August 2017

The FCA has published a new webpage on position limits for commodity derivative contracts under MiFID II.

The webpage lists the commodity derivative contracts that the FCA identified as trading on a UK trading venue which, from 3 January 2018, will have a bespoke position limit set against them.

The list will be subject to

Article 4(1)(20) of MiFID II sets out the definition of systematic internaliser. This definition is further expanded in Articles 12 to 16 of Delegated Regulation (EU) 2017/565 which supplements MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms.

In June 2017 the European Commission (Commission) held a

All outstanding claims for mis-sold payment protection insurance (PPI) must be submitted to firms before 29 August 2019.  The Financial Conduct Authority (FCA) has now launched an advertisement featuring the voice of Arnold Schwarzenegger which accompanies an animatronic head of the Terminator actor zooming around a supermarket on caterpillar tracks encouraging consumers to make up

The European Securities and Markets Authority has published the responses received to its consultation on guidelines on central counterparties’ conflict of interest management. The consultation closed on 24 August 2017.

View ESMA publishes the responses to its consultation on CCPs management of conflict of interest, 25 August 2017



On 28 August 2017, the Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) signed a co-operation agreement to collaborate on the promotion of financial innovation in Hong Kong and Dubai.

The co-operation agreement sets out a framework for collaboration between the SFC and the DFSA and covers matters such as referrals,

On 25 August 2017, the Securities and Futures Commission (SFC) and the Hong Kong Police (HKP) signed a memorandum of understanding (MoU) to formalise and strengthen the parties’ co-operation in combating financial crime.

The MoU, which became effective on 25 August 2017, covers a variety of matters, including referral of cases, joint investigations, exchange and


Hong Kong has recently introduced fit and proper requirements for “key persons in control functions”. As a result, an insurer must now obtain the Insurance Authority’s prior approval before appointing a key person in a control function. Individuals who were key persons in control functions before 26 June 2017 can benefit from the Insurance

Norton Rose Fulbright New York office’s next financial services briefing is a webinar only seminar set for Thursday, September 7, 2017, from 12:00 to 1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector.


The European Securities and Markets Authority (ESMA) has published a final report on guidelines on the portability of data between trade repositories (guidelines). The purpose of the guidelines is threefold in that they:

  • aim at setting the necessary arrangements to foster and facilitate a consistent application of the relevant European Market

The European Commission has issued a consultation document on post-trade in a Capital Market Union. The European Post-Trade Forum (EPTF), which the Commission created in February 2016, has also published a report that discusses the evolution of the EU post-trade landscape and progress in removing barriers.

The purpose of the consultation is to