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Ash Saluja

Partner
Head of Financial Services & Products

Portrait ofAsh Saluja

Ash Saluja

Partner
Head of Financial Services & Products

Contact
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

"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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Memberships & Roles

  • TISA Client Assets Sub-Committee
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Education

  • 1996 – LPC, Nottingham Law School, Nottingham
  • 1995 – LLB (First class hons), University of Manchester, Manchester   
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Expertise

Feed

11/04/2024
FCA Consultation on Payment Optionality for Investment Research (CP24/7)
On 10 April 2024, the FCA published a con­sulta­tion on Payment Optionality for Investment Research (CP24/7). In the consultation, the FCA proposes a new option for asset managers when paying for investment...
Law-Now
07/03/2024
The new UK Private Intermittent Securities and Exchange System or “PISCES”...
On 6 March 2024, the UK Government published a con­sulta­tion re­lat­ing to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”. ...
Law-Now
07/03/2024
The new UK Private Intermittent Securities and Exchange System or “PISCES”...
On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”. ...
Regzone Banking & Finance
06/02/2024
The impact of the Berne Financial Services Agreement
We're delighted to announce a series of informative webinars focusing on the Berne Financial Services Agreement between Switzerland and the UK, a landmark development announced on 21 December 2023. This...
Event Webinar
08/01/2024
Switzerland and the UK sign agreement on mutual recognition in financial...
On 21 December 2023, the Swiss Federal Council and HM Treasury in the UK announced the signing of an agreement on mutual recognition in specific areas of financial services between Switzerland and the UK referred to as the Berne Financial Services Agreement (the Agreement). The conclusion of this ground-breaking Agreement is the culmination of more than two years of negotiations following the signing of a Joint Statement on 30 June 2020 aiming at enhancing cooperation in financial services between Switzerland and the UK. 
Publication
13/12/2023
Finalisation of CRD6/CRR3 and the Article 21c third country branch requirement
On 6 December 2023, the finalised texts of the EU banking package known as CRD61and CRR32 were published following the conclusion of negotiations between the EU co-legislators. In this article, we set...
Law-Now Banking & Finance
13/12/2023
Finalisation of CRD6/CRR3 and the Article 21c third country branch requirement
On 6 December 2023, the finalised texts of the EU banking package known as CRD61and CRR32 were published following the conclusion of negotiations between the EU co-legislators. In this article, we set...
Regzone Financial Services & Regulation
03/11/2023
Removal of the Bankers’ Bonus Cap
Following receipt of responses to their joint consultation paper issued last December (PRA CP15/22 and FCA CP22/28), the PRA and the FCA have now published a policy statement (PS9/23) confirming that...
Law-Now Banking & Finance
26/09/2023
FCA introduction of new regulatory gateway for firms which approve financial...
BackgroundUnder section 21 of FSMA, currently any firm that is authorised under the Financial Services and Markets Act 2000 (FSMA), may approve a financial promotion by another unauthorised person. However...
Law-Now Restructuring & Insolvency
25/09/2023
FCA introduction of new regulatory gateway for firms which approve financial...
BackgroundUnder section 21 of FSMA, currently any firm that is authorised under the Financial Services and Markets Act 2000 (FSMA), may approve a financial promotion by another unauthorised person. However...
Regzone Financial Services & Regulation
20/09/2023
CMS bolsters Financial Services Regulatory team with new hire
International law firm CMS has bolstered its market leading Financial Services practice with the addition of new partner Mike Ringer, who joins the Financial Services Regulatory team in London. Mike was...
News
29/06/2023
The Financial Services & Markets Act 2023 has arrived!
The Financial Services and Markets Bill has received Royal Assent to become the Financial Services and Markets Act 2023. The Act makes significant reforms to the regulation of financial services in the...
Law-Now Insurance Corporate
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