FCA consultation on CFDs and Retail Binary Options

The Financial Conduct Authority (FCA) has published consultation paper 18/38 regarding restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38). The consultation paper follows the European Securities and Markets Authority’s (ESMA) decision to temporarily restrict how these products are sold to retail consumers because of the […]

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FCA issues directions for inbound firms to make temporary permissions notifications

The Financial Conduct Authority (FCA) has published directions for inbound passporting EEA firms, which currently carry on regulated activities in the UK under an EU passporting arrangement. Firms and funds wishing to carry on passporting into the UK after Brexit will need to notify the FCA or the relevant regulator under the temporary permissions regime […]

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FCA directs EEA firms to make temporary permissions notifications

The Financial Conduct Authority (FCA) has published a direction stating that any EEA firm which currently carries on regulated activities in the UK under an EU passporting arrangement and wishes to carry on passporting into the UK after Brexit, must notify the FCA or the relevant regulator under the temporary permissions regime (TPR). Once the […]

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Draft EU Exit Regulations for Investment Funds and their Managers

The HM Treasury has published a draft of the Venture Capital Funds (Amendment) (EU Exit) Regulations 2018; Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2018; and Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018, alongside an explanatory information. The draft statutory instruments (SIs) are intended to provide Parliament and stakeholders with further details on the […]

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FCA publishes wholesale banks and asset management cyber multi-firm review findings

The Financial Conduct Authority (FCA) published the key findings from its cyber multi-firm review of a sample of 20 firms operating in the asset management and wholesale banking sectors. This review was a further stage of discovery work which followed on from the FCA’s Technology and Cyber Resilience Questionnaire exercise in these sectors. Its aim […]

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FCA Report on Cyber and Technology Resilience

The Financial Conduct Authority (FCA) has published a report on cyber and technology resilience based on their 2017-2018 survey to assess the firms’ technology and cyber capabilities. The survey looked at key areas such as governance, delivery of change management, managing third party risks and effective cyber defences. Firms self-assessed their capabilities and the FCA […]

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Renewed Restriction of CFDs

The European Securities and Markets Authority (ESMA) has published, in the Official Journal of the EU, its decision of renewing and amending the temporary restriction on the marketing, distribution or sale of contracts for differences to retail clients. This decision renews the restriction on CFDs for a 3 months period, from the 1st November.   […]

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ESMA renews binary options prohibition for a further three months

The European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, for a further three-month period. ESMA intends to adopt the renewal measure in the official languages of the EU in the coming weeks, following which […]

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Draft Agreement on the UK’s withdrawal from the EU

The UK Government has announced that a draft agreement on the UK’s withdrawal from the EU has been reached with the EU. The key points of the agreement that concern the financial services are:  A transitional period starting on the date of the agreement and ending on 31st December 2020; A joint committee of UK […]

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FCA consults on contractual continuity after Brexit

The Financial Conduct Authority (FCA) has published Consultation Paper 19/2: Brexit and contractual continuity (CP19/2) which sets out details of the Financial Services Contracts Regime (FSCR) and the rules the FCA proposes should apply to firms during the regime. To further reduce the risk of harm associated with an abrupt loss of permission on exit […]

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Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018

HM Treasury has published a draft of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, alongside an explanatory information note. The statutory instrument (SI) address deficiencies regulation that arise from the UK leaving the EU. The draft regulations specifically address deficiencies in the 2017 Money Laundering, Terrorist Financing and Transfer […]

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European Parliament Brexit co-ordinator letter on continuity of contracts

The House of Commons’ Exiting the EU Select Committee released a letter dated 18 September 2018, which was sent by the European Parliament’s Brexit co-ordinator, Guy Verhofstadt MEP. The letter is in response to a question he received whilst appearing before the Committee on 20 June 2018 and concerns the impact of Brexit on existing […]

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