Regulatory Update: CFD Providers and Distributors

FCA “Dear CEO” letter to CFD Providers and Distributors Providers and Distributors of Contracts for Difference (CFDs) Products, will have received a ‘Dear CEO’ letter from the FCA. This has been prompted by recent market reviews of the CFD arena, identifying several areas of concern for Regulators and Market Participants. FCA observations included: Frailties in […]

Read more

Updated guidance AML and CTF

Updated Joint Money Laundering Steering Group (JMLSG) Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF) guidance Updated guidance in relation to AML and CTF have been published by the Joint Money Laundering Steering Group (JMLSG) including guidance for all financial services firms, industry-specific chapters and specialist sector guidance in response to its November 2017 Consultation. […]

Read more

Regulatory Update: PRA Policy Statement

PRA Policy Statement (PS 31/17) on Rulebook changes Following Occasional Consultation Paper 18/17 (CP18/17) proposing changes to the PRA Rulebook and various Supervisory Statements, Policy Statement 31/17: Responses to Occasional Consultation Paper 18/17 has been issued, setting out feedback and final rules to chapter 7 of CP18/17. The wide ranging amendments include updates to MiFID […]

Read more

ESMA: Cross-border investment services

ESMA provides guidance on cross-border investment services and MiFID transition Guidance for Member State National Competent Authorities and Market Participants has been issued by ESMA in respect of maintaining continuity of cross-border provision of investment services in the transition from MiFID I and MiFID II, providing for the possibility that there is late transposition of […]

Read more

ESMA: Third-country trading venues

ESMA revised opinions on transactions on third-country trading venues ESMA has published revised opinions covering third-country trading venues for post trade transparency and position limits under MiFID II / MiFIR. The opinions state that, pending an ESMA’s review of more than 200 third-country trading venues, transactions on third-country trading venues do not need to be […]

Read more

Regulatory Update: EU prudential framework for investment firms

European Commission (EC) adopts legislative proposals for revised EU prudential framework for investment firms Legislative proposals for Regulation and a Directive have been published by the EC proposing a revised EU prudential regime for investment firms. Changes would include two legislative acts amending existing prudential framework for investment firms set out in the Capital Requirements […]

Read more

UK Finance Guidelines: Implementing MiFID II

New guidelines have been published by UK Finance to support firms in respect of key MiFID II requirements: MiFID II product governance: Guidelines on target market identification. Covering the identification of target markets, for use by MiFID II firms acting as manufacturers or distributors of financial instruments, as well as those providing services to clients […]

Read more

MiFID II: Financial Ombudsman Service Instruments

The FCA Handbook has been amended to include final versions of two Financial Ombudsman Service instruments: ▪ Dispute Resolution: MiFID II Complaints (Voluntary Jurisdiction) (Financial Ombudsman Service) Instrument 2017 ▪ Advising on Investments (Article 53(1) of the Regulated Activities Order) (Consequential Amendments) (Financial Ombudsman Service) Instrument 2017.   To read more please follow these link: […]

Read more

Regulatory Update: BoE and PRA on International Banking and CCPs

Bank of England (BoE) and PRA – Approach to Authorisation and supervision of International Banks and Central Counterparties (CCPs) Consultation Paper 29/17: International banks: the PRA’s approach to branch authorisation and supervision (CP 29/17) has been published by the PRA, detailing proposals for a revised approach to branch authorisation and supervision of international banks, applicable […]

Read more

Third-country equities under MiFID II

Implementing Decisions to recognise certain third-country equities markets under MiFID II The European Commission has adopted Implementing Decisions on the equivalence of the legal and supervisory frameworks as per Article 25(4)(a) of MiFID II: Equivalence of the legal and supervisory framework applicable to recognised exchange companies in Hong Kong Special Administrative Region in accordance with […]

Read more

Marshall Bailey appointed as Chair of FSCS

Marshall Bailey as Chair of the Financial Services Compensation Scheme Ltd The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) yesterday, announce the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme Ltd (FSCS) with effect from 1 April 2018. The appointment was made by the FCA Board and the Prudential […]

Read more

Regulatory Update: AIF Managers

The Alternative Investment Fund (AIF) Managers (Amendment) Regulation 2018 The Alternative Investment Fund Managers Regulations 2013 have been amended via The Alternative Investment Fund Managers (Amendment) Regulations 2018 (the Regulations) in respect of the EU Regulations on social entrepreneurship funds and Venture Capital Funds. Regulation 2 makes minor changes to the procedures to be followed […]

Read more