The FCA has published a report, clarifying its expectations of firms that develop or use algorithmic trading strategies.
On 12 February 2018, the FCA published a report on algorithmic trading compliance in wholesale...more
FCA speech contains some noteworthy statements and observations that firms should take into account.
On 14 November 2017, the FCA published the text of a speech entitled “Effective compliance with the Market Abuse...more
ESMA has published a new Q&A clarifying the transitional arrangements for third country benchmarks under the EU Benchmarks Regulation (BMR).
Key Points:
..Non-EEA benchmarks that are being used in the EEA before 1...more
US and EU authorities have finally moved to solve the cross-border issues arising from MiFID II rules on research unbundling.
Key Points:
- The US SEC has published three temporary “no action” letters, which are...more
Firms will need to consider whether any individuals in group entities require approval as Senior Managers.
Introduction -
Much has already been written on the proposed extension of the Senior Managers & Certification...more
Do robots give suitable advice? ESMA proposes updates to suitability guidelines to address robo-advice.
Given the technological evolution of the advice market, firms offering a robo-advice service are faced with a...more
The FCA will take a proportionate approach, reflecting the diversity of firms within the proposed regime’s remit.
On 26 July 2017, the FCA published its long-awaited Consultation Papers on the extension of the Senior...more
The ban extends to foreign branches of UK firms; also where services are provided from a firm’s UK establishment.
Key Points:
..Effective 3 January 2018 firms subject to the ban cannot enter into agreements that contain...more
The FCA has published its second Policy Statement on MiFID II implementation, plus a further Consultation Paper on residual issues.
Key Points:
..The FCA has made significant changes to some proposals, particularly in...more
The European Commission is consulting on delegated acts clarifying the meaning of certain key terms.
On 22 June 2017, the Commission published four draft delegated acts under the EU Benchmarks Regulation (BMR). These acts...more
FCA publishes final report in its asset management market study and announces package of remedies.
The FCA published the final report in its asset management market study on 28 June 2017. The terms of reference for the...more
FCA proposes amendments to UK rules and clarifies timing for applications by benchmark administrators.
Key Points:
..The FCA is consulting on consequential changes to the Handbook, plus additional UK aspects of...more
FCA Consultation Paper sets out proposed approach to compelling LIBOR contributions.
The FCA has published a Consultation Paper (CP17/5), setting out its proposed approach to the use of its compulsion powers under the EU...more
ESMA Sheds Light on MiFID II Product Governance.
The MiFID II Product Governance regime presents a number of implementation challenges for firms. The rules originated from an existing FCA regime, which derived from a need...more
MiFID II Product Governance -
Proportionality: Rules of the road -
The product governance rules in MiFID II represent a fundamental change in the way firms design and distribute financial instruments. The rules...more