SEC Imposes Over $3.8 Million in Penalties for Violations of Shareholder Disclosure Rules
On September 25, 2024, the Securities and Exchange Commission (SEC) announced settled charges…
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FCA Announces Plans to Reform Financial Services Retail Disclosure Requirements
On 19th September 2024, the Financial Conduct Authority (FCA) issued a statement outlining…
Bulgaria: FSC Updates Significant Shareholding Notification Form and Submission Process
As of September 12th, 2024, the Financial Supervision Commission (FSC) in Bulgaria has…
Navigating Indonesia’s New Ownership Reporting Regulation: What You Need to Know
In an effort to align with international standards and enhance transparency within the…
SEC Rule 13f-2: A New Era of Transparency in Short Selling Disclosure
The Securities and Exchange Commission (SEC) is ushering in a new era of…
Unwinding of COVID Chaos: Anticipated Mass KIID/KID Re-Generation in Mid-2025
The COVID-19 pandemic brought unprecedented volatility to global financial markets, leading to significant…
Navigating the UK Consumer Duty Reporting: Funds-Axis Now Supports EMT v4.1 Updates
Funds-Axis provides solutions to upcoming UK Consumer Duty Regime Last month, we reported…
Funds-Axis provides solutions to upcoming UK Consumer Duty Regime
Stay ahead of regulatory changes with Funds-Axis Limited’s EMT solution, now updated to…
Irish Takeover Panel New Opening Disclosure Rules
On 21 December 2021, the Irish Takeover Panel released a public consultation paper…
SEC Amendments to 13F
On 23rd June 2022, the Securities and Exchange Commission (SEC) adopted amendments to…
Which US markets are now considered equivalent to EU regulated markets?
The European Commission has adopted a decision declaring that a number of United…
New CSSF Online Portal for Luxembourg Major Shareholding Notifications
Last month the CSSF announced the launch of the eRIIS, its new online…
FCA finalises changes to UK PRIIPs regime
In July 2021, the FCA consulted (in CP21/23) on proposals to address the…
FCA Custody and Fund Services Supervision Strategy
The FCA have published a letter outlining the key risks that custody and…
SEC Proposes New Short Sale Disclosure Rules
On 25th February 2022, the Securities and Exchange Commission (SEC) announced proposals that…
SEC Propose Amendments to Schedule 13D & G Reporting
SEC Propose Amendments to Schedule 13D & G Reporting On the 10th February…
Proposed Amendments to Form PF
On the 26th January 2022, the Securities and Exchange Commission (SEC) voted to…
EU Short Selling Reporting Threshold Lowered to 0.1%
Due to increased volatility on the financial markets in 2020 triggered by the…
FinDatEx consults on EPT V2 – what are the key changes?
With the publication of the updated European PRIIPs Template (EPT) for consultation, FinDatEx…
Japan’s FEFTA Pre-Notification Requirements FAQs
In 2020, Japan tightened foreign investment rules with the amendments to the Foreign…
Are you complying with the updated guidelines on stress test scenarios under the MMF Regulation?
Throughout August you will have seen a number of regulators publishing updated circulars,…
NAV Oversight and Validation
An increase in global regulation has subjected fund managers and their outsourcing partners…
I KID you not! FCA to ditch performance scenarios from PRIIPs KIDs
Of all the new regulations we have seen over the last few years,…
Liquidity Mismatch – FCA & BoE put forward suggested possible liquidity framework
In 2019, the Bank of England (BoE) and Financial Conduct Authority (FCA) launched…
Challenges facing ManCos – more regulations, more regulatory change, and more scrutiny than ever before (Part 1)
The pressure is rising on the ManCo industry – Management Companies (ManCos) are…
What is ManCoTech?
You’ve heard of FinTech, you’ve heard of RegTech, but have you heard of…
Shorter Schedule 13D Reporting Deadlines may be on the horizon
The Chairman of the Securities and Exchange Commission (SEC) recently gave a speech…
Ouch! FCA delivers another blow to AFMs with Assessment of Value review
Last week the FCA published the results of their review on ‘host’ Authorised…
FCA Review of Host AFMs
On 30th June, the Financial Conduct Authority (FCA) published a review of Host…
17 Liquidity Risk Management Recommendations from the FMA
Liquidity risk in managed funds has been a prominent and increasing concern of…
Central Bank of Ireland Calls for UCITS Managers to Review Liquidity Risk Management Frameworks
In early 2020, the European Securities and Markets Authority (ESMA) launched a Common…
Refresher Series: Hong Kong Short Selling Reporting
Investment Managers need to ensure they have in place appropriate systems and procedures…
ESMA Proposes Money Market Fund Regulation Reforms
The European Securities and Markets Authority (ESMA) has launched a consultation on potential…
UCITS Liquidity Risk Management: ESMA’s 11 Areas for Improvement
ESMA has published the results of the 2020 Common Supervisory Action (CSA) on…
IOSCO Launches Thematic Review on Liquidity Risk Management Recommendations
IOSCO has launched a Thematic Review on the implementation of Liquidity Risk Management…
Money, Money, Money – Swedish Regulator Issues Fines for Major Shareholder Disclosure Failings
It’s been a busy couple of months for the Swedish Supervisory Authority (Finansinspektionen)…
Refresher Series: US Liquidity Risk Rules
This week we return to our refresher series on liquidity risk rules around…
US Money Market Fund Regulation – More Work Needed!
Earlier this month the Securities and Exchange Commission (SEC) published a request for…
Refresher Series: UCITS KIIDs
UCITS IV requires UCITS to make an updated KIID available to investors for…
UK 0.1% Short Selling Notification Threshold Here to Stay
This week, on the 1st February 2021, the Statutory Instrument (SI) amending the…
UCITS Eligible Markets – Regulated, Operates Regularly, Open to the Public
Following the end of the transition period, on the 1st January 2021, COLL…
Regulatory Round-up: January 2021
Welcome to the first monthly regulatory round-up of 2021. Each month we will…
Are you complying with the cost related provisions of the UCITS framework?
Yesterday, ESMA announced that it will be launching a Common Supervisory Action (CSA)…
Are you ready for dual disclosures after the Brexit transition period?
As we move closer and closer to a no-deal Brexit, the likelihood is,…
Top 5 Foreign Investment Developments: November 2020
Foreign investment and sensitive sectors regimes enable government across the world to scrutinise…
Asset Managers Need to Step Up Their Liquidity Efforts – ESMA’s Five Key Priorities
Throughout the year regulators have focused on liquidity, and as this year draws…
UK National Security and Investment Bill
On 11th November 2020, the UK Government introduced the long-awaited National Security and…
Overhaul of Global Shareholder Disclosure Rules – Part 1
In July, the SEC announced proposed amendments to 13F Reporting, to update the…
Regulatory Round-up: October 2020
Despite the continuing focus on the rapidly rising COVID-19 infections rates in the…
SEC Adopts Modernized Regulatory Framework for Derivatives Use
On Wednesday, the Securities and Exchange Commission (SEC) approved 3 to 2, the…
AIFMD II Consultation
On 22nd October 2020, the European Commission (EC) published the much anticipated consultation…
CP86 Thematic Review and Conclusions
On 20th October 2020, the Central Bank of Ireland (CBI) published a letter…
Further Liquidity Regulatory Scrutiny Needed
Last month it was great to see a number of key liquidity developments…
Ignorance is not bliss – a timely reminder that derivatives ARE included!
Yesterday, the Financial Conduct Authority (FCA) fined a Hong Kong hedge fund just…
Canada Guidance on Effective Liquidity Risk Management for Investment Funds
The Canadian Securities Administrators (CSA) has published guidance to help investment fund managers…
September Liquidity Deadlines: Reminder on Funds Investing in Inherently Illiquid Assets
The 30 September compliance deadline is fast approaching for a number of liquidity…
Assessing the Assessment of Value Reports
It’s been almost a year since the FCA Assessment of Value rules came…
PRIIPs: What’s Been Happening?
Of all the new regulations we have seen over the last few years,…
ESMA’s AIFMD Recommendations – A Specific Look at Delegation
As discussed in our previous blog , ESMA has written to the European…
ESMA’s Proposed Changes to AIFMD
When the European Commission announced back in March 2018, a proposal to amend…
ESMA’s Proposed Changes to AIFMD Reporting Regime
Last week, ESMA published a letter to the Commission setting out 19 key…
SEC Proposed Modernised Shareholder Reports
The U.S. Securities and Exchange Commission (SEC) recently proposed significant modifications to the…
Will you still be in scope for 13F Reporting?
Last Friday (14th August) was the Q2 filing deadline for 13F reporting. But…
The 16 ESMA Guidelines on Liquidity Stress Testing for UCITS and AIFs
On 2nd September 2019, the European Securities and Markets Authority (ESMA) published its…
Liquidity Landscape – Singapore
Last week we took a brief look at the liquidity risk management regime…
Liquidity Landscape – Hong Kong
Although liquidity risk management practices vary in different jurisdictions, in most cases, asset…
The Liquidity Mismatch
This month marked one year since the collapse of Neil Woodford’s LF Woodford…
ESMA up the Ante on Undue Fund Costs
ESMA recently published a supervisory briefing on the supervision by National Competent Authorities…
Enhanced Depositary Oversight for Funds Investing in Inherently Illiquid Assets
As discussed in previous blogs, later this year new FCA rules for open-ended…
An Overview of MMF Reporting
On 31 March 2020, the European Securities and Markets Authority (ESMA) announced that…
Breaking the Buck and the Introduction of Greater Liquidity Requirements
Money market funds (MMFs) are an important part of the European and global…
ESMA Briefing on Supervision of Costs in UCITS and AIFs
The European Securities and Markets Authority (ESMA) has published a supervisory briefing on…
Full Implementation of the New Japan Foreign Investment Rules
The new Japan foreign investment rules were fully implemented on 7th June after…
Foreign Investment Restrictions on the Rise
Liquidity risk was amplified by the COVID-19 pandemic with regulators introducing a number…
The Liquidity Countdown
Fund liquidity problems witnessed in 2019 with Woodford and H2O Asset Management brought…
Short Selling Bans – More Harm Than Good?
With the recent market volatility caused by the COVID-19 pandemic, regulators across the…
FCA Assessment of Value – what have we seen so far?
Under the FCA’s Asset Management Market Study, the final report of which was…
UCITS and AIFs new segregation and safekeeping duties for depositaries enter into force
On 30th October 2018, following the opinion issued by the European Securities and…
The Challenges of Liquidity Stress Testing
It seems that ‘liquidity risk’ is the prevalent term on everyone’s lips these…
Liquidity Risk: A 2020 Priority
Firms must have appropriate systems, controls and governance to oversee and manage liquidity…
FCA Assessment of Value Part 6: Wolf in sheep’s clothing – how to spot a closet tracker
A number of key regulators including ESMA, the CBI and the FCA have…
FCA Assessment of Value Part 5: The US approach – what can be learned
While the FCA’s Assessment of Value (AoV) process is a new development in…
Should illiquid assets be held in open ended funds?
Fund liquidity, like a mirage in the desert, can disappear in an instant…
FCA Assessment of Value Part 4: Where Next?
Whilst UK AFMs are currently busily engaged in the FCA Assessment of Value…
Introduction to Derivatives Use Reporting
With the FCA derivative use reporting deadline fast approaching, it’s the perfect time…
FCA Assessment of Value Part 3: At What Cost?
The FCA’s terminology is FCA Assessment of Value, a shift from the earlier…
FCA Assessment of Value Part 2: The Impact and Implications for Firms – Lip Service or Real Change?
In this, the second of our series on FCA Assessment of Value, we…
FCA Assessment of Value Part 1: Introduction
Performance of the FCA Assessment of Value process will be a significant challenge…
Is your active fund really a Closet Tracker?
Closet trackers, also known as closet indexing or index hugging, refers to the…
7 Key Features of the new Singapore Short Selling Rule
Following 4 years of consultations and several minor revisions, the Monetary Authority of…