FIN.

Category - Uncategorized

Thank you to our readers

The FIN team was delighted to win two awards at the 2018 Compliance Register Platinum awards, including Best Consultancy/Law Firm – Regulatory Compliance. Thank you to those of you who nominated us and those who...

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...

ESMA briefs on suitability

ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...

LMA’s Brexit Bulletin

The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with:  (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels;...

ESMA updates FAQs

ESMA has updated its FAQs on: commodity derivatives.  Changes address the ancillary activity test, and position limits and reporting; and MAR.   Changes clarify delayed disclosure of inside information. It has also...

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...

ECON calls for equivalence reform

The Committee on Economic and Monetary Affairs has published a report on relationships between the EU and third countries on financial services regulation and supervision. The report calls for a Resolution requiring the...

ESMA updates funds FAQs

ESMA has updated its FAQs on the UCITS Directive and the AIFMD. New questions include those addressing when UCITS invest in UCITS with different investment policies and supervision of branches of UCITS management...

ESAs update KID FAQs

The ESAs have published some further guidance on KIDs under the PRIIPS Regulation. The additions to the existing guidance provide some additional FAQs and updates to the flow diagrams for risk and reward calculations...

Treasury updates AML advisory

Treasury has updated its AML advisory notice on high risk jurisdictions. The advisory meets the requirements of the 2017 MLRs to ensure the regulated sector applies EDD to high-risk countries with reference, among other...

Prospectus exemptions amended

The FSMA (Prospectus and Markets in Financial Instruments) Regulations 2018 take effect on 21 July and amend two of the thresholds that trigger the requirement to produce a prospectus. The changes reflect the 2017 EU...

FCA consults on CMC regulation

FCA is consulting on draft rules for regulating claims management companies (CMCs) when it acquires regulatory responsibility for them on 1 April 2019. FCA is focussing on 3 key aspects: empowering customers to be...

ESMA updates MiFID 2 FAQs

ESMA has updated its FAQs on investor protection and intermediaries under MiFID 2. New questions added in May focus on: best execution: a new question addresses what is meant by “other liquidity provider”;...

ESMA updates UCITS FAQ

ESMA has updated its FAQs on the application of the UCITS Directive. The additions look at how to apply remuneration disclosure requirements to staff or the delegate of a UCITS management company who have been delegated...

EU adopts MLD5

The Council has formally adopted MLD5 in its meeting of 14 May. The changes to MLD4, already agreed between the Council and Parliament, include: greater transparency of beneficial ownership of companies and trusts;...

Government responds on Brexit

The Government has published its response to the House of Lords EU Committee Report on financial regulation and supervision after Brexit. It offers assurances that: the UK will continue to lead global standards; the...

MLD5 final text published

Ahead of its adoption, the Council and Parliament text of MLD5 was published on 26 April. After formal adoption it will need to be published in the Official Journal, and it will come into force 18 months after that...

EU updates on withdrawal plans

The European Commission has updated its website with notices on plans for Brexit in several industry sectors including financial services. The latest news reports a request from the Commission and Treasury to the ECB...

Barnier speaks on Brexit

Michel Barnier has spoken to Eurofi. He described Brexit as a lose-lose situation, with no added value.  He said: there can be no frictionless trade outside the Customs Union and Single Market so businesses will be...

EP votes through MLD5

The European Parliament adopted in plenary session on 19 April  the proposals for MLD5. In an EP press release prior to the vote: the proposals to require public access to beneficial ownership information, to introduce...