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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

  • EU flag

    Top report

    CMS Guide to Passporting (UCITS)

    19.02.2018

    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.

  • Bank

    The Second Payment Service Directive (“PSD2”) entered into force in January 2016 and applies as of 13 January 2018[1]. The main aims of PSD2 are to increase competition, enhance consumer protections, and create a single market for payments across the EEA. The Directive brings new payments systems in-scope and has ...

  • Sailing race image

    We are pleased to launch the 3rd ed. of “10 Things Every Insurer Should Know”, in which we compare 10 key insurance issues across 29 jurisdictions where the CMS Insurance Sector Group operates.

    To view or download the brochure, please click here.

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Future Dates

* Estimated date

  • 23 February 2018

    Date by which EIOPA must submit report on evaluation of structure of insurance intermediaries' markets to the European Commission.

  • 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.

News Wizard

  • 16/02/2018

    PRA: CP6/18: Credit risk mitigation: eligibility of guarantees as unfunded credit protection

    PRA: CP6/18: Credit risk mitigation: eligibility of guarantees as unfunded credit protection
    News Date:
    16/02/2018
    News Text:
    The CP sets out proposed changes to SS17/13 in order to clarify expectations regarding the eligibility of guarantees as unfunded credit protection under CRR. Responses are required by 16 May 2018.
    Support Information:
  • 16/02/2018

    BIS: Cross-border retail payments

    BIS: Cross-border retail payments
    News Date:
    16/02/2018
    News Text:
    This BIS working paper considers key features in the cross-border retail market and argues that an increase in back-end choice from a variety of properly overseen and interoperable back-end clearing and settlement arrangements could improve the efficiency of the cross-border retail payments market and create further momentum whe...
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  • 16/02/2018

    HoC: The Sanctions and Anti-Money Laundering Bill 2017-19

    HoC: The Sanctions and Anti-Money Laundering Bill 2017-19
    News Date:
    16/02/2018
    News Text:
    Ahead of a debate on the Bill scheduled for 20 February 2018, this HoC library briefing details amendments made in HoL and notes Brexit-related issues.
    Support Information:
  • 16/02/2018

    HoC: High cost consumer credit: the new regulatory regime

    HoC: High cost consumer credit: the new regulatory regime
    News Date:
    16/02/2018
    News Text:
    This HoC library briefing considers changes in the high cost consumer credit sector post-2014. It concludes "given how differently the industry operates it is something of a surprise that complaints against it have increased sharply …This may be more to do with the greater focus on the industry and the more interventionist appr...
    Support Information: