FCA asks Authorised Fund Managers to review their liquidity management arrangements

The Financial Conduct Authority has published a letter sent by the Head of its Asset Management Department to the Chairs of Authorised Fund Managers in relation to good practices for effective liquidity management. The letter stresses that ‘AFMs’ are responsible for ensuring effective fund liquidity, even where Investment Management has been delegated to another person. […]

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FCA revised directions extending notification window to enter ‘Temporary Permissions’ Regime

The Financial Conduct Authority has published the following revised directions for: European Economic Area (‘EEA’) Firms with ‘Passports’ and Treaty Firms ;EEA’ Collective Investment Schemes (‘CIS’) ‘EEA’ Alternative Investment Funds (‘AIFs’) Authorised Payment Institutions (‘APIs’)and ‘EEA’ Registered Account Information Service Providers (‘AISPs’) E-Money Institutions   The directions amend the previous versions in the ‘FCA’ Handbook, […]

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Prudential Regulation Authority publishes ‘Dear CEO’ Letter

The Prudential Regulation Authority have published a ‘Dear CEO’ Letter on the reliability of Regulatory Returns. The ‘PRA’ expects Firms to submit complete, timely and accurate Regulatory Returns and highlights that the integrity of Regulatory Reporting is the foundation of effective supervision. Firms are expected to be able to respond promptly to a request if […]

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EBA consults on draft Implementing Technical Standards on supervisory reporting under CRR

The European Banking Authority has launched a public consultation on new Implementing Technical Standards on supervisory reporting under the Capital Requirements Regulation. Under Article 430 of ‘CRR’, the ‘EBA’ is mandated to develop uniform reporting requirements for firms governed by the ‘CRR’ and are proposing the introduction of revised ‘ITS’, in order to maintain reporting […]

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New FCA webpage – Cryptoassets, Anti-Money Laundering & Counter Terrorist Financing Regime

The Financial Conduct Authority has published a web-page concerning its future, role as the Anti-Money Laundering and Counter Terrorist Financing Supervisor of UK Cryptoasset Businesses under the ‘Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;. The ‘FCA’ describes the scope of Cryptoasset Activities which fall under the ‘MLR’ alongside […]

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EBA Consultation on Comprehensive Pillar 3 Disclosures

The European Banking Authority has mandated a uniform disclosure Implementing Technical Standards formats which are required under Titles II and III of Part Eight of (EU) Regulation No 575/2013 (‘CRR’). This uniform format will allow for a robust and comprehensive way to assess the risk profiles of Institutions and the degree to which they are […]

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Bank of England and FCA publish results of a joint survey on the use of machine learning in UK financial services

On 16 October 2019, the Bank of England published the results of a joint survey, conducted with the Financial Conduct Authority, researching the use of machine learning (ML) in UK financial services. Following technological advances, including software and hardware developments, and increased availability of alternative datasets, ML methods have become a popular tool to improve […]

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EBA Consultation on Guidelines on the Application of the Structural FX Provision

The European Banking Authority has launched a consultation on guidelines on the proper application of structural foreign-exchange provisions under Article 352(2) of the Capital Requirements Regulation. In particular, the ‘EBA’ sets out criteria to assist Competent Authorities in their assessment of the structural nature of a foreign-exchange positions and whether such a position has been […]

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PRA publishes consultation paper on regulatory capital instruments – update to PIN requirements

The Prudential Regulation Authority have published a Consultation Paper 20/19 in respect of regulatory capital instruments: update to Pre-Issuance Notification requirements. The ‘CP’ sets out the proposals for amendments to the PIN regime applicable to PRA-authorised Capital Requirements Regulation (‘CRR;) firms. The proposals aim to make the PIN regime for CRR firms more risk sensitive […]

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Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

On 8th November, the EU Commission published the Commission Delegated Regulation (EU) 2019/1866 amending Article 18 of Delegated Regulation (EU) 2017/653 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs). This development lays down regulatory technical standards with regard to the presentation, content, review and revision of key information […]

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FCA Policy Statement on illiquid assets and open-ended funds

The FCA has published Policy Statement (PS) 19/24 on illiquid assets and open-ended funds. The change in rules aims to reduce the potential for harm to investors in funds that hold inherently illiquid assets, such as property, particularly under stressed market conditions. This PS sets out the FCA’s response to the feedback they received to […]

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Updated HM Treasury advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions

Her Majesty’s Treasury (HMT) have published their advisory notice concerning risks posed by insufficient financial crime controls over particular jurisdictions. In their note, HMT provides that: • the Democratic People’s Republic of Korea should be considered as high risk and firms should apply counter measures and enhanced due diligence measures in accordance with the risks […]

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