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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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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