Key developments in January 2020:
6 January -
The Financial Conduct Authority ("FCA") published a letter, sent to the CEOs of wholesale general insurance (GI) firms, setting out its expectations for them to be...more
2/10/2020
/ Consultation Papers ,
Corporate Culture ,
Dear CEO Letter ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
False Claims Act (FCA) ,
Financial Services Industry ,
HM Treasury ,
MLD5 ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
UK Brexit
At 11pm (local time) on 31 January 2020, the United Kingdom ("UK") will leave the European Union ("EU"), an event often referred to as "Brexit". A transitional period will take effect as of this date and will last until 31...more
1/31/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Cross-Border Transactions ,
EU ,
Financial Services Industry ,
Fund Managers ,
Investment Funds ,
No-Deal Brexit ,
Temporary Permissions Regime (TPR) ,
UK Brexit ,
Venture Capital
2 December -
The Financial Conduct Authority ("FCA") updated the following webpages:
- webpage on its July 2018 discussion paper on price discrimination in the cash savings market (PD18/6); and
- webpage on its...more
1/8/2020
/ AML/CFT ,
Consultation Papers ,
Credit Rating Agencies ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
Investment Firms ,
MiFID II
1 November -
The Prudential Regulation Authority ("PRA") published a Dear CEO letter in relation to the reliability of regulatory returns. Firms are expected, if asked, to be able to respond promptly to a request from...more
12/4/2019
/ BEIS ,
Cross-Border Transactions ,
EU ,
EU Directive ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
MiFID II ,
No-Deal Brexit ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Retail Investors
2 September -
The Financial Conduct Authority ("FCA") updated its webpage relating to its guidance consultation on the fair treatment of vulnerable customers.
The European Securities and Markets Authority ("ESMA")...more
10/9/2019
/ AML/CFT ,
Capital Requirements Regulation (CRR) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
No-Deal Brexit ,
Prudential Regulation Authority (PRA) ,
PSD2 ,
UK ,
UK Brexit
On 9th December 2019, the Senior Managers and Certification Regime (SMCR) will replace the current Financial Conduct Authority (FCA) Approved Person Regime for practically all FCA authorised firms, including alternative...more
10/3/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Code of Conduct ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Hedge Funds ,
Investment Adviser ,
Senior Management Regime (SMR) ,
Senior Managers ,
SMCR ,
UK
1 August -
The Financial Conduct Authority ("FCA") published an insight article on artificial intelligence ("AI") in the boardroom. The article considers various AI-related issues in the boardroom....more
In early August 2019, the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (the "CSSF"), confirmed in a press release that it had opened an online portal to allow UK firms currently using a financial...more
8/20/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
Luxembourg ,
Member State ,
MiFIR ,
No-Deal Brexit ,
Private Equity Funds ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
1 July -
The Financial Conduct Authority ("FCA") published a policy statement (PS19/19) setting out the final 2019/20 regulatory fees and levies.
The European Insurance and Occupational Pensions Authority ("EIOPA")...more
8/5/2019
/ Banking Sector ,
Banks ,
Capital Markets ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
FSMA ,
Prudential Regulation Authority (PRA)
1 June -
HM Treasury published a consultation paper (dated May 2019) on the regulation of pre-paid funeral plans. HM Treasury intends to bring all funeral plan providers within the remit of the FCA....more
7/3/2019
/ Derivatives ,
EIOPA ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
IOSCO ,
MiFID II ,
MiFIR
On 7 June 2019, the Financial Conduct Authority (“FCA”) confirmed that it is introducing reforms in relation to the overdraft market, set out in its policy statement PS19/6. The aim of these reforms is to make overdrafts...more
1 May -
The Financial Conduct Authority ("FCA") published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review.
The Prudential Regulation Authority ("PRA") published...more
6/3/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Requirements Regulation (CRR) ,
CRR II ,
EIOPA ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
IOSCO ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Solvency II ,
UK
On 20 May 2019, the UK Financial Conduct Authority ("FCA") published its findings of its multi-firm review into the supervision by principal firms of their appointed representatives ("ARs") operating in the investment...more
1 April -
The Financial Conduct Authority ("FCA") published a statement announcing that it is commissioning an investigation by an independent person into the issues raised by the failure of London Capital & Finance....more
5/2/2019
/ EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Financial Stability Board ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Competition and Markets Authority (CMA)
1 March -
The European Banking Authority ("EBA") published an opinion on deposit protection resulting from the United Kingdom's ("UK") withdrawal from the European Union ("EU").
The Financial Conduct Authority ("FCA")...more
4/3/2019
/ Banking Sector ,
EIOPA ,
EU ,
EU Benchmark Regulation ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
UK Brexit
1 February -
The Financial Conduct Authority ("FCA") published a press release announcing that it has agreed with the European Securities and Markets Authority ("ESMA") and other European Union securities regulators...more
3/5/2019
/ Data Protection ,
EIOPA ,
EU ,
European Securities and Markets Authority (ESMA) ,
EuSEF ,
EuVECA ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UK ,
UK Brexit
On January 23, 2019, the UK Financial Conduct Authority (“FCA”) issued its widely anticipated “Guidance on Cryptoassets” consultation paper CP19/3 (the “Consultation”). The Consultation followed the UK Cryptoassets Task...more
2 January -
The Financial Conduct Authority ("FCA") published a press release explaining that claims management companies can now register for the temporary permission they will need to continue operating when the FCA...more
3 December -
The European Central Bank ("ECB") published a document setting out its cyber resilient oversign expectations for financial market infrastructures.
4 December -
On 4 December 2018, the Council of the EU...more
1/3/2019
/ Acquisitions ,
Banking Sector ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Mergers ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK ,
UK Brexit
2 November -
The Prudential Regulation Authority ("PRA") updated its consultation paper on changes to the PRA Rulebook and onshored binding technical standards.
The Financial Conduct Authority ("FCA") published issue...more
12/5/2018
/ EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSCS ,
IOSCO ,
MiFID II ,
Private Equity ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
1 October -
The Competition and Markets Authority ("CMA") published a paper that was prepared jointly with the Financial Conduct Authority ("FCA") setting out the lessons that have been learned from the programme of work...more
11/2/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
Key Information Document (KIDs) ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UK ,
UK Competition and Markets Authority (CMA)
The Prudential Regulation Authority ("PRA") published its Regulatory Digest for August 2018 in which it highlighted key regulatory news including reference to a new insurer start-up unit ("NISU") that the PRA and the...more
10/2/2018
/ Cross-Border ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
FSMA ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
UK
Introduction -
The United Kingdom ("UK") formally notified the European Union ("EU") of its intention to leave the EU under Article 50 of the EU's Lisbon Treaty in March 2017. This triggered a two-year period during which...more
1 August -
The Financial Conduct Authority ("FCA") published a statement on selling high-risk speculative investment products to retail clients, following the publication of the European Securities and Markets Authority's...more
9/5/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Amended Regulation ,
Consumer Financial Contracts ,
Consumer Lenders ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
High Risk Financial Products ,
Legal Entity Identifiers ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
On 29 March 2019, the UK is set to leave the EU (a process most commonly referred to as "Brexit"). The UK and EU are currently in negotiations to agree upon a transitional period which is proposed to run from 29 March 2019...more
7/31/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
EU Single Market ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit ,
Withdrawal