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PRA Publishes Findings on Its Evaluation of the SMCR

The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms. Key Points: ..There is no need for major changes to the SMCR. ..There are...more

UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations

The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes. Key Points: ..The FCA has published an updated version of the FCA Handbook,...more

Conduct and Culture Update from the FCA

The FCA published its annual Industry Feedback for 2019/20 in relation to its 5 Conduct Questions Programme. Messages from the Engine Room - “Conduct and culture will remain a key focus of our engagement activity”....more

SMCR: FCA Updates Expectations on Fitness and Propriety Assessments and Conduct Rules Training

The FCA has provided updated guidance on the SMCR for solo-regulated firms, with new information on good and bad practices in two key areas. On 14 August 2020, the FCA updated its webpage on the Senior Managers and...more

FCA Issues a Public Censure to Redcentric PLC for Committing Market Abuse

The FCA publicly censured the IT service provider for publishing false information about its net debt and holdings of cash and cash equivalents. On 26 June 2020, the FCA issued a final notice to Redcentric PLC...more

FCA Fails to Find Its Watersheds Moment in Adams v. Options SIPP UK LLP

The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms. Key Points: ..Regulatory obligations are not intended to take precedence over contractual...more

Culture and Conduct Ahead of Exit - Key Points for Private Equity

Buyout firms planning an acquisition or preparing a portfolio company for exit must consider the impact of poor corporate culture, particularly on a potential IPO. No institution, whatever its geography, industry, sector,...more

FCA Proposes New Rules on Climate-Related Disclosures by Listed Issuers

The FCA is moving towards formalising issuers’ compliance with the TCFD recommendations. Key Points: ..The FCA is proposing that premium listed commercial companies will need to disclose how they have implemented the...more

FCA Calls on Firms to Develop a Purposeful Culture

The FCA’s latest paper on culture explores how firms can improve culture through a meaningful purpose. Key Points: ..The FCA explains how it expects firms to develop a more purposeful culture, and the benefits this can...more

AMF Proposals to Revive the Research Industry in France

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

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Brexit: 10 Commonly Asked Questions

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

FCA Consults on SMCR for Benchmark Administrators

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

Research Unbundling - FCA Finds Rules Working Well

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

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

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

FCA Confirms SMCR Optimisations

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

Key Industry Lessons From the FCA’s First Competition Law Case

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

FCA Fires Warning Shot to Brokers in Wholesale Markets

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

MiFID II Costs and Charges - Room For Improvement

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

Brexit and Financial Services - FCA Issues Further Guidance For Firms

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

FCA Consults on Further Amendments to the SMCR

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

Brexit and Financial Services — UK Equivalence Decisions

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

Brexit and Financial Services - Temporary Permissions

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

FCA Finalises Changes to its Financial Crime Guide

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

FCA Proposes Permanent Product Intervention Measures for Retail CFDs and Binary Options

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

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