Since the financial crisis began, there has been an immense volume of regulatory and legal change which is having and will continue to have a significant impact on financial institutions globally. This has been the most far-reaching set of reforms of the financial sector in the history of the industry, and firms are faced with an unprecedented challenge. A fundamental reshaping of how financial institutions are structured and allowed to do business is on the horizon.

An essential reading list

Clifford Chance's Financial Services Regulatory team has produced the following briefings to help firms navigate their way through these changes.

Prudential regulation/Regulatory capital

Basel III

• Basel III - taxation - level playing field in Europe? (May 2011)
• Basel III - Minimum requirements to ensure the loss absorbency of regulatory capital at the point of non-biability (January 2011)
• Basel III - Banks making capital (December 2010)
• Basel III - the shape of banks to come (October 2010)
• Basel III - Regulatory capital raising - new rules for regulatory capital and liquidity (March 2010)

Capital Requirements Directive

• UK FSA Consultation Paper 09/29 on Strengthening Capital Standards - What does this mean for Hybrid Capital? (December 2009)
• Changes to the Capital Requirements Directive - impact for securitisation (July 2009)
• Tier 1 Hybrid Capital Instruments for Banks - An update on changes to the Capital Requirements Directive (May 2009)

Solvency II

• Solvency II - UK tax implications (March 2011)
• Solvency II Update (May 2010)
• Solvency II - New regulatory framework for the European insurance sector (June 2009)

Markets: infrastructure, trading and regulation

OTC Derivatives

• CFTC Significantly Limits the Exemption from Commodity Pool Operator Registration for Registered Investment Advisers and Rescinds the Registration Exemptions for Private Fund Managers and Trading Advisers (February 2012)
• CFTC Issues Final Rules on Business Conduct Standards for Swap Dealers and Major Swap Participants (February 2012)
• CFTC Issues Final Rules Regarding Registration of Swap Dealers and Major Swap Participants (January 2012)
• What's over the horizon for OTC derivatives? December 2011)
• HKMA and SFC begin joint consultation process relating to reporting, clearing and trading of OTC derivatives in Hong Kong (October 2011)
• US OTC derivatives reforms – Impact on UK and other non-US asset managers (October 2011)
• CFTC Proposes Schedule for Swap Rules (September 2011)
• CFTC and SEC Joint Roundtable on Extraterritorial Scope of Swaps Regulation (August 2011)
• An Introduction to the US Cleared Swap Infrastructure (June 2011)
• OTC derivatives reforms - Impact on cross-border business (June 2011)
• CFTC's Proposal to Repeal or Restrict Exemptions from Commodity Pool Operator and Commodity Trading Advisor Regulation (May 2011)
• CFTC proposals for ownership and governance of swap clearing and trading organisations and for reporting of swaps (October 2010)
• Regulation of the OTC derivatives markets. A comparison of the EU and US initiatives (September 2010)
• Proposed EU regulation on OTC derivatives (September 2010)

MiFID

•  MiFID II - Assessing the impact on private equity firms (December 2011)
• The MiFID Review - Anticipating Reforms to EU Markets Regulation (October 2010)

Market Abuse

• Market Abuse - European Commission proposes new EU regime (October 2011)
• Market Abuse - Should you be afraid? (September 2009)

Securities Law Directive

• Fast track to London for Israeli issuers (March 2011)
• News for non-EU issuers - another decision on equivalence (January 2011)
• The Securities Law Directive (November 2010)
• Implications of the Treaty of Lisbon (December 2009)

Prospectus and Transparency Directive

• CONSOB simplifies prospectus and disclosure requirements for listed companies (February 2012)
• The Prospectus Directive and the Transparency Directive: more on non-EEA financial statements (January 2012)
• Prospectus Directive - Significant changes for summaries and final terms (October 2011)
• Prospectus and Transparency Directives - Amending Directive published (December 2010)

Credit Ratings

• The SEC grants further extension for certain non-US transactions from compliance with Rule 17g-5(a)(3) (November 2010)
• Rating Agency Confirmations - Moody's policy statement (April 2010)

Funds, investment management and retail

AIFM Directive

• FSA paper on AIFMD implementation: a glimpse of the regulator's ankle (February 2012)
• Second ESMA Consultation Paper on the Alternative Investment Fund Managers Directive - Supervision and Third Country Entities (September 2011)
• ESMA Consultation Paper on the Alternative Investment Fund Managers Directive (July 2011)
• AIFM Directive and Private Equity (January 2011)
• AIFM Directive Remaining Questions (October 2010)
• AIFMD: Almost there (OCtober 2010)
• Newcits - an alternative to the AIFM Directive? (July 2010)
• Lessons from the French Depositary Liability under the AIFMD (June 2010)
• What will the AIFM Directive mean? (March 2010)

Investment Advisers Act

• SEC Amends Definition of 'Qualified Client' under the Investment Advisers Act of 1940 (February 2012)
• Exempt Reporting Advisers: A Guide for the Perplexed (February 2012)
• Casting a Wide Net: SEC Significantly Expands Regulation of Non-U.S. Investment Advisers, Adopts Final Rules Under Dodd-Frank (June 2011)
• SEC to Consider Adoption of Rules Regarding Private Fund Manager Registration at June 22 Meeting (June 2011)
• SEC Likely to Postpone Deadlines for Compliance with Investment Adviser Registration and Reporting Requirements under the Dodd-Frank Act (April 2011)
• SEC Issues Proposed Rules on the Scope of Exemptions from Registration Available to Non-U.S. Investment Advisers Under the Dodd-Frank Act (November 2010)
• Implications of Recent Amendments to the U.S. Investment Advisers Act for Non-U.S. Investment Advisers (July 2010)

UCITS

• UCITS notifications in the Netherlands as at July 2011 (August 2011)
• Offering of foreign non-UCITS funds in Italy: the case of a French FCPE (January 2011)
• UCITS IV: New Beginnings - A Guide to the revised European legislative framework for UCITS (October 2010)
• UCITS IV - An update on the key investor information document (July 2010)
• UCITS IV - A Brief Overview (April 2010)
• UCITS IV in the eyes of insurere: the Promised Land for fund optimisation? (March 2010)

Client Assets (including client money)

• Interacting with Retail Clients - Suitability, Financial Promotions and Future Reform (February 2011)
• FSA Discussion Paper on Product Intervention (February 2011)
• Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment (January 2011)
• Luxembourg Quarterly Update Relating to Investment Funds and Other Investment Vehicles (September 2010)
• Protecting Client Assets - Regulatory Changes Gather Steam (November 2010)
• Client money regulations - time and motion (August 2010)
• Protecting Client Assets - A Season of Regulatory Change (July 2010)
• Client money regulations - fit for purpose? (January 2010)

Institutional structure and crisis management

Resolution and Recovery

• Investment bank administration. Summer special (July 2011)
• Bank Resolution Regimes - comparatives analysis (May 2011)
• Legal aspects of bank bail-ins (May 2011)

Volcker Rule

• U.S. Regulators Propose Regulations to Implement the Volcker Rule (October 2011)
• Leaked Draft Provides Few Insights on Regulators' Approach to the Volcker Rule (October 2011)
• Volcker Rule Study Recommends Implementation of a Comprehensive Proprietary Trading Compliance Framework (January 2011)
• Impact of the “Volcker Rule” on Non-U.S. Bank Investments in Private Equity and Hedge Funds Outside the United States (August 2010)

Structural Reform

• UK Independent Commission on Banking Publishes Final Report (September 2011)
• New UK Coalition sets out proposals for banking reform (June 2010)

Financial supervisory framework

• New EU decision-making landscape. Delegated Acts & implementing Acts (May 2011)
• EU Financial Supervision: a new framework (December 2010)
  

Bank Levy

• Budget June 2010 - Bank Levy (June 2010)