HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU.
Key Points:
..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more
1/22/2019
/ Capital Requirements Regulation (CRR) ,
Credit Rating Agencies ,
EMIR ,
EU ,
EU Benchmark Regulation ,
EU Prospectus Regime ,
European Economic Area (EEA) ,
Financial Services Industry ,
HM Treasury ,
MiFIR ,
Onshoring ,
Proposed Legislation ,
Short Selling ,
Solvency II ,
UK ,
UK Brexit
The UK’s temporary permissions regime appears to be a helpful concession for inbound firms, but there are some hidden challenges.
Key Points:
..The UK regulators have set out further details of the rules they propose...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
Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK.
Key Points:
..The onshoring process is designed to preserve the status quo as much...more
The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.
Key Points:
..The Report provides an overview of crypto-assets and...more
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 House of Commons Treasury Committee has published its recommendations for the regulation of crypto-assets in the UK.
Key Points:
..The House of Commons Treasury Committee has proposed that the UK government should...more
The FCA published a Discussion Paper on a duty of care and potential alternative approaches (DP18/5) on 17 July 2018.
The FCA is exploring whether there should be a duty of care in the financial services sector. It is...more
The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech.
On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing...more
9/14/2018
/ Capital Requirements Regulation (CRR) ,
Cloud Computing ,
Consultation ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
FinTech ,
MiFID II ,
Outsourcing ,
Popular ,
PSD2 ,
UK ,
UK Brexit
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
The FCA and the PRA have published their Policy Statements, setting out final rules on the SMCR regimes for insurers and FCA solo-regulated firms.
Key Points:
..The FCA has announced that the extended SMCR will apply to...more
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive.
The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
Both the FCA and the PRA have written to firms to warn about certain risks associated with exposures to crypto-assets, and to advise firms of the measures they should consider implementing to mitigate such risks.
The FCA...more
The FCA’s Business Plan for 2018/19, published on 9 April 2018, outlined key priorities for the upcoming year. Although the Business Plan revealed that the FCA’s Brexit-related workload will mean a dearth of new initiatives,...more
6/26/2018
/ Banking Sector ,
Compliance ,
Cryptocurrency ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Robo-Advisors ,
Strategic Enforcement Plan ,
UK
Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly.
The Bank of England has announced that a regulated payment services provider (PSP) has...more
FCA publishes final rules and further consultation on outstanding remedies under its asset management market study.
Key Points:
..The FCA has published a Policy Statement (PS18/8) setting out final rules and guidance...more
FCA warns providers of cryptocurrency derivatives of their regulatory obligations.
The UK Financial Conduct Authority (FCA) has issued a statement reminding businesses offering cryptocurrency derivatives of the requirement...more
The FCA is proposing to add a new chapter on insider dealing and market manipulation to its Financial Crime Guide.
Key Points:
..The FCA proposes to add a new Chapter 8 to Part 1 of its Financial Crime Guide, outlining...more
The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector.
At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer,...more
New FCA Discussion Paper demonstrates how the regulator’s thinking in relation to culture has evolved.
Introduction -
In Discussion Paper (DP) 18/2, the FCA has taken an unusual approach to a topic that has received...more