Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

On 8th November, the EU Commission published the Commission Delegated Regulation (EU) 2019/1866 amending Article 18 of Delegated Regulation (EU) 2017/653 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs). This development lays down regulatory technical standards with regard to the presentation, content, review and revision of key information […]

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FCA Policy Statement on illiquid assets and open-ended funds

The FCA has published Policy Statement (PS) 19/24 on illiquid assets and open-ended funds. The change in rules aims to reduce the potential for harm to investors in funds that hold inherently illiquid assets, such as property, particularly under stressed market conditions. This PS sets out the FCA’s response to the feedback they received to […]

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Updated HM Treasury advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions

Her Majesty’s Treasury (HMT) have published their advisory notice concerning risks posed by insufficient financial crime controls over particular jurisdictions. In their note, HMT provides that: • the Democratic People’s Republic of Korea should be considered as high risk and firms should apply counter measures and enhanced due diligence measures in accordance with the risks […]

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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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