FCA: The basic advice regime under MiFID II & IDD

The Financial Conduct Authority (FCA) has published a web-site update in respect of the basic advice regime under The Second Markets in Financial Instruments Directive (MiFID II) and the Insurance Distribution Directive (IDD). For MiFID II, the Regulator states that various conduct requirements will be applied to Article 3 Firms (including ‘Suitability’ Requirements) which it […]

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European Parliament: 5MLD

European Parliament adopts the Fifth Anti-Money Laundering Directive (5MLD) The European Parliament (EP) has announced that it has adopted the Fifth Anti-Money Laundering Directive (5MLD), pending formal adoption by the Council. Once complete, 5MLD will become effective three days’ after its publication in the Official Journal of the EU. Member States will have up to […]

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FCA Supervision and Enforcement Approach

The FCA has set out its approach to supervision and enforcement in a number of documents, further to its earlier publication of its Mission, explaining its Regulatory approach. The FCA has set out its approach to supervision and enforcement in a number of documents, further to its earlier publication of its Mission, explaining its Regulatory […]

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Temporary Product Intervention Measures for Retail CFD and Binary Option Products

ESMA has agreed measures in respect of Contracts for Differences (CFDs) and Binary Options to European Union Retail Investors. This includes: Restrictions on marketing, distribution or sale of CFDs to Retail Investors, including a margin close out rule on a per account basis, negative balance protection on a per account basis, imposing leverage limits on […]

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Capital Markets Union: Covered Bonds, Cross-border Distribution of Investment Funds and Cross-border transactions in Claims and Securities

The European Commission has published proposals intended to boost cross-border activity for Investment Funds….. The European Commission has published proposals intended to boost cross-border activity for Investment Funds, increase the attractiveness of the European Union (EU) market for Covered Bonds as a source of long-term finance, ensuring greater certainty for Investors. Covered bonds The Commission […]

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Inbound Passported Firms

FCA Survey for European Economic Area (EEA) Inbound Passported Firms The Financial Conduct Authority (FCA) has issued a survey for ‘inward bound’ Firms on a new page on their web-site. This follows HM Government’s December 2017 announcement that it would legislate to provide a temporary permission scheme for European Economic Area (EEA) Firms and Funds […]

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Home Office Circular: Criminal Finances Act 2017 – Information Sharing within the Regulated Sector

The Home Office has issued guidance detailing Principles for Information Sharing within the Regulated Sector and between the Regulated Sector and an Authorised Officer of the National Crime Agency (NCA). The Criminal Finances Act 2017 (CFA) introduced new sections 339ZB-339ZG into proceeds of Crime Act 2002 (POCA), and new sections 21CA to 21CF into the […]

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Cryptocurrency derivatives

FCA statement on the requirement for firms offering cryptocurrency derivatives to be authorised FCA released a statement that firms conducting regulated activities in cryptocurrency derivatives must, comply with all applicable rules in the FCA’s Handbook and any relevant provisions in directly applicable European Union regulations. It is likely that dealing in, arranging transactions in, advising […]

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FCA: Quarterly Consultation Paper issued

The latest FCA Quarterly Consultation Paper has been issued setting out various proposals for amendments to its Handbook, including: IFPRU 3.2 to ensure consistency of application, aligning with existing rules in IFPRU 11.6 IFPRU 11.5 to promote clarity for Firms and Groups within the scope of IFPRU11, ensuring continued compliance with the Recovery and Resolution […]

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FCA Report: Supervision – Algorithmic Trading

The FCA has published a Report reviewing Algorithmic Trading Compliance in wholesale markets, outlining core areas of focus and good/poor practice. Firms are recommended to reference legislation in developing their Algorithmic Trading Practices and Procedures, particularly MiFID II. Chapter 7A of the Market Conduct Sourcebook (MAR) and the MiFID II Commission Delegated Regulation 2017/589 of […]

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PRA Consultation Paper impacts those Regulated Firms undertaking Algorithmic Trading

Consultation Paper 5/18: Algorithmic trading (CP5/18) has been published by the PRA and impacts those Regulated Firms undertaking Algorithmic Trading…. Consultation Paper 5/18: Algorithmic trading (CP5/18) has been published by the PRA and impacts those Regulated Firms undertaking Algorithmic Trading within scope of the Capital Requirements Regulation, already subject to the Rules in the Algorithmic […]

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FCA EMIR update – intragroup exemptions

The FCA’s EMIR webpage has been updated in respect of the European Commission’s (EC) equivalence decision under EMIR for Derivatives transactions in the United States and Intragroup Exemptions. The FCA refers to the Commission’s implementing act, which determines that the United States is considered to be equivalent to EMIR for legal, supervisory and enforcement arrangements […]

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