The UK Financial Conduct Authority’s (FCA) recent announcements indicate that private equity firms (PE Firms) will see increased regulatory scrutiny over their anti-money laundering (AML) systems and controls. Earlier this year, the FCA issued a “Dear CEO” letter outlining its Alternatives Supervision Strategy, including its view of the key risks of harm that PE and other alternative investment funds pose to their customers or the markets in which they operate.[1][2]  This followed…

On 24 April 2020, the FCA published temporary guidance concerning: Motor finance agreements and coronavirus. High-cost short-term credit (HCSTC) and coronavirus: temporary guidance for firms. Rent-to-own, buy-now pay-later and pawnbroking agreements and coronavirus. On 3 July 2020, the FCA announced proposals to amend the above temporary guidance so to provide continued support for users of motor finance and high cost credit products who face payment difficulties due to the COVID-19 pandemic. The proposals outline the…

On 3 July 2020, there was published in the Official Journal of the EU (OJ) a Notice of information on postponement of entry into application of MiFIR open access provisions with regard to exchange-traded derivatives. Article 54(2) of MiFIR provides for a transitional period during which Articles 35 or 36 of MiFIR do not apply to those central clearing counterparties (CCPs) or trading venues that made a request to benefit from the transitional arrangement…

On 3 July 2020, the FCA published its latest Policy Development update. The update provides some information on recent and upcoming FCA publications but should not be regarded as comprehensive. In terms of future publications, the policy development update notes that the FCA will publish, among other things, a consultation paper in Q2 2020 covering mortgage borrowing and mortgage prisoners. Also, the FCA states that during the summer it will publish a consultation paper…

On 6 July 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a sector letter containing guidelines on sustainability in the context of new rules and regulations. Many new laws and regulations are currently being introduced in the field of sustainability. For example, as of 10 March 2021, the EU ESG Disclosure Regulation (2019/2088) will apply. Furthermore, several changes to the UCITS Directive, AIFMD and MiFID II are also proposed…

On 6 July 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release supporting the recent recommendation from the European Systemic Risk Board (ERSB) on the restriction of distributions during the COVID-19 pandemic. DNB expects that during these uncertain times investment firms and alternative investment funds will closely monitor their financial buffers. If these financial undertakings foresee any short term shortfalls, DNB expects to be notified as soon as possible.…