Victoria Pridmore

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FCA: Updated webpage: Change in control

On 1 July 2022, the FCA updated its webpage on ‘change in control’. The update provides that: Given recent delays in allocating FCA-led notifications to case officers over recent months, the FCA has recruited additional case officers. Currently, there is a delay of approximately one and a half months between submission of a complete notification … Continue Reading

Financial Crime Outlook

As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading

ACER updates TRUM

On 31 March 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) published an updated version of its Transaction Reporting User Manual (TRUM) and its Annex II. The update follows a five month consultation and the amendments provide guidance on the reporting of transactions related to the transportation of natural gas, which … Continue Reading

Ofgem – Decision on changes to REMIT Penalties Statement and REMIT Procedural Guidelines

On 23 March 2022, Ofgem announced that it was implementing the changes to its REMIT Procedural Guidelines and REMIT Penalties Statement that it consulted on last year. This includes the decision to remove the middle and late settlement windows, and to allow the director with responsibility for enforcement to make decisions in settlement cases. The … Continue Reading

Policy Statement 2/22 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies’

On 11 March 2022, the PRA published Policy Statement 2/22 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies’ (PS2/22). In PS2/22 the PRA sets out its feedback to the responses to Consultation Paper 21/21 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and … Continue Reading

Published in OJ – new Delegated Regulation on the list of high risk countries under 4MLD

On 21 February 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/229 of 7 January 2022 which amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for … Continue Reading

FCA update on s.178 notifications

On 18 February 2022, the FCA updated its webpage on ‘Submit a change in control notification’. The update states that the FCA has seen a significant increase in section 178 notifications. Due to these high volumes, the FCA has experienced delays in allocating FCA-led notifications to case officers. Currently, there is a delay of approximately … Continue Reading

TPR: Meeting the FCA’s expectations

When passporting rights ended on 31 December 2020, European firms conducting regulated activities in the UK had to either stop doing business in the UK; or apply to remain under the ‘Temporary Permissions Regime’ (TPR). The TPR is in place to allow European firms to go through an orderly transition after Brexit, and continue their … Continue Reading

The RT Plus UK IFPR Series continues with podcasts on committees and ICARA

The RT Plus IFPR Series continues with two further episodes available to stream and download. In this bite-sized series, each episode features a quick run through the issues pertaining to some of the key headlines of the new prudential regime for investment firms in the UK. In these two latest episodes, Compliance Manager, Victoria Pridmore, … Continue Reading

New RT Plus podcast on FCA Authorisations – out now

A new RT Plus episode covering the FCA authorisation process is out now to stream and download. In this episode, Head of Risk Consulting EMEA Advisory, Lisa Lee Lewis, is joined by Compliance Manager, Victoria Pridmore, to discuss various aspects of the authorisation process. They look at recent issues and updates from the FCA in … Continue Reading

Inventory of senior manager responsibilities

On 16 December 2021, the Bank of England (BoE) updated its Strengthening Accountability webpage by stating that it has now published an inventory of senior manager responsibilities. The BoE state that this document responds to the feedback in the ‘Evaluation of the Senior Managers and Certification Regime’ report that it would be useful to have … Continue Reading

Questions & Answers on REMIT (26th Edition)

On 14 December 2021, the Agency for the Cooperation of Energy Regulators (ACER) published the 26th Edition of its Questions and Answers on REMIT. These Q&As contain a summary of frequently asked questions about Regulation (EU) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the ACER’s answers to … Continue Reading

Anti-money laundering: Council of the EU agrees its negotiating mandate on transparency of crypto-asset transfers

On 1 December 2021, the Council of the European Union, agreed on a mandate to negotiate with the European Parliament on the proposed Regulation on information accompanying transfers of funds and certain crypto-assets. This proposal is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented … Continue Reading

The UK TPR is ending – what should EU firms do next?

The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading

Ofgem consults on changes to its REMIT procedural guidelines and REMIT penalties statement

On 17 August 2021, the Office of Gas and Electricity Markets (Ofgem) issued a consultation paper on changes to its REMIT procedural guidelines and REMIT penalties statement. These documents set out how Ofgem uses its powers to enforce REMIT and how it determines penalties for REMIT breaches. Changes to these documents are being made to … Continue Reading

The UK TPR is ending – what should EU firms do next?

On 1 September 2021 from 8:50am to 9:50am (UK time) we will be holding a webinar ‘The UK TPR is ending – what should EU firms do next?’ The UK provided a broad temporary permissions regime (TPR) which made it easy for EU investment firms to do business into the UK post Brexit. This regime … Continue Reading

FCA updates webpage ‘Pre-paid funeral plans firms: apply for authorisation

On 4 August 2021, the FCA updated its webpage ‘Pre-paid funeral plans firms: apply for authorisation’ by adding information in the section “Applications for authorisation”. The FCA reminds firms that they will need an account on its Connect system to start drafting the application for authorisation. The FCA has also made available the firms that … Continue Reading

ACER – updated Q&As on REMIT 25th edition

On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading

ACER publishes updated guidance on REMIT

On 22 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the sixth edition of its guidance on the Regulation on wholesale energy market integrity and transparency (REMIT). The guidance is intended to help EU national regulatory authorities on the application of the definitions set out in Article 2 of REMIT … Continue Reading

Handbook Notice No 88

On 28 May 2021, the FCA published Handbook Notice No 88. In this Handbook Notice the FCA summarises the Individual Accountability (Miscellaneous Amendments) Instrument 2021 which the FCA Board approved on 27 May 2021. This instrument makes changes to the FCA Handbook to reflect the FCA’s expectations for firms to notify the regulator of when … Continue Reading
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