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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 […]

Compliance Trainer award – thank you!

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 publishes MiFID compliance function peer review

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 […]

ICO launches new advice service to help small organisations with GDPR preparations

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 […]

CITY OF LONDON LAW SOCIETY RESPONSE TO NEW BUSINESS CONTRACT TERMS REGULATIONS

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 […]

FCA consults on proposal to create new premium listing category for sovereign controlled companies

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 publishes ESMA statement on transitional provisions for the EU Benchmark Regulation

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 publishes record of Financial Policy Committee meeting

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 […]

Lending Standards Board considers enhancements to take account of technological advancements

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 […]

MLD5 due for plenary in October

The latest forecast from the European Parliament’s legislative observatory indicates the first plenary hearing of the MLD5 proposals will be on 23 October.