The FCA has published a list of the supervisory authorities in third countries with which it has cooperation agreements that meet the requirements set out in Article 32(2) of Commission Delegated Regulation (EU) 2017/565. These complement with MiFID II regarding the organisational requirements and operating conditions for investment firms (otherwise known as the MiFID II […]

FCA Guidance Consultation 18/3: Primary Market Bulletin No.19 The Financial Conduct Authority (FCA) has published a Guidance Consultation 18/3 (GC18/3) concerning a proposed update to the FCA’s existing technical note on periodic financial information and inside information (UKLA/TN/506.1), involving the delay in the disclosure of inside information under Article 17(4) of the Market Abuse Regulation […]

The FCA are consulting on new guidance on unfair contract terms following the introduction of the Consumer Rights Act 2015 (CRA). In March 2015 the FCA withdrew some unfair contract terms material from its website. Further material was withdrawn in May 2016. The proposed new guidance reflects current legislation and case law. It outlines factors […]

MLD5 introduces cryptocurrency regulation Introduction On 19 June 2018, the text of the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the EU (OJ).  The Council of the EU adopted the Directive on 14 May 2018, following adoption by the European Parliament on 19 April 2018.   The Directive will enter […]

The European Supervisory Authorities (ESAs) have published two joint consultations, to amend Regulatory Technical Standards (RTS) on the clearing obligation and risk mitigation techniques for over-the-counter (OTC) derivatives not cleared. Consultation paper on the clearing obligation: This paper provides explanations on the draft regulatory technical standards specifying criteria for establishing which arrangements under covered bonds […]

The Financial Conduct Authority (FCA) has published a web-site update in respect of the basic advice regime under The Second Markets in Financial Instruments Directive (MiFID II) and the Insurance Distribution Directive (IDD). For MiFID II, the Regulator states that various conduct requirements will be applied to Article 3 Firms (including ‘Suitability’ Requirements) which it […]

European Parliament adopts the Fifth Anti-Money Laundering Directive (5MLD) The European Parliament (EP) has announced that it has adopted the Fifth Anti-Money Laundering Directive (5MLD), pending formal adoption by the Council. Once complete, 5MLD will become effective three days’ after its publication in the Official Journal of the EU. Member States will have up to […]

The FCA has set out its approach to supervision and enforcement in a number of documents, further to its earlier publication of its Mission, explaining its Regulatory approach. The FCA has set out its approach to supervision and enforcement in a number of documents, further to its earlier publication of its Mission, explaining its Regulatory […]

ESMA has agreed measures in respect of Contracts for Differences (CFDs) and Binary Options to European Union Retail Investors. This includes: Restrictions on marketing, distribution or sale of CFDs to Retail Investors, including a margin close out rule on a per account basis, negative balance protection on a per account basis, imposing leverage limits on […]

The European Commission has published proposals intended to boost cross-border activity for Investment Funds….. The European Commission has published proposals intended to boost cross-border activity for Investment Funds, increase the attractiveness of the European Union (EU) market for Covered Bonds as a source of long-term finance, ensuring greater certainty for Investors. Covered bonds The Commission […]

FCA Survey for European Economic Area (EEA) Inbound Passported Firms The Financial Conduct Authority (FCA) has issued a survey for ‘inward bound’ Firms on a new page on their web-site. This follows HM Government’s December 2017 announcement that it would legislate to provide a temporary permission scheme for European Economic Area (EEA) Firms and Funds […]

The Home Office has issued guidance detailing Principles for Information Sharing within the Regulated Sector and between the Regulated Sector and an Authorised Officer of the National Crime Agency (NCA). The Criminal Finances Act 2017 (CFA) introduced new sections 339ZB-339ZG into proceeds of Crime Act 2002 (POCA), and new sections 21CA to 21CF into the […]