FCA guidance consultation on statements of responsibilities and responsibilities maps for firms under SM&CR

The Financial Conduct Authority (FCA) has published a guidance consultation relating to the senior managers’ and certification regime (SM&CR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines […]

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Draft EU Exit Regulations for investment funds and their managers

The HM Treasury has published two draft statutory instruments, which will make amendments to retained EU law related to investment funds and their managers, to be laid under the European Union (Withdrawal) Act 2018. The Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018 The draft Regulations set out the design and structure of a […]

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HM Treasury proposal for a temporary transitional power to be exercised by UK regulators

HM Treasury has released its proposal for a temporary transitional power to be exercised by UK regulators to provide continuity to regulated firms after the UK’s withdrawal from the EU. On 27th June, HM Treasury set out its approach to financial services legislation which would be introduced under the European Union (Withdrawal) Act 2018 (the […]

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FCA consults on its approach ahead of Brexit

The Financial Conduct Authority (FCA) has published two consultation papers (CP18/28: Brexit: proposed changes to the Handbook and Binding Technical Standards; and CP18/29: Temporary permissions regime for inbound firms and funds), setting out its proposals in the event the UK leaves the European Union on 29th March 2019 without an implementation period. It also set […]

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Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

The HM Treasury has published a draft version of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018, together with a draft explanatory memorandum. The draft instrument, which is still in development, is to provide Parliament and stakeholders with further details on HMT’s approach to onshoring financial services legislation. The drafting approach, and other […]

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The Law Commission consults on reforming the SARs Regime

The Law Commission has released a consultation paper regarding Anti-Money Laundering and the Suspicious Activity Reports (SARs) Regime. The consultation sets out a variety of proposals to improve the SARs regime and mitigate its detrimental impact on the regulated financial sector. The paper identifies a number of issues hindering the SARs regime in practice including: […]

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FCA approach to the temporary permissions regime for inbound passporting EEA firms and funds

The Financial Conduct Authority (FCA) has published its approach to the temporary permissions regime for EEA firms passporting into the UK. In December 2017, the UK Government announced that, if necessary, it will introduce a temporary permissions regime for inbound passporting EEA firms and funds. In this sense, if there is not an implementation period […]

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FCA Handbook Notice No. 57

The Financial Conduct Authority (FCA) has released Handbook Notice No. 57, regarding changes to the Handbook made by the FCA Board under its legislative and other statutory powers on 28th June and 26th July 2018. It also describes changes made by the Board of the Financial Ombudsman Service to its rules and standard terms on […]

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FCA publishes research note on EMIR data and derivatives market policies

The Financial Conduct Authority (FCA) has published a research note on EMIR data and derivatives market policies. The aim of the paper is to evaluate the impact of two of the requirements introduced by the European Market Infrastructure Regulation (EMIR) by making use of a sample of the data reported to Trade Repositories. This underlines […]

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EIOPA statement on avoiding instruments banned or restricted by ESMA

The European Insurance and Occupational Pensions Authority (EIOPA) has published a statement on consumer detriment resulting from policyholder exposure to contracts for differences (CFDs) and binary options. The European Securities and Markets Authority (ESMA) has adopted temporary product intervention measures on the provision of CFDs and binary options to retail investors in the EU. Specifically, […]

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ESMA product intervention measures on CFDs and binary options

The European Securities and Markets Authority (ESMA) has formally adopted new measures on the provision of contracts for differences (CFDs) and binary options to retail investors. The measures have been published in the Official Journal of the European Union (OJ) today. They will start to apply from 2nd July 2018 for binary options and from […]

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The EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018

The HM Treasury has published a draft version of the EAA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018 together with an explanatory memorandum. This statutory instrument is made using the power in section 8 of the European Union (Withdrawal) Act 2018 to address failures of retained EU law to operate effectively […]

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