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The clearer view on financial services regulation

RegZone provides you with expert analysis and daily news from the fast-changing world of European financial institution regulation.  Created by CMS regulatory lawyers for those working in banking and finance, insurance, funds and asset management and securities and derivatives.  Sign up here for events, news digest and alerts (relevant to your areas of interest).

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Latest Reports

  • Zurich, Switzerland

    Top report

    Switzerland: FINMA ICO Guidelines

    23.02.2018

    Overview On 16 February 2018, the Swiss Financial Market Supervisory Authority FINMA has published guidelines (Guidelines) for enquiries regarding the regulatory framework for initial coin offerings (ICOs)[1]. The Guidelines complement the earlier FINMA Guidance 04/2017 of 29 September 2017 which highlighted areas in which ICOs may be covered by existing ...

  • Metal framework

    A royal decree dated 25 December 2017 (the “Royal Decree”) further implements the packaged retail and insurance-based investment products (“PRIIPs”) regulation in Belgium by specifying the procedure for notifying a key information document (“KID”) to the Belgian authority (the “FSMA”). The following four points highlight the main requirements for (Belgian ...

  • EU flag

    We are pleased to issue our updated Guide to Passporting (UCITS): rules on marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here

  • Europe from space

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).

    However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

    The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

    To view or download a copy of our Guide, please click here.

  • We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non-EU managers and funds look to access EU investors.

    Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non-EU States. Please click here to view or download the Guide.

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Future Dates

* Estimated date

  • 23 March 2018

    Deadline for responses to FCA's consultation CP18/4: the Money Market Funds Regulation.

  • 31 March 2018

    Date on which the European Banking Authority's revised XBRL methodology (remittance of data under the EBA implementing technical standards (ITS) on supervisory reporting) will be used in relation to reference dates.

  • 9 April 2018

    Deadline for responses to PRA's consultation CP1/18 regarding MREL.

News Wizard

  • 23/02/2018

    FCA: PS18/3: Perimeter guidance on personal recommendations on retail investments

    FCA: PS18/3: Perimeter guidance on personal recommendations on retail investments
    News Date:
    23/02/2018
    News Text:
    Further to CP17/28, FCA has now published this PS, which summarises feedback received on the PERG material and notes changes in approach following feedback. Final Handbook guidance comes into effect on 23 February 2018. FCA also notes that it is retiring FG15/1 with immediate effect.
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  • 23/02/2018

    BoE: Rethinking financial stability

    BoE: Rethinking financial stability
    News Date:
    23/02/2018
    News Text:
    This BoE working paper considers the progress of post-crisis reforms, assesses whether they have achieved their objectives and where gaps remain. It also looks at matters such as the setting of macroprudential objectives and the choice of policy instruments, and concludes with suggestions for future research and policy (includi...
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  • 23/02/2018

    DCMS/HMT: Dormant assets

    DCMS/HMT: Dormant assets
    News Date:
    23/02/2018
    News Text:
    This paper responds to recommendations made by the Commission on Dormant Assets (published in March 2017). The Government agrees with the Commission that there is significant potential to expand the dormant assets scheme to a wider range of asset classes and that the core principles of the current scheme be maintained. The Gove...
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  • 23/02/2018

    PRA: PS2/18: Pillar 2 liquidity

    PRA: PS2/18: Pillar 2 liquidity
    News Date:
    23/02/2018
    News Text:
    Further to CP21/16 and CP13/17, PRA has published this PS, which includes a final Statement of Policy for Pillar 2 liquidity; updated SS24/15 and SS34/15 and a final template and reporting instructions. The Statement of Policy and Supervisory Statements take effect from 23 February 2018. The template and the Reporting Part of ...
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  • 23/02/2018

    FCA: Handbook Notice 52/Instruments

    FCA: Handbook Notice 52/Instruments
    News Date:
    23/02/2018
    News Text:
    FCA has published details of instruments passed at its Board meeting on 22 February 2018. These are: Financial Services Compensation Scheme (Transitional Levy Provisions) Instrument 2018/4; Supervision Manual (Financial Crime Report) (Amendment) Instrument 2018/5; Decision Procedure and Penalties Manual (Amendment) Instrument 2...
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