2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the year and in the coming years. Although many of these reforms have now been in the pipeline for a number of years, some new regulation does however continue to be worked on. In particular, in 2015, we saw the initiative to develop a Capital Markets Union ("CMU") in the European Union ("EU") which focused on a number of issues including reform of the Prospectus Directive and the introduction of a new regime for simple, transparent and standardised securitisations. Some major pieces of legislation, including the Market Abuse Regulation and the PRIIPs Regulation (both referred to in more detail below), will come into effect during or at the end of 2016 and this coming year will see the finalisation of many regulatory technical standards ("RTS") and Implementing Technical Standards ("ITS") in connection with such legislation. Although it looks like implementation of MiFID II will be delayed from 2017 to 2018 (as described more fully below), work will continue in relation to developing the vast number of RTS and ITS that need to be prepared in connection with this legislation.
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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