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Caitlin McErlane

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Legal Update

UK FCA takes first enforcement action for breach of the Short Selling Regulation: key lessons for firms

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In its first enforcement action for a breach of the Short Selling Regulation (SSR), the UK Financial Conduct Authority (FCA) has imposed a fine of £873,118 on Asia Research and Capital Management Ltd (ARCM). The fine relates to ARCM’s failure to notify the FCA and to disclose to the public its net short position in Premier Oil plc, as required under the SSR. In our latest briefing, we explore the nature of ARCM’s breaches leading to the enforcement action, and discuss key learning points for firms going forward.

Legal Update

ESMA’s AIFMD Review recommendations: key issues for fund managers

By and 7 Mins Read

In a letter dated 18 August 2020 to the European Commission, ESMA sets out its recommendations for changes that could be made to the Alternative Investment Fund Managers Directive (AIFMD) framework as part of the Commission’s review of the AIFMD. ESMA recommends changes in 19 areas including harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools; leverage; the AIFMD reporting regime and data use; and the harmonisation of supervision of cross-border entities. Many of ESMA’s recommendations would also require consideration of changes to the UCITS regulatory framework.

Parliament
Legal Update

Commission Communication on Brexit readiness: key points for financial services firms

By and 5 Mins Read

On 9 July 2020, the European Commission published a Communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions entitled “Getting ready for changes: Communication on readiness at the end of the transition period between the European Union and the United Kingdom”. The Communication aims to highlight the main areas of inevitable change and to facilitate readiness and preparations by stakeholders, especially in light of the Commission’s views that “[n]egotiations so far have shown little progress” and that “broad and far-reaching changes … will arise under any scenario”. The Communication raises some key points for UK financial services firms, which we highlight in our post.

Legal Update

Operational Resilience and Coronavirus Contingency Planning: Issues for Regulated Firms

By , , and 7 Mins Read

Financial institutions face two categories of emergencies arising out of the coronavirus disease that could impair their functioning. The first is directly financial: a sudden drop in the value of financial assets, or loss of liquidity, whether domestically or elsewhere in the world that could lead to a national or even global financial crisis. The second is operational: the failure of the support structures that underpin the financial system.

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