UK Finance Guidelines: Implementing MiFID II

New guidelines have been published by UK Finance to support firms in respect of key MiFID II requirements: MiFID II product governance: Guidelines on target market identification. Covering the identification of target markets, for use by MiFID II firms acting as manufacturers or distributors of financial instruments, as well as those providing services to clients […]

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MiFID II: Financial Ombudsman Service Instruments

The FCA Handbook has been amended to include final versions of two Financial Ombudsman Service instruments: ▪ Dispute Resolution: MiFID II Complaints (Voluntary Jurisdiction) (Financial Ombudsman Service) Instrument 2017 ▪ Advising on Investments (Article 53(1) of the Regulated Activities Order) (Consequential Amendments) (Financial Ombudsman Service) Instrument 2017.   To read more please follow these link: […]

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Regulatory Update: BoE and PRA on International Banking and CCPs

Bank of England (BoE) and PRA – Approach to Authorisation and supervision of International Banks and Central Counterparties (CCPs) Consultation Paper 29/17: International banks: the PRA’s approach to branch authorisation and supervision (CP 29/17) has been published by the PRA, detailing proposals for a revised approach to branch authorisation and supervision of international banks, applicable […]

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Third-country equities under MiFID II

Implementing Decisions to recognise certain third-country equities markets under MiFID II The European Commission has adopted Implementing Decisions on the equivalence of the legal and supervisory frameworks as per Article 25(4)(a) of MiFID II: Equivalence of the legal and supervisory framework applicable to recognised exchange companies in Hong Kong Special Administrative Region in accordance with […]

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Marshall Bailey appointed as Chair of FSCS

Marshall Bailey as Chair of the Financial Services Compensation Scheme Ltd The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) yesterday, announce the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme Ltd (FSCS) with effect from 1 April 2018. The appointment was made by the FCA Board and the Prudential […]

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Regulatory Update: AIF Managers

The Alternative Investment Fund (AIF) Managers (Amendment) Regulation 2018 The Alternative Investment Fund Managers Regulations 2013 have been amended via The Alternative Investment Fund Managers (Amendment) Regulations 2018 (the Regulations) in respect of the EU Regulations on social entrepreneurship funds and Venture Capital Funds. Regulation 2 makes minor changes to the procedures to be followed […]

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Regulatory Update: ECB on RTGS

ECB publishes the user requirements for its future RTGS services ECB publishes the user requirements for its future RTGS services Source Document Type Date of Publication Implementation Date ECB Requirements documents 02nd February 2018 November 2021 Following the approval (on December 2017) of the consolidation of the Eurosystem’s real-time gross settlement system TARGET2 and the […]

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Regulatory Update: Non-workplace pensions

FCA Discussion Paper 18/1: Effective competition in non-workplace pensions The FCA has published a discussion paper (DP 18/1) to solicit feedback on the market for non-workplace pensions, competitive dynamics and potential consumer protection measures. It estimates that individual private pensions, are valued at around £400bn (assets under management), significantly more than is invested in contract-based […]

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Regulatory Update: APP fraud

FCA “Dear CEO” letter on authorised push payment (APP) fraud A ‘’Dear CEO’’ letter has been issued by the FCA covering “Authorised Push Payment” (APP) fraud, noting the development of new APP Best Practice Standards for sending and receiving banks when handling fraud issues, with the potential to significantly improve the experience of those affected. […]

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Regulatory Update: IOSCO

IOSCO issues recommendations to improve liquidity risk management for investment funds The International Organisation of Securities Commissions (IOSCO) has published two final reports in relation to risk management of investment funds: Recommendations for Liquidity Risk Management for Collective Investment Schemes. Replacing the liquidity risk management framework contained in IOSCO’s 2013 report Principles of Liquidity Risk […]

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Regulatory Update: Commodity derivative contracts

FCA position limits for commodity derivative contracts Under Regulation 16 of The Financial Services and Markets Act (Markets in Financial Instruments) Regulations 2017, Article 57 of MiFID II and Regulatory Technical Standard 21, The Financial Conduct Authority (FCA) have published position limits on an additional commodity derivative contract, traded on a UK trading venue. These […]

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Regulatory Update: European MMFs Regulation

CP18/4: The European Money Market Funds (MMFs) Regulation As a consequence of the Money Markets Funds ( MMFs ) Regulation, new MMFs will be captured from 21st July 2018, with existing MMFs impacted from 21st January 2019. The FCA is therefore making Handbook revisions and has published Consultation Paper 18/4 – ‘The European Money Markets […]

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