United Kingdom

Topic: Regulation and compliance

Subscribe to Regulation and compliance RSS feed

Published in OJ – Delegated Regulation specifying fees relating to the supervision by the ESMA of data reporting service providers

On 17 June 2022, Commission Delegated Regulation (EU) 2022/930 of 10 March 2022 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying fees relating to the supervision by the European Securities and Markets Authority of data reporting service providers, was published in the Official Journal of the European Union. … Continue Reading

The FCA Business Plan: what does it mean from a governance perspective?

Earlier this year the Financial Conduct Authority (FCA) published its latest Business Plan. The Business Plan itself took a different form when compared to previous incarnations by having a shorter summary of priorities and planned activities and cross referring to other documents including the three-year strategy and the regulatory initiatives grid. Notwithstanding this, the Business … Continue Reading

FCA speech ‘Shaping the rules for a data-driven future’

On 16 June 2022, the FCA published a speech by its CEO, Nikhil Rathi, entitled ‘Shaping the rules for a data-driven future’. Key points in the speech include: As the complexity and breadth of data broadens, so too will the FCA’s remit. Financial service products are moving away from legacy institutions to tech firms and … Continue Reading

Draft SI: The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022

On 14 June 2022, HM Treasury made The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022. The draft statutory instrument makes consequential changes as a result of the Financial Services Act 2021 which introduced the framework for the UK Investment Firms Prudential Regime (IFPR) … Continue Reading

HM Treasury: Joint Statement: UK-Japan Financial Regulatory Forum 2022

On 10 June 2022, HM Treasury published a joint statement regarding the UK-Japan financial regulatory forum 2022. The joint statement reports that, at the forum the UK and Japan signed an Exchange of Letters operationalising key financial services provisions under the UK-Japan Comprehensive Economic Partnership Agreement (the Agreement). This includes, provisions for the exchange of … Continue Reading

Council adopts its position on new rules for consumer credit

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

HM Treasury Policy Statement ‘Critical third parties to the finance sector’

On 8 June 2022, HM Treasury published a Policy Statement ‘Critical third parties to the finance sector’. Financial services are increasingly relying on third parties, outside the finance sector, to provide key functions or services, i.e. cloud based computing services. These arrangements can reap many benefits but can also create risks. The Policy Statement sets … Continue Reading

Policy Statement 22/6 ‘Preventing claims management phoenixing by financial services firms’

On 7 June 2022, the FCA published Policy Statement 22/6 ‘Preventing claims management phoenixing by financial services firms’ (PS22/6). In PS22/6 the FCA sets out final rules for claims management companies (CMCs) and its feedback to the responses to its earlier consultation in Consultation Paper 21/14 (see our earlier blog here). The final FCA rules … Continue Reading

ESMA speech ‘Towards delivering the CMU’

On 1 June 2022, Verena Ross, Chair of the European Securities and Markets Authority (ESMA), gave a speech at the FESE convention. In her speech, Ms Ross shared the ESMA’s views on topics including, the MIFIR review, in particular, the consolidated tape, in addition to insights on the supervisory convergence work in the area of … Continue Reading

ECB opinion on proposed regulation amending MiFIR as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders

On 1 June 2022, the European Central Bank (ECB) published an opinion on the proposed regulation amending the Markets in Financial Instruments Regulation as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders. The opinion sets out both general … Continue Reading

What will operational resilience look like going forward? An overview of the supervisory regulatory position

On 25 May 2022, Duncan Mackinnon (Executive Director for Supervisory Risk Specialists) gave a speech at the City and Financial 9th Annual Operational Resilience for Financial Institutions Summit. In his speech Mr Mackinnon discusses where the PRA expects firms to focus on as they work towards building operational resilience by March 2025. By this time, … Continue Reading

ESMA final report on the MiFID II framework on best execution reports by investment firms

On 16 May 2022, the European Securities and Markets Authority (ESMA) published a final report on the review of the MiFID II framework on best execution reports by investment firms. The final report follows a consultation paper that the ESMA published last September seeking stakeholders’ technical input on proposals for possible improvements to the best … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/803 supplementing MiFIR

On 24 May 2022, Commission Delegated Regulation 2022/803 of 16 February 2022 supplementing the Markets in Financial Instruments Regulation (MiFIR) was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the MiFIR by specifying the rules of procedure for the exercise of the power to impose fines or periodic penalty … Continue Reading

The Financial Guidance and Claims Act 2018 (Commencement No.2) Order (Northern Ireland) 2022 (No. 175)

On 19 May 2022, there was published on the legislation.gov.uk website The Financial Guidance and Claims Act 2018 (Commencement No.2) Order (Northern Ireland) 2022. The Order is made in exercise of the powers conferred by section 37(2) and (3)(c) of the Financial Guidance and Claims Act 2018 (Act), relating to requirements to refer individuals to … Continue Reading

ESMA updates Q&As

On 20 May 2022, the European Securities and Markets Authority updated the following Q&As: Application of the Alternative Investment Fund Managers Directive. Application of the UCITS Directive. Implementation of the Regulation on improving securities settlement in the EU and on central securities depositories. On the European crowdfunding service providers for business Regulation. On MiFID II … Continue Reading

FCA PS22/5 ‘New cancellation and variation power: Changes to the Handbook and Enforcement Guide’

On 19 May 2022, the FCA published Policy Statement 22/5 ‘New cancellation and variation power: Changes to the Handbook and Enforcement Guide’ (PS22/5). The Financial Services Act 2021 inserted a new Schedule 6A into the Financial Services and Markets Act 2000 (FSMA). This schedule sets out a new power allowing the FCA to more quickly … Continue Reading

ESMA final report on the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report regarding the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation (ECSPR). The final report has been issued in response to a formal request that the ESMA received from the European Commission to … Continue Reading

FCA consults on expansion of the Dormant Assets scheme

On 13 May 2022, the FCA published Consultation Paper 22/09 ‘Expansion of the Dormant Assets scheme’ (CP22/09). In February 2022, the Dormant Assets Act 2022 received Royal Assent. The Act amends the Dormant Bank and Building Society Accounts Act 2008 to expand the scope of dormant assets that can be contributed to the Dormant Asset … Continue Reading

ESMA reminds fund managers of their obligations to investors amid the war in Ukraine

On 16 May 2022, the European Securities and Markets Authority (ESMA) issued a statement on the implications of Russia’s invasion of Ukraine on investment fund portfolios. In the statement ESMA recalls some general principles that can be derived from EU law that are of relevance to the management of the impact of the Russian invasion … Continue Reading

EBA final technical standards on crowdfunding service providers

On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading
LexBlog