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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...
Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...
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JIBFL articles Relevant articles The Journal of International Banking and Finance Law includes many useful articles on and related to MiFID which can be linked to from this page. These articles are only available to Lexis®Library subscribers. Date Article Brief description of article 1 May 2018 ‘The enforcement of basic norms of commerce and of fair and honest dealing’: holding banks to higher standards (Part Two) (2018) 5 JIBFL 294 In this article, Gerard McMeel continues the discussion of when a bank is a ‘fiduciary’, focusing on policy arguments favouring enhanced standards of behaviour for financial intermediaries. 1 April 2018 The English law rights of investors in Initial Coin Offerings (2018) 4 JIBFL 214 In this article, the authors consider, as a matter of English law, the rights and liabilities of parties to an Initial Coin Offering. 1 April 2018 Do the FCA's Principles for Business require a firm to give the best advice? (2018) 4 JIBFL 246 In this article, the author considers whether...
EU ESG measures to amend AIFMD/UCITS/MiFID—essentials This essentials Practice Note discusses the EU environmental social governance (ESG) (also referred to as sustainability) integration measures, which amend delegated acts under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive 2009/65/EC and the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II), including impact on the industry and new concepts. The ESG integration measures are a suite of measures (the Delegated Acts), detailed in Application of the ESG measures below, which affect UCITS management companies, alternative investment fund managers (AIFMs) and MiFID investment firms (collectively, managers). For practical guidance on managers, see Practice Notes: EU Undertakings for Collective Investment in Transferable Securities (UCITS)—essentials, EU AIFMD—essentials, and EU MiFID II and MiFIR—essentials. The Delegated Acts are a further development of the Commission’s Sustainable Finance Action Plan, originally published on 8 March 2018. The Delegated Acts follow the EU Sustainability Disclosure Regulation (Regulation (EU) 2019/2088) (EU SFDR) and the EU Taxonomy Regulation (Regulation (EU)...
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Dealing Procedures Manual This precedent memorandum sets out the procedures to be followed by a listed company and its subsidiaries in relation to dealings in the company’s securities. The purpose of this memorandum is to assist the company to comply with its obligations under the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014) and to ensure that the company has the necessary systems and procedures in place to assist persons discharging managerial responsibilities (PDMRs) and other employees of the company and its subsidiaries to comply with their obligations under the company’s Dealing Code and the UK Market Abuse Regulation. This precedent is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants. Index No. Content Page Introduction [page number] Part A—General dealing requirements [page number] 1. Dealings by Restricted Persons [page number] 2. Identifying Restricted Persons [page number] 3. Clearance...
Specimen Dealing Code This Precedent is a memorandum that sets out the details of the ‘specimen’ dealing code. The specimen dealing code is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants who agreed that it would be of great benefit for listed and quoted companies to be able to turn to an equivalent version of the Financial Conduct Authority’s (FCA) Model Code. The Model Code was deleted by the FCA as a consequence of the implementation of the Market Abuse Regulation (EU) No 596/2014 on 3 July 2016. Companies with a former premium listing of equity shares were required to comply with the Model Code, which restricted persons discharging managerial responsibilities (PDMRs) dealing in the companies’ securities. The assumption is that listed companies will apply the dealing code to PDMRs and those other individuals whom they wish to be covered...
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Are property investment arrangements collective investment schemes? This Q&A outlines key issues to bear in mind when considering whether property investment arrangements constitute a collective investment scheme (CIS). What is a CIS and do property investment schemes fall within the definition? A collective investment scheme (CIS) is defined in section 235 of the Financial Services and Markets Act 2000. Broadly speaking, a CIS is any arrangement: • which enables participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property, • where participants do not have day-to-day control over the management of the property, and • where either the contributions and profits or income are pooled, or the property is managed as a whole by or on behalf of the scheme operator, or both. Whether or not a property investment arrangement is a CIS depends on its individual structure and the facts surrounding it. If the arrangement meets the conditions set out below and is not exempt,...
To what extent can cryptoassets form part of, or be used by, a UK fund; and how does this interact with existing UK financial services legislation? We have assumed that this question does not relate to a tokenised fund or a blockchain traded fund (BTF), but a fund that invests in cryptoassets, including cryptocurrencies, such as bitcoins or ethereum. Funds are a form of collective investment. See Practice Note: Collective investment schemes—essentials, which explains what a collective investment scheme (CIS) is and covers the definition of CIS set out in section 235 of the Financial Services and Markets Act 2000 (FSMA 2000). You will note from the Practice Note that a CIS can relate to property of any description. See also Practice Note: Web 3.0, digital assets and cryptoassets-essentials. You will note under the heading ‘Cryptoassets as property’ that case law has confirmed that cryptoassets are to be viewed as property. Note that CISs can be regulated by the Financial Conduct Authority (FCA) or unregulated. In relation to...
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This week's edition of Insurance & Reinsurance weekly highlights includes: Broker launches Ukraine property war risk reinsurance; Gallagher settles £15m Koko venue negligence claim; Motor insurer could get £100m boost from rate change; PRA sends Dear CEO letter to PRA-regulated Insurance firms regarding its 2025 priorities for the UK Insurance sector; BoE eyes relaxed financial regulation to support growth; EIOPA publishes 2024 consumer trends report; key dates for your diary; and other news highlights reported over the past week.
The Financial Conduct Authority (FCA) has introduced a new notification system for material changes to Collective Investment Schemes (CIS) recognised under the Overseas Funds Regime (OFR). Operators and Fund Management Companies must now use the Connect system to notify the FCA of specific changes, such as alterations to fund names, legal structures, investment objectives, and connected parties. Other changes, including regulatory contraventions and supervisory sanctions, must be notified via email.
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