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  • The ESAs have submitted further SFDR queries to the Commission

    I. Background While Level 1 of the Sustainable Finance Disclosure Regulation (“SFDR”) has been applicable for over a year, the investment funds managers have been facing uncertainties with regards to the timing and interpretation of the SFDR Level 2 requirements, set out as regulatory technical standards (“RTS”). On 14 July ...
  • Draft report on the Commission’s proposal to amend the AIFMD: key changes

    1. Background On 16 May 2022, the draft report on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU on alternative investment fund managers (the AIFMD) and Directive 2009/65/EC on undertakings for collective investment in transferable securities (the UCITSD) as regards delegation arrangements, ...
  • Securities litigation – cometh the hour!

    We now have the long-awaited decision of Mr Justice Hildyard in Autonomy & ors v Michael Richard Lynch & anr [2022] EWHC 1178 (Ch). The judgment is long and deals with a multitude of issues. This article is focussed on issues pertinent to s.90A/Sch 10A of the Financial Services and ...
  • APP Fraud - claim in unjust enrichment against bank fails

    In the matter of Tecnimont Arabia Limited (“Tecnimont”) v National Westminster Bank plc (“Bank”) [2022] EWHC 1172 (Comm), the High Court has held that the Bank was not unjustly enriched at the expense of Tecnimont. This is the latest in an ever-increasing body of caselaw which involves the victims of ...
  • FCA Rules on Diversity and Inclusion

    On 20 April 2022, the FCA published PS22/3, setting out its policy statement and final rules on diversity and inclusion on company boards and executive management (Policy Statement) building on the proposals in Consultation Paper 21/24 (CP21/24). The Policy Statement introduces new Listing Rules (Listing Rules) and amendments to the ...
  • The Privy Council's Quincecare decision in RBSI v JP SPC 4

    In a decision that will be welcomed by banks, the Privy Council has held that a bank’s Quincecare duty does not extend beyond being a duty owed to the bank’s customer. The Privy Council’s decision in Royal Bank of Scotland International Ltd (Respondent) v JP SPC 4 and another (Appellants) ...
  • Tokenised Funds Series: Paper 4 – Disputes considerations

    CMS has published a series of papers in collaboration with the IA. These papers explore the basics of tokenised funds, the regulatory considerations, and prospectus disclosures that may be necessary. This is the fourth paper in which we look at the dispute resolution considerations in the context of tokenised funds. ...
  • Securities litigation - meaning of "persons discharging managerial responsibility" under FSMA

    Introduction In a recent decision the English High Court has clarified the meaning of “persons discharging managerial responsibility” for the purposes of establishing liability under s.90A/Sch 10A of FSMA. In doing so the High Court declined the defendant’s application for strike out and summary judgment of the institutional investors claim ...
  • Climate Transition Plans: UK call for evidence launched

    Until 13 July 2022 comments are sought on the approach to be adopted for climate transition plans for UK companies and financial institutions. Launched by the Transition Plan Taskforce (‘TPT’), mandated by the UK Government to develop a ‘gold standard’ for transition plans, feedback is requested on 22 questions relating ...
  • FCA consulting on use of side pockets for retail funds affected by Russian invasion of Ukraine

    With less than a week remaining to respond to the FCA’s recent consultation paper on rules to allow Authorised Fund Managers (“AFMs”) to create separate unit classes (“side pockets”) for assets in retail investment funds affected by the invasion of Ukraine, we take a look at the FCA’s proposals (the ...