FCA sets out latest expectations for firms on Brexit

The FCA has issued a press release detailing what steps it has taken in case the UK leaves the EU without a deal. Firms will be required to comply with post-exit MiFID transaction reporting and EMIR trade reporting requirements. If a no-deal Brexit was to occur, passporting will end. Therefore, any EEA passporting firm will […]

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FCA announces extension to its use of the temporary transitional paper

The FCA has confirmed its intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31 December 2020. The FCA will publish further information before exit day on how firms should comply with post-exit rules. The extension is aligned with the end date intended by the Bank of […]

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FCA policy statement on optimising the Senior Managers & Certification Regime

The FCA has published Policy Statement (PS) 19/20: Optimising the Senior Managers & Certification Regime (SMCR). PS19/20 summarises the feedback the FCA received to Consultation Paper 19/14 and its response to the feedback, setting out changes to the SMCR. The main changes to the existing rules discussed in the PS include: confirming that the Head […]

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FCA consults on guiding firms on the fair treatment of vulnerable customers

The Financial Conduct Authority has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The guidance sets out the FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. The draft Guidance is set out in […]

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ESMA consults on guidelines on certain aspects of the MiFID II compliance function requirement

The European Securities and Markets Authority has published Consultation Paper on guidelines on certain aspects of the revised Markets in Financial Instruments Directive (MiFID II) compliance function requirement. ESMA’s proposals for guidelines in this area are aimed at helping firms to increase the effectiveness of the compliance function, enhance clarity and to foster convergence on […]

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New platform to replace Gabriel and improve the way the FCA collects data from firms

The Financial Conduct Authority has announced that it has started work to improve the way it collects data from firms and plans to move to a new platform for its data collection systems which will replace Gabriel. This work is central to the FCA’s Data Strategy, which is designed to help the FCA deepen it’s […]

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HM Treasury publishes an updated advisory notice on money laundering and terrorist financing controls in overseas jurisdictions.

HM Treasury publishes an updated advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The document contains advice issued by HM Treasury about risks posed by unsatisfactory money laundering and terrorist financing controls. HM Treasury advises firms to consider the following: • Consider as high risk and apply counter measures and enhanced […]

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FCA proposes ban on sale of crypto-derivatives to retail consumers

The Financial Conduct Authority has published Consultation Paper CP19/22 on restricting the sale to retail clients of investment products that reference cryptoassets. They are consulting on banning the sale, marketing and distribution of derivatives and exchange traded notes (ETNs) reference certain types of unregulated, transferable cryptoassets to all retail clients by firms in, or from, […]

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FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers

The Financial Conduct Authority has published Policy Statement PS19/18 on restricting contract for difference products sold to retail clients. The FCA has finalised rules restricting how CFDs and CFD-like options are sold, marketed and distributed to retail consumers. In the PS, the FCA requires firms that offer CFDs and CFD-like options to retail clients to: […]

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FCA policy statement on rates of regulated fees and levies for 2019/20

The Financial Conduct Authority has published Policy Statement PS19/19 on the proposed 2019/20 regulatory fees and levies. The FCA published the summary and their response in the PS and the 2019/20 periodic fees and levies for: Financial Conduct Authority (FCA) Financial Ombudsman Service general levy Money and Pensions Service Devolved Authoritites Illegal money lending (IML) […]

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FSB publishes progress report on implementing the FSB Principles for Compensation

The Financial Stability Board (FSB) has published its sixth progress report: Implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards (P&S). The P&S were developed by the FSB in the aftermath of the global financial crisis to promote sound compensation practices and align compensation with prudent risk-taking, particularly at financial institutions that […]

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FCA consults on framework for assessing adequate financial resources

The Financial Conduct Authority has published Consultation Paper 19/20: Assessing Financial Resources (CP19/20). Threshold conditions and the assessment of adequate financial resources are important components of the FCA’s supervisory work. The FCA aims to reduce the likelihood of market disruption, increase the chances firms can put things right when they go wrong and minimise harm […]

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