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GLOSSARY

Financial instruments definition

Published by a LexisNexis Banking & Finance expert

What does Financial instruments mean?

A broad range of securities and contracts that are traded in the financial markets, including transferable debt and equity securities, money-market instruments, units in collective investment undertakings, options, futures, swaps, forward rate agreements and other derivative contracts, and emissions allowances. A detailed definition, cross-referred to in many other EU measures, is set out in the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) Annex 1, Section C.

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UK Benchmarks Regulation—timeline

UK Benchmarks Regulation—timeline This timeline shows key developments relating to Assimilated Regulation (EU) 2016/1011 (the UK Benchmarks Regulation) from January 2024 onwards. For earlier developments, see Benchmarks Regulation—timeline [Archived] 2024 Date Source Document Description 22 October 2024 UK Parliament SI 2024/1051: The Critical Benchmarks Regulations 2004 SI 2024/1051: These Regulations are made to specify the WMR Closing Spot Rates (also known as the WMR London 4pm Closing Spot Rate) and ICE Swap Rate® as critical benchmarks for the purposes of Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. They are made in exercise of legislative powers under Regulation (EU) 2016/1011 in connection with assimilated law. They are due to come into force on 13 November 2024.See: LNB News 22/10/2024 108 1 October 2024 FCA and BoE FCA press releaseThe end of LIBOR The BoE has issued a joint press release...

UK MiFID II regime—timeline

UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 9 May 2025 FCA FCA enhances access to investment researchPS25/4: Investment research payment optionality for fund managers The Financial Conduct Authority (FCA) has published policy statement PS25/4, finalising new rules to refine the investment research market by allowing fund managers to combine research and execution costs under a joint payment option, subject to defined guardrails. These changes implement recommendations from the 2023 UK Investment Research Review and feedback from consultation paper CP24/21. As the adoption of the joint payment...

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The European Social Entrepreneurship Funds (EuSEF) Regulation

The European Social Entrepreneurship Funds (EuSEF) Regulation The EuSEF regulatory framework This Practice Note provides an overview of the European Social Entrepreneurship Funds Regulation (EU) 346/2013 (the EuSEF Regulation) as amended by Regulation (EU) 2017/1991, Regulation (EU) 2019/1156 and Regulation (EU) 2023/2869. The EuSEF Regulation is a specialist alternative investment fund (AIF) regime available to alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). AIFMs managing qualifying social entrepreneurship funds can elect to use the ‘EuSEF’ designation for these funds to market them to professional, and certain high net-worth, investors throughout the EU under the EuSEF marketing passport. The EuSEF Regulation was introduced alongside Regulation (EU) 345/2013 on European venture capital funds (EuVECA Regulation). The EuVECA Regulation, as amended, is beyond the scope of this Practice Note, but is covered in Practice Note: European Venture Capital Funds (EuVECA) Regulation. On 1 March 2018, Regulation (EU) 2017/1991 amending the EuVECA Regulation and the EuSEF Regulation (the Amending Regulation) took effect. The changes set out in the...

Money laundering—key information for businesses

Money laundering—key information for businesses This Practice Note discusses what money laundering is and the law governing this area. The Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, have a profound effect on UK businesses. Failure to comply carries heavy criminal, administrative and, for some, professional penalties. Definitions of money laundering Money laundering is the process through which proceeds of crime, and their true origin and ownership, are changed so they appear legitimate. However, the statutory definitions of money laundering are far wider than this. Under POCA 2002, money laundering is defined as: • concealing, disguising, converting, transferring or removing criminal property out of the jurisdiction • entering into or becoming concerned in an arrangement that facilitates the acquisition, retention, use or control of criminal property • acquiring, using or possessing criminal property These are known as the principal offences...

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Specimen Dealing Code

Specimen Dealing Code This Precedent is a memorandum that sets out the details of the ‘specimen’ dealing code. The specimen dealing code is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants who agreed that it would be of great benefit for listed and quoted companies to be able to turn to an equivalent version of the Financial Conduct Authority’s (FCA) Model Code. The Model Code was deleted by the FCA as a consequence of the implementation of the Market Abuse Regulation (EU) No 596/2014 on 3 July 2016. Companies with a former premium listing of equity shares were required to comply with the Model Code, which restricted persons discharging managerial responsibilities (PDMRs) dealing in the companies’ securities. The assumption is that listed companies will apply the dealing code to PDMRs and those other individuals whom they wish to be covered...

Insider list—section relating to permanent insiders

Insider list—section relating to permanent insiders Article 18(1) of the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation)) provides that an issuer or any person acting on an issuer’s behalf or account must draw up a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, eg advisers, accountants or credit rating agencies. The Financial Services Act 2021 amended Article 18(1) to clarify that both issuers and any person acting on their behalf or on their account are each required to maintain insider lists. This amendment came into force on 29 June 2021. Details of the content that should be included in and the format of the insider list is set down in the Assimilated Regulation (EU) 2016/347 laying down implementing technical

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments?

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...

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Asset management and investment funds: EU and International Developments–May 2025

Ireland—Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management & Investment Funds Team SFDR, SIU, PRIIPs KID Q&As, T+1, the Listing Act.

Asset Management and Investment Funds: Irish Practice Developments—May 2025

Ireland—Banking & Financial services analysis: This article was written by the Asset Management & Investment Funds team at A&L Goodbody LLP and discusses deadlines, speeches, national discretions in AIFMD II, CBI/Hong Kong SFC mutual recognition, CBI authorisations and gatekeeping report, CBI markets update, ETFs.

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