Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits.
On 3 June 2020, ESMA published updated versions...more
The government sets out a bold and ambitious arrangement for financial services, including free market access and a new Financial Services Committee.
On 19 May 2020, the UK government published draft legal texts of 12...more
UK government encourages regulated firms to share customer information within corporate groups, highlighting interaction with firms’ obligations under the Proceeds of Crime Act 2002 and GDPR.
The UK government has...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
On 30 April 2020, the FCA released a statement announcing a six-month extension to the deadline for firms’ implementation of strong customer authentication (SCA) for e-commerce under the Payment Services Regulations 2017...more
The package combines temporary policy interventions and existing options to help companies raise new share capital during the COVID-19 crisis.
On 8 April 2020, the FCA published a Statement of Policy and related technical...more
The CMA recognises that businesses may need to cooperate to ensure supply of essential products and services during the COVID-19 outbreak.
On 27 March 2020, the FCA and Payment Systems Regulator (PSR) announced their...more
Seven of the largest systemically important UK deposit-takers to suspend dividends and share buybacks and to cancel payments of any outstanding 2019 dividends.
On 31 March 2020, the PRA published a statement on deposit...more
UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review.
On 3 April 2020, the FCA and the PRA released a statement announcing several...more
The FCA sets out its approach on client identity verification, supervisory flexibility over best execution obligations and 10% depreciation notifications, and financial resilience.
On 31 March 2020, the FCA published...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of...more
On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance...more
3/30/2020
/ Banks ,
Benchmarking ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
State of Emergency ,
UK Brexit
ESMA, BaFin, and FCA have provided guidelines on firms’ obligation to record client telephone calls.
Remote working raises uncertainties in various regulated areas as it dramatically changes institutions’ day-to-day...more
The FCA asks issuers to delay publishing their preliminary financial results due to COVID-19.
Key Points:
..The FCA is asking issuers to delay the publication of their preliminary financial accounts by at least two...more
UK regulators announce a further package of measures to ease the burden on issuers.
In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of...more
The FCA has clarified which people working in regulated financial services firms will meet the definition of a “key worker”.
On 19 March 2020, the UK government published guidance setting out which “key workers” will be...more
The regulator is taking immediate supervisory and policy measures to help support banks, insurers, and financial market infrastructures.
The Bank of England and the Prudential Regulation Authority (PRA) have announced a...more
Financial Services Regulatory Initiatives Forum and the Regulatory Initiatives Grid to be introduced this summer.
On 11 March 2020, HM Treasury published its response to the Call for Evidence on Regulatory Coordination....more
The FCA expects firms to use flexibility to support consumers, has delayed new publications, and extended deadline for responses to published consultations to 1 October 2020.
The Financial Conduct Authority (FCA) has...more
A Call for Input reveals that the FCA is planning for a post-EU future and examining ethics with regard to MAR.
On 9 March 2020, the Financial Conduct Authority (FCA) issued a Call for Input on the way that wholesale...more
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
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
Not too long ago, an investment manager looking to invest in a company might conduct due diligence, attend investor relation calls, peruse quarterly or annual filings, and consider standard ratios such as price to earnings...more
3/5/2020
/ California Consumer Privacy Act (CCPA) ,
Data Privacy ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Investment Advisers Act of 1940 ,
MiFID ,
Regulation S-P ,
Risk Management ,
Risk Mitigation ,
Securities Exchange Act
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)