We are pleased to announce the following new dates for our 40 minute briefing series: 6 June 2018: Buy-side focus 4 July 2018: Extending the Senior Managers’ Regime 5 September 2018: Brexit and the future of financial services 3 October 2018: Sell-side focus To find out more information about each seminar, and to reserve your … Continue Reading
On 2 May 2018, the FCA published a speech by its CEO Andrew Bailey, entitled High-cost credit: what next? At the beginning of his speech Mr Bailey explains that the FCA’s current focus is on overdrafts, rent-to-own, home collected credit and catalogue credit because of their particular risks to consumers. In terms of the FCA’s … Continue Reading
On 19 April 2018, the FCA published a Dear CEO letter concerning irredeemable preference shares and other similar capital instruments. The FCA states that listed companies will need to consider whether any intention to cancel or otherwise retire a class of irredeemable shares, or similar shares, at a price based on factors other than the … Continue Reading
On 22 March 2018, the European Central Bank (ECB) published a speech by its chair, Danièle Nouy entitled Good governance for good decisions. In her speech Ms Nouy discusses what banks have achieved and how they are responding to the ECB’s tougher supervisory expectations. She notes that banks have made improvements and now reflect more … Continue Reading
The webex recording from the first part of our recent 40 minute briefing on MiFID II (what we are seeing in the market and what is still to come) is now available. Access the recording… Continue Reading
The FCA has updated its webpage concerning its thematic review of product governance in small and medium-sized banks. The thematic review looked at two-year fixed rate savings products from a sample of small to medium-sized banks. It focused particularly on how firms’ product governance frameworks help them identify and manage the ongoing conduct risks of … Continue Reading
The FCA has published Policy Statement 18/3: Perimeter guidance on personal recommendations on retail investments (PS18/3). In PS18/3 the FCA follows up on proposed amendments to the Perimeter Guidance (PERG) manual set out in Consultation Paper 17/28: Financial Advice Market Review: implementation Part II and insistent clients (CP17/28). The FCA has also: published final Handbook … Continue Reading
The Banking Standards Board (BSB) has published supporting guidance to its Statement of Good Practice: Fitness and Propriety Assessment Principles. The guidance focuses on helping firms to identify and deal with risks and issues that may arise when assessing the fitness and propriety of their certified staff. The guidance does not impose any legal or … Continue Reading
The International Organization of Securities Commissions (IOSCO) has published a consultation report concerning conflicts of interest and associated conduct risks during the equity capital raising process. The consultation report covers the key stages of the equity raising process where the role of intermediaries might give rise to conflicts of interest, and it requests public comment … Continue Reading
On 7 March 2018, the London financial services team will be holding an extended 40 minute briefing covering MiFID II: post implementation review. The briefing will start at the usual time of 8:45am but will finish at 11:30am. A detailed programme is set out below. We are pleased to advise that Stephen Hanks from the … Continue Reading
The webex recording of our recent 40 minute briefing entitled SMCR: the new era of increased accountability is now available. To access to recording link please click here.… Continue Reading
The FCA has published a modification by consent to SYSC 22.2.1R. The modification applies to a firm that is receiving employees from another part of their group who are being transferred as part of a ring-fencing transfer scheme under section 106B of the Financial Services and Markets Act 2000 (FSMA). The modification by consent is … Continue Reading
The European Securities and Markets Authority (ESMA) has published its final draft Implementing Technical Standards (ITS) regarding the application of the Market Abuse Regulation. The final draft ITS cover the procedures and forms for exchange of information and assistance between Member State competent authorities (NCAs) and ESMA as well as with other EU authorities, entities … Continue Reading
The European Securities and Markets Authority (ESMA) has published the official translations of its guidelines on MiFID II product governance requirements. Member State competent authorities must notify ESMA whether they comply or intend to comply with the guidelines, within two months. View ESMA publishes translations for guidelines on MiFID II product governance requirements, 5 February … Continue Reading
The European Securities and Markets Authority has updated its Questions & Answers (Q&As) on the implementation of the Short Selling Regulation. The Q&As now include an updated question and answer relating to uncovered short sales – covering a short sale with claims to as yet unissued shares (subscription rights, convertible bonds). View ESMA updates its … Continue Reading
The FCA has published a “Dear CEO” letter on authorised push payment (APP) fraud. The letter notes that UK Finance has developed a set of APP Best Practice Standards for sending and receiving banks when dealing with APP fraud. The FCA believes that industry–wide adherence to them could significantly improve the experience of victims. The … Continue Reading
The FCA has published a statement on its website concerning firm communications in relation to packaged retail and insurance-based investment products (PRIIPs). The FCA understands that some firms are concerned that, for a minority of PRIIPs, the ‘performance scenario’ information required in the key information document (KID) may appear too optimistic and has the potential … Continue Reading
On 15 December 2017, the European Securities and Markets Authority (ESMA) published a statement explaining that it was considering the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection concerns posed by the marketing, distribution and sale of contracts for differences (CFDs) and binary options to retail investors. … Continue Reading
We are pleased to announce the following new dates for our 40 minute briefing series: 7 February 2018: SMCR: the era of increased individual accountability 7 March 2018: Extended briefing – MiFID II: post implementation review 11 April 2018: The prudential academy 2 May 2018: FinTech: revolution in the financial services sector To find out … Continue Reading
The FCA has published the Enforcement (Packaged Retail and Insurance-based Investment Products Regulations 2017) Instrument 2018 (instrument). The instrument contains amendments to the Enforcement Guide and the Decision Procedure and Penalties manual relating to the FCA’s enforcement approach to breaches of Regulation on key information documents for packaged retail and insurance-based investment products. The instrument … Continue Reading
The FCA has updated its webpage on change in control notifications to announce the publication of new forms to be used by persons wishing to become a controller of a firm authorised under MiFID II. The FCA notes that a notification should be sent as soon as a decision has been made to acquire a … Continue Reading
The FCA has updated its webpage on change of legal status applications to announce the publication of new forms to be used by firms authorised under MiFID II seeking to change their legal status. The FCA published forms for the following categories of firms: all non-MiFID firms, including retail and wholesale firm types; and all … Continue Reading
The European Securities and Markets Authority (ESMA) has issued technical advice to the European Commission on how to improve the Short-Selling Regulation. ESMA’s technical advice includes proposals around the following: Exemption for market making activities. ESMA proposes including the different types of on-venue market making activities described in MiFID II in the definition of ‘market-making … Continue Reading
The FCA has published Policy Statement 17/28: Handbook changes to reflect the application of the EU Benchmarks Regulation – Feedback to CP17/17 and near-final rules (PS17/28). In PS17/28 the FCA provides feedback to the responses it received to its earlier consultation on the implementation of the Benchmarks Regulation (Consultation Paper 17/17) and publishes near final … Continue Reading