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Ash Saluja

Partner
Head of Financial Services & Products

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

Ash Saluja 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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Feed

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02 February 2021
The new pruden­tial re­gime for in­vest­ment firms: key points from the first...
In Decem­ber 2020, the Fin­an­cial Con­duct Au­thor­ity (FCA) pub­lished the first of three planned Con­sulta­tion Pa­pers (CP20/24) (link) on the new UK In­vest­ment Firm Pruden­tial Re­gime (“IF­PR”), which is...
20 January 2021
ESMA ob­serves ques­tion­able re­verse so­li­cit­a­tion prac­tices after Brexit
The EU-UK Trade and Co­oper­a­tion Agree­ment and the end of the Brexit trans­ition­al peri­od on 31 Decem­ber 2020 has res­ul­ted in sig­ni­fic­ant changes to EU-UK trade in fin­an­cial ser­vices. In par­tic­u­lar, UK...
06 January 2021
What does the  EU-UK Trade and Co­oper­a­tion Agree­ment mean for fin­an­cial...
Fol­low­ing the end of the Brexit Trans­ition Peri­od, we as­sess the im­pact of the EU-UK Trade and Co­oper­a­tion Agree­ment on the UK fin­an­cial ser­vices sec­tor and set out our ana­lys­is of the key points be­low...
28 August 2020
The new pruden­tial re­gime for in­vest­ment firms: pruden­tial con­sol­id­a­tion...
In this art­icle, we look at the new pruden­tial con­sol­id­a­tion re­gime for in­vest­ment firm groups set to be in­tro­duced by the In­vest­ment Firms Reg­u­la­tion (“IFR”) and the In­vest­ment Firms Dir­ect­ive (“IFD”)...
24 June 2020
The new pruden­tial re­gime for in­vest­ment firms: key points from the latest...
On 23 June 2020, the UK Gov­ern­ment, HM Treas­ury and the FCA pub­lished a num­ber of state­ments and pa­pers on fin­an­cial ser­vices, in­clud­ing in re­la­tion to the new pruden­tial re­gime for in­vest­ment firms...
10 June 2020
The new pruden­tial re­gime for in­vest­ment firms: ten key points to know...
The pruden­tial re­gime for in­vest­ment firms in the UK and EU is ex­pec­ted to change sig­ni­fic­antly in just over a year’s time, res­ult­ing in changes that firms need to un­der­stand and pre­pare for now. From...
23 January 2019
CMS ad­vises IPSX Group on be­com­ing a Re­cog­nised In­vest­ment Ex­change
In­ter­na­tion­al law firm CMS has ad­vised IPSX Group in se­cur­ing a Re­cog­ni­tion Or­der by the FCA for the launch of the In­ter­na­tion­al Prop­erty Se­cur­it­ies Ex­change (IPSX).IPSX is the first and only reg­u­lated...
16 January 2018
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...
21 December 2017
Tem­por­ary ‘Brexit per­mis­sions’ crown round of reg­u­lat­ory up­dates to ease...
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...
18 December 2017
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)...
12 October 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...
17 May 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...