Yulia Makarova is Of Counsel in Morrison & Foerster’s London office and a member of the firm’s Global Corporate practice. Ms Makarova’s particular area of expertise is the UK and EU regulation covering operation of investment firms, fund managers, regulated firms and non-regulated corporates seeking to engage in regulated activities in the UK where she helps clients to navigate regulatory challenges and assists with relevant structuring solutions.
Ms. Makarova has a broad range of experience representing financial institutions including retail and private banks, broker-dealers, investment firms, investment managers, private equity and sovereign wealth funds, venture capital firms, technology companies and payment services providers advising on a broad spectrum of regulatory issues including matters arising in the context of international debt and equity capital markets issuances, structured financing, derivatives, M&A and private equity transactions.
Recently, Ms. Makarova has advised on the impact of MAR, MiFID II and AiFMD on the clients’ businesses in the UK, the EU and the US, as well as regulatory capital and regulatory filing requirements in the UK and a number of EU jurisdictions in connection with acquisitions of regulated businesses.
She has assisted clients in navigating the UK regulatory requirements around best execution rules, client money and asset (CASS) rules, systems and controls and governance issues, senior managers and certification regime (SMCR), contingency planning for financial institutions in connection with Brexit as well as FX remediation projects for private banks.
Ms. Makarova has spent significant time working with the Financial Conduct Authority (the FCA) and the Prudential Regulation Authority (the PRA) in the UK in the context of obtaining regulatory approvals and has successfully secured UK regulators’ approvals for acquisitions of regulated businesses by UK and international clients.
She has also represented clients in connection with an application for, and assisted with successful receipt of, an authorisation (Part 4A permission) from the FCA and the PRA for a new firm seeking to commence regulated activities in the UK. Ms. Makarova has also represented clients in connection with variation and cancellation of their UK authorisations (Part 4A permissions).
In addition, Ms. Makarova has considerable experience advising clients on domestic and cross-border regulatory aspects in the fields of FinTech and distributed ledger technology (blockchain), in particular around regulatory licensing requirements arising in this context in the UK, the EU and the US, the regulators’ approach to new technology regulation and regulatory sandboxes. She has advised clients on the regulatory implications of fund raising via ICOs and the offering of token based instruments to retail and institutional investors in the UK and the EU.
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