The Financial Services Compensation Scheme (FSCS) has announced that it no longer expects to raise an interim levy on investment intermediaries for 2013/14.
Review of claims shows costs will be lower in current year
Regulating the commodity markets: a guide to the role of the FCA
The FCA has published a guide which explains the regulatory framework and the role of the FCA as it relates to commodities markets.
Liquidity and new financial market regulation
The European Securities and Markets Authority (ESMA) has published a speech given by its Executive Director, Verena Ross. The speech is entitled Liquidity and new financial market regulation.
In her speech, Mrs Ross covers:
- the implementation of revisions to the Markets in Financial Instruments Directive (MiFID II);
- liquidity and MiFID II; and
- the implementation of the European Markets Infrastructure Regulation.
Consultation Paper 14/3: Consumer credit: further amendments to DEPP and EG
The FCA has published Consultation Paper 14/3: Consumer credit: further amendments to DEPP and EG (CP14/3).
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2014 amends the Payment Services Regulations 2009 (PSR) and the Electronic Money Regulations 2011 (EMR) by giving the FCA the power to prohibit or restrict the carrying out of certain activities by EEA authorised payment institutions and EEA authorised electronic money institutions. These regulated activities generally correspond with activities that were considered consumer credit business under the Consumer Credit Act 1974.
FCA confirms tough new rules for £200bn consumer credit market
The FCA has published Policy Statement 14/3: Final rules for consumer credit firms (PS14/3).
In PS14/3, the FCA sets out its final Handbook rules for consumer credit firms. The new rules will result in changes for how firms offering high-cost short-term credit (HCSTC firms) and debt management companies treat their customers including for HCSTC firms’ mandatory affordability checks for borrowers and the FCA having the power to ban any misleading adverts issued by them.
Delegated Regulation on calculation of credit risk adjustments published in OJ
There has been published in the Official Journal of the EU the text of the European Commission delegated Regulation supplementing the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms, with regard to regulatory technical standards for specifying the calculation of specific and general credit risk adjustments.
Former CIB Partners’ CEO banned and approval withdrawn
Mr Arnold Eber (Mr Eber), the majority shareholder and sole director of CIB Partners Limited (CIB), a corporate finance consultancy, has had his approval withdrawn to perform the controlled functions CF1 (Director), CF3 (Chief Executive), CF10 (Compliance Oversight), CF11 (Money Laundering Reporting) and CF30 (Customer) at CIB. He has also been prohibited from performing any function in relation to any regulated activity and has been publicly censured as a result of his conduct as an approved person, Chief Executive Officer and sole director of CIB between 5 September 2007 and 15 September 2010 (the Relevant Period).
FXCM fined £4 million for withholding client profits
Forex Capital Markets Limited and FXCM Securities Limited (together, FXCM), a US Forex trading group, has been fined £3,200,000 plus any amount of redress (amounting to $9,828,677, which represents the retention of positive price movements which FXCM should have passed on to its customers) that remains unclaimed for breach of Principle 6, £800,000 for breach of Principle 11, and publicly censured for breaches of Principle 6 and the COB rules relating to best execution.
Notes to assist the completion of the AIFMD Schedule of AIFs form for full-scope AIFMs
The FCA has published notes that are intended to assist the completion of the Alternative Investment Fund Managers Directive (AIFMD) schedule of AIFs form for full scope AIFMs.
Final compromise text of CSD Regulation
The General Secretariat of the Council of the EU has published the final compromise text of the draft Regulation on improving securities settlement in the EU and on central securities depositories (the CSD Regulation).