UK:
In Principle: 10 Things You Need To Know For 2017 – The World Of Financial Regulation After The UK Referendum
06 February 2017
Akin Gump Strauss Hauer & Feld LLP
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On 23 June 2016, the UK shocked the world, and perhaps itself,
when it voted in favour of a "Brexit" from the European
Union. While the referendum result has brought significant
uncertainty to the financial services sector, the Financial Conduct
Authority (FCA) has made it clear that, from a regulatory
perspective, it is "business as usual". Indeed, it is
clear that firms cannot afford to stand still in the wake of the
referendum result, since financial regulation has, as always,
continued to evolve.
In this publication, we focus on 10 key issues that we believe
clients should be aware of going into 2017:
- Brexit – key challenges ahead
for financial services firms
- FCA Mission Statement – a new
mission for the FCA?
- MiFID II – a whistle-stop tour
for investment managers
- Extension of the Senior Managers and
Certification Regime
- Market Abuse Regulation –
market sounding guidance for buy-side firms
- Mandatory clearing obligations under
EMIR
- AIFMD – ESMA advice on non-EU
AIFM passports and proposed changes to Annex IV reporting
requirements
- Increased regulatory scrutiny of the
asset management industry
- Regulation of distributed ledger
technology-enabled financial services
- Key takeaways from enforcement
matters involving the FCA in 2016.
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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