European Securities and Markets Authority restricts CFDs for further three months from May

The European Securities and Market Authority (ESMA) has published a statement renewing its restrictions on marketing, distribution or sale of contracts for differences (CFDs) to retail clients from 1 May 2019 (following the publication of the restriction in the Official Journal of the EU), for a further 3-month period. The restrictions have been in place […]

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FCA publish technical communication on operation of UK MiFIR transparency regime following a no-deal Brexit

The FCA has published a technical communication on the operation of the Markets in Financial Instruments Regulation transparency regime following a no-deal Brexit scenario. In the communication the FCA set out: the contents of the FCA Financial Instrument Transparency System which is due to go live on 1 April 2019 in the event of a […]

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FCA confirms ban on the sale of binary options to retail consumers

The FCA has confirmed that all firms acting in or from the UK are prohibited from selling, marketing or distributing binary options to retail consumers. The new rules tackle widespread concerns about the inherent risks of these products, and the poor conduct of the firms selling them. This has led to consumer harm in the […]

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EU Commission publish communication on developing the Capital Markets Union (CMU)

The EU Commission has published a statement on developing the CMU. In the communication, the Commission outlines the CMU’s objectives. From this a number of conclusions may be drawn: the European Commission has now delivered the measures it committed to at the beginning of its CMU action plan and in the mid-term review to put […]

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UK Export Finance adopts the OECD recommendation on tackling bribery in international business transactions

UK Export Finance (UKEF) has announces the adoption of the revised OECD Council recommendation on Bribery and Officially Supported Export Credits (the Recommendation), to prevent bribery in international business transactions. The Recommendation, while not legally binding, strengthens anti-bribery and corruption policies and procedures across adherent Export Credit Agencies (ECAs). Current adherents to the Recommendation are: […]

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FCA’s statement on various MiFID obligations and benchmarks regulation in a no-deal Brexit

The Financial Conduct Authority (FCA) has published a statement setting out their position after European Securities and Markets Authority (ESMA) published its approach to several Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR) and Benchmark (BMR) provisions under a no-deal Brexit. These opinions are relevant for a no-deal scenario and may change depending on […]

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FCA statement on reporting of derivatives under the UK EMIR regime in a no-deal scenario

The Financial Conduct Authority (FCA) has published a statement that explains what Trade Repositories (TRs) and UK counterparties should do to ensure they are compliant with the European Market Infrastructure Regulation (EMIR) reporting obligations in the event of a no-deal Brexit. For the purpose of the statement, ‘UK counterparties’ includes UK firms and UK Central […]

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FCA published final rules on the Directory of financial services workers

The Financial Conduct Authority (FCA) has published Policy Statement PS19/7 on the Directory, a new public register for checking the details of key individuals working in the financial services. It summarises the FCA’s feedback to responses to Consultation Paper CP18/19. The PS also sets out the final rules on establishing the Directory. The Directory User […]

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FCA publishes Finalised Guidance on Statement of Responsibilities and Responsibility Maps for FCA firms under SMCR

The Financial Conduct Authority (FCA) has published Finalised Guidance FG19/2 on Statement of Responsibilities (SoRs) and Responsibilities Maps for FCA firms for Senior Managers and Certification Regime (SMCR). The purpose of this guidance is to give FCA solo-regulated firms practical assistance and information on preparing the Statement of Responsibilities and Responsibilities Maps. The FCA is […]

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FCA reveals findings from first cryptoassets consumer research

The Financial Conduct Authority (FCA) has published two pieces of research looking at UK consumer attitudes to cryptoassets, such as Bitcoin or Ether. The research includes qualitative interviews with UK consumers and a national survey. The qualitative research indicated some potential harm, including that many consumers may not fully understand what they are purchasing. For […]

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EU broaden tax haven blacklist

Council of the European Union has published a revised EU list of non-cooperative jurisdictions for tax purposes council conclusions to its delegations. The Council added 10 jurisdictions to the list. Aruba Barbados Belize Bermuda Dominica Fiji Marshall Islands Oman United Arab Emirates (UAE) Vanuatu   The EU list is composed of countries that failed to […]

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ESMA’s statement on MiFID II, MIFIR and BMR provisions under a no-deal Brexit

The European Securities and Markets Authority (ESMA) has published a statement on its approach of Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR) and Benchmark (BMR) provisions under a no-deal Brexit. It aims to inform stakeholders on the approach it will take in relation to these provisions. The MiFID II “C(6) carve-out” A no-deal […]

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