Emma RadmoreThe ESAs have published further Q&As on the KID requirement for PRIIPs. The updates are on both general topics (in respect of calculating the minimum holding period for a product) and MOPs, in terms of the form and...
Category - Funds
FIN. TeamESMA updates funds and MAR FAQs
ESMA has updated its FAQs on: the application of the UCITS Directive to include clarification on benchmark disclosure obligations for UCITS both in the KIID and where funds name a target in their investment objectives...
Barry Stimpson
ESMA issues FAQs under Prospectus Regulation
ESMA has published its first set of FAQs under the Prospectus Regulation. The questions look at: grandfathering of prospectuses approved under the 2003 Prospectus Directive applicability of guidance on the old Directive...
FCA extends temporary permissions window
In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA looks at life beyond Brexit
In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019. Firms that...
Roseyna Jahangir
Commercial BankingConductEnforcement & LitigationFinancial Crime PreventionFundsInsuranceInvestmentsPensionsRegulated MortgagesRetail Banking
Europe reaches political agreement on reforms to EU supervision
The European Parliament and Member States have reached agreement on core elements of the reform of European supervision of financial markets, including strengthening the supervisory framework in the area of anti-money...
JMLSG proposes credit union and brokerage services updates
JMLSG has published proposed revisions to the chapters on credit unions and brokerage services to funds, in part 2 of its guidance. The updates aim to describe in more current terms what risks the sectors face and how...
FCA publishes investment platforms market study
FCA has published the final report in its Investment Platforms Market Study. It has concluded that the market is working well for most consumers, but it is proposing changes that will make it less expensive and time...
FCA Update on Digital Regulatory Reporting
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...
Angie Bamboulis
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
What the Spring Statement brings for regulation
In the Chancellor’s Spring Statement, the Chancellor referred to the need to ensure financial regulation can adapt to a no-deal Brexit and then, longer term, to the UK’s new constitutional position.
FCA finalises guidance on SoRs and responsibilities maps
FCA has published its finalised guidance to help firms prepare their statements of responsibility and responsibilities maps under the SMCR. The guidance addresses the rules as they apply to each category of SMCR firm...
FCA confirms FOS increase
FCA has issued a policy statement confirming the increase in the FOS award limit. From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...
FCA makes Directory rules
FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...
ESMA speaks on fund priorities
Steven Maijoor has spoken on ESMA’s priorities in fund regulation. He focused on how consumer investments progress over time, and the role of costs, looking at ESMA’s costs and performance report on retail...
Consumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
EU agrees draft directive to enhance consumer protection
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised...
Up next from FCA
FCA is running behind schedule on some expected publications. Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
BoE and FCA update on Brexit approach
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...
FCA calls for costs and charges disclosure improvements
FCA has issued a set of papers on costs and charges disclosures. its feedback statement on firms’ experiences of the PRIIPs requirements concludes that firms find certain issues, in particular relating to summary...
Commercial BankingFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA renews call for firms to prepare for Brexit
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Court rules that Brexit is not frustrating event for a lease
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case...
The IA helps fund managers speak investors’ language
The Investment Association has published guidance that it hopes will help find managers explain technical terms to investors in a way they understand. The guidance both explains key terms and suggests areas where fund...
ESMA confirms three UK CCPs can be recognised to provide services to the EU
ESMA has announced that, in the event of a no-deal Brexit, LCH Limited, ICE Clear Europe Limited and LME Clear Limited will be recognised as equivalent. The confirmation of equivalence for the purposes of EMIR follows...
Financial Stability Board 2019 work programme published
The Financial Stability Board has published its work programme for the forthcoming year. The areas upon which it intends to focus are: addressing emerging vulnerabilities in the financial system; working with standard...
ConductConsumer FinanceEnforcement & LitigationFintech & InnovationFundsInsurancePayment Services & Electronic MoneyPensionsRetail Banking
ESMA creates Brexit page
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs...
FCA fines fund manager
FCA has fined Paul Stephany, formerly a fund manager at Newton Investment Management Limited. It imposed the £32,200 fine after it found Mr Stephany twice submitted orders as part of a book build for shares that were to...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury lays Brexit FS SI before Parliament
Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial...
FCA publishes call to action for firms to prepare for no-deal Brexit
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA agrees Brexit MoUs with European securities regulators
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating...
BoE and ESMA agree MoU
As part of the Brexit preparations, the BoE and ESMA have published an MoU setting out cooperation and information-sharing arrangements in relation to CCPs and CSDs. This agreement, and the adoption by the EC of...
ESMA publishes 2019 Regulatory Work Programme
ESMA has published its Regulatory Work Programme for 2019, setting out ESMA’s Single Rulebook work. The matters it is working on for the forthcoming year include: Post-trading RTS under EMIR; RTS relating to...
FCA publishes updated rules and guidance for fund managers
As part of its follow up work to its asset management market study, the FCA has published new rules and guidance to help asset managers and customers understand more about how funds are being managed. The new provisions...
European venture capital funds & social entrepreneurship funds delegated regulations published
The European Commission has adopted delegated regulations under the EuSEF Regulation (346/2013) and the EuVECA Regulation (345/2013). These Regulations respectively introduced measures to allow venture capital funds to...
Regulators consult on FSCS MELL
FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an...
FCA gives NPPR guidance
FCA has provided some further guidance to help firms filling in the NPPR forms.
Ireland and Luxembourg allay Brexit funds concerns
Ireland and Luxembourg have both made announcements designed to give comfort to their funds that use UK based portfolio managers: The Deputy Governor of the Bank of Ireland said in a speech that it was making good...
CMA updates investment consultancy implementation timetable
CMA has published its administrative timetable for implementation of the investment consultancy and fiduciary management market remedies. There will be: Consultation on the draft Order in February; Notification to the...
FMLC writes to Treasury on Brexit regulations
FMLC has written to Treasury with its key observations on the FSMA (EU Exit) Regulations. The Committee is concerned at some wording proposed in relation to the financial promotion rules. Specifically, FCA has power to...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee launches post-Brexit FS inquiry
The Treasury Committee has started a new inquiry looking at financial services in the UK after Brexit. Its focus is to look at: what the UK’s financial services priorities should be when negotiating the UK’s...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Treasury writes to Treasury Committee on no-deal planning law
The Treasury has written to the Treasury Committee enclosing a draft of secondary legislation that would give temporary transitional powers to the UK financial regulators in the event of a no-deal Brexit that would...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
FCA to look at product governance and research unbundling
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Financial Services head at Womble Bond Dickinson
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK.
More information on Jonny and his appointment can be found here.
New FCA portal for mutual societies
The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes sector views
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...
Commission reports on AIFMD
The European Commission has published a report showing how the AIFMD has significantly contributed to creating an internal market for AIFs. It says most of its provisions have achieved their intended objectives...
FCA ‘Dear CEO’ letter on misleading financial promotions
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Brexit contractual continuity provision
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this...
FCA opens temporary permissions notification window
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Up next from FCA
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
PRA consults on Brexit measures
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...
ESMA consults on sustainability measures
ESMA has published a set of consultation papers on sustainable finance initiatives, seeking views on: draft technical advice on integrating sustainability risks and factors into MiFID 2, the AIFMD and UCITS Directives...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes final rules on expansion of FOS jurisdiction to SMEs
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FOS consults on plans for 2019/20
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Corporate Governance Principles published
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies.
We have published an article that summarises and discusses these Principles.
Suzanne GadoFCA consults on patient capital and permitted links
Following the Patient Capital Review on regulatory barriers to investment in illiquid “patient capital” assets FCA is consulting on: changes to the COBS 21.3 permitted links rules to enable retail investors...
BEIS confirms AML safeguards for partnerships
BEIS has published its response to its consultation on the reform of Limited Partnership law. It has confirmed new measures, applicable to all limited partnerships in the UK (and, for Scottish Limited Partnerships, in...
FCA reports on cyber review findings
FCA has published the results of its study of cyber-resilience and security in 20 asset management and wholesale banking firms. Its review comprised firms of varying size, scale, operating models and geography. The...
FCA publishes quarterly consultation
FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and...
Commercial BankingConsumer FinanceConsumer InsuranceFintech & InnovationFundsInvestmentsLloyds MarketPayment Services & Electronic MoneyPensionsRetail Banking
EC Review of the Distance Marketing Directive
The European Commission has launched a review of the Distance Marketing Directive (DMD) to assess whether it is relevant, effective, efficient, and in line with other EU legislation. The review follows an announcement...
ESMA publishes KID amendment advice
ESMA has published the advice it received from the Securities and Markets Stakeholder Group on amending the PRIIPs KID. The group fully supports the principle of the KID but is disappointed that there are proposals for...
MEPs vote on fund marketing changes
MEPs in ECON have voted through the proposals for changes to the rules on cross-border investment fund distribution. As part of the vote, they stipulated that marketing communications should be clearly identified as...
FMLC comments on funds onshoring measures
FMLC has noted a number of legal uncertainties in the various draft onshoring legislation relating to investment funds and their managers. In relation to the drafts for AIFMs and Collective Investment Schemes, FMLC has...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee publishes Withdrawal Agreement analyses
The Treasury Committee has published the Bank of England’s analysis of the Withdrawal Agreement and Political Declaration. The lengthy document explains how the reduction in openness with reduce the UK...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes approach to authorisation and feedback statement
Following a consultation last year, the FCA has published the ‘FCA Mission: Approach to Authorisation’ and feedback statement. This document includes reference to the introduction of a new range of tools to...
Brexit Bill and policy note covering in-flight legislation published
As part of the preparation for a ‘hard’ Brexit, the Treasury has published a Policy Note that accompanies a draft Bill covering in-flight financial services legislation, currently progressing through...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DExEU publishes draft political declaration
On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...
Commercial BankingConductFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury announces more details on its approach to onshoring financial services legislation
On 22 November 2018, Treasury announced it was developing a draft SI for MAR. It proposes that the SI will address: the scope of the regulation; transaction reporting; notification requirements; transfer of functions;...
FSB announces appointment of new FSB Chair and Vice Chair
The Plenary of the Financial Stability Board (FSB) has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of...
FCA consults further on Brexit approach
FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA consults on fees and levies
FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DexEU announces Brexit progress
The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...
ESMA publishes updated Q&As
ESMA has updated its Q&As on MiFID II and MiFIR, and on the Short-Selling Regulation. The topics addressed by the MiFID II and MiFIR Q&As include making market structures and transparency issues. The Short...
Further EU Exit draft regulations published
The latest batch of draft SIs published under the EU (Withdrawal) Act to ensure continuity of legal framework in the event of a no-deal Brexit relate to: Venture Capital Funds; Social Entrepreneurship Funds; and Money...
ESMA publishes texts supporting the Securitisation Regulation
As part of the implementation of the Securities Regulation, which begins to apply from 1 January 2019, ESMA has published: draft regulatory and implementing standards on the contents of applications to register with...
ESAs consult on PRIIPs KID changes
The ESAs are consulting on proposed amendments to the PRIIPs KID. The consultation follows the ESAs’ letter to the Commission on developing guidance on information on investment funds. It also noted the need to...
FCA outlines temporary permissions for funds
FCA has outlined how its temporary permissions Brexit regime will work for inbound EEA firms and funds. FCA carried out a survey earlier in the year for affected firms and funds, and urges relevant firms to complete it...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Call for interest in new payment Standards Advisory Panel
The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Bank of England communications on approach to financial services legislation under EU (Withdrawal) Act
The Bank of England has published a package of documents covering various aspects of contingency measures required in the event of there being no applicable Brexit transition period agreed. The publications include:...
BoE consults on fees for non-UK CCP applications
The Bank of England is consulting on the proposed fee for applications for non-UK CCPs that will seek UK recognition both before and after Brexit. Comments and feedback on all aspects of the proposal are sought by 2...
Further Brexit SIs published
HMT has published the latest set of Brexit transition draft and updated draft SIs to be made under the EU Withdrawal Act 2018 in the event of a ‘hard’ Brexit, and accompanying explanatory notes. These...
FSB holds its plenary meeting
The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit. Points of interest...
FCA publishes information for registering as a trade repository
As part of its Brexit preparations, the FCA has updated its webpage for incoming trade repositories that wish to ensure they can continue to do business in the UK following Brexit. Firms are now able to complete draft...
BoE publishes FPC minutes and confirms Brexit analysis
The FPC met on 3 October. At the meeting, it continued to assess the risks Brexit presents to the UK financial services sector, noting there had been considerable progress in the UK to address the risks, but not much in...
Consumer CreditEnforcement & LitigationFintech & InnovationFundsInsuranceInvestmentsRegulated MortgagesRetail Banking
FCA Feedback Statement on Digital Regulatory Reporting
The FCA has published a feedback statement on digital regulatory reporting. This follows the FCA’s call for input on smarter regulatory reporting in February 2018. The FCA found that most respondents agreed that...
Commercial BankingConductFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Statements of Responsibilities and Responsibilities Map guidance
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRetail Banking
Treasury updates Brexit SIs
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on :...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes Brexit consultations following HMT Guidance
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes...
FCA and SFC sign MoU on UK-Hong Kong Mutual Recognition of Funds
The FCA and Securities and Futures Commission (SFC) have signed a Memorandum of Understanding (MoU) on Mutual Recognition of Funds, which will allow eligible Hong Kong public funds and UK retail funds to be distributed...
FCA consultation on rules for open-ended funds holding illiquid assets
The FCA is consulting on the introduction of rules to address issues that could arise where open-ended funds with illiquid asset holdings encounter stressed conditions. Following the outcome of the Brexit referendum in...
Industry body calls for review of PRIIPs Regulation
Following the FCA’s Call for Input into the implementation of the PRIIPs Regulation, the Personal Investment Management and Financial Advice Association (PIMFA) has commented that it agrees with concerns about the...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury plans transitional regulatory tool
Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...
AFME publishes guidance on COBS
AFME has published guidance on financial analysts’ interaction with representatives of private companies and their financial advisers under the revised rules in COBS 12.2.21 which took effect in July. The change...
ESMA updates AIFMD FAQ
ESMA has updated its AIFMD FAQs to include questions on how notification requirements apply to AIFMs managing umbrella AIFs on a cross-border basis.
ESMA updates MiFID and MiFID II materials
ESMA has published an update to its Q&As on MiFID II and MiFIR, answering questions relating to investor protection and intermediaries. The answers address: best execution: reporting for firms using a...
CMA brings forward investment consultant report date
The CMA has announced that it is bringing forward the date for publishing its final report on its investigation into the supply and acquisition of investment consultancy and fiduciary management services in the UK...
Gavin EllisonESMA publishes 2019 work programme
ESMA has published its 2019 work programme. As ever, its top priority is supervisory convergence. It will be working particularly on prospectuses, investment funds and MiFID 2 as well as cross-cutting supervisory themes...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA speaks on crises
Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...
ILPA updates members on activities
ILPA‘s (the Institutional Limited Partners Association) latest member update includes items on: a comment letter in response to SEC’s proposed Interpretation on the standard of conduct for investment...
Treasury publishes “no-deal” guidance
Treasury has published guidance for the banking, insurance and other financial services sectors on the impact of what it still describes as an “unlikely” no-deal Brexit scenario. It stresses that increased...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Law Commission confirms status of electronic signatures
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FSB launches peer review of LEIs
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...
ESMA response to EIOPA on AIFMD
ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD. EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA updated guidance for firms outsourcing IT
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Corporate governance reporting and the impact on large private companies
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or...