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 […]