financial instruments under RTS 27 if ESMA has not published any calibrated market sizes.…

Financial services: Regulation tomorrow

Prospectus Regulation Delegated Regulations published in OJ

By Iona Wright (UK) & Imogen Garner (UK) on June 24, 2019

On 21 June 2019, there was published in the Official Journal of the European Union (OJ): Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing the Prospectus Regulation with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU)…

Financial services: Regulation tomorrow

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;…

Iona Wright (UK)

ESMA publishes stress simulation framework for investment funds

FCA announces changes to AIFMs’ submission of notification and material change under NPPR

FCA letter on UK specific UCITS liquidity standards

AFME updates model equity selling restrictions

ESMA consults on draft guidelines on performance fees in UCITS

Cross border distribution of investment funds – legislation published in the OJ

ESMA Q&As on MiFID II and MiFIR investor protection and intermediaries

Prospectus Regulation Delegated Regulations published in OJ

ESMA updates Q&As on application of AIFMD

ESMA updates Q&As on application of UCITS Directive

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