On 19 February 2020, SEC charged Diageo, failing to make required disclosures. Charged global alcohol producer, Diageo, with disclosure failures of known trends relating to shipments of unneeded products by N.American subsidiary to distributors. Violated antifraud provisions of SEA S 17(a)(2), (3), certain reporting provisions. Alleged Violations Employees at Diageo NA (DNA), its largest and […]
On 18 February 2020, EU ESMA updated FAQs re MIFID II investor protection. ESMA updated FAQs document regarding investor protection under MIFID II rules. Follows December 2019, updated FAQs on investor protection in MiFID II. Overview New FAQs provide clarification on sales of subordinated eligible liabilities, assessment of suitability, if art 44a BRRD 2 should […]
On 17 February 2020, POR CMVM issued regulation on fund management. Regulation 1/2020 on information to POR CMVM for purposes of prudential supervision. Follows POR CMVM January 2020 circular on accounting for fund managers. Overview As per transfer, from POR CB to POR CMVM, of powers of prudential supervision over management companies of collective investment undertakings and […]
On 13 February 2020, RUS CB proposed rules on complex derivatives trades. Proposed to establish legal requirements for financial institutions (FIs) to disclose information to legal entities when they enter into complex derivative transactions. To eliminate existing legal gaps, protect non-financial firms’ interests when entering into derivative trades, and reduce legal uncertainty for FIs operating […]
On 13 February 2020, IND SEBI reviewed framework for regulation of portfolio managers. Changes made to fees and charges, direct on-boarding of clients, nomenclature investment approach, disclosure and reporting, and supervision of distributors. The provisions of this Circular shall be applicable with effect from 1 May 2020.
On 12 February 2020, IRE CB governor on the challenges for the next decade. At the European Financial Forum, CB Governor Gabriel Makhlouf said: “Consumers, businesses and regulators should expect, and plan for, more frictions and divergence.” He also discussed the main challenges facing the Irish economy over the next decade. Brexit UK withdrawal from […]