Regulator finds that firms could improve how they conduct anti-money laundering checks when dealing with UK PEPs. ...more
The guidance was issued after ESMA and national regulators observed “high volatility episodes” in EU share prices, some of which took place shortly after pre-close calls with analysts....more
The FCA reminds market soundings recipients of their obligations under UK MAR best practices for trading during the market sounding period.
On 31 October 2023, the FCA published Market Watch 75 reminding firms of the...more
The tone of the papers suggests that a fundamental reform of the Regime will be unlikely.
On 30 March 2023, the PRA and the FCA published a joint Discussion Paper (FCA DP23/3 and PRA DP1/23) seeking feedback on the...more
The regulator described the steps it is taking to increase scrutiny of advertisements about financial products and services on social media platforms.
On 3 February 2023 the FCA published an analysis of its financial...more
2/7/2023
/ Advertising ,
Enforcement Priorities ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
Influencers ,
Marketing ,
Online Advertisements ,
Search Engines ,
Social Media ,
UK
The case provides instructive practical examples of the “reasonable steps” companies can take according to the FCA and a reminder of the FCA’s cultural expectations of CEOs.
On 16 November 2022, the FCA issued a final...more
Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements.
Key Points:
The consultation:
..Sets out the FCA’s proposals for the new remuneration rules for FCA...more
4/21/2021
/ Consultation ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
Investment Firms ,
Liquidity ,
MiFID ,
Prudential Standards ,
Remuneration ,
Risk Management ,
Senior Management Regime (SMR) ,
UCITS ,
UK
FCA found instances of non-compliance with the product governance rules which, in its view, increases the risk of investor harm.
Background -
On 26 February 2021, the FCA published a webpage setting out eight asset...more
3/2/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Disclosure Requirements ,
Due Diligence ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Products ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UCITS ,
UK
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
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 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
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
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