The AMF has published a report containing a number of new proposals relating to production of research under MiFID II.
Key Points:
..The report pointedly criticises the original MiFID requirements (most of which were...more
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
The FCA is considering whether alternative data could introduce new risks to market integrity.
The FCA’s recently published Insight article explores how alternative data might give rise to market abuse risks. The article...more
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators.
Key Points:
..The SMCR for benchmark administrators (that perform no other regulated activities) will...more
The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks.
Key Points:
..The FCA has set out its expectations for firms, from a conduct...more
The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules.
Key Points:
..Overall, the FCA found that the rules have produced “positive changes” and have had...more
All firms should take note of the FCA’s latest feedback on SMCR implementation.
In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the...more
8/5/2019
/ Banking Sector ,
Code of Conduct ,
Compliance ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Industry Examinations ,
Insurance Industry ,
Risk Assessment ,
Senior Managers ,
SMCR ,
UK
FCA finalises guidance on cryptoassets and consults on product intervention measures.
FCA guidance on the regulation of cryptoassets -
As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
8/2/2019
/ Asset Tokens ,
Cryptoassets ,
Derivatives ,
E-Money ,
EU ,
European Economic Area (EEA) ,
Exchange-Traded Products ,
Final Guidance ,
Financial Conduct Authority (FCA) ,
FinTech ,
Market Participants ,
MLD5 ,
Payment Systems ,
Regulatory Standards ,
Securities ,
SMCR ,
UK
The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms.
Key Points:
..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more
Call for evidence on regulatory cooperation marks the first phase of the planned review.
The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
The FCA found that three asset managers breached competition law by sharing information in relation to securities offerings.
Key Points:
..The decision gives market participants some helpful indications as to what kinds...more
Latest Dear CEO letter from the regulator includes strong criticism and warns that firms need to improve to meet regulatory expectations.
Key Points:
..FCA supervisory work during the next two years will focus on four...more
4/30/2019
/ Brokers ,
Conflicts of Interest ,
Corporate Governance ,
Dear CEO Letter ,
Executive Compensation ,
Financial Conduct Authority (FCA) ,
Internal Controls ,
Market Abuse ,
Strategic Enforcement Plan ,
UK ,
Wholesale
On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more
4/2/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consultation ,
Cryptoassets ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
SMCR ,
UK ,
UK Brexit
The FCA has issued feedback from its review of firms’ costs and charges disclosures under MiFID II.
Key Points:
..The FCA found that, despite firms being aware of the rules and taking compliance seriously, firms are not...more
The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario.
Key Points:
..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more
The FCA seeks to clarify the position of the Head of Legal and the scope of the Client Dealing Function.
Key Points:
..The FCA is proposing to exclude the Head of Legal from the scope of the Senior Managers...more
The FCA has finalised a new chapter on insider dealing and market manipulation.
Key Points:
..Firms should take note of the new guidance, which applies immediately.
..Helpfully, the FCA has clarified that firms do...more
The rules will echo ESMA’s temporary measures, however the FCA will extend the CFD restriction to capture closely substitutable products (such as turbo certificates).
The FCA has launched two consultations on:
..Banning...more
The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR.
Key Points:
..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified,...more
The FCA has published a second consultation on the Brexit onshoring project. Like the first, and many other Brexit onshoring documents, it is both long and very technical. However, a number of important policy points are...more
11/29/2018
/ Consultation ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Listing Rules ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Securities ,
Senior Management Regime (SMR) ,
UCITS ,
UK ,
UK Brexit
Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations.
The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML)...more
The “Dear CEO” letter underlines the FCA’s open and pragmatic approach in the context of Brexit.
The FCA has published a “Dear CEO” letter to firms, advising them of its position in relation to the use of cross-border...more
FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox.
The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a...more
UK regulators expand on plans to smooth the transition for inbound passporting firms in the event of a “no deal” Brexit.
Overview -
HM Treasury published draft legislation on 24 July 2018 to establish a temporary...more