Domestically, the CBI has published the outcome of a thematic review of the implementation of its framework for governance, management and oversight in fund management companies, and has issued new editions of its AIFMD Q&A and UCITS Q&A; At European level, the European Commission has launched a consultation on its review of the AIFMD.
Financial RegulationDomestically, the CBI announced its intention to introduce three new pre-approval controlled functions (PCFs); At European level, the ECB published a report on the possible issuance of a digital euro, while the Joint Committee of European Supervisory Authorities published its work programme for 2021.
Financial RegulationDomestically, ESMA chair Steven Maijoor delivered an address to the Irish Funds Global Online Conference, while the CBI published issues 10 and 11 of its Markets Updates for 2020; At European level, ESMA published its work programme for 2021 and its annual statement on European common enforcement priorities.
Financial RegulationDomestically, the Governor of the CBI, Gabriel Makhlouf, addressed the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, commenting on issues such as payment breaks and the tracker mortgage examination; At European level, members of the ECB's supervisory board have commented on its heightened expectations on bank governance.
Financial RegulationThe New Competition Tool initiative (if ultimately adopted) is one of a number of measures aimed at making competition policy and competition rules in the EU fit for the modern economy.
EU, Competition & Procurement
In yet another major policy development, the Chancellor, Rishi Sunak, has announced today that the Coronavirus Job Retention Scheme ("CJRS") will now be extended for all parts of the UK until the end of March 2021 in an effort to give businesses and employees certainty over the winter months.
COVID-19 BelfastThe phrase "State aid" is used regularly in business. However, the phrase has a technical meaning in European Union law.
EU, Competition & ProcurementClimate change is rapidly degrading habitats and shrinking wildlife. In addition, it has the potential to create very significant economic harm. The European Commission (Commission) has recognised this and the "Green Deal" aims to make Europe the first climate-neutral continent by 2050.
EU, Competition & ProcurementAIFMD consultation, Benchmarks and LIBOR, ESMA work programme, ESG, MMFs, MiFID II third-country regime, Market Abuse.
Asset Management & Investment FundsDeadlines, CP86, F&P, liquidity, CBI speeches, CBI markets updates/ research, AML, CBI levies.
Asset Management & Investment FundsQ&A of the month. What are the implications for investment funds marketed in the UK in light of the Financial Conduct Authority's temporary permissions regime?
Asset Management & Investment FundsWhat is the ECN+ Directive? It is Directive (EU) 2019/1. It was signed into law on 11 December 2018 and was published in the Official Journal of the European Union on 14 January 2019.
EU, Competition & Procurement
