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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

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 […]

Read more

EU’s Combating Money Laundering by Criminal Law Directive

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU. Dubbed the Sixth Anti Money Laundering Directive, the new proposed Directive complements and reinforces the Fourth Anti-Money Laundering Directive (EU) (2015/849) (and its amendments introduced by the Fifth Anti-Money Laundering Directive, adopted in […]

Read more

Cryptoassets Taskforce publishes final report on UK’s regulatory approach to cryptoassets

The Cryptoassets Taskforce (which comprises the FCA, HM Treasury and the Bank of England), published its final report on the UK’s policy and regulatory approach to cryptoassets. The Report provides an overview of cryptoassets and the underlying technology therein, assesses the associated risks and potential benefits of cryptoassets, and sets out the path forward with […]

Read more

Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

HM Treasury has published a draft of The Over the Counter Derivatives, Central Counterparties (CCPs) and Trade Repositories (TRs) (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the draft Regulations) together with an explanatory memorandum. This is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the […]

Read more

ESMA stakeholder group advises on managing risks and regulation of ICOs and crypto-assets

The European Securities and Markets Authority (ESMA) has released its Securities and Markets Stakeholder Group (SMSG) own initiative report on initial coin offerings (ICOs) and crypto-assets. The Stakeholders produced this report to advice ESMA on steps it can take to contain the risks of ICO’s and crypto assets, on top of existing regulation. Also, the […]

Read more

FSB sets out potential financial stability implications from crypto-assets

The Financial Stability Board (FSB) has published Crypto-asset markets: Potential channels for future financial stability implications. This report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The report follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 […]

Read more

Near final rules on SME access to the Financial Ombudsman Service

The Financial Conduct Authority (FCA) has released Policy Statement 18/21: SME access to the Financial Ombudsman Service – near-final rules. This document outlines FCA’s response to the feedback it received following its earlier consultation which set out proposals to allow a wider range of complainants to complain to the ombudsman service. The FCA proposed to […]

Read more

The FCA consults on increasing the award limit for the FOS

The Financial Conduct Authority (FCA) and the Financial Ombudsman Service jointly issued the Consultation Paper 18/31: Increasing the award limit for the Financial Ombudsman Service (CP18/31). This consultation outlines the proposals to increase the award limit for the Financial Ombudsman Service’s (‘the ombudsman service’) Compulsory Jurisdiction (CJ). The FCA notes the proposals will make sure […]

Read more