Monthly Archives: March 2017

FCA publishes near final MiFID 2 trading rules and consults on others

FCA has published a near final version of many of the rule changes to implement MiFID 2. The rules it has now more or less finalised relate to: data reporting services providers (DSRPs) – a new category of firm; position limits and reporting for commodity derivatives; and systems and controls requirements for firms that provide […]

Many MiFID 2 measures in OJEU

A swathe of delegated legislation and adopted technical standards relating to MiFID 2 has been published in the OJEU. Key measures now published (many of which had been finalised some time ago) include: the MiFID 2 level 2 Regulation on organisational requirements and operating requirements for investment firms, and defined terms; the MiFIR level 2 […]

FCA makes new rules

FCA made several changes to its rulebook at its Board Meeting on 30 March. Key changes include: changes to fees relating to the FOS and periodic fees for exchanges and benchmark administrators; changes to the FSCS management expenses levy limit; implementing the policy proposal for PSR fees; allowing FCA to set fees relating to MiFID […]

PSR publishes terms of reference for its role in preventing and responding to push-payment scams

Today, the payment systems regulator published its final terms of reference PSR will consider whether it would be effective and proportionate for operators of push payment systems to play a greater role in preventing and responding to APP scams (and possibly wider fraud). The expanded role might be in the form of actions that the […]

FCA to tackle contactless card fraud

John Griffith-Jones, Chairman of FCA and Payment Systems Regulator, has written to Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, about contactless card fraud. In 2015 there was £2.5m of reported contactless fraud, out of £7.75bn of contactless transactions. In his letter, Griffith-Jones highlights the key risk as merchants who process payments ‘offline’ (ie batch […]

Keeping up with the credit sector: the FCA’s view on the market today

In a speech by Jonathan Davidson (Director of Supervision – retail and authorisations at the FCA), delivered at the Credit Summit in London today, Davidson highlighted the FCA’s current view on the consumer credit market. Amongst other topics, his speech covers the FCA’s thinking in relation to: current and projected levels of borrowing authorisations of consumer […]

Treasury makes investment advice change

Treasury has published the statutory instrument amending article 53 of the RAO to make the change to the definition of “investment advice” on which Treasury had consulted. As promised, it does not amend the definition for the purposes of the regulatory perimeter, but provides that investment advice, when given by a person appropriately authorised under […]

Government publishes Great Repeal Bill White Paper

As promised, the Department for Exiting the EU has set out the Government’s proposals for making sure the UK statute book will continue to function once Brexit has taken place. As has been well documented, the plan is to convert the “acquis” into UK law at the moment the UK repeals the European Communities Act. […]

Payment systems regulator unveils 2017/18 plan and budget

In the plan the PSR sets out its aims and a summary of its anticipated activities and expected costs for the next twelve months. The PSR said its budget costs would consist of: Staff costs: £7.9m Professional fees: £2.5m Accommodation and office services: £0.8m Training, recruitment and travel: £0.4m Information systems: £0.4m The PSR said that during […]

Sanctions fining regime effective from 1 April

A new commencement order under the Policing and Crime Act 2017 brings into force the new powers on financial penalties for breach of financial sanctions, from 1 April.  Part 8 of the Act: sets the maximum imprisonment term for breach of sanctions at 7 years, and confirms the maximum imprisonment term for related offences;  allows Treasury […]