Category S(I)MR & Governance

Memorandum of Understanding between the FRC and FCA

The Financial Reporting Council (FRC) and Financial Conduct Authority (FCA) have published a Memorandum of Understanding (MOU) setting out: the respective statutory regulatory responsibilities of the FRC and FCA;  the arrangement for co-operation between the two bodies; and the exchange of relevant information. In addition, the MoU aims to aid, through clarity and transparency, understanding of the above […]

Law Commission to address electronic signatures and smart contracts in 13th Programme of Law Reform

The Law Commission has announced the programme of reforms it will be working on over the next 3 years.  The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]

Regulators update on SMCR

FCA is consulting on how firms and individuals will manage the transition to the extended SMCR. Its key proposal is to grandfather persons from the existing approved persons regime, so that firms can focus on embedding the cultural changes required rather than filling in forms. FCA also seeks views on whether to extend the duty […]

FCA sets out future approach to authorisation and competition

FCA has outlined its approach to authorisation and to competition. It notes it is one of the few financial regulators in the world with an objective that includes promoting competition. It wants to understand, in relation to authorisations: whether applicants clearly understand how to meet the Threshold Conditions – and, if not, how FCA could […]

FCA feeds back on FAMR

FCA has published a policy statement on its consultation on FAMR and insistent clients.  Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA will publish the new guidance in early 2018 and directs firms wanting to make use of the amendment to the RAO definition […]

FCA makes new rules

At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation, including a new definition of “high frequency algorithmic trading technique”, amending various definitions relating to derivatives to ensure they reflect changes to […]

FCA consults on market conduct codes

FCA has published a consultation paper setting out its approach to supervising and enforcing the SMCR, and a wider discussion on extending Principle 5 (standards of market conduct) to the unregulated activities of authorised firms. The consultation paper explains how FCA expects firms and their senior management to consider market codes when they are determining […]

PRA publishes framework for authorisation and supervision of insurance special purpose vehicles

Following a period of consultation, PRA has published a policy statement and supervisory statement that are relevant to all parties who wish to apply to PRA for, or have obtained authorisation as, an insurance special purpose vehicle (ISPV). It is also relevant to insurers and reinsurers seeking to use UK insurance special purpose vehicles (ISPVs) as […]

Bond Dickinson financial services team ranked in Legal 500

The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing  ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that  “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]

PRA comments on “Geofinance”

Sam Woods, speaking at Mansion House,  commented on what he predicts to be an increasingly prevailing dynamic in financial institutions and financial regulation. Geofinance is the impact of geography on how banks, insurers and regulators operate, and Woods remarks that it “is likely to be the defining challenge of the next few years.” Woods stated “stability begins at home” […]