Picture of Ash Saluja

Ash Saluja

Partner

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Ash Saluja is a partner in the Financial Services & Products team, and 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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"Excellent"

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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Education

1996 – LPC, Nottingham Law School, Nottingham

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

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Memberships

TISA Client Assets Sub-Committee

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01/05/2015
CMS ad­vises LDC, For­ward Private Equity and the man­age­ment...
12/10/2017
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.
17/05/2017
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.
11/08/2016
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.