Ashurst
Front-office backlash: the EU gets tough on research unbundling
Three EU watchdogs – including CNMV and AFM – say front-office content can still be Mifid II research
Banks claim front-office content is safe from Mifid II
Work of ‘desk analysts’ is not research, banks argue; lawyers are not so sure
EU-US swaps trading equivalence tipped for November
Hong Kong and Singapore unlikely to be deemed equivalent for start of Mifid II
Holes in the net: lawyers split over China netting opinions
Law firms are offering close-out netting opinions, but not everyone agrees it is possible
Swaps users face potential margin bill for Libor transition
New margin rules could snare legacy trades amended to reference alternative rates, lawyers warn
Ashurst non-netting opinion on China splits lawyers
EU banks using opinion for margin exemption, at possible cost of capital savings
Lawmakers seek to harden Mifid SI limits
European Parliament calls for guidance restricting riskless trading to be codified into law
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
EC to miss Mifir equivalence deadline
Draft timetable would leave some jurisdictions inaccessible to European Union firms from January 2018
EC umbrella plan dismays foreign banks
EU intermediate holding company proposal complicates legal entity structures and Brexit planning
Repo markets left guessing by new EU reporting rules
Record-keeping obligations of SFTR already in force, but no guidance on data fields
Mifid speeds drive towards regional swaps-booking models
Brexit adds impetus for decentralisation of booking hubs to Asia
New UK rules clear the way for more banker prosecutions
Rules on individual accountability will have big impact, say lawyers
FCA calls a halt to ongoing commission on retail products
FCA guidance on inducements will put an end to ongoing commission paid by distributors to advisers in the UK
Structured product 'disguised' interest may be subject to higher taxes
Returns on more structured products could be subject to income tax rather than capital gains tax following a tightening of the law by the UK tax authority
Structured products industry wary of fiduciary standards proposals
Fiduciary foreboding
Protests against US Fatca tax rules gain pace with support of European Commission
New Fatca tax regulations enacted last year in the US will have a wide-reaching impact on the US financial industry. This has attracted many complaints and prompted the European Commission to call for changes to the new rules.
'Media misinformation' is harming US structured products industry
A torrent of misinformation printed by the media and calls from plaintiff law firms for investors to bring claims is damaging the industry, according to structured product bankers and lawyers
Botched legal work in BT privatisation responsible for potential £23 billion pension liability for UK taxpayers
Flawed legal agreement behind landmark UK privatisation leaves UK taxpayers counting the cost