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 were there to share the evening with us.
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 stemmed from the MiFID Org Reg, which states that financial analysts should not engage in activities other than the preparation of investment research where […]
FCA’s latest quarterly consultation focuses on SUP. FCA proposes changes that will update the Gabriel validation rule and FCA guidance on the capital adequacy form for APIs, and update its supervisory principles in line with its Approach document. Consultation closes on 7 November and 7 October respectively.
FCA has appointed Sheldon Mills, currently senior director of mergers and state aid at the CMA, as its new director of competition. He will take up the role in November.
FCA is consulting on how it proposes to set fees to recover its costs for setting up the regulatory regime for claims management companies and for ongoing supervision of the sector. The consultation covers fees under the temporary permissions regime and the ultimate full permissions regime. FCA plans to recover as many of its costs […]
MLD5 has now been published in the OJEU. It is dated 30 May and was published on 19 June. Member States are required to implement it by 10 January 2020.
The Council of the EU has agreed a negotiating mandate for progressing the Commission’s proposals on cross-border marketing of funds. It has also published compromise texts based on the Commission’s originals to form the basis for negotiations with the European Parliament.
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 confident they have chosen a value-for-money service that is appropriate for their needs; ensuring CMCs get redress for their customers in […]
Following its consultation on effective financial management and planning for insurance firms and groups, the PRA has now published its final policy statement PS10/18, and Supervisory Statement SS4/18, ‘Financial management and planning by insurers’. The Supervisory Statement (which has been modified in the light of responses to the consultation) includes a framework for the: development […]
The funding deficits of defined benefit (DB) pension schemes have made news headlines in recent times, following the difficulties encountered by the British Steel Pension Scheme and some high profile business failures. The Government’s response was to issue a Green paper suggesting ways in which the funding and security of members’ pensions could be improved. […]
FCA has published a consultation paper on Handbook changes necessary as a result of the EU Benchmarks Regulation and the UK Benchmarks Regulations 2018. Specifically, it plans changes to DEPP and EG FCA proposes to apply its existing policy and procedure to the exercise of its enforcement powers under the Benchmarks Regulation. FCA also proposes […]
Thank you to all of our FIN readers who nominated us for awards at the Compliance Register Platinum Awards 2017. Emma was delighted to retain her award for “most outstanding compliance trainer“.
ESMA has published the results of its peer review on the guidelines on certain aspects of the compliance function under MiFID 1. The review covered a 2 year period and assessed the approaches of 31 NCAs. It included some on-site visits. While ESMA found some divergences in practice, it assessed 27 NCAs positively on their […]
The Information Commissioner’s Office (ICO) has launched an advice line in order to help small organisations prepare for compliance with the EU General Data Protection Regulation (GDPR), which is due to come into force in May 2018. The phone service is aimed at people running small businesses or charities and recognises the particular problems they face […]
The City of London Law Society has written to the Department for Business, Energy and Industrial Strategy outlining a number of concerns with the draft Contract Terms (Assignment of Receivables) Regulations 2017. The draft regulations will invalidate contract terms which prohibit the assignment of receivables. However, CLLS comment that the regulations “will create substantial uncertainty in a […]
The FCA is consulting on a targeted proposal to make the listing regime work better for companies controlled by a shareholder that is a sovereign country. This consultation paper (CP17/21) will be of interest to: companies listed in and considering listing in the UK firms advising listed companies, sponsors, institutions offering depositary services and their advisers firms […]
FCA has updated its webpage to include a set of questions and answers published by ESMA on the transitional provisions for the EU Benchmark Regulation (BMR). FCA says this is an important clarification for the industry and will inform decisions on when a firm should apply for authorisation or registration during the period January 2018 to […]
BoE has published a record of its Financial Policy Committee’s Meeting on 21 June 2017. The report reveals the reasoning behind the recommendations and decisions in its Financial Stability Report no. 41. in relation to: Increasing the UK countercyclical capital buffer rate to 0.5%, from 0%; Clarifying its existing insurance measures in the mortgage market, designed […]
The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the report, the LSB notes that, in the context of the Standards, the most significant areas of digital development for firms are […]
The latest forecast from the European Parliament’s legislative observatory indicates the first plenary hearing of the MLD5 proposals will be on 23 October.
A swathe of delegated legislation and adopted technical standards relating to MiFID 2 has been published in the OJEU. Key measures now published (many of which had been finalised some time ago) include: the MiFID 2 level 2 Regulation on organisational requirements and operating requirements for investment firms, and defined terms; the MiFIR level 2 […]
At the Legal Business Awards on 23 March, we were delighted to win Insurance Team of the Year 2017. Click here to read more about our team’s achievement.
Philip Hammond’s Spring Budget has not sprung any surprises on financial regulation. The Chancellor is required to write to FCA and PRA (to be operated by the Prudential Regulation Committee) each year with recommendations, and has accordingly done so. The letter to FCA applauds FCA’s work to date, and highlights that: the Government is particularly […]
The Investment Association (IA) has published an updated version of its guidance for members on authorised funds. This is a document designed for use by investors who are considering investment in a UK authorised fund and for firms to use in answering their questions.
A direct mail order and online business has agreed with FCA that it will set up a redress scheme to provide around £12.5m redress to 330,000 customers to whom it sold insurance which offered them little or no value. Express Gifts Ltd was authorised to sell general insurance, and sold cover against accidental damage and […]
The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering of Article 50. The LMA response sets out the need for transitional arrangements for the loan market following the UK’s exit from the […]
Treasury has published a draft legislative reform order to amend the Limited Partnerships Act 1907 in respect of private investment funds, such as venture capital and private equity funds. The proposals include the creation of a private fund limited partnership (PFLP) as a new form of limited partnership. The order is due to come into force […]
Industry has reacted to Theresa May’s speech of 17 January, when she confirmed Britain would leave the single market. In her speech, the Prime Minister reiterated that it is for the Government alone to invoke Article 50 and take responsibility for negotiations with the EU, working with the devolved administrations. She confirmed the plan, soon, to […]
The new rules which will guide insolvency practice are to come into force on 6 April 2017. The Insolvency Rules 2016 have been introduced to consolidate the Insolvency Rules 1986 and their numerous amendments into a single instrument, to update them in terms of their language and style of drafting, and to reflect modern business practice and […]
The FCA is proposing stricter rules governing retail CFD products after identifying a number of concerns. It is worried retail customers are opening and trading CFD products that they do not adequately understand. A representative study found that 82% of clients in a representative sample of CFDs lost money on these products. The review also […]
At the Compliance Register Platinum Awards dinner on 1 December, we were delighted to win: Bond Dickinson: Most Effective Law Firm Emma Radmore: Best Compliance Trainer Emma Radmore: Long and Distinguished Service to Compliance and Regulation Andrew Barber: Runner Up: Best Regulatory Lawyer Thank you to our readers who nominated and voted for us.