Global Law Experts Logo

Find a Global Law Expert

Specialism
Country
Practice Area
awardsr

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

Legal Shorts 03.11.17 including GDPR Podcast and AIFMs within the scope of MiFID II

posted 7 years ago

Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers. 
 
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com

 

________________________________________
 
GDPR Podcast

A podcast of our webinar “GDPR in the Alternative Investment Sector” will be available online next week on our website at: www.cummingslaw.com. Wednesday’s webinar was held in conjunction with Portman Compliance and RFA. If you would like more details about the GDPR, please e-mail Claire at: claire.cummings@cummingslaw.com.

________________________________________
 
AIFMs within the scope of MiFID II

The FCA has made it clear that AIFMs will be bought within scope of MiFID II in certain areas of business when the new rules come into force on 3 January 2018.  The key areas of change for AIFMS are: (i) the unbundling of research and research payment accounts (RPAs); (ii) taping and record-keeping; (iii) product governance and suitability; (iv) conflicts of interest; and (v) transaction reporting.
This will require a review and update of client documentation, including offering memoranda, investment management and advisory agreements, distribution agreements and commission sharing arrangements.  If you would like to discuss how we can help ensure that your documents and arrangements are compliant by 3 January 2018, please e-mail Claire at: claire.cummings@cummingslaw.com

________________________________________
 
MiFID II: EC FAQs on inducements and research

The European Commission has published FAQs to clarify EU investment firms’ obligations when they seek out brokerage and research services from broker-dealers in non-EU countries. The FAQs are only guidance and answer two questions on how EU firms can procure international research and brokerage services in full compliance with their obligations under MiFID II. The Commission’s guidance also explains how such services might be obtained from third country jurisdictions. Following discussions with the Commission, the US SEC has also published the steps it has taken (in the form of “no-action letters”) to facilitate the cross-border implementation of the MiFID II research provisions. The FCA has welcomed the guidance and added that arrangements in which a UK asset manager pays the EU entity of a broker for global research content, or research is circulated within a buy-side group, can also be an acceptable way of achieving arrangements that comply with MiFID II, provided that they do not influence the firm’s order routing decisions, execution costs and ability to act in its clients’ best interests.

________________________________________
 
Crowdfunding framework

The European Commission has published an inception impact assessment for a legislative proposal for an EU framework on crowd and peer-to-peer finance as part of its CMU action plan. The aim of the initiative is to create a framework that will encourage cross-border activity relating to crowdfunding platforms and to provide platforms with a proportionate and effective risk management framework. The Commission is concerned that, to date, crowdfunding activities have been confined to national markets with very little cross-border activity. The Commission sets out three potential options for an EU framework on crowdfunding: (i) a self-regulatory approach with minimum EU standards; (ii) a comprehensive EU framework, consisting of a specific crowdfunding licence under the passporting framework; and (iii) a standalone opt-in EU framework. The Commission indicates that the next steps for this initiative will take place in the first quarter of 2018. Comments are invited by 27 November 2017.

________________________________________
 
MLD4

The European Commission has adopted a Delegated Regulation amending the Commission’s list of high-risk third countries under the Fourth Money Laundering Directive (MLD4) to include Ethiopia. The Commission explains that Ethiopia has provided a written high-level political commitment to address the identified deficiencies and has developed an action plan with the FATF with a view to fulfilling the MLD4 requirements. The Commission welcomes this commitment and calls on Ethiopia to complete the implementation of the action plan expeditiously and within the proposed timeframes. The next step will be for the Council of the EU and the European Parliament to consider the amending Delegated Regulation and raise any objections.

________________________________________
 
ESMA updates Q&As on alternative performance measures

ESMA has updated its guidelines on alternative performance measures (APM), adding six new Q&As which relate to: (i) financial measures which qualify as APMs; (ii) the exceptions applying to APM guidelines; (iii) the requirement to provide definitions of the APMs used and details of their components; and (iv) fair labelling, namely how APMs representing a biased measure of performance may, depending on the facts and circumstances, violate the principles set out in articles 4 and 5 of the Transparency Directive and be contrary to the overall objective of the APM guidelines.

________________________________________
 
FCA webpage on model driven machine executable regulatory reporting

The FCA has published a new webpage on model driven machine executable regulatory reporting, which explores how technology can be used to link regulation, compliance procedures, firms’ policies and standards, together with firms’ transactional applications and databases. The FCA believes that this would benefit both firms and regulators, including by: (i) improving the accuracy of data submissions and reducing their costs; (ii) more rapid implementation of regulatory requirements; and (iii) reducing compliance costs, which could lower barriers to entry and promote competition. The FCA, together with the Bank of England, will launch a two week TechSprint to explore the potential for model driven machine readable regulation on 20 November 2017.

________________________________________
 
FSB report on AI and machine learning

The Financial Stability Board has published a report that considers the financial stability implications of artificial intelligence (AI) and machine learning in financial services. This is a follow-up to the FSB’s report in June on the financial stability implications of FinTech. The FSB notes that financial institutions are increasingly using AI and machine learning in a range of applications across the financial system. This includes assessing credit quality, pricing and marketing insurance contracts, automating client interactions, analysing the market impact of trading large positions, optimising trading execution, and regulatory compliance. The FSB’s report discusses the potential benefits and risks for financial stability and a list of matters that should be monitored.

________________________________________
 
FCA policy statement on listing rules
 
The FCA has published a policy statement setting out its response to its consultation paper, Review of the Effectiveness of Primary Markets: Enhancements to the Listing Regime (CP17/4), which finalises the rules and technical notes as proposed in the consultation, subject to minor amendments. The amendments to the Listing Rules and technical notes take effect on 1 January 2018. The FCA states that companies seeking admission to premium listing after 1 January 2018 should prepare any submission regarding their eligibility on the basis of the new requirements. The FCA has also published a feedback statement on DP17/4 and has decided that the following areas merit further exploration: (i) the current split between standard and premium listing; and (ii) supporting the growth of science and technology companies by exploring areas where improvements to listing rules might facilitate the right environment for investment.

________________________________________
 
 
GUEST SHORT

This week, Tim Haynes, Parliamentary Adviser to HM Government of Gibraltar, provides us with details of a Gibraltar Day being held in each of Geneva, Lausanne and Zurich next week, as follows:

“Gibraltar Finance, in conjunction with the Gibraltar Funds and Investment Association, will be hosting the following funds events in Geneva, Lausanne and Zurich from the 7th – 9th November 2017. The events in Geneva and Lausanne will be hosted by the Hon. Albert Isola MP, Minister for Financial Services. The event in Zurich will be hosted by the Finance Centre Director on the Minister’s behalf.

The following topics will be covered:

New Fund Regime & new opportunities
Dual regime EU/Non-EU
Private Scheme (incubator)
Experienced Investor Funds
Small AIFM/AIFM
Managers Regime
Small AIFM licence
FinTech/Start-Up Hub
Innovation, new regulation and Cryto fund as a business case
DLT regulation
StartUpGrind”.
If you would like to receive further information regarding the Gibraltar Day in Switzerland, please contact Tim Haynes at: tim.haynes@gibraltar.gov.gi.

________________________________________
 

Cummings
Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327
www.cummingslaw.com
3 November 2017 

 

Author

Find the right Legal Expert for your business

The premier guide to leading legal professionals throughout the world

Specialism
Country
Practice Area
LAWYERS RECOGNIZED
0
EVALUATIONS OF LAWYERS BY THEIR PEERS
0 m+
PRACTICE AREAS
0
COUNTRIES AROUND THE WORLD
0

Join

who are already getting the benefits
0
Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox. Naturally you can unsubscribe at any time.

Online Casino Reviews

  • Freeroll Poker Tournaments For Real Money
  • Australian Online Casino Real Money
  • Best Slot App To Win Real Money
  • Online Casino Real Money Australia
  • Best Paying Online Pokies
  • Wizard Of Oz Online Slots
  • All Slots Casino Mobile
  • Best Online Poker App Real Money
  • Best Online Casino To Play Roulette
  • Is Online Casino Legal
  • Online Casino That Accepts Paypal
  • Play Roulette For Real Money
  • Slot Apps To Win Real Money
  • Real Money Slots Online Usa
  • Safe Online Casino
  • Wizard Of Oz Slots
  • Real Online Pokies Nz
  • Biggest Online Casino In The World
  • Online Casino Pay With Paypal
  • Online Casino That Accept Paypal
  • Online Casino Canada Real Money
  • 3 Card Poker Online Real Money
  • Online Slots Real Money Canada
  • Best Online Poker Sites For Real Money
  • Real Money Poker App Android Usa
  • How To Make Money From Online Casino Bonuses
  • Real Money Poker App Iphone
  • How To Play Blackjack Online For Real Money
  • Best Slots To Play
  • Top 10 Online Pokies
  • Best Poker Apps Real Money
  • Online Casino Legal
  • Best Payout Online Casino Uk
  • Win Money Online Slots
  • Online Poker Nj Real Money
  • How To Win Online Slots
  • Casino Gaming License
  • Play Real Pokies Online
  • Blackjack Sites For Real Money
  • Real Money Casino Games For Android
  • Best New Online Slots
  • Flaming 777 Slots Games
  • Online Blackjack With Live Dealers
  • How To Play Online Slots
  • Facebook Casino Games Real Money
  • Online Casino With No Minimum Deposit
  • How To Beat Online Slots
  • Online Casino License
  • The Big Payback Slots
  • Royal Vegas Online Casino Withdrawal
  • Online Casino Minimum Deposit 5
  • Online Pokies Real Money Australia
  • Las Vegas Usa Online Casino
  • Real Money Poker App Android
  • Wheel Of Fortune Slots
  • Game Of Thrones Slots
  • Online Poker Real Money Usa Legal
  • Best Online Casino European Roulette
  • Blackjack Online Real Money Paypal
  • Online Video Poker Real Money Usa
  • How To Create An Online Casino
  • Lucky Nugget Online Casino Mobile
  • How To Withdraw Money From Online Casino
  • Platinum Play Online Casino Download
  • Online Casino For Usa Players
  • Best Online Casino Usa Real Money
  • Online Roulette Real Money Usa
  • Best Real Money Poker Sites
  • Android Slots Real Money
  • How To Start An Online Casino Business
  • How To Start An Online Casino
  • How To Start An Online Gambling Site
  • Best Online Casino For Blackjack
  • Play Baccarat Online For Money
  • Online Pokies New Zealand
  • Best Slots To Play At Golden Nugget
  • Slots Of Vegas Online Casino
  • Best Online Pokies Site
  • How To Beat Online Roulette
  • New Zealand Online Pokies
  • Online Poker Mobile Real Money
  • Which Online Slots Payout The Most
  • Is Online Casino Legal In India
  • Online Casino Software For Sale
  • Best Online Casino For Craps
  • Hard Rock Casino Slots
  • Win Real Money Online Pokies
  • Online Casino With Highest Payout Percentage
  • Poker Apps With Real Money
  • Online Roulette Real Money Review
  • Full Tilt Poker Real Money
  • Online Casino 5 Dollar Minimum Deposit
  • Online Roulette With Real Money
  • Best Online Roulette For Real Money
  • I Migliori Casino Online Italiani
  • Best Payout Online Slots
  • How To Play Baccarat Online
  • Play Casino Card Game Online
  • Play Blackjack Online For Real Money
  • Best Paying Online Slots
  • Casino License Cost
  • Online Poker Real Money California
  • Safe Online Casino Australia
  • Online Roulette Australia Real Money
  • Online Poker Real Money Texas
  • Online Roulette Real Money Paypal
  • Online Slots Australia Real Money
  • Golden Nugget Online Casino Review
  • Casino Games To Win Real Money
  • Online Pokies Australia Real Money
  • Online Gambling Blackjack Real Money
  • Win Real Money Playing Slots
  • How To Win Roulette Online
  • Aristocrat Pokies Online Real Money
  • Hollywood Casino Online Slots
  • Play Online Keno For Real Money
  • What's The Best Online Casino
  • Triple Double Diamond Slots
  • Play Roulette Online With Real Money
  • Roulette Online For Real Money
  • Play Roulette Online Real Money
  • Best Online Pokies Real Money
  • Big Red Pokies Online
  • How To Win At Online Blackjack
  • What Is The Best Online Roulette Site
  • Real Money Online Pokies
  • Spin To Win Slots
  • Ruby Slots Online Casino
  • Wheel Of Fortune Online Casino
  • Spin Palace Flash Casino Online
  • Online Poker Real Money App
  • Online Casino With Paypal Deposit
  • How To Win At Online Roulette
  • Can You Win Real Money On Slot Apps
  • Is Ignition Casino Safe
  • Online Casino Blackjack Real Money
  • Online Casino Win Real Money Usa
  • How To Make Money Online Casino
  • Online Casino Real Money Reviews
  • Slot Games To Win Real Money
  • Jackpot City Online Casino Download
  • Online Pokies Real Money
  • Casino War Online Real Money
  • Online Casino No Minimum Deposit
  • Play Wheel Of Fortune Slots Online
  • Best Online Casino Game To Win Money
  • Online Casino Without Wagering Requirements
  • Online Slots For Real Money Usa
  • Legal Online Casino Australia
  • How Do Online Slots Work
  • Best Online Casino For Us Players
  • Online Play Casino Roulette Game
  • Online Blackjack Real Money Australia
  • Real Casino Games Real Money Online
  • Online Slot Machines Real Money Paypal
  • The Best Online Casino For Roulette
  • What Online Casino Pays Out The Most
  • Start Your Own Online Casino
  • Legal Online Casino
  • Online Live Roulette Casino Game
  • Playing Blackjack Online For Real Money
  • Online Penny Slots Real Money
  • Best Online Blackjack For Money
  • How To Win Online Roulette
  • Real Money Poker Sites Usa
  • Best Time To Play Slots
  • Online Keno For Real Money
  • Best Payout Online Slots Uk
  • Online Slots Real Money Reviews
  • Best Online Pokies Nz
  • What States Allow Online Gambling
  • Best Real Money Poker App
  • Online Slots To Win Real Money
  • Real Money Slots App Iphone
  • Jackpot City Flash Casino Online
  • Ignition Casino Legit
  • All Star Slots Casino
  • How To Play Online Casino
  • Real Time Gaming Slots
  • Online Video Poker Real Money
  • How To Play Roulette Online For Money
  • How To Win On Online Slots
  • Age Of Gods Slots
  • Online Real Casino Money Games
  • Best Online Slots To Play
  • Online Poker California Real Money
  • Is Jackpot City Casino Legit
  • How To Win At Online Slots
  • Play Poker For Real Money
  • Safe Online Pokies Australia
  • Best Way To Play Slots
  • How To Play Casino Online
  • Play Online Roulette For Money
  • Online Casino Australia Real Money
  • Which States Allow Online Gambling
  • Play Keno Online Real Money
  • How To Win Online Blackjack
  • Online Blackjack With Real Dealers
  • How To Open Online Casino
  • What Are The Best Online Slots To Play
  • Big Win Casino Slots
  • Spin Palace Online Casino Australia
  • Best Slots To Win On
  • Casino Slots Win Real Money
  • Slots Magic Online Casino
  • Blackjack Online For Real Money
  • Slot Machine App Win Real Money
  • Online Casino Not Paying Out
  • Slots That Pay Out Real Money
  • Online Pokies Australia Reviews
  • Online Casino Minimum Deposit 1
  • Jackpot City Online Casino Review
  • Live Dealer Baccarat Online Casino
  • Online Casino Apps For Android
  • Online Casino Paypal Deposit Australia
  • Online Casino With Live Dealer
  • How To Play Blackjack Online
  • Slots To Win Real Money
  • Wheel Of Fortune Online Slots
  • Play Quick Hit Slots Online
  • Can You Count Cards In Online Blackjack
  • Palace Of Chance Online Casino
  • How To Play Roulette Online
  • Good Slots To Play
  • Which Online Casino Pays Out The Most
  • Heart Of Vegas Casino Slots
  • Best Online Casino For Canadians
  • Australian Online Pokies Real Money
  • Mohegan Sun Online Casino Nj
  • Online Casino Live Games Best Uk
  • Best Online Casino Australia Reviews
  • Play Pokies Online Real Money
  • Best Online Casino For Usa Players
  • How To Win Online Casino
  • Play Blackjack For Real Money
  • Best Slots On Bovada
  • Online Keno Real Money Usa
  • Online Slots Real Money Paypal
  • Best Poker Sites For Real Money
  • Safe Casino Sites
  • The Best Online Slots
  • Play Keno For Real Money
  • Real Online Pokies Australia
  • Queen Of The Nile Slots
  • Mummys Gold Casino Online Casino
  • Play Keno Online For Real Money
  • Best Poker Websites Real Money
  • Lucky Nugget Online Casino Download
  • Best Online Casino For Roulette
  • Play Roulette For Money Online
  • Video Slots Mobile Casino
  • Best Time To Play Online Slots
  • Best Real Money Online Poker
  • Play Blackjack Online With Friends
  • Play Baccarat Online For Real Money
  • Is Silver Oak Casino Legit
  • Big Fish Casino Real Money
  • Can You Win Real Money On Caesars Slots
  • Game Of Thrones Slots Casino
  • Best Online Slots Payout Percentage
  • Play Online Pokies For Real Money
  • Play Pokies Online Australia
  • High 5 Casino Real Slots
  • The Best Online Pokies
  • Online Pokies That Accept Paypal
  • Heart Of Vegas Slots
  • How To Play Online Roulette
  • Best Poker App Real Money
  • Best Online Casino Fast Payout
  • Best Slots At Wind Creek Casino
  • Online Casino 10 Minimum Deposit
  • Play Roulette Online For Money
  • Us Real Money Poker Sites
  • How To Win In Online Casino
  • Best Online Pokies Australia Review
  • Where To Play Roulette Online For Real Money
  • How To Beat Online Casino Slot Machines
  • Highest Payout Online Slots
  • Best Paying Online Casino Slots
  • Golden Tiger Online Casino Review
  • Online Casino With Live Dealers
  • Play Roulette Online For Real Money
  • Best Slots To Play At Casino
  • Slot Machine Games Win Real Money
  • Most Popular Online Casino Games
  • Casino Slots App Real Money
  • Online Casino Real Money Canada
  • Online Real Money Pokies
  • Online Roulette Game Real Money
  • Online Casino Roulette Real Money
  • Best Place To Play Roulette Online
  • Online Casino Book Of Ra Paypal
  • Online Blackjack With Real Money
  • Play Online Blackjack For Real Money
  • Is There A Slot Machine App For Real Money
  • Royal Vegas Online Casino App
  • Best Casino Slots To Play
  • Most Popular Online Slots
  • Best Way To Win At Slots
  • Slots You Can Win Real Money
  • Play Roulette Online Real Money Usa
  • Online Casino Real Money Paypal
  • Online Casino Australia Legal
  • Treasures Of Troy Slots
  • Online Casino For Us Players
  • Where Can I Play Blackjack Online For Real Money
  • Online Casino Paypal Book Of Ra
  • Online Roulette For Real Money
  • Best Online Blackjack Real Money
  • Poker App For Real Money
  • Jackpot Magic Slots Facebook
  • Best Online Casino Real Money Usa
  • Best Online Casino New Zealand
  • The Four Kings Casino And Slots
  • How To Play Slots Online
  • Best Online Pokies Australia
  • Usa Online Slots Real Money
  • Real Money Casino Android App
  • Online Slot Machines That Pay Real Money
  • Online Pokies Real Money Nz
  • Online Pokies Real Money App
  • Play Igt Slots Online
  • Best Casino Slots To Win Money
  • Online Casino Business For Sale
  • Play N Go Slots
  • Poker Apps For Real Money
  • Lucky Slots Real Money
  • All Slots Online Casino
  • Best Online Pokies Real Money Australia
  • Online Pokies Win Real Money
  • Best Online Casinos For Roulette
  • Pay Slots For Real Money
  • Best Online Poker Real Money
  • Slots App Win Real Money
  • Play Online Roulette For Real Money
  • Is Ignition Casino Legit
  • Wheel Of Fortune Slots Online
  • Lotsa Slots Real Money
  • Video Poker Online Real Money
  • Online Slots Usa Real Money
  • Play Blackjack Online Real Money
  • Jackpot City Online Pokies
  • Video Slots Online Casino
  • Is 888 Casino Legit
  • Online Slot Games That Pay Real Money
  • Prepaid Visa Card Online Casino
  • How To Stop Online Gambling
  • Best Slots To Play Online
  • Online Blackjack For Real Money
  • Slot Apps For Real Money
  • Mobile Slots Win Real Money
  • Newsletter Sign Up

    About Us

    Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.

    Social Posts

    See More:

    Contact Us

    Stay Informed

    Join Mailing List

    GLE