Buy-side Perspectives Issue 3 - Page 26

What’s going on around the world? Regulatory calendar Sport and lifestyle calendar MiFID II: The European Securities and Markets Authority is currently working on the technical standards for MiFID II. These will need to be endorsed by the European Commission, Parliament and Council before they come into force. According to the UK FCA, countries have until 3 July 2016 to adapt their domestic laws and regulation to the revised legislation. April UK ‘Brexit’ referendum: on 23 June, voters in the United Kingdom will decide whether or not to leave the European Union. The referendum could result in painful negotiations between the UK and other EU member states if the UK public votes to leave the Union. The Senior Managers and Certification Regime: UK buy-side firms have until 7 March 2017 to prepare for the new regulatory framework which seeks to make individuals more accountable by documenting their specific responsibilities within the firm among other measures. Remuneration under UCITS IV: European regulator ESMA is due to publish final remuneration guidelines early this year. Investment firms will need to apply enhanced rules for senior managers on remuneration and clawbacks. EMIR margin requirements: variation margin requirements for non-cleared trades in the derivatives markets will take effect on 1 September 2016 for large market participants and 1 March for all others. AIFMD: European regulator ESMA is expected to finalise its guidelines on asset segregation under the AIFMD and publish a final report before the end of 2016. 26 The Buy-side Perspectives | Issue 3 | April 2016 Athletics: Boston Marathon 18 April Rugby Union: European Champions Cup 22 April Football: FA Cup Semi-finals, Wembley 23-24 April Athletics: London Marathon 24 April Football: Champions League Semi-finals Formula 1: Russian Grand Prix, Sochi 26-27 April 29 April May Ice hockey: IIHF World Championship, Moscow & St. Petersburg 6-22 May Football: FA Cup Final at Wembley Stadium Tennis: French Open, Paris 21 May 22 May onwards Football: Champion’s League final, Milan 28 May