The Woolard Review emphasises the urgency to bring all BNPL products under FCA supervision and sets out recommendations for the unsecured credit market.
The UK government has announced that interest-free buy-now-pay-later...more
Ahead of the end of the Brexit transition period, on 31 December 2020, regulators in the UK and the EU have issued a number of updates:
Share trading obligation -
In relation to the potential conflict between the share...more
12/8/2020
/ Banking Sector ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Member State ,
MiFIR ,
Regulatory Requirements ,
Securities ,
Share Trading Obligation (STO) ,
UK ,
UK Brexit
The launch of the Protocol and the Supplement represents a key landmark in the transition away from IBORs but is not a one-stop solution.
Key Points:
..The Protocol and the Supplement, which take effect on January 25,...more
Regulators and industry groups strongly encourage market participants to adopt ISDA’s much-anticipated IBOR Fallbacks Protocol and Definitions Supplement.
The International Swaps and Derivatives Association (ISDA) has...more
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
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
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
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
The FCA, the Bank of England, and members of the Working Group on Sterling Risk-Free Reference Rates have stated that firms should still plan for the transition away from LIBOR at the end of 2021.
On 25 March 2020, 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
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
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
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
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
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
The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks.
Key Points:
..The FCA has set out its expectations for firms, from a conduct...more
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
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
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
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
On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more
4/2/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consultation ,
Cryptoassets ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
SMCR ,
UK ,
UK Brexit
This update takes a look at the FCA’s Interim Report and its initial views relating to the review of the provisions of the Consumer Credit Act 1974 (CCA), which show early signs of a more pragmatic approach to regulation than...more
8/14/2018
/ Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Credit Reporting Agencies ,
Credit Reports ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Payment Systems ,
UK ,
UK Brexit
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
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
On 23 February 2018, the FCA published a Policy Statement with new perimeter guidance on what amounts to a personal recommendation in relation to advising on retail investments. The guidance came into effect on the same...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