FIN.

Category - Investments

HM Treasury speech on credit unions reform

On 24 May 2022, in a speech delivered at the Association of British Credit Unions annual conference, John Glen, Economic Secretary to HM Treasury, announced reforms to the legislative framework for credit unions. In the...

ESMA updates Q&As on crowdfunding

On 20th  May 2022, the European Securities and Markets Authority (ESMA) has updated the Questions and Answers on the European crowdfunding service providers for business Regulation. The changes specifically address...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA publishes issue 69 of Market Watch

On 17 May 2022, the FCA published Market Watch 69, its newsletter on market conduct and transaction reporting issues. The newsletter focuses on firms’ arrangements for market abuse surveillance, drawing on the...

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

ESAs call for improvements to PRIIPs KID

The ESAs have issued a joint supervisory statement regarding the ‘What is this product?’ section of the KID for PRIIPs. It aims to improve the quality of descriptions provided by PRIIPs manufacturers and thereby...

FMSB is changing its name

FMSB has announced that it is changing its name from the FICC Markets Standards Board to the Financial Markets Standards Board. It will continue to use “FMSB”. FMSB says the change will help support...

FCA launches new IFPR webpage

The FCA has launched a new webpage which sets out how to submit MIFIDPRU applications and notifications. It also includes information for IFPR firms about MIF returns.

ESAs propose PRIIPs KID changes

The ESAs have published their technical advice to the European Commission on making the PRIIPs Key Information Document more user friendly, The advice recommends several changes and encourages the Commission to...

Post-Trade Task Force publishes report

The industry led Post-Trade Task Force has published its report on the future of post-trade. Its work will now be taken forward by the FICC Markets Standards Board (FMSB). The report looks at key challenges which it...

FCA confirms changes to PRIIPs regulation

Following its consultation in 2021, the FCA has confirmed it is making changes to the PRIIPs regulation to: clarify the scope of the PRIIPs regulation for corporate bonds, making it clearer that certain common features...

FCA portfolio strategy letter on custody

FCA’s latest letter on its portfolio supervision strategy relates to custody and fund services. It sees 4 areas of potential harm: disruption to consumers and market participants, or the loss, compromise, or lack...

IOSCO consults on retail market conduct

IOSCO has published a consultation report from the Retail Market Conduct Task Force. The report looks at recent retail investor trends and the development of a regulatory toolkit to help regulators consider emerging...

FCA responds on LCF Complaints

FCA has set out its response to the Complaints Commissioner’s report on its handling of the failure of LCF in respect of assessing complaints against it.  It says it is sorry for the mistakes it made. It has...

FCA portfolio letter for Credit Unions

The FCA has published a portfolio letter to Credit Union Boards setting out the usual key risks of harm that are present for Credit Unions, their members and the markets in which they operate. The letter asks firms to...

FCA consults on miscellaneous rule changes

FCA’s latest quarterly consultation covers: proposed changes to PERG in respect of the MiFID 2 ancillary activities test; making collective investment portfolio managers subject to the same research and inducement...

FCA publishes Consumer investments data review

The FCA has published its third Consumer investments data review. The review provides an overview of FCA’s work to protect consumers from investment harm between April and September 2021. This follows FCA’s...

Treasury responds on mini-bonds

Treasury has published its response to the consultation on the regulation of mini-bonds (or NTDS – non-transferable debt securities). Most respondents agreed the instruments should be brought into regulation, but...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of...

Final report: London Capital & Finance

The Complaints Commissioner has published its final report on the FCA’s oversight of London Capital & Finance plc (LCF). The report splits the complaints about FCA’s regulation of LCF into three...

FCA orders firm to remove influencer ads

FCA has published a second supervisory notice to confirm that it is not rescinding the directions imposed on Freetrade Limited in its first supervisory notice dated 14 December 2021. Freetrade must therefore immediately...

FCA clarifies next steps in LIBOR transition

The FCA has published a new webpage entitled ‘finalising LIBOR transition – achievements in sterling markets and what remains to be done‘. The FCA identifies that the final publication of sterling...

FCA speaks on capital market enhancement

Sarah Pritchard has spoken on FCA’s role and priorities in enhancing the UK’s capital markets. She focused on FCA’s transformation plan and how this would affect the way it regulates.  It has welcomed...

FCA publishes 2021 fin proms data

FCA has published its analysis of its data from 2021 relating to action it took against authorised firms breaching financial promotion rules. Key conclusions included: an increase in amendment and withdrawal of...

ESMA consults on MiFID 2 suitability

ESMA is reviewing its guidelines on the MiFID 2 suitability requirement, with a view to updating them in respect of sustainability.  It is looking particularly at collecting client information on sustainability...

FCA publishes new MIFIDPRU webpage

FCA has published a new webpage on how the MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms. The webpage gives an overview of the Code and provides information on proportionality, performance...

FCA still concerned about wholesale data

FCA is to continue to investigate the markets for benchmarks, indices, credit ratings and trading data after responses to its call for input highlighted concerns that there is limited competition in the markets and that...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

FCA confirms end-2021 LIBOR changes

FCA has reminded firms that publication of 24 LIBOR settings has ended – that is, all euro and Swiss Franc, all overnight/spot next, 1-week, 2-month and 12-month sterling and Japanese yen and 1-week and 2-month US...

EU updates on PRIIPs

The Council of the EU ha published details of the extension of the transitional arrangement that allows UCITS to choose whether to use the KID or the KIDD. The transitional arrangement was due to end in July 2022, but...

FCA publishes IFPR newsletter

The FCA has published a newsletter on IFPR which, among other things, reminds firms that the obligation to collect certain data in connection with the firm’s SNI status and K-factor calculations has begun (see...

CLLS considers Fin Prom onshoring

The City of London Law Society has published a letter written to the Treasury in July expressing concerns about how the “onshoring” of the Financial Promotion Order post-Brexit has affected the exemptions...

PRA updates on designating investment firms

The PRA has published policy statement 27/21 which sets out: the PRA’s updated Statement of Policy – designation of investment firms for prudential supervision by the PRA (at Appendix 1); and the instrument making...

FCA publishes quarterly consultation paper

The FCA has published its 34th quarterly consultation paper. The proposed changes to the FCA handbook include: Amending the Enforcement Guide to reflect the EU Exit Passport Regulations by providing information about...

EU fines banks for FX spot cartel

The European Commission has fined UBS, Barclays, RBS, HSBC and Credit Suisse a total of €344m for their participation in a foreign exchange spot cartel.  The first 4 banks settled (with UBS receiving full immunity for...

FCA finalises UK MiFID changes

FCA has finalised its proposals on changes to the research rules and removal of the best execution reporting in RTS 27 and 28 in relation to UK MiFID. FCA remains of the view that the changes were necessary to ensure...

FCA publishes final policy statement on IFPR

Following its first two policy statements, the FCA has published its third and final policy statement marking the completion of its rules to introduce the UK Investment Firm Prudential Regime (IFPR). The final rules...

ESMA reports on MAR sanctions

ESMA has published a report on the sanctions imposed by various member states under MAR during 2020.  Over the year, €17.5m in fines were imposed for over 500 breaches. The number of administrative actions was...

FCA updates on IFPR

The FCA has published the following additional MIFIDPRU applications forms under IFPR: Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI...

Dormant Assets Bill under inspection

The Dormant Assets Bill is making its way through the House of Lords, where members have voted on two changes to the Bill at report stage. It will now has its third reading on the Lords before moving to the Commons. The...