In November 2015, the FCA surveyed a sample of firms providing retail investment advice, including financial advisers, networks, banks and life insurance companies to inform the Financial Advice Market Review (FAMR) and its supervisory work. The results from the survey informed the FAMR and the proposals it recommended. The survey results are also being used
The FCA has published Policy Statement 16/13: Implementation of the Market Abuse Regulation (PS16/13).
In PS16/13 the FCA summarises the feedback it received to Consultation Papers 15/35 and 15/38. The FCA has incorporated the feedback to these consultations into the changes to the FCA Handbook that are required to implement the EU Market Abuse
The European Commission has published a roadmap for its evaluation of the Consumer Rights Directive. The roadmap states that the Consumer Rights Directive is particularly relevant to two of the priorities in the Digital Single Market (DSM) strategy: the geo-blocking initiative and the proposals to further harmonise consumer contract rules on remedies for e-commerce and
The European Parliament has voted in plenary to adopt the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts.
The Regulation will enter into force following formal adoption by the Council of the EU, which is expected in May 2016 and publication in the Official Journal of the EU.
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The European Commission (the Commission) has published a roadmap on an evaluation of the Financial Conglomerates Directive (FICOD) that it will conduct as part of its Regulatory Fitness and Performance programme.
The purpose of this evaluation is to assess the performance of the FICOD in terms of effectiveness, efficiency, coherence, relevance and EU added value
The Permanent Representatives Committee has agreed, on behalf of the Council of the EU, its negotiating stance aimed at extending by one year the application dates of MiFID II and MiFIR. Under the Council’s approach:
Last year the FCA consulted on changes to align its Handbook with the new Regulation on European long-term investment funds (ELTIF Regulation). The ELTIF Regulation is directly applicable in member states and has applied from 9 December 2015.
The FCA also consulted, jointly with the Financial Ombudsman Service, on rules regarding redress arrangements for eligible
There has been published in the Official Journal of the EU (OJ) the decision of the European Central Bank (ECB) on the total amount of annual supervisory fees for 2016. The ECB adopted the decision on 15 April 2016 and comes into force on 29 April 2019, a day after its publication in the OJ.
The SEC voted to publish for comment a proposal to create a single database that would allow regulators to track trading activity in the U.S. equity and options markets, referred to as a consolidated audit trail (“CAT”). The CAT is being created by a joint plan of eighteen national securities exchanges and FINRA (collectively, the
Under Article 8b of the Regulation on credit rating agencies (CRA), ESMA is responsible for establishing a website where information on structured finance instruments (SFIs) should be published.
A Delegated Regulation supplementing the Regulation on CRAs provides that in order to implement Article 8b, “The reporting entities shall submit data files in accordance with the