December 11, 2018

December 11, 2018

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December 10, 2018

Subscribe to Latest Legal News and Analysis

FCA Confirms Amendment to the LEI Validation Rule Effective March 2018

On March 2, the UK’s Financial Conduct Authority (FCA) updated its webpage for firms subject to transaction reporting obligations under the revised Markets in Financial Instruments Directive.

The European Securities and Markets Authority’s (ESMA) statement on December 20, 2017, regarding transition measures (for further information please see the January 5 edition of Corporate & Financial Weekly Digest), forced a temporary change to the FCA’s legal entity identifier (LEI) validation rule in its transaction reporting system, the market data processor (MDP). Subsequently, in its response to ESMA’s statement, the FCA confirmed that this change would not take place before January 3.

On its updated webpage, the FCA confirms that the change will be implemented in the MDP on March 10. Beginning March 12, firms should (re)submit any outstanding transaction reports for which the trade date precedes the LEI registration date.

The FCA’s updated webpage is available here.

The FCA’s response is available here.

©2018 Katten Muchin Rosenman LLP

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John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

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