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
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 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
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
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
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
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
The FCA seeks industry feedback to capitalise on global regulatory sandbox trend.
The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can...more
The FCA has published a Feedback Statement on Distributed Ledger Technology, setting out its views and proposed next steps.
Key Points:
..Respondents to the FCA’s initial Discussion Paper were supportive of the FCA...more
Following on from the Financial Conduct Authority’s (FCA’s) consumer warning on Initial Coin Offerings (ICOs) in September, the FCA has announced a deeper examination of this area in its Feedback Statement on Distributed...more
Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen.
At the Westminster Business Forum for Digital Payments, Adoption, Innovation and...more
Regulatory sandboxes are becoming a global trend, providing plenty of opportunities for innovative businesses.
Pioneered in the UK as part of the Financial Conduct Authority’s (FCA) “Project Innovate”, a regulatory sandbox...more
Initial Coin Offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using distributed ledger or blockchain technology. The capital raised from the offer will fund the development...more
9/5/2017
/ Blockchain ,
Canadian Securities Administration ,
Cross-Border Transactions ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Howey ,
Initial Coin Offering (ICOs) ,
Monetary Authority of Singapore ,
Securities ,
UK
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
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