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Picture of Ash Saluja

Ash Saluja

Head of Financial Services & Products

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
United Kingdom
Languages English

 has over 20 years of experience advising clients on regulatory and commercial matters.

Clients include banks, broker-dealers, funds, investment managers and advisers, exchanges, platforms and trading facilities, insurers and insurance intermediaries, as well as the large corporate/pension fund clients and suppliers of these types of institutions.

Ash advises on the authorisation and conduct of business requirements, corporate governance, regulatory capital, client money and assets, product design and distribution, cross border business, insider dealing and market abuse, anti-money laundering requirements, as well as the regulatory aspects of mergers and acquisitions, restructurings, joint ventures and outsourcings.

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Legal 500, 2015

Relevant experience

  • Over a dozen FSA/FCA/PRA regulated investment advisers/managers, broker-dealers and banks over the past five years, including advice on regulatory structuring, as well as the preparation of the applications and supporting materials, policies and procedures and related agreements.  Advising on ongoing compliance obligations under the FCA/PRA Handbooks and UK/EU legislation.
  • Several banking and investment groups on the regulatory aspects of their reorganisations, including authorisations/permissions, capital and liquidity issues, change of control approvals, cross border services and branch passports and related governance/prudential issues.
  • Fund managers on the implementation of the AIFMD. Also advising numerous firms (banks, platforms, broker dealers and investment/fund managers) in relation to changes in the FCA’s client money and assets rules.  Currently advising several clients on MiFID II projects.
  • A global investment consultant on the establishment of an umbrella fund structure for “fund of funds” and “multi manager” arrangements post AIFMD. Also advising a large general insurer on the establishment and on-going activities of two in-house umbrella investment funds (an AIF and a UCITS) and the establishment of a new UK portfolio manager.
  • Over twenty large institutional investors on a range of issues including potential investments in pooled funds, custody and segregated mandate arrangements, transition management and bespoke investment structures.
  • UK private banking groups on the implications of their offerings, including on regulatory change such as RDR, cross border business, conflicts of interest, suitability and appropriateness obligations, inducements rules and mis-selling/s166 issues and financial promotions.
  • Several innovative new retail products and services, from rolling cash spread bets, exchange traded CFDs, pooled cash management arrangements and new personal pension products.  Covering design and structuring, drafting product terms, compliance with UK and overseas regulatory obligations and cross-border distribution and marketing.
  • The establishment of new “multilateral trading facilities” in the EU facilitating the auction and trading of electricity CFDs, credit derivatives and bonds.  Also advising on the potential launch of new exchanges and products.
  • Utility companies and commodities traders in relation to the impact on their activities of REMIT, EMIR and changes to MiFID and MAD, and whether their activities require authorisation under the UK/EU financial services regime.
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1996 – LPC, Nottingham Law School, Nottingham

1995 – LLB (First class hons), University of Manchester, Manchester   

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TISA Client Assets Sub-Committee

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Show only
CMS ad­vises LDC, For­ward Private Equity and the man­age­ment...
FCA raises con­cerns at CFD mar­ket prac­tices
On 10 Janu­ary 2018, the FCA pub­lished a “Dear CEO” let­ter (link) rais­ing con­cerns over the pro­vi­sion and dis­tri­bu­tion of CF­Ds – en­com­passing con­tracts for dif­fer­ence, spread bets, and cer­tain ‘rolling spot’ FX con­tracts – to re­tail cus­tom­ers.
Tem­por­ary ‘Brexit per­mis­sions’ crown round of reg­u­lat­ory up­dates to...
On 20 Decem­ber 2017, an­nounce­ments from the PRA, the FCA, the Bank of Eng­land and the Treas­ury re­vealed a frame­work for ap­proach­ing cross-bor­der busi­ness in a post-Brexit world, with a par­tic­u­lar fo­cus on fa­cil­it­at­ing the busi­ness of EEA banks post-Brexit.
ESMA con­siders us­ing product in­ter­ven­tion powers on spec­u­lat­ive re­tail...
In a sig­ni­fic­ant de­vel­op­ment for re­tail de­riv­at­ives pro­viders, ESMA has re­leased a state­ment (here) that it is con­sid­er­ing us­ing its product in­ter­ven­tion powers on bin­ary op­tions and con­tracts for dif­fer­ence (CF­Ds), in­clud­ing rolling spot forex con­tracts.
Ring-fen­cing: what Land­lords need to know
What is ring-fen­cing? Ring-fen­cing is a pro­cess that the largest UK banks must com­ply with in or­der to sep­ar­ate their core re­tail bank­ing from in­vest­ment bank­ing. The pur­pose of the pro­cess is to sup­port fin­an­cial sta­bil­ity by sim­pli­fy­ing the struc­ture of.
Up­dated re­mu­ner­a­tion guid­ance from the PRA and FCA
Over the last month, both the Pruden­tial Reg­u­la­tion Au­thor­ity and Fin­an­cial Con­duct Au­thor­ity have pro­duced fi­nal ver­sions of up­dated guid­ance on re­mu­ner­a­tion. This fol­lows the form of the FCA’s draft guid­ance pub­lished for con­sulta­tion last year and the PRA’s.
CRDIV re­mu­ner­a­tion re­view by the European Com­mis­sion
The CRDIV re­mu­ner­a­tion pack­age, which came in­to ef­fect in 2014, has an built-in re­quire­ment for the European Com­mis­sion to re­view its ef­fect­ive­ness in 2016. The Com­mis­sion has re­cently is­sued sev­er­al rel­ev­ant re­ports.