On 8 March 2019 the FCA published Finalised Guidance 19/2: Senior Managers and Certification Regime: Guidance on statements of responsibilities and responsibilities maps for FCA firms (FG19/2). The purpose of FG19/2 is to give FCA solo regulated firms practical assistance and information on preparing the statement of responsibilities and responsibilities maps. FG19/2 is ‘general guidance’
ESAs propose draft RTS to clarify application date of KID to investment funds
On 8 March 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a letter to the European Commission regarding amending the PRIIPs Regulation to clarify the application of the key information document (KID) to multi-option products. The text of the draft regulatory technical standards (RTS) amending PRIIPs are annexed to the letter.
In their
Brexit: Financial Services breakfast briefing – 6 March 2019
The recording of our March webinar briefing on Brexit is now available. To access the recording, please click here.
During the webinar our speakers focused on the following questions:
- Where are we at politically and how does the political overlay impact on firms practically? What are the possible outcomes (Deal, No Deal, Extension) and
Brexit: Financial Services breakfast briefing – 6 March 2019
As previously advertised, the monthly financial services breakfast briefing on Wednesday 6 March will take the form of a webinar rather than a seminar.
The webinar will start at 9:00am and finish at 9:30am.
The webinar will focus on Brexit, specifically our speakers will share their thoughts on the following questions:
- Where are we at
Final text of voluntary industry code for reimbursement of victims of APP scams agreed
On 28 February 2019, the Authorised Push Payments (APP) Scams Steering Group (the Steering Group) published the voluntary Contingent Reimbursement Model Code for APP Scams (the Code).
APPs are made when people request their bank or building society (payment services providers (PSPs)) to make a payment from their account to another account. Scams involving APPs
FCA calls on firms to act following review of costs and charges disclosure in the investment sector
On 28 February 2019, the FCA published its key findings of supervisory work to assess the effectiveness of disclosure by asset managers and intermediaries to their retail customers. The FCA’s work was prompted by new disclosure requirements on costs and charges introduced by MiFID II and PRIIPs, which came into effect in January 2018.
Review
UK regulators issue near final rules for no-deal Brexit
On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit.
FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2
The FCA has provided
Brexit: Financial Services breakfast briefing
As the March 29 deadline looms large for the UK’s exit from the EU we are going to slightly deviate from the monthly 40 minute briefing format.
The briefing on 6 March will take the form of a 30 minute webinar from 9:00am to 9:30am, in which our financial services partners will discuss what they
Council of EU invited to agree on general approach for ESFS reforms
On 8 February 2019, the Presidency of the Council of the EU published a note concerning the general approach to the review of the European System of Financial Supervision (ESFS). The note mentions that the latest compromise proposal for a negotiating mandate on the European Supervisory Authorities framework, MiFID II and Solvency II, and the
ESAs publish recommendations on changes to the PRIIPs KID
On 8 February 2019, the European Supervisory Authorities (ESAs) issued final recommendations following their consultation on targeted amendments to the Delegated Regulation covering the rules for the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The ESAs have decided not to propose targeted amendments at this stage. Instead they will