European Supervisory Authorities (ESAs) publish advice on information & communication technology risk management & cybersecurity

The Joint Committee of the European Supervisory Authorities (ESAs) has published two pieces of joint advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan Joint Advice on the need for legislation improvements relating to Information and Communication Technology risk management requirements in the EU financial sector: Section […]

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ESMA publishes MiFID II Supervisory Briefing on Appropriateness and Execution-only

The European Securities and Markets Authority (ESMA) has published an updated version of supervisory briefing on MiFID II appropriateness requirements. This supervisory briefing is an updated version of ESMA’s 2012 supervisory briefing and takes into account the new version of ESMA’s guidelines on suitability published on 28 May 2018. This supervisory briefing covers the following […]

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Commission Implementing Decision recognising certain Singapore derivatives trading venues under MiFIR

Commission Implementing Decision (EU) 2019/541 of April 1st 2019 has been published in the Official Journal of the EU on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore under MiFIR. The Commission Implementing Decision provides that for the purposes of Article 28(1)(d) of MiFIR, the […]

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FCA dear CEO letter on financial promotions

The Financial Conduct Authority (FCA) has published a second letter with regard to financial promotions. This letter is written to all firms engaged in approving financial promotions of retail investments to underline how seriously the FCA treat this issue. Following the letter earlier in January reminding all regulated firms of their responsibilities relating to the […]

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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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