Author Archives: Emma Radmore

Treasury makes MLR 2017 and JMLSG finalises guidance

Treasury has published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which were laid before Parliament late on 22 June to come into force to meet MLD4 deadlines, on 26 June. JMLSG has also published the finalised updates to its guidance, which it now needs to submit to […]

FCA to regulate claims management companies

It was also confirmed in the background notes to  the Queen’s Speech that the Financial Guidance and Claims Bill  will be brought forward to progress plans previously announced for: FCA to take over the regulation of claims management services. Among other things it will have power to cap fees CMCs charge. FOS will have responsibility for […]

Commission publishes more MiFID 2 ITS

The ITS under MiFID 2 on the format of position reports have been published in the OJ.

PRA consults on new recovery planning standards

PRA is consulting on a replacement supervisory statement on recovery planning, setting out additional expectations to those in the current statement 18/13. It says the basis of the statement is still correct, but it wants to introduce specific requirements and guidance in several areas and, separately, update its supervisory statement for ring-fenced bodies in relation […]

SFO brings fraud charges against Barclays

SFO has charged Barclays Bank and 4 individuals with conspiracy to commit fraud and providing unlawful financial assistance in relation to capital raising and loan facilities relating to Qatar during 2008.

ESMA consults on MiFIR trading obligation RTS

ESMA is consulting on its draft technical standards specifying the trading obligation for derivatives under MiFIR. It has revised its previous approach, and now wants comments by 31 July on the new proposals. These include how to phase-in the trading obligation. The MiFIR trading obligation is closely linked to EMIR. Once a class of derivatives needs […]

Commission publishes more MiFID 2 standards

The RTS under MiFID 2 on information to be notified  by investment firms, market operators and credit institutions when applying for a MiFID 2 passport has been published in the OJ. The RTS include the information required for a tied agent passport notification.

FCA says “get your MiFID 2 applications in now”

FCA has reminded firms that they need to submit applications for authorisation and variations of permission related to MiFID 2 by 3 July, to enable FCA to consider them before 3 January 2018. If an application is not determined by then, firms may be unable to carry on relevant business until properly authorised.

ISSA updates financial crime principles

The International Securities Services Association (ISSA) has updated its financial crime compliance principles for securities custody and settlement. The principles focus on governance and control, due diligence and third party client business.  It has produced draft contractual terms, available to members, to support implementation of the principles, and a questionnaire to provide custodians with help […]

ESMA publishes annual report

ESMA’s annual report for 2016 focusses on its activities in: assessing risks to investors, markets and stability; creating a single rulebook; promoting supervisory convergence; and supervising credit rating agencies and trade repositories. The narrative to the report looks at its work with the other ESAs, latterly on PRIIPs and work to come on transparency on […]