On 10 January 2019, the European Securities and Markets Authority (ESMA) published its first annual statistical report on the performance and costs of retail investment products in the EU. The report is focused on UCITS, alternative investment funds sold to retail investors (retail AIFs) and structured retail products (SRPs). The report provides a comprehensive overview … Continue Reading
On 9 January 2019, there was published on legislation.gov.uk a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft Regulations were first published by HM Treasury on 22 November 2018 (our blog is here) and have now been laid before Parliament. You can … Continue Reading
On 7 January 2019, the PRA issued a note which contains FAQs which seek to clarify the interaction between its proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR) and the FCA’s equivalent proposals. The FAQs cover the following questions: How does the SM&CR currently apply … Continue Reading
On 20 December 2018, the European Securities and Markets Authority (ESMA) published an update on its assessment of third-country trading venues (TCTVs) for the purpose of post-trade transparency and position limits under MiFID II and MiFIR. However, it also states that to date it has not reviewed enough TCTVs to publish a comprehensive list. To … Continue Reading
Introduction On 18 December 2018, the FCA announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts. It has also made new rules strengthening the protections for consumers using home-collected credit (doorstep lending), catalogue credit and store cards and it is … Continue Reading
On 17 December 2018, the FCA published Policy Statement 18/23 (PS18/23) on how it will regulate claims management companies (CMCs). In June 2018, the FCA consulted on how it intends to regulate CMCs (CP18/15) (our blog on which can be found here), ahead of the FCA becoming the regulator of CMCs on 1 April 2019. … Continue Reading
On 7 December 2018, the FCA published Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary product intervention measure which temporarily restricts how contracts for differences (CFDs) are sold to … Continue Reading
On 7 December 2018, the FCA published Consultation Paper 18/37: Product intervention measures for retail binary options (CP18/37). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary EU-wide product intervention measure to ban investment firms from marketing, distributing or selling binary options to retail consumers. The ban applied from 2 July … Continue Reading
Our next 40 minute briefing on the Senior Managers’ Regime will be held on 5 December 2018. To register for the briefing please click here.… Continue Reading
On 22 November 2018, the FCA published Consultation Paper 18/35: Rent-to-own (RTO) and alternatives to high-cost credit – feedback on CP18/12 and consultation on a price cap (CP18/35). Our earlier blog on Consultation Paper 18/12: High-cost Credit Review: Consultation on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit, discussion on … Continue Reading
On 20 November 2018, the FCA published a webpage summarising its research into designing effective current account prompts, together with the full report (the Report). The research was conducted following banks and building societies committing to deliver a package of prompts to their customers. These prompts aim to: increase consumers’ engagement with their current account, … Continue Reading
On 15 November 2018, the PRA updated its strengthening accountability webpage to inform firms that the language within the Level 1 RPS template and data tables had been updated. These are available under the ‘Self-assessment templates and tables’ area of the strengthening accountability webpage. The changes were made in line with the PRA’s recent Letter … Continue Reading
On 15 November 2018, the Financial Stability Board (FSB) published its seventh progress report on the implementation of resolution reforms (the Report). The Report provides an overview of the progress in implementing the FSB’s resolution policies in the banking (Section I) and insurance (Section II) sectors and for CCPs (Section III). Section IV sets out … Continue Reading
On 13 November 2018, the European Securities and Markets Authority (ESMA) published an updated MiFID II supervisory briefing on suitability requirements. The purpose of the briefing is to promote common supervisory approaches and practices. It summarises the key elements of the rules and explains the associated objectives and outcomes. It also includes indicative questions that … Continue Reading
On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Market Abuse Regulation (MAR). The updated Q&As inserts one new question on the application of the prohibition contained in Article 19(11) MAR to issuers. Specifically, the new question asks whether the prohibition encompasses transactions of … Continue Reading
On 9 November 2018, the European Securities and Markets Authority (ESMA) agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients for a further three month period. The renewal measure will be published in the Official Journal of the EU (OJ) and will start to apply from 2 … Continue Reading
On 8 November 2018, the Joint Committee of the European Supervisory Authorities published a consultation paper setting out proposed amendments to the PRIIPs Delegated Regulation (Commission Delegated Regulation (EU) 2017/653 of 8 March 2017). The amendments relate to the empowerment in Article 8(5) of the PRIIPs Regulation concerning the presentation and content of the key … Continue Reading
To help our financial services clients navigate the legal and regulatory implications of Brexit, we have launched a new Brexit Pathfinder hub. Our Brexit Pathfinder hub is a repository of all the Brexit-related thought leadership, white papers, briefings, videos and blogs published by our financial services regulatory team. The hub is aimed specifically at financial services clients … Continue Reading
On 31 October 2018, there was published in the Official Journal of the EU (OJ) the European Securities and Markets Authority Decision (EU) 2018/1636 of 23 October 2018 renewing and amending the temporary restriction in Decision (EU) 2018/796 on the marketing, distribution or sale of contracts for differences to retail clients. The Decision, announced in … Continue Reading
On 26 October 2018, the Basel Committee on Banking Supervision (BCBS) published their fifteenth progress report on the adoption of the Basel regulatory framework (the Report). The Report sets out the adoption status of Basel III standards for each member jurisdiction of the BCBS as of end-September 2018. All 27 member jurisdictions have risk-based capital … Continue Reading
On 18 October 2018, the Association for Financial Markets in Europe (AFME) published a guidance note for record-keeping under COBS 11A.1.4BR(3)(c), COBS 11A.1.4CR and COBS 11.A.1.4ER (the Guidance). Specifically, the Guidance sets out its suggested approach for record-keeping in the IPO process relating to: a firm’s process for conducting an assessment and reaching an opinion … Continue Reading
On 12 October 2018, the FCA published Consultation Paper 18/30: EU Securitisation Regulation Implementation (DEPP and EG) (CP18/30). The EU Securitisation Regulation (EU SR) comes into effect on 1 January 2019. To implement the EU SR in the UK, HM Treasury will lay an implementing statutory instrument (draft SI) before Parliament. The SI will give … Continue Reading
On 11 October 2018, the FCA published a guidance consultation relating to the senior managers’ and certification regime (SMCR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines … Continue Reading
