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Topic: Regulation and compliance

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FCA responds to suggestions on users’ experiences with Gabriel platform

On 14 October 2019, the FCA published a new webpage summarising the feedback received through its online survey in relation to users’ experience of Gabriel, the FCA’s new data collection platform. Following the survey the FCA has highlighted the following three key areas for improvements: accessing Gabriel. The feedback focused on the need for improvements … Continue Reading

New FCA webpage – Submitting a change in control notification

On 14 October 2019, the FCA published a new webpage explaining how to submit a notification for a change in control. The FCA states that the guidance contained on the webpage is not an exhaustive list and there may be additional factors that need to be considered on a case-by-case basis. The FCA states that … Continue Reading

FSB letter – ongoing work on market fragmentation

On 14 October 2019, the Financial Stability Board (FSB) published a report to G20 Finance Ministers and Central Bank Governors providing progress updates on its ongoing work on market fragmentation. In its June 2019 report on market fragmentation, the FSB identified four areas for further work to address market fragmentation. The latest report provides a … Continue Reading

FMSB issues final statement of good practice on conflicts of interest

On 14 October 2019, the FICC Markets Standards Board published a final statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise … Continue Reading

FSB and IMF publish 2019 progress report on G20 data gaps initiative

On 11 October 2019, the Financial Stability Board (FSB) and International Monetary Fund (IMF) jointly published the fourth progress report on the implementation of the second phase of the G20 data gaps initiative (DGI-2). The report provides an overview of the progress made since September 2018 in addressing the issue of post-crisis data gaps and … Continue Reading

Government response to Treasury Committee report on work of FCA and regulatory perimeter

On 10 October 2019, the House of Commons’ Treasury Committee (Committee) published its report following the Government’s response to the Committee’s earlier report on the work of the FCA and the perimeter of regulation (see previous blog here). In response to the Committee’s recommendations, the Government states that it is working with the FCA to … Continue Reading

FCA Financial Instruments Transparency System Instructions

On 10 October 2019, the FCA published instructions for its Financial Instruments Transparency System (FITRS). The instructions provide details on the files containing UK only transparency calculation results that the FCA will publish and instructions on how to use these files. The FCA states that that the intended audience for these instructions are market participants … Continue Reading

FSB, CPMI and IOSCO reports on governance arrangements for UPI, UTI and CDE

On 9 October 2019, the Financial Stability Board (FSB) published a report setting out governance arrangements for the globally harmonised Unique Product Identifier (UPI) and the unique transaction identifier (UTI). In addition, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report on governance arrangements for … Continue Reading

ECB Regulation amending Annex to Regulation on money market statistics published in OJ

On 8 October 2019, there was published in the Official Journal of the European Union (OJ) the Regulation (EU) 2019/1677 of the European Central Bank (ECB) amending Regulation (EU) 1333/2014 concerning statistics on the money markets. The Regulation amends the minimum standards applied by reporting agents under the Money Market Statistical Reporting Regulation. The Regulation … Continue Reading

ESMA updates Q&As on MiFID II data reporting

On 7 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on data reporting MIFIR. The updated Q&As modify the answer to question 2 on transaction reporting concerning the representation of different national client identifiers for natural persons. The updated Q&As also insert a new question and answer … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading

ESMA consults on MiFIR alignment following the introduction of EMIR Refit

On 4 October 2019, the European Securities and Markets Authority (ESMA) launched a consultation on possible amendments to the trading obligation under MiFIR following the introduction of the EMIR Refit Regulation (EMIR Refit). The changes introduced by EMIR Refit concern the scope of counterparties subject to the clearing obligation. EMIR Refit introduces an exemption from … Continue Reading

FMSB issues statement of good practice on information and confidentiality for the fixed income and commodity markets

On 3 October 2019, the FICC Markets Standards Board (FMSB) published a statement of good practice (the Statement) on information and confidentiality for the fixed income and commodity (FICC) markets. The purpose of the Statement is to provide clarity to certain questions relating to the sharing of information within FICC markets. The FMSB states that … Continue Reading

PRA Dear CFO letter to selected deposit takers on written auditor reporting – thematic feedback from the 2018/2019 reporting period

On 2 October 2019, the PRA published a Dear Chief Financial Officer letter (Dear CFO letter) that it had sent to selected deposit takers which provided formal thematic feedback on the regulator’s review of ‘written auditor reports received in 2019’. The feedback in the Dear CFO letter is set out in three parts. The main … Continue Reading

IOSCO reports on peer reviews of MMFs and securitisation regulation

On 2 October 2019, the International Organization of Securities Commissions (IOSCO) published two update reports on its peer reviews of the regulation of money market funds (MMFs) and of the implementation of incentive alignment recommendations for securitisation. The reports summarises IOSCO’s sustained efforts to monitor implementation for MMFs and securitisation since it published its two … Continue Reading

Commission guidance notice on Unfair Contract Terms Directive published in OJ

On 27 September 2019, there was published in the Official Journal of the European Union (OJ) the European Commission (Commission) guidance notice on the interpretation and application of Council Directive 93/13/EEC on unfair terms in consumer contracts. This guidance notice was previously published on the Commission website on 22 July 2019 (see previous blog here).… Continue Reading

Joint Committee of ESAs work programme for 2020

On 2 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its work programme for 2020. From 2020 onwards, the Joint Committee will have an amended scope as their work on cybersecurity and retail financial services and depositor, consumer and investor protection issues are now being emphasised. In addition, the Joint Committee’s … Continue Reading

ESMA work programme for 2020

On 1 October 2019, the European Securities and Markets Authority (ESMA) published its work programme for 2020. In terms of the single rulebook, the EMIR Review and the resulting EMIR Refit and EMIR 2.2 will require ESMA to develop several technical standards and technical advice. In addition, following the start of the work on the MiFID II/MIFIR … Continue Reading

Responses to CP13/19 Occasional Consultation Paper

On 30 September 2019, the PRA published Policy Statement 13/19: Responses to CP13/19 Occasional Consultation Paper (PS21/19) setting out its responses to feedback received on the proposals from its June 2019 occasional consultation paper (CP13/19). In chapter 4 of CP13/19 the PRA set out proposals to discontinue the FSA006 return. The chapter is relevant to … Continue Reading

ESMA call for evidence on the effects of product intervention measures

On 30 September 2019, the European Securities and Markets Authority (ESMA) launched a call for evidence on the effects of product intervention measures regarding contracts for differences (CfDs) and binary options on market participants and clients. The call for evidence closes on 4 November 2019. The temporary product intervention measures of ESMA started to apply … Continue Reading

ESG: German regulator launches consultation regarding guidance notice on sustainability

On 24 September 2019, the German Federal Financial Supervisory Authority (BaFin) published a draft guidance notice on dealing with sustainability risks for consultation (link; only available in German). BaFin expects supervised entities to also take into account environmental risks, social risks and risks arising from corporate governance (commonly referred to as environmental, social and governance – … Continue Reading

IOSCO thematic review on suitability requirements for the distribution of complex financial products

On 26 September 2019, the International Organization of Securities Commissions (IOSCO) published a final report presenting its findings from its thematic review on suitability requirements with respect to the distribution of complex financial products. The review is based on the legislative, regulatory, and policy measures reported by 29 IOSCO members from 28 jurisdictions that implemented … Continue Reading

ESMA confirms delay of annual review on transparency requirements for non-equity instruments

On 24 September 2019, the European Securities and Markets Authority (ESMA) published a letter (dated 19 September 2019) from Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability, Financial Services and Capital Markets Union, on the first annual review required by Article 17 of Commission Delegated Regulation (EU) 2017/583 on … Continue Reading
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