FIN.

Category - Investments

FCA consults on fees

FCA has published its annual consultation on fees and levies. Key changes to the current year’s policy include: introducing a £5,000 pa fee for proxy advisers; using income as the basis for calculating periodic...

EU adopts capital markets reforms

The Council of the European Union has adopted several legislative reforms as part of the progress towards the capital markets union. The reforms target: Sustainable finance. The first reform establishes disclosure...

FCA confirms TPR extension

FCA has confirmed that: firms no longer need to implement their Brexit emergency plans for 31 October; and the TPR window will be open for notifications from fund managers until 15 January 2020 to let FCA know if they...

FCA speaks on future of regulation

Nausicaa Delfas spoke on the future of UK financial regulation post-Brexit. She said FCA continued to prepare for Brexit, whatever form it takes and whenever it happens, and referenced its preparations for a no-deal...

Market Watch on PA dealing concerns

The latest edition of Market Watch sets out FCA’s concerns about how firms police PA dealing by staff. FCA has noted a number of common problems, such as: employees appearing not to understand their firms’...

FCA updates change in control pages

FCA has updated its guidance on how to submit an application for change in control. The page now includes useful tips on what FCA needs to know to deal with the application quickly, and links to all the required forms.

Government responds on regulatory perimeter

The Government has published its response to the Treasury Committee’s report on the regulatory perimeter and how it could be refined and should be policed. The report had criticised the lack of a formal system for...

Market Watch Brexit special

FCA’s latest Market Watch newsletter is aimed at helping firms prepare for a possible no-deal Brexit. The edition covers: transaction reporting and the temporary transitional power – but noting firms may...

Up next from FCA

FCA’s latest Policy Development Update heralds the following publications before the end of the year: consultation on investment platforms market study remedies; policy statement on OPBAS fees; consultation on...

ESMA updates MiFID 2 FAQs

ESMA has updated its Q&As on investor protection and intermediaries issues under MiFID 2 and MiFIR.  The new questions focus on best execution and disclosure of reports to the public; and on what “ongoing...

ESMA consults on MAR review

ESMA is consulting on its required review of MAR. Its paper looks at many issues including: whether to include spot FX within MAR; differing concepts of inside information and delayed disclosure of it; whether the...

FCA makes new rules

FCA has published its latest Handbook Notice with new rules. Most of the changes are minor, and update terminology and cross-references.  FCA is also making changes to: SYSC and SUP, including adding a new Annex to SUP...

FCA pleased with MiFID 2 unbundling effects

FCA has published the results of a multi-firm review looking at whether the research unbundling rules brought in under MiFID 2 have improved asset manager accountability over costs. FCA’s research has found that...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

FCA offers Brexit help

FCA has set up a dedicated phone line for firms needing to ensure they are prepared for a no-deal Brexit, and also worked to signpost all its online resources. It expects firms to have planned properly for it. It notes...

PRA consults on update to PIN process

The PRA is proposing amendments to its Pre-Issuance Notification regime for capital instruments within the scope of CRR.  The proposed amendments reflect changes arising from CRR II, and also the PRA’s experience...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

ESAs respond on crypto assets

EBA and ESMA have published a joint response to the Commissions’ paper on crypto-assets.  The response explains the work the ESAs are undertaking, including an imminent national stock-taking exercise on the...

ASA takes action on misleading crypto ad

ASA has told HDR Global Trading to take down an ad and ensure in future that financial information was set out so as to be readily understood by the audience it was aimed at and that the risks of the relevant...

FCA updates skilled persons statistics

FCA has released the figures for skilled persons reports it commissioned in Q1 2019/20. It commissioned 9 reports in total – of which 3 related to each of retail lending and wholesale financial markets, 2 to...

Up next from FCA

The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Tribunal refuses suspension application

Sussex Independent Financial Advisers Limited had applied to the Tribunal for a suspension of the FCA’s decision to vary its permission to remove all its permitted activities on the basis that the firm did not...

Regulators tweak exit arrangement rules

FCA has announced an extension to the directions made under its temporary transitional power which it introduced in February.  The direction will now give firms until 31 December 2020 to make the necessary adjustments...

Commission adopts unfair terms guidance

The European Commission has adopted a guidance note on the Unfair Contract Terms Directive.  The note covers: the objectives and scope of the directive; key terminology such as “supplier” and...

JMLSG updates on Guidance

JMLSG has thanked all those who responded to its proposed changes on the chapters in Part II of its guidance addressing credit unions and brokerage services to funds. It has now put the finalised chapters to Treasury...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

ESMA updates MiFID 2 FAQs

ESMA has updated its FAQs on MiFID 2 and MiFIR in respect of investor protection and intermediaries.  There is a new question on how to classify financial instruments under RTS 27 for best execution purposes when ESMA...

EBA reports on POG guidance implementation

EBA has reported on how industry has implemented its Product Oversight and Governance arrangements guidelines. It found a mix of good and bad practices. Some of its criticisms were that: often the manufacturer’s...

CMA launches digital advertising market study

The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...

FCA speaks on regulating innovation

Christopher Woolard has spoken on regulating financial innovation. He explained how valuable early engagement is, and how working with innovative firms helps FCA to get a good bird’s eye view of what it should...

FCA makes CFD limiting rules

FCA has confirmed the restrictions it is putting in place for firms that offer CFDs to retail customers. It is requiring all firms that offer  CFDs and CFD-like options to retail consumers to: limit leverage –...

Treasury updates on mini-bond review

Treasury has written to Nicky Morgan updating on the progress of its review into the failure of London and Capital Finance and the government and FCA review of mini-bonds.  Alongside the FCA review into the...

FCA summarises new rules

FCA’s latest Handbook Notice confirms the following rule changes: the changes to, mainly MIPRU, MCOB and SUP that took effect on 4 June in relation to crowdfunding platforms that offer home finance products, where...

EU Council adopts crowdfunding position

The Council of the EU has adopted a position it hopes will make it easier for crowdfunding platforms to provide services across the EU, by setting minimum requirements that the platforms must meet and harmonising...

FCA publishes first perimeter report

FCA has published the first of what will be an annual report on its regulatory perimeter. Among other things, the report is designed to explain what challenges the perimeter is presenting and whether there might be a...

FCA consults on financial resources

FCA is consulting on the approach it takes to assessing adequate financial resources – and what it means by the term. The paper has been prompted by the levels of compensation FSCS has paid out relating to firms...

Up next from FCA

FCA’s latest Policy Development Update heralds a few interesting papers on the near horizon, including: a consultation in June on alternatives to high cost credit; perhaps, a policy statement on general insurance...

FSB Report on Crypto-Asset Risks

The FSB has published a report on crypto-assets,  which will be delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Fukuoka in June 2019. In particular the report notes: the work...

FSB publishes LEI implementation review

Following the launch of its peer review of LEIs in August last year, the FSB has now published the outcome of this review. Overall, the review found that take up of LEIs was patchy, being most concentrated in...

FCA extends temporary permissions deadline

FCA has confirmed the deadline for EEA firms to notify it of their intention to use the temporary permissions regime is now 30 October. FCA has updated its website with details of how the TPR applies, and its policy for...