Further Amendments to JMLSG Guidance

Following consultation, The Joint Money Laundering Steering Group (JMLSG) has published revised versions of two of the sectors in Part II of its Guidance, on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revised sectors are ’12: Asset finance’ and ’17: Syndicated lending’.   Further information: […]

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FCA re public register

FCA statement on proposals to introduce a public register The Financial Conduct Authority (FCA) has updated its website referring to feedback on the value of maintaining a central public record of certification employees and other important individuals in FCA regulated firms who would no longer appear on the Register (this includes non-executive directors, financial advisers, […]

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PRA Dear CEO Letter on exposure to crypto-assets

The PRA has published a letter addressing CEOs of banks, insurance companies and designated investment firms to remind them of their obligations under PRA rules, and to communicate the PRA’s expectations concerning firms’ exposure to crypto-assets. The PRA reminds firms of their responsibilities under the PRA’s Fundamental Rules 3, 5 and 7 to: (i) act […]

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FCA list of cooperation agreements with third country regulators

The FCA has published a list of the supervisory authorities in third countries with which it has cooperation agreements that meet the requirements set out in Article 32(2) of Commission Delegated Regulation (EU) 2017/565. These complement with MiFID II regarding the organisational requirements and operating conditions for investment firms (otherwise known as the MiFID II […]

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FCA’s proposed update on Market Abuse Regulation

FCA Guidance Consultation 18/3: Primary Market Bulletin No.19 The Financial Conduct Authority (FCA) has published a Guidance Consultation 18/3 (GC18/3) concerning a proposed update to the FCA’s existing technical note on periodic financial information and inside information (UKLA/TN/506.1), involving the delay in the disclosure of inside information under Article 17(4) of the Market Abuse Regulation […]

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FCA consultation on fairness of variation terms in financial services consumer contracts

The FCA are consulting on new guidance on unfair contract terms following the introduction of the Consumer Rights Act 2015 (CRA). In March 2015 the FCA withdrew some unfair contract terms material from its website. Further material was withdrawn in May 2016. The proposed new guidance reflects current legislation and case law. It outlines factors […]

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Crytpocurrency Regulation

MLD5 introduces cryptocurrency regulation Introduction On 19 June 2018, the text of the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the EU (OJ).  The Council of the EU adopted the Directive on 14 May 2018, following adoption by the European Parliament on 19 April 2018.   The Directive will enter […]

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ESAs consult on amendments to joint EMIR standards

The European Supervisory Authorities (ESAs) have published two joint consultations, to amend Regulatory Technical Standards (RTS) on the clearing obligation and risk mitigation techniques for over-the-counter (OTC) derivatives not cleared. Consultation paper on the clearing obligation: This paper provides explanations on the draft regulatory technical standards specifying criteria for establishing which arrangements under covered bonds […]

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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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