The Financial Conduct Authority (FCA) has published a statement that explains what Trade Repositories (TRs) and UK counterparties should do to ensure they are compliant with the European Market Infrastructure Regulation (EMIR) reporting obligations in the event of a no-deal Brexit. For the purpose of the statement, ‘UK counterparties’ includes UK firms and UK Central […]

The Financial Conduct Authority (FCA) has published Policy Statement PS19/7 on the Directory, a new public register for checking the details of key individuals working in the financial services. It summarises the FCA’s feedback to responses to Consultation Paper CP18/19. The PS also sets out the final rules on establishing the Directory. The Directory User […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]