EU Parliament approves new rules to protect whistle-blowers

The European Parliament approved new EU-wide rules that strengthen the protection of persons reporting on breaches of Union law. Safe reporting channels To ensure potential whistle-blowers remain safe and that the information disclosed remains confidential, the new rules allow them to disclose information either internally to the legal entity concerned or directly to competent national […]

Read more

FCA Primary Market Bulletin No.23

The FCA has released their 23rd primary market bulletin, finalising their guidance on periodic financial information and inside information, after consulting on updating Technical Note UKLA/TN/506.1 in Primary Market Bulletin No. 19. The FCA also outlines its findings and sets out its expectations on some of the issues raised in its recent supervisory review of […]

Read more

HM Treasury consults on the implementations of 5MLD

HM Treasury has released its consultation on the steps the UK Government proposes to take to meet the UK’s expected obligation to transpose the Firth Anti-Money Laundering Directive (5MLD) into national law. It’s worth noting quickly the difference between MLD4 and MLD5: improving transparency – beneficial ownership registers for legal entities, such as companies, will […]

Read more

FCA extended the notification window for temporary permissions regime to 30 May

The Financial Conduct Authority has published Amended Directions to extend the notification window to 30 May 2019 in light of the delay of the process to Brexit. The amended directions are as below: Amended Direction: temporary permission notification – Financial Services and Markets Act (fsma) Amended Direction: temporary permission notification – The Alternative Investment Fund […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more