This publication highlights key developments that will be of interest to and affect our asset management clients, including market trends and developments in tax and buy-side regulation globally.
February 21, 2018
International banks can operate in the United Kingdom (UK) either as subsidiaries or branches . Data from the Prudential Regulation Authority (PRA) currently shows that there are 160 branches of international banks operating in the UK, of which 77 are from European Economic Area (EEA) banks operating under passporting arrangements.
January 25, 2018
This year the buy-side regulatory headlines have been dominated by the EU’s Markets in Financial Instruments Directive II, Brexit and the Financial Conduct Authority’s (FCA) asset management market study. As 2018 approaches, there is another significant regulatory development on the horizon that asset managers would be ill advised to ignore. This is the EU Benchmarks Regulation.
January 22, 2018
The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two-thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. An important part of the industry is the banking sector, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).
November 29, 2017
On 4 October 2017, the Prudential Regulation Authority (PRA) published two consultations that are particularly important to international banking groups, Consultation Paper 19/17: Groups policy and double leverage (CP19/17) and Consultation Paper 20/17: Changes to the PRA’s large exposures framework (CP20/17).
November 15, 2017
The European Securities and Markets Authority (‘ESMA’) is undoubtedly an important European institution.
November 02, 2017
The Canadian government has taken the next step towards implementation of the bail-in regime for domestic systemically important banks in Canada (D-SIB(s)).
August 14, 2017
The European Commission has published a number of proposed measures that form part of its work to reduce risk in the EU banking sector, as set out in the Communication Towards the Completion of the Banking Union.
November 24, 2016
In the FCA’s Business Plan 2015/16 the regulator announced its intention to undertake a market study into the asset management market.
November 23, 2016
With financial services firms still coming to grips with the UK’s referendum decision to leave the EU there continues to be a sense of a journey into the unknown.
November 07, 2016