Tag: Regulation and compliance

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

Avis du ministère de la Justice américain sur une violation en vertu de la FCPA – est-ce que cela se produirait au Canada?

Avis du ministère de la Justice américain sur une violation en vertu de la FCPA – est-ce que cela se produirait au Canada? En janvier, le ministère de la Justice américain (Ministère) a rendu un avis à une société américaine sur la question de savoir si le fait de payer un tiers pour la libération … Continue Reading

DOJ opinion on FCPA breach – would this happen in Canada?

In January, the US Department of Justice (DOJ) issued an opinion to a US company on whether paying a third party for release of its employees would breach the Foreign Corrupt Practices Act (FCPA).[1] The DOJ said it would not bring charges against the company if it made a payment to prevent imminent threat 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

Beyond the temporary permissions regime: is your firm ready?

Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) until they are assigned a “landing slot” by the PRA / FCA to apply … 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

Queen’s Speech – financial services aspects

On 10 May 2022, the Prime Minister’s Office published the Queen’s Speech for 2022 together with a briefing pack. In the Queen’s Speech, it is mentioned that the government will bring forward new legislation, a Financial Services and Markets Bill. The briefing pack describes the main elements of the Bill as: Revoking retained EU law … Continue Reading

The Financial Guidance and Claims Act 2018 (Commencement No. 9) Regulations 2022

On 6 May 2022, there was published on the legislation.gov.uk website The Financial Guidance and Claims Act 2018 (Commencement No. 9) Regulations 2022. These Regulations are the ninth commencement regulations made under the Financial Guidance and Claims Act 2018. Regulation 2 brings into force certain provisions of the Act on 1 June 2022 relating to … Continue Reading

Blog: FCA review finds Challenger Banks need to enhance financial crime controls

The FCA has recently conducted a review of financial crime controls at a sample of six challenger banks  in order to identify the key financial crime risks to which such banks are exposed. The review was prompted by a substantial increase in the volume of Suspicious Activity Reports (SARs) filed by challenger banks. Whilst the … Continue Reading

PRA Policy Statement 4/22 ‘Trading activity wind-down’

On 6 May 2022, the PRA published Policy Statement 4/22 ‘Trading activity wind-down’ (PS4/22). In PS4/22, the PRA provides feedback to the responses to Consultation Paper 20/21 ‘Trading activity wind-down’ (CP20/21) and sets out its final policy in the form of: Supervisory Statement (SS) 1/22 ‘Trading activity wind-down’. Statement of Policy (SoP) ‘Trading activity wind-down’. … Continue Reading

Supporting consumers in challenging times

On 5 May 2022, the FCA published a speech by Sheldon Mills (Executive Director, Consumers and Competition, FCA) entitled ‘Supporting consumers in challenging times’. The speech was delivered at the Building Societies Annual Conference 2022. Highlights in the speech include: An important part of the FCA’s three year strategy is raising standards in firms, and … Continue Reading

FCA updates Innovation Pathways webpage

On 5 May 2022, the FCA updated its Innovation Pathways webpage by setting out who can apply. Innovation Pathways is for: Authorised firms. Unauthorised firms that require authorisation. Technology providers that are looking to deliver innovation to UK consumers or firms in the UK financial services market. The FCA states that it accepts applications from … Continue Reading

Findings from the FCA investment platforms costs and charges review

On 4 May 2022, the FCA published the findings from its investment platforms costs and charges review. In its Investment Platforms Market Study the FCA said that it would keep the role of platforms in helping consumers understand their investment costs under review. The FCA reviewed current practices and have now set out their findings. … Continue Reading
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