On January 27, the Financial Conduct Authority (FCA) announced plans to consult on the application of the Senior Managers Regime (Regime) to individuals with overall responsibility for a firm’s legal function. The FCA acknowledged uncertainties in the market regarding whether individuals with overall responsibility for a firm’s legal function would require approval under the Regime. It also noted concerns that if such individuals were to be brought within the Regime, they might be required by regulators to disclose otherwise privileged information. [Read more]

Source: FCA

It is now less than six months until implementation of the EU Market Abuse Regulation (MAR), which takes effect in Member States across the EU on 3 July 2016. In the last few months we have seen the publication of the FCA’s consultation on the changes to be made to our domestic regulation to ensure that it is consistent with the requirements of MAR and the publication by the European Commission of a delegated regulation setting out the detail of how certain provisions in MAR should be interpreted. In this briefing we look at how the UK is planning for implementation and issues that UK premium listed companies will need to grapple with. [Read more] 

Source: Clifford Chance

When implemented, revisions to the EU’s Markets in Financial Instruments Directive (MiFID II) will radically change the regulation of EU securities and derivatives markets, and significantly impact the investment management industry. MiFID II is expected to come into effect in or around January 2018, a year later than originally planned. This memorandum gives more information about the upcoming regulation. [Read More]

Source: Skadden LLP

The Senior Managers and Certification Regime (SMCR), affecting banks and PRA authorised investments firms, comes into effect on March 2016. This video dissects the purpose of the new regime and the implications and challenges arising for affected firms [Watch Now]

Source: Berwin Leighton Paisner

The FCA issued its first MiFID II consultation paper (CP 15/43) [Read Full Paper] on 15 Dec 2015, related to secondary marker trading of financial instruments. [Read More]

Source: Dechert LLP

FCA has published the minutes of the MiFID2 implementation roundtable meeting it held on 6 Jan [Read Full Minutes]. FCA confirmed at the roundtable application date and transposition deadline, implementing measures and consultation on implementation. [Read More]

Source: Denton

The new Market Abuse Regulation (“MAR”) and the Criminal Sanctions for Market Abuse Directive (“CSMAD”), will replace the 2003 Market Abuse Directive (“MAD”). MAR and CSMAD have been developed in close tandem with other post-financial crisis measures to regulate markets and financial instruments, such as MiFID II/MiFIR, and alongside other national and internationally-coordinated initiatives to tackle misconduct and restore market confidence such as the Fair and Effective Markets Review. This article discusses the key provisions, challenges and impacts of MAR. [Read More]

Source: Berwin Leighton Paisner

In September, the European Securities and Markets Authority (ESMA) published the final draft of its technical standards for the Market Abuse Regulation (EU MAR), which will replace the current civil regime Market Abuse Directive (MAD) on 3 July 2016. See the updates proposed. [Read More]

Source: Herbert Smith Freehills

Some of the key themes that we expect to drive growth, disruption and deal volume in the fintech and insurtech sectors in 2016 are discussed in this insight. [Read More]

Source King & Wood Mallesons