On 5 October 2018, HM Treasury published a draft of the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 together with an explanatory note. The draft Regulations are made in exercise of the powers in section 8 of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to … Continue Reading
On 4 October 2018, the Association for Financial Markets in Europe (AFME) published a guidance note (the Guidance) on financial analysts’ interactions with representatives of private companies and/or their financial advisers under COBS 12.2.21A G (the Rule). The Rule came into force on 1 July 2018. The Rule applies to recital 56 of the MiFID Organisational … Continue Reading
On 3 October 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on investor protection topics under MiFID II and MiFIR. ESMA provides answers to the following new questions which appear on pages 28 and 48 respectively: In some instances, investment firms use the request for quote (RFQ) system of a trading venue … Continue Reading
On 1 October 2018, the European Supervisory Authorities (ESAs) co-published a response to the European Commission’s request to develop guidance on facilitating the production and distribution of information on investment funds as of 1 January 2020. The ESAs state that they are still of the view that an approach whereby retail investors will receive both … Continue Reading
On 1 October 2018, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation (MAR). Three new Q&As have been added relating to the delayed disclosure of inside information under Article 17(5) of the MAR, which can be found on pages 13 – 15 of the Q&As.… Continue Reading
On 1 October 2018, the European Securities and Markets Authority (ESMA) wrote to the European Commission in relation to additional issues concerning MiFID II / MiFIR requirements on investor protection and intermediaries. ESMA’s letter follows earlier correspondence with the Commission last year on the MiFID II / MiFIR requirements regarding trading venues. The letter covers: … Continue Reading
On 28 September 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on temporary product intervention measures on the marketing, distribution or sale of contracts for differences (CFDs) and binary options to retail clients. The updated Q&As provide clarification on the application of the temporary product intervention measures in relation to rolling spot … Continue Reading
On 24 September 2018, the FCA published a new webpage on baseline tracking relating to the Financial Advice Market Review (FAMR). The webpage includes new FCA research tracking baseline indicators (the Report). Baseline indicators were identified in the FAMR baseline report published in June 2017. The baseline report was the culmination of the FCA and … Continue Reading
On 20 September 2018, the FCA published Consultation Paper 18/26: Claims management companies: how we propose to apply the Senior Managers and Certification Regime, (CP18/26). Claims management companies (CMCs) will be regulated by the FCA from April 2019, and as such will be required to comply with the Senior Managers and Certification Regime (SM&CR), particularly … Continue Reading
We have launched a second Brexit report (the Report), produced in conjunction with the Association of Foreign Banks (AFB), exploring the impact of the leave vote on the foreign banking sector. The Report is based on the findings of a survey, carried out over the summer, of a cross-section of AFB members, including senior executives … Continue Reading
On 18 September 2018, the International Organisation of Securities Commission (IOSCO) published a final report on conflicts of interest and associated conduct risks during the equity capital raising process (the Report). The Report follows the IOSCO Board’s August 2017 mandate for Committee 3 on Regulation of Market Intermediaries (C3) to examine conflicts of interest and … Continue Reading
On 17 September 2018, the Lending Standards Board (LSB) published its summary report (the Report) on access to banking standard (the Standard), which came into effect on 1 May 2017 – replacing the access to banking protocol. The Standard is designed to ensure that customers are informed about branch closures and the reasons behind the … Continue Reading
On 12 September 2018, the PRA published Consultation Paper 19/18: Regulatory reporting: European Banking Authority Taxonomy 2.9 (CP19/18). In CP19/18 the PRA sets out proposals to update certain PRA reporting requirements to reflect relevant proposals made by the European Banking Authority (EBA) in its consultations on changes to the Implementing Technical Standards on Supervisory Reporting. … Continue Reading
On 20 August 2018, the Association for Financial Markets in Europe (AFME) and the European Association for Independent Research Providers published guidance on how unconnected research analysts can access issuer information in UK Initial Public Offerings (IPOs) under the FCA’s new rules governing IPOs, which came into force on 1 July 2018. The guidance mentions … Continue Reading
We are pleased to announce the following new dates for our 40 minute briefing series: 7 November 2018: Avoiding the pitfalls of an FCA themed visit 5 December 2018: Senior Managers Regime: the clock is ticking 9 January 2019: Brexit: deal or no deal 6 February 2019: Buy-side focus To find out more information about … Continue Reading
On 15 August 2018, the FCA issued a press release regarding the coming into force of new rules that require providers of personal current accounts and business current accounts to make information about current account services available to customers (our earlier blog is here). Under the FCA’s new rules customers will be able to easily … Continue Reading
The Chartered Banker Professional Standards Board (CBPSB) is a joint initiative between a number of UK banks and the Chartered Banker Institute. Its aim is to improve customer confidence in individual bankers through achieving professional standards. The CBPSB professional standards have no statutory force, rather they seek to complement and build on basic standards of … Continue Reading
On 26 July 2018, the FCA published a call for input regarding the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation and initial experiences with the new requirements. The FCA is seeking responses from those who are producing, advising on, or distributing PRIIPs (and preparing and providing key information documents), and from consumers now using … Continue Reading
On 20 July 2018, the European Supervisory Authorities published further guidance on the Key Information Document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs). The guidance consists of: additional Questions and Answers; and updates to the Flow diagrams for the risk and rewards calculations (New calculation example for Category 3 PRIIPs stress performance … Continue Reading
On 17 July 2018, the FCA published FCA Mission: Approach to consumers which outlines the regulator’s approach to consumers (the document). The document follows on from the FCA’s Future Approach to Consumers consultation paper which discussed the regulator’s approach to regulating for retail consumers. The FCA sets out in the document its vision for well-functioning … Continue Reading
Today, the FCA published the long-awaited near final rules on the extension of the SMCR to those firms regulated by the FCA only: PS18/14 – Extending the Senior Managers and Certification Regime to FCA firms The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms PS18/15 – Extending the Senior Managers and Certification Regime … Continue Reading
On 17 May 2018, the FCA published Guidance Consultation 18/2: Fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015 (GC18/2). Following the removal of some unfair contract terms material from the FCA website in March 2015, the regulator received some views from trade associations and firms about how the … Continue Reading
On 11 May 2018, the FCA published Policy Statement 18/10: Policy Statement on retiring FG12/15 and FG14/1 (PS18/10). In PS18/10 the FCA states that it is cancelling two pieces of Finalised Guidance (Finalised Guidance 12/15: Retail Distribution Review: independent and restricted advice and Finalised Guidance 14/1: Supervising retail investment advice: inducements and conflicts of interest) … Continue Reading
The webex recording of our recent 40 minute briefing on FinTech a revolution in the financial services industry is now available. To access the recording please click here. … Continue Reading
