EU’s Combating Money Laundering by Criminal Law Directive

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU. Dubbed the Sixth Anti Money Laundering Directive, the new proposed Directive complements and reinforces the Fourth Anti-Money Laundering Directive (EU) (2015/849) (and its amendments introduced by the Fifth Anti-Money Laundering Directive, adopted in […]

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Cryptoassets Taskforce publishes final report on UK’s regulatory approach to cryptoassets

The Cryptoassets Taskforce (which comprises the FCA, HM Treasury and the Bank of England), published its final report on the UK’s policy and regulatory approach to cryptoassets. The Report provides an overview of cryptoassets and the underlying technology therein, assesses the associated risks and potential benefits of cryptoassets, and sets out the path forward with […]

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Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

HM Treasury has published a draft of The Over the Counter Derivatives, Central Counterparties (CCPs) and Trade Repositories (TRs) (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the draft Regulations) together with an explanatory memorandum. This is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the […]

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ESMA stakeholder group advises on managing risks and regulation of ICOs and crypto-assets

The European Securities and Markets Authority (ESMA) has released its Securities and Markets Stakeholder Group (SMSG) own initiative report on initial coin offerings (ICOs) and crypto-assets. The Stakeholders produced this report to advice ESMA on steps it can take to contain the risks of ICO’s and crypto assets, on top of existing regulation. Also, the […]

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FSB sets out potential financial stability implications from crypto-assets

The Financial Stability Board (FSB) has published Crypto-asset markets: Potential channels for future financial stability implications. This report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The report follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 […]

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Near final rules on SME access to the Financial Ombudsman Service

The Financial Conduct Authority (FCA) has released Policy Statement 18/21: SME access to the Financial Ombudsman Service – near-final rules. This document outlines FCA’s response to the feedback it received following its earlier consultation which set out proposals to allow a wider range of complainants to complain to the ombudsman service. The FCA proposed to […]

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The FCA consults on increasing the award limit for the FOS

The Financial Conduct Authority (FCA) and the Financial Ombudsman Service jointly issued the Consultation Paper 18/31: Increasing the award limit for the Financial Ombudsman Service (CP18/31). This consultation outlines the proposals to increase the award limit for the Financial Ombudsman Service’s (‘the ombudsman service’) Compulsory Jurisdiction (CJ). The FCA notes the proposals will make sure […]

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FCA guidance consultation on statements of responsibilities and responsibilities maps for firms under SM&CR

The Financial Conduct Authority (FCA) has published a guidance consultation relating to the senior managers’ and certification regime (SM&CR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines […]

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Draft EU Exit Regulations for investment funds and their managers

The HM Treasury has published two draft statutory instruments, which will make amendments to retained EU law related to investment funds and their managers, to be laid under the European Union (Withdrawal) Act 2018. The Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018 The draft Regulations set out the design and structure of a […]

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HM Treasury proposal for a temporary transitional power to be exercised by UK regulators

HM Treasury has released its proposal for a temporary transitional power to be exercised by UK regulators to provide continuity to regulated firms after the UK’s withdrawal from the EU. On 27th June, HM Treasury set out its approach to financial services legislation which would be introduced under the European Union (Withdrawal) Act 2018 (the […]

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FCA consults on its approach ahead of Brexit

The Financial Conduct Authority (FCA) has published two consultation papers (CP18/28: Brexit: proposed changes to the Handbook and Binding Technical Standards; and CP18/29: Temporary permissions regime for inbound firms and funds), setting out its proposals in the event the UK leaves the European Union on 29th March 2019 without an implementation period. It also set […]

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Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

The HM Treasury has published a draft version of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018, together with a draft explanatory memorandum. The draft instrument, which is still in development, is to provide Parliament and stakeholders with further details on HMT’s approach to onshoring financial services legislation. The drafting approach, and other […]

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