On 17 April 2019, the FCA published its latest Business Plan containing some key themes, and also some interesting hints at particular lines of enquiry it may focus on.
In terms of key areas of priority, the Business Plan notes the following cross sector priorities:
On 16 April 2019, the FCA published Primary Market Bulletin No.23.
In this Bulletin the FCA finalises its guidance on periodic financial information and inside information, after consulting on updating Technical Note UKLA/TN/506.1 in Primary Market Bulletin No. 19. The FCA also outlines its findings and sets out its expectations on some of the
In a recent speech, FCA Director of Enforcement and Market Oversight Mark Steward again made clear that the FCA is prepared to use its power to bring criminal proceedings for breaches of anti-money laundering (AML) obligations set out under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Summary
This landmark judgment from the UK Supreme Court means that the claim brought by 1,826 Zambian villagers against UK-based Vedanta and its Zambian subsidiary KCM can proceed to a trial of the substantive issues in the English courts. One of the issues that now falls to be examined is the controversial question of whether
On 15 April 2019, the Bank of England (BoE) published a Consultation Paper setting out the expected financial market infrastructure (FMI) fee rates for 2019/20.
The proposed fees for 2019/20 are expected to total £8.5 million. This is a 4% increase on the 2018/19 budget which has been primarily caused by an increased focus on
On 15 April 2019, the Bank of England (BoE) published a Policy Statement on the fees regime for non-UK central counterparty (CCP) recognition. The Policy Statement follows the BoE’s consultation last October (our blog is here). The European Securities and Markets Authority’s functions relating to the recognition of third country CCPs under the European
On 15 April 2019, the FCA published Consultation Paper 19/15: Independent Governance Committees: extension of remit (CP19/15).
Independent Governance Committees (IGCs) provide independent oversight of the value for money of workplace personal pensions provided by firms such as some self-invested personal pension operators.
In CP19/15 the FCA is proposing a new IGC duty to oversee:
On 15 April 2019, the PRA published Policy Statement 11/19: Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (PS11/19).
PS11/19 is relevant to all UK insurance and reinsurance firms and groups, banks, building societies, and PRA-designated investment firms (collectively referred to as firms).
In PS11/19 the PRA provides feedback to
On 15 April 2019, the PRA published Consultation Paper 9/19: Regulated fees and levies: rates proposals 2019/20 (CP9/19). In CP9/19 the PRA sets out proposals for its fees and levies for 2019/20. The proposals would make amendments to the Fees Part of the PRA Rulebook, and Supervisory Statement 3/16: Fees: PRA approach and application. The
On 15 April 2019, HM Treasury published its consultation on the steps the UK Government proposes to take to meet the UK’s expected obligation to transpose the Fifth Anti-Money Laundering Directive (5MLD) into national law.
The 5MLD makes a number of changes to the Fourth Anti-Money Laundering Directive which was mentioned in our update last