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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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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