Category Funds

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ECON publishes draft retail FS plan

The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]

ESMA sets out principles for regulating migrating UK firms

ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit.  Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]

ESMA updates funds FAQs

ESMA has updated its FAQs on the AIFMD and the UCITS Directive. Both address the exemption for intra-group transactions for the purposes of EMIR. The AIFMD set also addresses notifications of AIFs domiciled in another Member State and on reporting to supervisors on the breakdown between retail and professional investors.

ESMA speaks on Regtech

ESMA has spoken on how the financial services industry has adopted Regtech. Patrick Armstrong looked at the changes in how we work that have been subject to almost constant change in the past 10 years. Yet, he said, many institutions that survived the financial crisis still have in place antiquated IT systems that are ineffective, […]

FCA updates on PRIIPs

FCA has updated its website with examples of products it considers will, and will not, be PRIIPs, and explaining the duties of manufacturers, distributors and advisers in relation to them.

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed.  Strangely (in the version published on 5 May), there is no […]

FCA makes PRIIPs disclosure rules

FCA has made the rules that will change disclosure requirements on application of the PRIIPs Regulation, which should be from 1 January 2018.  FCA has provided as much clarity and certainty as it can, to help firms prepare for the changes. The paper includes feedback on FCA’s consultation, and guidance on whether certain products will […]