FCA releases Policy Statement 18/18 on Industry Codes of Conduct

The Financial Conduct Authority (FCA) has published Policy Statement 18/18 (PS18/18) regarding a summary of the industry codes of conduct and feedback on FCA Principle 5. This PS summarises the feedback received on Consultation Paper 17/37 (CP17/37) on Industry Codes of Conduct and Discussion Paper on FCA Principle 5 for businesses. The FCA outlines its […]

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FCA Policy Statement on the EU MMF Regulation

The Financial Conduct Authority (FCA) has published a Policy Statement 18/17 (PS18/17): The European Money Market Funds (EU MMF) Regulation. It sets out final rules and its responses to the feedback it received to Consultation Paper 18/17. The EU MMF regulation came into force in every EU member state on 21st July 2017, and took […]

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ESMA on submission of authorisation applications

ESMA Reminds UK based Regulated Firms About Timely Submissions of Authorisation Applications The European Securities and Market Authority (ESMA) issued a public statement regarding the possibility to raise market participation awareness on the importance to prepare for the possibility of a no agreement scenario in the context of the UK withdrawing from the European Union […]

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FCA Releases Near Final Rules on SMCR Extension to all FSMA authorised firm

Firms regulated by the FCA now have access to their Near Final Rules on the extension of the Senior Managers and Certification Regime (SMCR) to all FSMA authorised firms. The FCA is proposing to implement these rules, as they were consulted upon, with minor amendments. See below, some key highlights, FCA clarification and guidance:  Test […]

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Further Amendments to JMLSG Guidance

Following consultation, The Joint Money Laundering Steering Group (JMLSG) has published revised versions of two of the sectors in Part II of its Guidance, on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revised sectors are ’12: Asset finance’ and ’17: Syndicated lending’.   Further information: […]

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FCA re public register

FCA statement on proposals to introduce a public register The Financial Conduct Authority (FCA) has updated its website referring to feedback on the value of maintaining a central public record of certification employees and other important individuals in FCA regulated firms who would no longer appear on the Register (this includes non-executive directors, financial advisers, […]

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PRA Dear CEO Letter on exposure to crypto-assets

The PRA has published a letter addressing CEOs of banks, insurance companies and designated investment firms to remind them of their obligations under PRA rules, and to communicate the PRA’s expectations concerning firms’ exposure to crypto-assets. The PRA reminds firms of their responsibilities under the PRA’s Fundamental Rules 3, 5 and 7 to: (i) act […]

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FCA list of cooperation agreements with third country regulators

The FCA has published a list of the supervisory authorities in third countries with which it has cooperation agreements that meet the requirements set out in Article 32(2) of Commission Delegated Regulation (EU) 2017/565. These complement with MiFID II regarding the organisational requirements and operating conditions for investment firms (otherwise known as the MiFID II […]

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FCA’s proposed update on Market Abuse Regulation

FCA Guidance Consultation 18/3: Primary Market Bulletin No.19 The Financial Conduct Authority (FCA) has published a Guidance Consultation 18/3 (GC18/3) concerning a proposed update to the FCA’s existing technical note on periodic financial information and inside information (UKLA/TN/506.1), involving the delay in the disclosure of inside information under Article 17(4) of the Market Abuse Regulation […]

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FCA consultation on fairness of variation terms in financial services consumer contracts

The FCA are consulting on new guidance on unfair contract terms following the introduction of the Consumer Rights Act 2015 (CRA). In March 2015 the FCA withdrew some unfair contract terms material from its website. Further material was withdrawn in May 2016. The proposed new guidance reflects current legislation and case law. It outlines factors […]

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Crytpocurrency Regulation

MLD5 introduces cryptocurrency regulation Introduction On 19 June 2018, the text of the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the EU (OJ).  The Council of the EU adopted the Directive on 14 May 2018, following adoption by the European Parliament on 19 April 2018.   The Directive will enter […]

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ESAs consult on amendments to joint EMIR standards

The European Supervisory Authorities (ESAs) have published two joint consultations, to amend Regulatory Technical Standards (RTS) on the clearing obligation and risk mitigation techniques for over-the-counter (OTC) derivatives not cleared. Consultation paper on the clearing obligation: This paper provides explanations on the draft regulatory technical standards specifying criteria for establishing which arrangements under covered bonds […]

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