Draft EU Exit Regulations for Investment Funds and their Managers

The HM Treasury has published a draft of the Venture Capital Funds (Amendment) (EU Exit) Regulations 2018; Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2018; and Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018, alongside an explanatory information. The draft statutory instruments (SIs) are intended to provide Parliament and stakeholders with further details on the […]

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FCA publishes wholesale banks and asset management cyber multi-firm review findings

The Financial Conduct Authority (FCA) published the key findings from its cyber multi-firm review of a sample of 20 firms operating in the asset management and wholesale banking sectors. This review was a further stage of discovery work which followed on from the FCA’s Technology and Cyber Resilience Questionnaire exercise in these sectors. Its aim […]

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FCA Report on Cyber and Technology Resilience

The Financial Conduct Authority (FCA) has published a report on cyber and technology resilience based on their 2017-2018 survey to assess the firms’ technology and cyber capabilities. The survey looked at key areas such as governance, delivery of change management, managing third party risks and effective cyber defences. Firms self-assessed their capabilities and the FCA […]

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Renewed Restriction of CFDs

The European Securities and Markets Authority (ESMA) has published, in the Official Journal of the EU, its decision of renewing and amending the temporary restriction on the marketing, distribution or sale of contracts for differences to retail clients. This decision renews the restriction on CFDs for a 3 months period, from the 1st November.   […]

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ESMA renews binary options prohibition for a further three months

The European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, for a further three-month period. ESMA intends to adopt the renewal measure in the official languages of the EU in the coming weeks, following which […]

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Draft Agreement on the UK’s withdrawal from the EU

The UK Government has announced that a draft agreement on the UK’s withdrawal from the EU has been reached with the EU. The key points of the agreement that concern the financial services are:  A transitional period starting on the date of the agreement and ending on 31st December 2020; A joint committee of UK […]

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Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018

HM Treasury has published a draft of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, alongside an explanatory information note. The statutory instrument (SI) address deficiencies regulation that arise from the UK leaving the EU. The draft regulations specifically address deficiencies in the 2017 Money Laundering, Terrorist Financing and Transfer […]

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European Parliament Brexit co-ordinator letter on continuity of contracts

The House of Commons’ Exiting the EU Select Committee released a letter dated 18 September 2018, which was sent by the European Parliament’s Brexit co-ordinator, Guy Verhofstadt MEP. The letter is in response to a question he received whilst appearing before the Committee on 20 June 2018 and concerns the impact of Brexit on existing […]

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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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