March 2015

The FCA has published Consultation Paper 15/4: FCA Regulated fees and levies: Rates proposals 2015/16 (CP15/4).

CP15/4 forms the second part of the FCA’s consultation on 2015/16 fees. In November 2014 the FCA published Consultation Paper 14/26: Regulatory fees and levies: policy proposals for 2015/16, in which the FCA consulted on proposed changes to the underlying policy of these fee and levy regimes. In CP15/4 the FCA covers the proposed 2015/16 regulatory fees and levies for itself, the Financial Ombudsman Service general levy and the Money Advice Service. The FCA also provides feedback to the responses it has received to its earlier consultation.

The FCA has updated its webpage on benchmarks.

In the webpage the FCA states that in Policy Statement 15/6: Bringing additional benchmarks into the regulatory and supervisory regime it noted that some respondents to its consultation had expressed concerns regarding pricing and costs being passed onto users of benchmarks. The FCA stated that it would consider whether it would need to change the rules in MAR 8 and would consult further should it propose to introduce changes. The FCA now states that it will consult on a rule requiring administrators to offer fair, reasonable and non-discriminatory access and pricing arrangements. The FCA intends to consult in Q2 2015.

In HM Treasury’s consultation paper on the transposition of the Markets in Financial Instruments Directive (recast) (MiFID II), the UK Government sets out its initial position concerning the transposition of Article 39 MiFID II.

Article 39 MiFID II provides that a Member State “may require that a third country firm [non-EEA firm] intending to provide investment services or perform investment activities with or without any ancillary services to retail clients or to professional clients within the meaning of Section II of Annex 2 in its territory establish a branch in that Member State.”

In relation to business conducted with retail and elective professional clients, a Member State may continue to operate its existing national regime (which may or may not require the establishment of a branch), provided this does not treat third country firms more favourably than EU firms, or may elect into the new regime under Article 39 MiFID II.

HM Treasury has published a consultation paper concerning the transposition of the Markets in Financial Instruments Directive (recast) (MiFID II).

MiFID II will be transposed in the UK primarily through the architecture of the Financial Services and Markets Act 2000 (FSMA) in the same way as MiFID was. This will involve a combination of secondary…

The Financial Stability Board (FSB) has issued a press release following its plenary meeting in Frankfurt on 26 March 2015. At the plenary meeting FSB members discussed a number of key topics including:

  • emerging markets forum. The FSB discussed issues related to implementation, home-host, proportionality and sequencing raised by emerging market and developing economies. These

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The Act will reform and consolidate consumer law in the United Kingdom (UK). For insurers offering consumer products the main impact of the Act is likely to be seen in the new laws for digital content and ancillary contracts, unfair contract terms and the changes to the mechanisms for consumer redress.

The Norton Rose Fulbright financial services team is pleased to present its MiFID II Academy.

The Academy comprises a series of webinars and seminars exploring MiFID II and MiFIR and the impact the new regime will have on different types of firms in Europe.

Registration for the following webinars is now open:

  • MiFID and commodities

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We have produced two new guides concerning the Alternative Investment Fund Managers Directive (AIFMD).

Both guides cover 15 EU jurisdictions – Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and the UK.

The first guide considers whether the AIFMD marketing passport is working in practice. The passport was meant to encourage fund managers to bring their fund structures within the EEA to benefit from a harmonised distribution market, but discrepancies between Member States in implementing the passport system have resulted in confusion for managers expecting to benefit from a single entry point into the EEA. The guide is a useful tool for managers as it illustrates the significant differences across jurisdictions.

The FCA has published Discussion Paper 15/3: Developing our approach to implementing MiFID II conduct of business and organisational requirements (DP15/3). In DP15/3 the FCA discusses the implications of certain MiFID II conduct of business and organisational requirements for firms primarily contained within Articles 24 and 25. The FCA also discusses certain changes it needs…