ESMA updates Q&As on MiFID II and MiFIR commodity derivatives

The European Securities and Markets Authority (ESMA) has updates Questions and Answers (Q&As) on the Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR) commodity derivatives topics. The Q&As provide new answers on: By when does a firm that wants to make use of the ancillary activity exemption need to notify its competent authority? Article […]

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FCA Publishes Brexit Policy Statement and Transitional Directions

The Financial Conduct Authority (FCA) has published Policy Statement 19/5 on Brexit with near-final Handbook instruments and Binding Technical Standards (BTS) instruments and Transitional Directions. The PS19/5 feedbacks on a series of consultations since October 2018 to ensure a functioning regulatory framework for financial services if the event of a no-deal Brexit. The transitional directions […]

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FCA Calls on Firms to Act Following Review of Costs and Charges Disclosure in the Investment Sector

The Financial Conduct Authority (FCA) has published its key findings of supervisory work to assess the effectiveness of disclosure by asset managers and intermediaries to their retail customers. The work was followed by new disclosure requirements on costs and charges introduced by MiFID II and PRIIPs, which came into force in January 2018. Review of […]

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FCA and ICO update their Memorandum of Understanding (MOU) following GDPR

The Information Commissioner’s Office (ICO) and the Financial Conduct Authority (FCA) released their Memorandum of Understanding (MoU) laying out their relationship concerning exchanges of information related to potential failures of systems and  controls vis-à-vis data security and investigations. The MoU derives from the FCA’s focus on enforcement of data protection and cyber security issues and […]

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FCA consultation on optimising the SM&CR

The Financial Conduct Authority (FCA) has released consultation paper 19/4: Optimising the Senior Managers & Certification Regime (SM&CR) and feedback to DP16/4 – Overall responsibility and the legal function (CP19/4). CP19/4 proposes several amendments to the SM&CR for banking firms, insurers, FSMA-authorised solo-regulated firms and EEA/third country branches. The proposals are designed to ensure the […]

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Wolfsberg Group publishes guidance on sanctions screening

The Wolfsberg Group1 has published its guidance on sanctions screening to Financial Institutions (FIs). Sanctions screening is a control including detect, prevent and manage sanctions risk. The use of sanctions screening, the fundamentals of the regulatory requirements and expectations, and global industry best practice are set out in the guidance. It is not intended to […]

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BoE, FCA and US Commodity Futures Trading Commission release joint statement on continuity of derivative trading and clearing post-Brexit

The Bank of England, Financial Conduct Authority and US Commodity Futures Trading Commission have released a joint statement on how derivative trading and clearing will function post-Brexit. The regulators highlighted that UK and US authorities are taking measures to ensure Brexit (in whatever form) will not result in regulatory uncertainty for the derivatives market between […]

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FCA consults on Guidance for Cryptoassets

The Financial Conduct Authority (FCA) has published Consultation Paper 19/3 on its Guidance for Cryptoassets (CP19/3). CP19/3 discusses how different categories of cryptoassets tokens fit into the FCA’s regulatory perimeter to reduce harm and provide regulatory clarity for market participants. Three types of tokens, in line with UK Crypto-assets Taskforce, are discussed in the paper; […]

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FCA Dear CEO letter on promotions concerning regulated and unregulated business

The Financial Conduct Authority (FCA) has published a Dear CEO letter concerning its expectations as regards clarity in promotions concerning regulated and unregulated business. The FCA reminds firms that it makes it clear in the Handbook that if a firm names the FCA and/or the Prudential Regulation Authority (PRA) as its regulator in a financial […]

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ESMA published advice to EU institutions on ICOs and crypto-assets

The European Securities and Markets Authority (ESMA) published its advice on Initial Coin Offerings (ICO) and Crypto-assets to the EU institutions which outlines the regulatory implications, gaps and issues in the rules when crypto-assets qualify as financial instruments and the risks that are unaddressed when crypto-assets do not qualify as financial instruments. Based on the […]

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FCA Asset Management Market Study – further remedies

FCA notes its upcoming policy having consulted the market on Asset Management and market competition. Asset Management Market Study – further remedies The recent Final Report on the Asset Management Market Study revealed clear evidence of weak price competition in numerous areas of the asset management sector, concerning directly or indirectly millions of people. To improve […]

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EU Commission Updates List of High-Risk Third Countries

The EU Commission has recently updated the list of countries it holds as having ‘strategic deficiencies’ in their susceptibility to facilitating the criminal offence of money laundering. As defined under the Fourth and Fifth Anti-Money Laundering Directives (MLD4/5), the EU has to establish a list of high-risk third countries, to make sure the EU financial […]

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