On 23 July 2018, the PRA published an occasional consultation paper on regulatory reporting (the Consultation Paper). In the Consultation Paper, the Prudential Regulation Authority (PRA) sets out reforms to the PRA reporting requirements. These reforms are: discontinuation of Prudent Valuation Return PV001; changes to PRA reporting instructions to align with updated EBA requirements (RFB001, … Continue Reading
On 20 July 2018, the FCA published the terms of reference for its Digital Regulatory Reporting Pilot (the Pilot). Following an FCA event which proved that machine executable regulatory reporting is technologically feasible, the Pilot aims to evaluate the potential benefits of machine readable and executable regulatory reporting via the development of a minimum viable … Continue Reading
On 10 July 2018, the Prudential Regulation Authority (PRA) issued an update to a proposed change to the Branch Return Form (the Form). The change requests that firms indicate the accounting standard applied to them: found in cell H30 of the amended document. The PRA seeks to consult on this change, however unless / until … Continue Reading
On 6th July 2018, the FCA issued its latest Policy development update. The update provides hyperlinks to recently issued FCA publications including (among others): CP18/14: Quarterly Consultation Paper No 21 on proposed amendments to the FCA Handbook; CP18/19: Introducing the Directory. Proposals to make public information on additional individuals carrying out a range of financial … Continue Reading
On 29 June 2018, the PRA updated Policy Statement 31/17: Responses to CP18/17 Occasional Consultation Paper – chapters 7 and 8 (PS31/17). PS31/17 now includes the EU Benchmarking Regulations Instrument 2018 (appendix 8) as the legislative framework for the PRA to implement the EU Benchmark Regulations is now in place.… Continue Reading
On 29 June 2018, the FCA published Handbook Notice No. 56. In the Handbook Notice the FCA summarises recent changes made to the Handbook as set out in the instruments below: Listing Rules (Sovereign Controlled Commercial Companies) Instrument 2018; Handbook Administration (No. 49) Instrument 2018; Benchmarks Regulation (Amendment) Instrument 2018; Periodic Fees (2018/19) and Other … Continue Reading
On 1 June 2018, the FCA published Consultation Paper 18/14: Quarterly Consultation Paper No. 21 (CP18/14). In CP18/14 the FCA is consulting on miscellaneous amendments to the FCA Handbook proposing changes to: dis-apply some Handbook rules to authorised professional firms who carry out non-mainstream regulated activities (chapter 1); the appointed representatives appointment form (chapter 1); … Continue Reading
On 1 June 2018, the FCA issued its latest Policy development update. The update provides hyperlinks to recent issued FCA publications: Policy Statement 18/10: Retiring Finalised Guidance (FG) 12/15 and FG14/1; Guidance Consultation (GC) 18/2: Fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015; Handbook Notice 55; FG18/4: The … Continue Reading
On 25 May 2018, the FCA published Handbook Notice 55. This Handbook Notice describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 26 April and 24 May 2018. The relevant instruments are: Financial Services Compensation Scheme (Funding Review) Instrument 2018 (FCA 2018/22); … Continue Reading
On 4 May 2018, the FCA published its latest online Policy development update. The FCA provides links to recently issued publications and sets out some of its upcoming publications.… Continue Reading
On 12 April 2018, the FCA updated its webpage on Consultation Paper 18/10: FCA regulated fees and levies: rates proposals 2018/19 (CP18/10) (our earlier blog is here). The FCA states that it has updated CP18/10 to provide some additional information to be consistent with the PRA’s consultation on its fees and levies for 2018/19 (our … Continue Reading
On 9 April 2018, the PRA published Consultation Paper 7/18: Regulated fees and levies: rates proposals 2018/19 (CP7/18). In CP7/18 the PRA sets out proposals for its fees and levies for 2018/19. CP7/18 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2018/19 fee year. The … Continue Reading
On 9 April 2018 the FCA published Consultation Paper 18/10: FCA regulated fees and levies: rates proposals 2018/19 (CP18/10). In CP18/10 the FCA consults on its proposed 2018/19 regulatory fees and levies. All fee payers will be affected by CP18/10. The FCA has provided two tables at the end of CP18/10 to help fee payers … Continue Reading
On 6 April 2018, the FCA published online its latest Policy Development update. The update provides links to recently issued FCA publications and a list of forthcoming FCA publications.… Continue Reading
On 23 March 2018, the FCA published Handbook Notice No. 53. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA board under its legislative and other statutory powers on 22 February 2018 and 22 March 2018. It also describes changes made by the board of the Financial … Continue Reading
The FCA has published its latest Quarterly Consultation Paper which sets out proposed miscellaneous amendments to the Handbook (Consultation Paper 18/6: Quarterly Consultation Paper No. 20). In the Consultation Paper: chapter 2 sets out proposed: (i) change to IFPRU 3.2 to ensure consistency of application and align with existing rules in IFPRU 11.6; (ii) change … Continue Reading
The FCA has published its latest Policy development update. The update provides links to the following FCA publications that were issued recently: Policy Statement 18/3: Perimeter guidance on personal recommendations on retail investments; Policy Statement 18/4: Credit card market study: persistent debt and earlier intervention – feedback to CP17/43 and final rules; Consultation Paper 18/5: … Continue Reading
The FCA has updated its Policy development webpage which provides information on recent and future FCA publications. The webpage contains links to the following recent FCA publications: Consultation Paper 18/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2018/19; Consultation Paper 18/3: Consultation on SME access to the Financial Ombudsman Service and Feedback to … Continue Reading
The FCA has published its latest Handbook Notice (No. 51). This Handbook Notice summarises recent instruments that were approved by the FCA Board which made changes to FCA Handbook. The instruments are: Dispute Resolution: MiFID 2 Complaints (Voluntary Jurisdiction) (Financial Ombudsman Service) Instrument 2017 (changes effective 3 January 2018); Advising on Investments (Article 53(1) of … Continue Reading
The PRA has published Policy Statement 28/17: PRA fees and levies: model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms (PS28/17). In PS28/17 the PRA provides feedback to Consultation Paper 16/17: PRA fees and levies: model transaction fees, fees and FSCS levies for insurers and fees for designated investment … Continue Reading
The FCA has published Handbook Notice No. 50. This Handbook Notice briefly describes the instruments that the FCA Board approved on 7 December 2017. These include: Handbook Administration (MiFID 2) Instrument 2017. The amendments are minor in nature and seek to clarify or correct existing Handbook provisions so that they accord with the original policy … Continue Reading
The FCA has published its latest Regulation round-up email that updates firms on the latest developments. The ‘hot topics’ in the round-up include:… Continue Reading
The FCA has published Consultation Paper 17/38: Regulatory fees and levies: policy proposals for 2018/19 (CP17/38). In CP17/38 the FCA sets out its proposed policy changes to the way that FCA fees will be raised from 2018/19. After the summary in chapter 1 the layout of CP17/38 is as follows: chapter 2 – proposed tariff … Continue Reading
The FCA has published Handbook Notice No. 49. In this Handbook Notice, the FCA briefly describes the changes that have been made to the FCA Handbook by the following instruments: MiFID II Guide Instrument 2017; and Capital Requirements Directive IV (Amendment) Instrument 2017. The FCA also provides feedback on the following: Consultation Papers 15/43 and … Continue Reading
