| 1 | A guide to PLC Financial Services' financial crime materials A guide to PLC Financial Services' UK, EU and international materials on financial crime. Among other things, this note links to materials on: Anti-money laundering (AML) and counter-terrorist financing (CTF). Bribery and corruption. Fraud, including investment fraud, mortgage fraud and data security. Financial sanctions. Wire transfers. | Practice note: overview | Maintained |
| 2 | A guide to PLC Financial Services' MiFID materials This practice note acts as an index to PLC Financial Services' resources on the Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and its implementing legislation. It links to materials on the UK's implementation of MiFID, the European Commission's review of MiFID and the Commission's legislative proposals to amend MiFID (also referred to as MiFID II or MiFID 2). | Practice note: overview | Maintained |
| 3 | A guide to PLC Financial Services' Solvency II materials A guide to PLC Financial Services' EU and UK materials on the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). Among other things, it links to materials on: Solvency II. The amendments to Solvency II that are to be made by the proposed Omnibus II Directive (also known as "Omnibus 2" or "OMDII"). UK transposition and implementation of Solvency II, including the proposed PRA and FCA regime for Solvency II firms. | Practice note: overview | Maintained |
| 4 | A guide to the AIFM Directive: index This note serves as an index to the PLC Financial Services resources on the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive). | Practice note: overview | Maintained |
| 5 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 6 | Basel III: an overview This practice note provides a high-level overview of Basel III, a sequence of major reforms to the Basel II international prudential framework for capital requirements. The note considers the main Basel III reforms agreed in December 2010, as well as the additional capital requirements for global systemically important banks (G-SIBs) agreed in November 2011. For details of other ongoing initiatives being undertaken by the BCBS, see Practice note, Basel Committee on Banking Supervision: ongoing initiatives and for more information on the "Basel 2.5" reforms agreed in July 2009, see Practice note, Basel 2.5: an overview. For details of the EU implementation of the key Basel III reforms, see Practice note, Hot topics: CRD IV. | Practice note: overview | Maintained |
| 7 | BCBS: ongoing initiatives An overview of the main initiatives currently being undertaken by the Basel Committee on Banking Supervision (BCBS) to address issues arising from the financial crisis, following agreement reached on the Basel III reforms in December 2010. For information on initiatives relating directly to the Basel III reforms, see Practice note, Basel III: an overview. | Practice note: overview | Maintained |
| 8 | Bribery and corruption toolkit A toolkit to guide users through PLC's UK, US and international content on bribery and corruption. | Practice note: overview | Maintained |
| 9 | Consumer credit resources This resources document brings together key EU and UK developments in the area of consumer credit and contains links to the key source materials relating to these developments. It is not intended to be an exhaustive list of all consumer credit materials published by interested parties. | Practice note: overview | Maintained |
| 10 | Financial crime glossary This note contains a glossary of key financial crime terms. It is based on a combination of the glossary set out in the Annex to Part 1 of the FCA's financial crime regulatory guide (FC) and the glossary attached to the Financial Action Task Force's (FAFT) February 2012 revised recommendations. However, the glossary in this note goes further to provide links to relevant legislation, regulations, rules, guidance, regulatory bodies, websites and related PLC Financial Services content, where available. The glossary is primarily designed for practitioners in the UK financial services sector as it focuses on the UK financial crime regime (including the anti-money laundering (AML) and counter-terrorist financing (CTF) regimes, and the financial sanctions regime), as it applies to the financial services sector. However, it includes relevant EU and international terms. Practitioners in other sectors may also be interested in the glossary as many of the terms are generic or of broader scope. The glossary is not intended to be an exhaustive list all UK, EU and international financial crime terms. | Practice note: overview | Maintained |
| 11 | Hot topics, Proposed Regulation on key information ... This note provides an overview of the European Commission's proposed Regulation on key information documents (or KIDs) for investment products, which will introduce a new pan-European pre-contractual product disclosure document for packaged retail investment products (PRIPs). The proposed Regulation is sometimes referred to as the PRIPs Regulation. The development of the KID forms an important part of the Commission's wider package of reforms on the regulation of PRIPs. For more information on the other strands of the Commission's work and the background to its proposals, see Practice note, Hot topics: Packaged retail investment products (PRIPs). | Practice note: overview | Maintained |
| 12 | Hot topics: Bank Recovery and Resolution Directive An overview of the European Commission's proposals for an EU recovery and resolution framework for credit institutions and investment firms and, in particular, its June 2012 legislative proposal for the Recovery and Resolution Directive (RRD) establishing the framework. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 13 | Hot topics: CRD IV This practice note provides an overview of CRD IV (also referred to as CRD 4 or CRD4), a major package of reforms to the EU's capital requirements regime for credit institutions and investment firms. CRD IV will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) with a new directive and regulation: the CRD IV Directive and the Capital Requirements Regulation (CRR). The main role of CRD IV will be to implement in the EU the key Basel III reforms agreed in December 2010. These include amendments to the definition of capital and counterparty credit risk and the introduction of a leverage ratio and liquidity requirements. For more information on Basel III, see Practice note, Basel III: an overview. For information about the UK implementation of CRD IV and Basel III, see Practice note, Hot topics, UK implementation of CRD IV. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 14 | Hot topics: EMIR This practice note provides a high level overview of the key regulatory developments at an EU level relating to EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories (Regulation 648/2012)). The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For information on the EMIR clearing requirement for OTC derivative contracts, see Practice note, EMIR: reqirement to clear OTC derivative contracts through a CCP. | Practice note: overview | Maintained |
| 15 | Hot topics: European banking union An overview of the European Commission's proposals for a European banking union for eurozone member states and for other participating member states. The note focuses on the Commission's proposals to establish a single supervisory mechanism (SSM), with the European Central Bank (ECB) carrying out key supervisory tasks for banks established in banking union member states. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 16 | Hot topics: European Commission review of the Insurance ... This resources document outlines the European Commission's review of the Insurance Mediation Directive (2002/92/EC). It tracks expected developments in this area and also sets out the milestones for potential future development in this area. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 17 | Hot topics: European social entrepreneurship funds This practice note provides a high-level overview of the key regulatory developments relating to the European Commission's work on creating a regime for European social entrepreneurship funds (EuSEF). The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 18 | Hot topics: Exchange traded funds (ETFs) An outline of the regulatory initiatives at an international, EU and UK level relating to exchange traded funds (ETFs). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 19 | Hot topics: LIBOR regulation and enforcement An overview of the UK, EU and international reform of interest rate benchmarks, including the London Interbank Offered Rate (LIBOR). The note includes a discussion of the introduction of regulation for LIBOR under the Financial Services and Markets Act 2000 (FSMA), the further regulation and supervision of LIBOR activities by the Financial Conduct Authority (FCA), and enforcement actions by the FSA and other bodies relating to LIBOR, as well as financial misselling. The note also considers reviews of benchmarks being undertaken by EU and other international bodies. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 20 | Hot topics: MAD II This practice note provides an overview of the European Commission's proposals to revise the Market Abuse Directive (2003/6/EC) (MAD), which were published on 20 October 2011. These proposals are known as MAD II (or MAD 2) and this note tracks their legislative progress and the latest developments. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For practitioner analysis and comment on the key changes which would result from implementation of the MAD II proposals and the key issues and concerns arising (based on the text of the proposals as published by the Commission in October 2011), see Article, European Commission's MAD revision proposals: practitioner analysis and comment. For background to the Commission's MAD II proposals and an overview of its review of MAD, see Practice note, European Commission's Market Abuse Directive review. | Practice note: overview | Maintained |
| 21 | Hot topics: MiFID II A note outlining the European Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC), which came into force on 1 November 2007. It outlines at a high level, the Commission's October 2011 legislative proposals to amend MiFID (the MiFID II legislative proposals), the Commission's December 2010 consultation which helped to inform the legislative proposals and the earlier technical advice provided to the Commission by the Committee of European Securities Regulators (CESR). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 22 | Hot topics: Packaged retail investment products (PRIPs) This practice note considers the European Commission's proposals on the regulation of packaged retail investment products (PRIPs). The Commission intends to address concerns relating to the way PRIPs are marketed and sold to retail investors and plug holes and inconsistencies in the current complex patchwork of regulation by introducing measures relating to pre-contractual product disclosures and sales practices for PRIPs. The Commission published its legislative proposal for a Regulation on key information documents (or KIDs) for PRIPs in July 2012. For an overview of the proposed Regulation, see Practice note, Hot topics, Proposed Regulation on key information documents for PRIPs. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 23 | Hot topics: Proposed Directive on residential mortgages This practice note outlines the European Commission's proposed Directive on residential mortgages and tracks both its progress and related developments. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For background to the proposed Directive and a detailed overview of the Commission's review of the EU mortgage markets, see Practice note, Review of the EU mortgage markets. | Practice note: overview | Maintained |
| 24 | Hot topics: The AIFM Directive An overview of the key regulatory developments at an EU and UK level relating to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD). The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 25 | Hot topics: Third Money Laundering Directive: European ... This note provides an overview of the European Commission's proposed reforms to the Third Money Laundering Directive (2005/60/EC) (known variously as "MLD3", "3MLD", "3AMLD" and "Third AMLD"). The Commission published a report in April 2012, following its review of MLD3, setting out the amendments it was considering making to MLD3. It published a legislative proposal amending MLD3, in the form of a Fourth Money Laundering Directive (MLD4), in February 2013. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For information on the Commission's MLD3 review, see Practice note, Third Money Laundering Directive: European Commission's review. | Practice note: overview | Maintained |
| 26 | Hot topics: UCITS VI This note focuses on, and tracks developments relating to, the European Commission's July 2012 consultation on potential areas of reform of the UCITS regime. These areas are being referred to as UCITS VI. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 27 | Hot topics: UK implementation of CRD IV An overview of how the UK is implementing CRD IV, a major package of reforms to the EU's capital requirements regime for credit institutions and investment firms. It includes details of the work of the FCA, the PRA and HM Treasury, explains which firms will be affected and contains a timeline showing future developments. For information on EU developments relating to CRD IV, see Practice note, Hot topics: CRD IV. | Practice note: overview | Maintained |
| 28 | Hot topics: UK implementation of the AIFM Directive An overview of how the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD) is being implemented in the UK by 22 July 2013. It includes details of the work carried out by the FSA, the FCA and HM Treasury, explains which firms will be affected, and contains a timeline showing future developments. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For information about PLC materials on the AIFM Directive, see Practice note, A guide to the AIFM Directive: index. | Practice note: overview | Maintained |
| 29 | Hot topics: UK transposition and implementation of Solvency II A high-level overview of the UK transposition and implementation of the Solvency II Directive (2009/138/EC) (commonly known as "Solvency II" or "Solvency 2"). Solvency II fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU. It also imposes higher standards of risk management and governance in firms, as well as a greater level of transparency for both supervisors and the public. For a guide to PLC Financial Services' EU and UK Solvency II materials, see Practice note, A guide to PLC Financial Services' Solvency II materials. | Practice note: overview | Maintained |
| 30 | Insurance conduct of business regime: an overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note: Explains the background to insurance conduct of business regulation. Helps subscribers to identify whether to apply COBS or ICOBS in any particular situation. Explains how these requirements are likely to change as a result of developments at both the UK and EU levels. Sets out a number of overarching concepts that are helpful to bear in mind when considering the intention behind these requirements. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite, both of which provide an overview of relevant FSA requirements in table format, are Practice notes, Insurance conduct of business regulation: COBS overview and Insurance conduct of business regulation: ICOBS overview. | Practice note: overview | Maintained |
| 31 | MiFID: overview In this practice note, Hugh Merritt, Senior Associate at Hogan Lovells, provides an overview of the purpose and key provisions of the Markets in Financial Instruments Directive (2004/39/EC). It covers: MiFID's structure. How MiFID was implemented in the UK. Whom MiFID affects. Key aspects of MiFID for investment firms. The regime for markets. Cross-border activities (that is, the EU passport). | Practice note: overview | Maintained |
| 32 | Money laundering toolkit All businesses in the regulated sector, including lawyers, accountants and financial institutions, need to be aware of their obligations under the anti-money laundering (AML) regime. Failure to comply with the AML regime could, in the worst case, lead to personal criminal liability. This toolkit guides users through PLC's UK, EU, US and international resources on AML. | Practice note: overview | Maintained |
| 33 | Reform of European financial supervisory framework: key ... This resources document contains links to key primary source material and related PLC Financial Services legal updates relating to the reform of the EU financial services supervisory framework up to the 1 January 2011. This is the date that the new framework, known as the European System of Financial Supervision (ESFS), became operational. This resources document is not intended to be an exhaustive list of all relevant material. | Practice note: overview | 01-Jan-2011 |
| 34 | Remuneration tracker: key European developments This resources document identifies and tracks the progress of key regulatory developments at European level relating to remuneration policies and practices in the financial services sector. It contains links to key primary source material and related PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all European materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 35 | Remuneration tracker: key international developments This resources document identifies and tracks the progress of key regulatory developments at international level relating to remuneration policies and practices in the financial services sector. It contains links to primary source material and PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all international materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 36 | Remuneration tracker: market practice materials This resources document covers UK, European and international market practice initiatives in response to regulatory measures and concerns relating to financial services sector firms' remuneration policies and practices. It contains links to primary source material and related PLC Financial Services content. However, it is not intended to be an exhaustive list of all market practice materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 37 | Solvency II resources This resources document contains links to the key source materials in relation to the Solvency II project, together with related PLC Financial Services coverage. It is not intended to be an exhaustive list of all Solvency II materials published by interested parties. The Solvency II Directive (2009/138/EC) (also known as "Solvency 2") fundamentally reforms the capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide more uniform levels of consumer protection and promote competition in the insurance market. For PLC Financial Services subscribers interested in insurance and reinsurance, the following multi-jurisdictional guide is available, Insurance and Reinsurance Handbook. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice note: overview | Maintained |
| 38 | Tracker: key European financial services legislative initiatives This tracker covers key European financial services legislative initiatives for the period 2007 to 2013. It tracks these legislative initiatives from their adoption and publication by the European Commission to their publication in the Official Journal of the European Union. The tracker also includes key European financial services legislative initiatives that the Commission has indicated it expects to adopt during 2013. Links are provided throughout to official European sources and texts and relevant PLC Financial Services (and other PLC) content. For more information on PLC Financial Services' materials relating to key developments in the European financial services sector, see Practice note, EU developments in financial services: resources overview. For an overview of anticipated key dates in 2013 and 2014 for significant legal and regulatory developments that are likely to have an impact on the UK financial services industry, see Practice note, Key dates for financial services practitioners: 2013/14. Please note that we are currently in the process of reviewing and updating this tracker. | Practice note: overview | Maintained |
| 39 | 2012 Budget: financial services implications and measures This note provides an overview of the new and ongoing initiatives and measures outlined by the government in the Budget of 21 March 2012 (2012 Budget) that will impact specifically on the UK financial services industry. It also includes reference to the relevant legislation that has been enacted through the Finance Act 2012 to give effect to these measures, as well as related initiatives announced in the 2012 Autumn Statement. For links to tailored PLC practice area updates on the 2012 Budget and comments from leading tax practitioners on what they consider to be the key points of interest for business, see PLC 2012 Budget. | Practice notes | 11-Dec-2012 |
| 40 | Activities that can be passported under the BCD This practice note sets out details of activities that can be passported under the recast Banking Consolidation Directive (2006/48/EC) (BCD) and guidance from UK regulatory authorities on the corresponding regulated activities in the UK. | Practice notes | Maintained |
| 41 | Alternative Dispute Resolution and Online Dispute Resolution ... A practice note tracking developments relating to two European Commission proposals on the use of alternative dispute resolution (ADR) and online dispute resolution (ODR) for resolving consumer disputes in chronological order. | Practice notes | Maintained |
| 42 | Are you looking for EU law content on this topic? A practice note explaining where to find EU law content from a topic page. | Practice notes | Maintained |
| 43 | Basel 2.5: an overview This practice note provides an overview of Basel 2.5 (also referred to as Basel II.5), a set of major reforms to Basel II that were agreed in July 2009. The Basel 2.5 reforms included measures relating to securitisation and trading book exposures and are due to be implemented by 31 December 2011. For more information on the Basel III reforms, see Practice note, Basel III: an overview. | Practice notes | Maintained |
| 44 | Collective redress: legislation tracker A practice note charting developments relating to collective redress in chronological order. | Practice notes | Maintained |
| 45 | Competition regime: EU Dawn Raids This Practice note outlines the types of investigation which the European Commission may carry out in the context of an on-site inspection at a company's premises (a dawn raid), how privilege may be used to minimise the effect of the investigation and the steps to be taken by a company post-raid. It provides an important checklist and precedent company guidelines for handling requests for information from, and investigations by, the Commission. | Practice notes | Maintained |
| 46 | Connecting Europe Package: Connecting Europe Facility ... A practice note charting developments relating to the Regulation establishing the Connecting Europe Facility in chronological order. | Practice notes | Maintained |
| 47 | Connecting Europe Package: legislation trackers A practice note linking to the individual trackers on the proposals within the Connecting Europe Package. | Practice notes | Maintained |
| 48 | Connecting Europe Package: pilot phase of the Europe 2020 ... A practice note charting developments relating to the proposal for a pilot phase of the Europe 2020 Project Bond Initiative in chronological order. | Practice notes | Maintained |
| 49 | Consultation responses: MiFID II and MiFID review This tracker contains links to the key responses to the MiFID II legislative proposals and related consultation papers, including those pre-dating publication of the proposals. It includes links to responses from trade and consumer bodies as well as other interested stakeholders, including the FSA and UK government. | Practice notes | Maintained |
| 50 | Consumer Credit Directive: European Commission's review An overview of the European Commission's 2012/13 review of certain aspects of the Consumer Credit Directive (2008/48/EC) (CCD). The Commission is required to report on the findings of its review to the European Parliament and the Council of the European Union by 12 May 2013. This note also outlines the work of the European Parliament on the implementation of the CCD, which has been carried out in the light of the Commission's review. | Practice notes | Maintained |
| 51 | Consumer Credit Directive: key changes to the UK regime ... A summary of the key changes to the Consumer Credit Act 1974 (CCA), and a number of the regulations made under that Act, that took effect on 1 February 2011 as a result of the UK implementation of the Consumer Credit Directive (2008/48/EC) (CCD). Changes to the UK consumer credit regime made after 1 February 2011 are outside the scope of this note. | Practice notes | 08-Mar-2013 |
| 52 | Consumer Credit Directive: UK implementation An overview of the UK implementation of the Consumer Credit Directive (2008/48/EC) (CCD). | Practice notes | Maintained |
| 53 | Consumer Credit Directive: UK transposition table A transposition table that explains how the Consumer Credit Directive (2008/48/EC) (CCD) has been implemented in the UK. The table gives a brief explanation of the objectives of each of the CCD Articles and identifies the UK legal and regulatory provisions that have implemented each Article. The CCD was fully implemented in the UK on 1 February 2011. | Practice notes | Maintained |
| 54 | CRA II This practice note provides an overview of CRA II (Regulation 513/2011), an EU Regulation that amended the CRA Regulation (Regulation 1060/2009) to transfer responsibility for the registration and supervision of EU credit rating agencies (CRAs) to the European Securities and Markets Authority (ESMA). For more information about the CRA Regulation, see Practice note, EU regulation on credit rating agencies. | Practice notes | Maintained |
| 55 | CRA III An overview of CRA III (also referred to as CRA 3 or CRA3). CRA III is a Regulation proposed by the European Commission in November 2011 that will amend the CRA Regulation (Regulation 1060/2009) to strengthen existing EU legislation on credit rating agencies (CRAs). CRA III has been adopted by the European Parliament and Council and now awaits publication in the Official Journal. CRA III will make significant amendments to the CRA Regulation on issues including the reliance of firms on external credit ratings, sovereign debt ratings, competition in the CRA industry, the civil liability of CRAs and the independence of CRAs. This note is currently being revised to reflect the text of the CRA Regulation that was adopted by the Council of the EU on 13 May 2013. | Practice notes | Maintained |
| 56 | CRD II This practice note provides an overview of CRD II (2009/111/EC) (also referred to as CRD 2 or CRD2), a directive forming part of a sequence of major amendments of the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) initiated by the European Commission. CRD II made significant amendments to the CRD in areas including large exposures, hybrid capital instruments, liquidity risk management, securitisations, and cross-border supervisory arrangements. For information about the UK implementation of CRD II, see Practice note, UK implementation of CRD II. | Practice notes | Maintained |
| 57 | CRD IV: development of the reforms This practice note provides an overview of the development of the CRD IV reforms, a major package of reforms that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note considers the development of the CRD IV reforms before the European Commission published its legislative proposals for CRD IV in July 2011. It also sets out details of certain reform areas originally intended to form part of CRD IV that the Commission has abandoned or deferred. For more information on the ongoing progress of CRD IV, see Practice note, Hot topics: CRD IV. | Practice notes | Maintained |
| 58 | CRD IV: technical standards This practice note provides details of the technical standards to be produced by the European Banking Authority (EBA) and the other European Supervisory Authorities (ESAs) envisaged under the proposed Capital Requirements Regulation (CRR) and the proposed CRD IV Directive. The CRR and the CRD IV Directive comprise the framework legislation for the CRD IV package of reforms that will replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). For more information on the legislative progress of CRD IV, see Practice note, Hot topics: CRD IV. | Practice notes | Maintained |
| 59 | CRD IV: the proposed Capital Requirements Regulation This practice note provides an overview of the proposed Capital Requirements Regulation (CRR), which, together with the proposed CRD IV Directive, forms part of the CRD IV package of reforms (sometimes referred to as CRD 4 or CRD4), that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note sets out details of the key reforms that the European Commission intends to introduce through the CRR, including Basel III reforms relating to regulatory capital, counterparty credit risk, and new leverage and liquidity requirements, as well as non-Basel III reforms including remuneration disclosure. For more information on the progress of CRD IV, see Practice note, Hot topics: CRD IV, and for more information on the CRD IV Directive, see Practice note, CRD IV: the proposed CRD IV Directive. | Practice notes | Maintained |
| 60 | CRD IV: the proposed CRD IV Directive This practice note provides an overview of the proposed CRD IV Directive which, together with the proposed Capital Requirements Regulation (CRR), forms part of the CRD IV package of reforms (also referred to as CRD 4 or CRD4), that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note sets out details of the key reforms that the European Commission intends to introduce through the CRD IV Directive, including Basel III reforms relating to capital conservation buffers and countercyclical capital buffers and amendments to the CRD's existing corporate governance and sanctions regime. For more information on the legislative progress of CRD IV, see Practice note, Hot topics: CRD IV, and for more information on the CRR, see Practice note, CRD IV: the proposed Capital Requirements Regulation. | Practice notes | Maintained |
| 61 | Cross-border Application of Dodd-Frank Swaps Rules This Note details proposed CFTC interpretive guidance on the extraterritorial application of the swaps provisions of Title VII of the Dodd-Frank Act, as well as the corollary SEC proposal for treatment of non-US security-based swaps (SBS) including their application to non-US affiliates of US persons and to US affiliates of non-US persons. | Practice notes | Maintained |
| 62 | Deposit Guarantee Schemes Directive An overview of the Deposit Guarantee Schemes Directive (94/19/EC) (DGSD), which required EU member states to introduce at least one deposit guarantee scheme (DGS) in their jurisdiction to provide protection for depositors and to reduce the risk of bank runs. The note also considers the progress of the European Commission's proposals to reform and recast the DSGD. | Practice notes | Maintained |
| 63 | Derivatives trading: Inter-relationship between EMIR and ... This note summarises the inter-relationship between EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (Regulation 648/2012) and the proposed Markets in Financial Instruments Regulation (MiFIR) relating to the trading of derivatives. | Practice notes | Maintained |
| 64 | EMIR: requirement to clear OTC derivative contracts through a ... EMIR (the Regulation on OTC derivatives, central counterparties and trade repositories) (Regulation 648/2012) requires certain classes of over-the-counter (OTC) derivatives contracts to be cleared through a central counterparty (CCP). The requirement will have a significant impact on a large number of counterparties that engage in derivatives trading, including both regulated and unregulated entities. This note considers the scope and implications of the EMIR clearing requirements. For an overview of EMIR and timing of its implementation see Practice note, Hot topics: EMIR. | Practice notes | Maintained |
| 65 | EMIR: risk mitigation requirements for uncleared OTC ... EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (Regulation 648/2012) imposes risk mitigation requirements on parties to transactions in over-the-counter (OTC) derivatives that are not cleared by a central counterparty (CCP). The requirements will affect (to varying extent) all types of counterparties to uncleared OTC derivative trades, irrespective of whether they are regulated or unregulated. | Practice notes | Maintained |
| 66 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 67 | EU Regulation on credit rating agencies In this practice note, Barnabas Reynolds, head of the Financial Institutions Advisory & Financial Regulatory Group at Shearman & Sterling LLP, provides an overview of the EU Regulation on credit rating agencies (Regulation 1060/2009) (CRA Regulation). The note reflects amendments to the CRA Regulation made by CRA II (Regulation 513/2011) which transferred responsibility for the registration and ongoing supervision of EU credit rating agencies to the European Securities and Markets Authority (ESMA). For information about the amendments to the CRA Regulation to be made by CRA III, see Practice note, CRA III. | Practice notes | Maintained |
| 68 | European Account Preservation Order: legislation tracker A practice note charting developments relating to the European Account Preservation Order in chronological order. | Practice notes | Maintained |
| 69 | European Commission's EU mortgage markets review This practice note details the various public consultations, policy documents, research studies and other initiatives under the European Commission's review of the EU mortgage markets. It also identifies and considers the follow-up work carried out by the Commission in relation to the EU mortgage markets for the period June 2008 to July 2011. Among other things, the Commission's review has resulted in the publication, on 31 March 2011, of a proposed Directive on residential mortgages. For an overview of the proposed Directive and related developments, see Practice note, Hot topics: Proposed directive on residential mortgages. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 26-Jul-2011 |
| 70 | Financial Conglomerates Directive An overview of the key provisions of the Financial Conglomerates Directive (2002/87/EC) (FICOD), also referred to as the FCD or the Financial Groups Directive (FGD). The note also considers amendments made to FICOD since its adoption and likely future revisions to FICOD. | Practice notes | Maintained |
| 71 | Financial Transaction Tax Directive: legislation tracker A practice note charting developments relating to the Financial Transaction Tax Directive in chronological order. | Practice notes | Maintained |
| 72 | Freezing and confiscation of proceeds of crime in the EU ... A practice note tracking developments relating to the proposal for a Directive on the freezing and confiscation of proceeds of crime in the EU in chronological order. | Practice notes | Maintained |
| 73 | Fundamental change for the fund industry: the AIFM Directive ... In this practice note, Margaret Chamberlain, Jane Tuckley and Tim Lewis, partners in Travers Smith's Financial Services and Markets department, consider the state of play on the proposed Alternative Investment Fund Managers Directive (AIFM Directive), the original text of which was published by the European Commission in April 2009. The Economic and Monetary Affairs Committee of the European Parliament (Parliament) adopted its position on the proposed AIFM Directive on 17 May 2010. The European finance ministers at the EU Economic and Financial Affairs Council (ECOFIN) meeting on 18 May 2010 approved a draft text of the AIFM Directive to be negotiated on behalf of the Council of the European Union (Council). This practice note analyses and comments on these texts, highlighting the similarities and the key differences between the Council and the Parliament positions. | Practice notes | 01-Jun-2010 |
| 74 | International Banking This Note discusses the regulation of international banking activities in the US, including: (i) the US activities of foreign banks through representative offices, branches, Edge corporations, and other forms of subsidiaries; and (ii) the foreign activities of US banks through branches, agencies, Edge corporations and other forms of foreign subsidiaries and investments. International banking facilities are also discussed. | Practice notes | Maintained |
| 75 | International initiatives affecting the UK AML and CTF regime This note outlines key international initiatives that affect the UK anti-money laundering (AML) and counter-terrorist financing (CTF) regime, including the Financial Action Task Force's (FATF) standards, the Wolfsberg Group's guidance and the US Patriot Act 2001. | Practice notes | Maintained |
| 76 | Investment Services Directive This practice note provides an overview of the Investment Services Directive (93/22/EEC) (ISD) which came into force on 1 July 1995. Note that the Investment Services Directive has now been repealed and replaced by the Markets in Financial Instruments Directive, implemented by the FSA on 1 November 2007. For further information on MiFID and its implementation, see Practice note MiFID resources. | Practice notes | 01-Nov-2007 |
| 77 | Investor Compensation Schemes Directive An overview of the Investor Compensation Schemes Directive (97/9/EC) (ICSD), which required EU member states to introduce at least one investor compensation scheme (ICS) in their jurisdictions to provide a harmonised level of protection for investors. The note also considers the progress of the European Commission's proposals to reform the ICSD. | Practice notes | Maintained |
| 78 | Key investor information document (KIID) This practice note explains what a key investor information document (KIID) is and how it should be prepared and disseminated. Further information about the detailed contents requirements for the KIID is set out in Checklist, key investor information content. | Practice notes | Maintained |
| 79 | MiFID II: legislative proposals This practice note outlines the European Commission's legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC), which were published on 20 October 2011 (MiFID II). For a summary of, and links to, PLC Financial Services MiFID materials, see Practice note, A guide to PLC Financial Services MiFID materials. | Practice notes | Maintained |
| 80 | MiFID review consultation: investor protection and provision of ... This practice note is one of two notes summarising the European Commission's consultation proposals to amend the requirements of the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation, which were published in December 2010 following the Commission's review of the effectiveness of the Directive. This note focuses specifically on the proposals relating to the scope of MiFID (including exemptions), conduct of business issues, the provision of investment services (including authorisation and organisational requirements), the sanctions regime, member state options and discretions, and third country firm equivalence. This note does not comment on the Commission's legislative proposals to amend MiFID, which were published in October 2011. For details of the legislative proposals, see Practice note, Hot topics: MiFID II. | Practice notes | Maintained |
| 81 | MiFID review consultation: markets and trading platforms This practice note is one of two notes summarising the European Commission's consultation proposals to amend the requirements of the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation, which were published in October 2010 following the Commission's review of the effectiveness of the Directive. This note focuses specifically on the proposals that will impact on market structure and the way those markets, and those operating within them, function. It includes proposals to enhance requirements relating to the disclosure of trade transparency data, transaction reporting, the trading of derivatives on organised venues, oversight of derivatives trading and commodity derivative markets. This note does not comment on the Commission's legislative proposals to amend MiFID, which were published in October 2011. For details of the legislative proposals, see Practice note, Hot topics: MiFID II. | Practice notes | Maintained |
| 82 | MiFID review: CESR's technical advice to the European ... This practice note outlines the technical advice and information provided by the Committee of European Securities Regulators to the European Commission during 2010, which helped to inform the Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For details of the Commission's subsequent consultation on the MiFID review, including proposals to amend MiFID and its implementing legislation, see Practice note, Hot topics: MiFID II. | Practice notes | 02-Dec-2010 |
| 83 | Modernisation of the Transparency Directive: legislation ... A practice note charting developments relating to the Transparency Directive in chronological order. | Practice notes | Maintained |
| 84 | Omnibus II: an overview This practice note provides an overview of the European Commission's proposed Omnibus II Directive, which was published in January 2011. In particular, it considers how Omnibus II (also known as "Omnibus 2" and "OMDII"), amends the Solvency II Directive (2009/138/EC). | Practice notes | Maintained |
| 85 | Passporting by Insurance Undertakings in the European ... In this practice note, Tim Goggin and Charles Rix, Partners in the Financial Institutions Group, Hogan Lovells, set out an overview of the procedures for the establishment of branches and the provision of services by insurance undertakings in the European Economic Area (EEA). | Practice notes | Maintained |
| 86 | Passporting into and out of the UK: an overview An overview of the procedures to be followed by firms wishing to establish branches or provide cross-border services in the European Economic Area (EEA) using passport rights under one of the single market directives. It focuses on the procedures that apply to firms wishing to passport into or out of the UK. | Practice notes | Maintained |
| 87 | Passporting into the UK under the BCD This practice note provides details of how the passporting regime available under the recast Banking Consolidation Directive (BCD) (2006/48/EC) applies to firms passporting into the UK under the BCD from other EEA member states. | Practice notes | Maintained |
| 88 | Passporting out of the UK under the BCD An overview of how the passporting regime available under the recast Banking Consolidation Directive (2006/48/EC) (BCD) applies to firms passporting out of the UK under the BCD into other EEA member states. | Practice notes | Maintained |
| 89 | Passporting under MiFID An overview of the procedures to be followed by firms wishing to establish branches or offer services cross-border through the European Economic Area (EEA) under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). | Practice notes | Maintained |
| 90 | Passporting under the BCD: general issues An overview of the passporting regime available to credit institutions and financial institutions under the recast Banking Consolidation Directive (2006/48/EC) (BCD). | Practice notes | Maintained |
| 91 | Passporting: UK consumer credit issues An overview of the interaction between the UK's consumer credit regime and passporting rights available under the recast Banking Consolidation Directive (2006/48/EC) (BCD) and the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). The note considers the powers available to the OFT and the FCA in respect of those firms passporting into or out of the UK that use their BCD or MiFID passports to carry out business within the scope of the Consumer Credit Act 1974 (CCA). | Practice notes | Maintained |
| 92 | Pollyanna Deane's insurance columns Every two months, Pollyanna Deane shares her views on topical insurance issues with PLC Financial Services subscribers. Pollyanna's comments can be accessed below. Pollyanna is a partner in Simmons & Simmons LLP's Corporate & Commercial Group (she was formerly a partner at Berwin Leighton Paisner LLP), and is also a member of PLC Financial Services' Consultation Board. | Practice notes | Maintained |
| 93 | Regulation of credit rating agencies: key regulatory ... This resources document contains links to key primary source material and related PLC Financial Services Legal updates concerning the regulation of credit rating agencies (CRAs). It covers key UK, EU and international regulatory developments from January 2007 to December 2010, but it is not intended to be an exhaustive list of all material relevant to the regulation of CRAs. For an overview of initiatives relating to the regulation of CRAs, see Practice note, Regulation of credit rating agencies: an overview. | Practice notes | 31-Dec-2011 |
| 94 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 95 | Responsible Business Package: legislation trackers A practice note charting developments relating to the responsible business package. | Practice notes | Maintained |
| 96 | Revised remuneration code: frequently asked questions A revised version of the remuneration code, then part of the Handbook of the Financial Services Authority (FSA) came into force on 1 January 2011. This note sets out key information about the revised code in a set of frequently asked questions. This note is not maintained and relates to the revised FSA code as it stood in 2011. Since 1 April 2013, the remuneration code (which is still SYSC 19A) has been part of the Handbooks of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). A new practice note on the current remuneration code is under development. | Practice notes | 21-Jun-2011 |
| 97 | Rome I and Rome II: a summary This note considers: The Rome I Regulation on the law applicable to contractual obligations. The Rome II Regulation on the law applicable to non-contractual obligations. It summarises the background to both Regulations, their legislative history and key objectives (including the instruments which preceded their introduction, namely the Rome Convention on the law applicable to contractual obligations and the Private International Law (Miscellaneous Provisions) Act 1995). | Practice notes | Maintained |
| 98 | Seeking a reference to the ECJ This note explains what the Court of Justice of the European Union (formerly known as the European Court of Justice (ECJ)) is, why a reference would be made to it and who can make a reference. The note gives examples of questions which might be referred to the ECJ and sets out a brief summary of the procedure to be followed and the effect of a ruling by the ECJ on the question referred. | Practice notes | Maintained |
| 99 | Short Selling Regulation: sovereign debt and CDS A note on the EU Short Selling Regulation (236/2012) that came into force in the UK on 1 November 2012. The note gives an overview of the restrictions on short selling EU sovereign debt and entering into sovereign credit default swaps, and sets out the applicable exemptions and notification requirements under the Short Selling Regulation. | Practice notes | Maintained |
| 100 | Solvency II: an overview This practice note provides a high-level overview of the regime under the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). It includes a timeline outlining the key steps in the ongoing EU work on the Solvency II project, as well as a glossary of the main technical terms relating to the Solvency II regime. The Directive fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide better and more uniform levels of consumer protection and promote competition in the insurance market. | Practice notes | Maintained |
| 101 | Solvency II: FSA Handbook application table This practice note contains a table that indicates how the FSA proposed to apply the relevant parts of its Handbook to different categories of insurer once it had transposed the Solvency II Directive (2009/138/EC). The table is based on a table and notes set out in chapter 9 of the FSA's second consultation paper on transposing Solvency II (known as both "CP12/13 and "CP2"), which was published on 11 July 2012. The PRA and FCA will take over the majority of the FSA's functions on 1 April 2013. The FSA's Handbook will be split between the PRA and the FCA to form two new Handbooks. Most provisions of the FSA Handbook will be incorporated into the PRA Handbook, the FCA Handbook or both, in line with each new regulator's responsibilities and objectives. Insurers will be authorised and regulated for prudential purposes by the PRA, and also regulated for conduct purposes by the FCA. As a result, they will need to consider both the PRA and the FCA Handbooks. | Practice notes | 10-Jul-2012 |
| 102 | Solvency II: PRA and FCA Handbook transposition table This practice note contains a transposition table that explains how the PRA and FCA are expected to transpose the Solvency II Directive (2009/138/EC) (also known as "Solvency 2") into their respective Handbooks. The table gives a brief description of each of the Solvency II Articles and identifies the PRA or FCA Handbook provisions that are proposed to transpose each Article. | Practice notes | Maintained |
| 103 | Solvency II: the proposed PRA and FCA regime An overview of the proposed PRA and FCA regime for insurers and reinsurers falling within the scope of the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"), which also outlines the key amendments the PRA and FCA are expected to make to their respective Handbooks to transpose Solvency II. | Practice notes | Maintained |
| 104 | The AIFM Directive: acquisition of substantial stakes in EU ... This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out how the AIFM Directive's acquisition of substantial stake rules operate. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 105 | The AIFM Directive: capital requirements for managers This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out what capital requirements alternative investment fund managers have to comply with under the AIFM Directive. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 106 | The AIFM Directive: disclosure and reporting obligations This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out what reports and disclosures alternative investment fund managers need to make to investors and regulators. It also explains when such reports and disclosures need to be made. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 107 | The AIFM Directive: organisational requirements This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out the organisational requirements that apply to alternative investment fund managers (AIFM) and how an AIFM can delegate tasks. It also sets out the valuation and leverage provisions in the AIFM Directive. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 108 | The AIFM Directive: remuneration This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out the remuneration requirements contained in the AIFM Directive. It also explains what remuneration is and which staff are within scope of the rules. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 109 | The AIFM Directive: scope, authorisation and marketing This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out the scope of the AIFM Directive, describes the authorisation process and explains the marketing provisions contained in the AIFM Directive. | Practice notes | Maintained |
| 110 | The AIFM Directive: secondary measures This note sets out the rights, powers and obligations of the European Securities and Markets Authority and the European Commission to adopt level 2 measures and other guidance, under the Lamfalussy process, to supplement the text of the Directive on Alternative Investment Fund Managers. | Practice notes | 21-Jul-2011 |
| 111 | The AIFM Directive: summary of conditions to be met before ... This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note contains a summary of conditions alternative investment fund managers must meet before marketing alternative investment funds into EU member states. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive. | Practice notes | Maintained |
| 112 | The AIFM Directive: the depositary This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out what a depositary does, who can be a depositary and what rules apply to depositaries under the AIFM Directive. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 113 | The EU and its legislative process This practice note links to an FSA paper, "A brief guide to the European Union and its Legislative processes", which provides an overview of the institutions and committees involved in, and the procedures used for, the enactment of European legislation. | Practice notes | 20-Jun-2011 |
| 114 | The European Commission's work on retail bank accounts This practice note provides an overview of the European Commission's recent work on retail bank accounts. In particular, it focuses on the Commission's May 2013 legislative proposal for a Directive on payment accounts, which followed a March 2012 consultation. | Practice notes | Maintained |
| 115 | The European Union after the Treaty of Lisbon This Practice note examines the impact of the Treaty of Lisbon on the decision-making procedures and substantive policies of the European Union. | Practice notes | Maintained |
| 116 | The Liikanen report on banking An overview of the recommendations made by the EU high-level expert group on reforming the structure of the EU banking sector, chaired by Erkki Liikanen, and the responses of EU authorities to the group's recommendations. The group published its report (also known as the Liikanen report) in October 2012, making recommendations on reforms to the EU banking sector. These recommendations included mandatory separation of proprietary trading activities and other significant trading activities from deposit banks. | Practice notes | Maintained |
| 117 | The Services Directive: its impact on the UK financial services ... A brief overview of the Services Directive (2006/123/EC) and its impact on the UK financial services sector. | Practice notes | Maintained |
| 118 | The UCITS IV Directive: EU legislative route and adoption The UCITS IV Directive (2009/65/EC) (UCITS IV) was adopted by the Council of the EU on 22 June 2009. The final text of UCITS IV was published in the Official Journal of the EU on 17 November 2009 and member states had to implement the Directive by 1 July 2011. This practice note outlines the progress of UCITS IV from the publication of the original European Commission proposal to its final adoption. It also contains information about its implementing measures. For more information about the key provisions contained in UCITS IV, see Practice note, UCITS and the UCITS Directive. | Practice notes | Maintained |
| 119 | Third Money Laundering Directive An overview of the provisions of the Third Money Laundering Directive (2005/60/EC) (known as MLD3, 3MLD, 3AMLD and Third AMLD) which came into force on 15 December 2005. Member states were required to implement the Directive by 15 December 2007. This was achieved in the UK mainly by way of the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs), which came into force on 15 December 2007. | Practice notes | Maintained |
| 120 | Third Money Laundering Directive: equivalent third countries This practice note sets out a list of the countries outside the EU and the European Economic Area (EEA) (known as "third countries") that are considered by EU and EEA member states to have anti-money laundering (AML) and counter-terrorist financing (CTF or CFT) regimes that are equivalent to the regime under the Third Money Laundering Directive (2005/60/EC) (MLD3). It also explains why equivalence is relevant to financial services firms in the context of their AML and CTF systems, controls and procedures. | Practice notes | Maintained |
| 121 | Third Money Laundering Directive: European Commission's ... An overview of the European Commission's review of the Third Money Laundering Directive (2005/60/EC) (known variously as "MLD3", "3MLD", "3AMLD" and "Third AMLD"), which was carried out from 2010 to 2012. Following the review, in April 2012, the Commission published a report outlining the proposed amendments it was considering making to MLD3. For more information, see Practice note, Hot topics: Third Money Laundering Directive: European Commission's proposed reforms. | Practice notes | Maintained |
| 122 | Towards an integrated European market for cards, internet ... A practice note charting developments relating to the European Commission's Green Paper, Towards an integrated European market for cards, internet and mobile payments in chronological order. | Practice notes | Maintained |
| 123 | Treaty rights and treaty firms An overview of the rights of firms to carry on financial services activities in another member state of the European Economic Area (EEA) using rights under the Treaty of Rome. These rights apply when a firm wishes to carry out financial services activities in another EEA state, but does not have a passport available under one of the single market directives to do so. The note considers the procedures that should be followed by firms from other EEA states seeking to carry on activities in the UK using their treaty rights and UK firms seeking to use their treaty rights to carry on activities in other EEA states. | Practice notes | Maintained |
| 124 | UK Implementation of the Reinsurance Directive An overview of the key provisions of the Reinsurance Directive (2005/68/EC) (RID), and the approach HM Treasury and the FSA took to implement this Directive in the UK by the 10 December 2007 deadline. Changes to the UK regulatory regime for reinsurers made after 10 December 2007 are outside the scope of this note. | Practice notes | 10-Dec-2007 |
| 125 | US and EU OTC Derivatives Regulation: a Comparison of the ... This Note summarizes and compares the comprehensive regulatory framework for over-the-counter (OTC) derivatives in the US under the Dodd-Frank Act and in the EU under the European Market Infrastructure Regulation (EMIR) and review of the Markets in Financial Instruments Directive (MiFID II), with a particular focus on implications for end users of derivatives. | Practice notes | Maintained |
| 126 | Wire Transfer Regulation: an overview An overview of EU Regulation 1781/2006 on information on the payer accompanying transfers of funds (known variously as the "Wire Transfer Regulation", the "Payments Regulation" and the "Fund Transfers Regulation"), which came into force on 1 January 2007. The Wire Transfer Regulation forms part of the EU action plan to combat money laundering and terrorist financing. It requires payment service providers (PSPs) to ensure that electronic fund transfers (also known as wire transfers) are accompanied by complete information on the payer (that is, the customer originating the transfer). This note also outlines the UK regime for monitoring and enforcing PSPs' compliance with the Wire Transfer Regulation, under the Transfer of Funds (Information on the Payer) Regulations 2007 (SI 2007/3298). For a checklist summarising good practices in complying with the Wire Transfer Regulation, see Checklist, Wire Transfer Regulation and for information on the European Commission's review of the Wire Transfer Regulation, see Practice note, Wire Transfer Regulation: European Comission's review. | Practice notes | Maintained |
| 127 | Wire Transfer Regulation: European Commission's review and ... An overview of the European Commission's review and reform of Regulation (EC) 1781/2006 on information on the payer accompanying transfers of funds (known variously as the "Wire Transfer Regulation", the "Payments Regulation" and the "Fund Transfers Regulation"). The Regulation, which came into force on 1 January 2007, forms part of the EU action plan to combat money laundering and terrorist financing. For an overview of the Wire Transfer Regulation, see Practice note: Wire Transfer Regulation: an overview. | Practice notes | Maintained |