Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: Financial Markets

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FCA Publishes Fifth Consultation on UK Implementation of MiFID II

Posted in Financial Markets, UK Developments
On March 31, the Financial Conduct Authority (FCA) published its fifth consultation paper (CP17/8) on the implementation of the revised Markets in Financial Instruments Directive (MiFID II). CP17/8 covers the following three areas: occupational pension scheme (OPS) firms; the decision procedure and penalties manual and enforcement guide; and consequential changes to the FCA Handbook and… Continue Reading

ESMA Updates MiFID II Q&As on Market Structures, Commodity Derivatives and Transparency

Posted in EU Developments, Financial Markets
On April 5, the European Securities and Markets Authority (ESMA) announced that it had published four new questions and answers (Q&A) providing guidance on implementation of the revised Market in Financial Instruments Directive (MiFID II) and Market in Financial Instruments Directive Regulation (MiFIR).… Continue Reading

ESMA Updates MiFID II/MiFIR Investor Protection Q&As

Posted in EU Developments, Financial Markets
On April 4, the European Securities and Markets Authority (ESMA) added 10 new questions and answers (Q&A) to its Q&A document on the implementation of investor protection topics under the revised Market in Financial Instruments Directive (MiFID II)and Market in Financial Instruments Directive Regulation (MiFIR). The Q&A provides clarification on the following topics: best execution;… Continue Reading

Investment Association Consults on New Code for Charges and Transaction Costs Disclosure

Posted in Financial Markets, UK Developments
On March 27, the Investment Association (IA), the UK investment management trade association, opened a consultation on a new code (Code) for enhanced disclosure of charges and transaction costs. The goal of the Code’ is to develop a consistent and comprehensive framework to allow fund and asset managers to deliver underlying charges and transaction cost… Continue Reading

Anti-Money Laundering: FCA Releases Draft Guidance on PEPs for Consultation

Posted in Financial Markets, UK Developments
On March 16, the Financial Conduct Authority (FCA) released draft guidance (Guidance) for consultation (Consultation) on the treatment of politically exposed persons (PEPs). Section 333U of the UK’ s Financial Services and Markets Act (FSMA) requires the definition of PEPs in the Guidance be in line with the Money Laundering and Transfer of Funds (Information… Continue Reading

HM Government to Create Office for Professional Body Anti-Money Laundering Supervision

Posted in Financial Markets, UK Developments
On March 15, HM Treasury unveiled plans to create a new UK watchdog for tackling potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit. The new “Office for Professional Body Anti-Money Laundering Supervision” (OPBAS) will focus its work on accountancy and legal sectors with the goal of helping to… Continue Reading

Government Publishes Report on UK Trade Options After Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 7, the UK House of Commons International Trade Committee (Committee) published a report titled “UK trade options beyond 2019” (Report). In the Report, the Committee examines different potential models for UK international trade after the United Kingdom leaves the European Union. The Report covers the UK’s relationship with the World Trade Organization (WTO),… Continue Reading

FCA Highlights Best Execution Concerns at Investment Managers

Posted in Financial Markets, UK Developments
On March 3, the UK Financial Conduct Authority (FCA) published a Press Release in which it expresses concern about how investment managers are failing to ensure effective oversight of best execution. The FCA’s concerns include: poor practices not being addressed despite the FCA’s 2014 thematic review on the topic; poor use of management information on… Continue Reading

HM Treasury Amends Definition of Financial Advice

Posted in Financial Markets, UK Developments
On February 28, HM Treasury published its response (Response) to its consultation on amending the definition of “financial advice” for the purposes of article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(RAO). The Response gives summaries of responses submitted to the consultation by market participants, as well as the government’s… Continue Reading

European Commission Publishes CMU Report on National Barriers to Capital Flows

Posted in EU Developments, Financial Markets
On February 27, the European Commission (EC) published a report (Report) on its capital markets union (CMU) initiative addressing national barriers to capital flows. The Report sets out the initial findings of the EC’s group of representatives of member states on national barriers to cross-border capital flows and the steps that the EC expects member… Continue Reading

UK Private Fund Limited Partnerships

Posted in Financial Markets, UK Developments
HM Treasury has published a revised draft Legislative Reform Order (Order) on amendments to the Limited Partnership Act 1907 (Act), which was laid before parliament on January 16. The Order relates to the new private fund limited partnership (PFLP) structure. The PFLP is designed to reduce the administrative and financial burdens that impact funds under… Continue Reading

ESAs Publish Statement On Variation Margin Exchange

Posted in EU Developments, Financial Markets
On February 23, the European Supervisory Authorities (ESAs), which consist of the European Banking Authority, European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, published a joint statement (Statement) in response to industry requests relating to operational challenges in meeting the deadline of March 1 for exchanging variation margin imposed by… Continue Reading

HM Treasury Publishes Response to the Transposition of MiFID II Consultation

Posted in Financial Markets, UK Developments
On February 9, HM Treasury published its response (Response) to the consultation that ran from March 27, 2015, to June 18, 2015, on the transposition of the revised Markets in Financial Instruments Directive (MiFID II) into UK domestic law. The Response summarizes responses submitted to the consultation by market participants, as well as the government’s… Continue Reading

ESMA Publishes Revised Draft ITS on MiFID II Position Reporting

Posted in EU Developments, Financial Markets
On February 9, the European Securities and Markets Authority (ESMA) published a revised draft implementing technical standards (ITS) on position reporting under the revised Markets in Financial Instruments Directive (MiFID II). The ITS were originally published in 2015. Since then, ESMA has identified a number of technical amendments necessary for the correct functioning of the… Continue Reading

ESMA Publishes Letter to the European Commission on Potential Exploitation of MiFID II Systematic Internalizer Regime

Posted in EU Developments, Financial Markets
On February 14, the European Securities and Markets Authority (ESMA) published a letter (Letter), dated February 1, to the European Commission (EC) in relation to the systematic internalizer (SI) regime under the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).… Continue Reading