Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FCA

FCA Publishes Market Watch Newsletter 53 on LEIs, Market Data and SIs under MiFID II

Posted in UK Developments
On September 18, the UK Financial Conduct Authority (FCA) published the latest edition (Number 53) of its periodic newsletter Market Watch. In it the FCA has included articles and guidance on the following: MiFID II Legal Entity Identifiers (LEIs): The FCA has reiterated its previous guidance that starting January 3, 2018 (when MiFID II comes… Continue Reading

FCA Gives Firms Breathing Room on MiFID II Compliance

Posted in EU Developments
On September 20, a senior official in the UK’s Financial Conduct Authority (FCA) opened the door to an informal conformance period for market participants following the implementation of the revised Markets in Financial Instruments Directive (MiFID II), which takes effect on January 3, 2018. The breadth and scope of the new regulatory and compliance requirements… Continue Reading

New FCA Webpage on Updates to MiFID Notifications Obligations

Posted in UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published a new webpage with an update on MiFID II notification requirements and procedures for certain MiFID-impacted firms in the UK—specifically systematic internalizers (SIs), providers of direct electronic access (DEA) to EU/EEA markets and algorithmic trading firms. The stated purpose of the webpage is to provide… Continue Reading

FCA Opens MiFID II Passporting Gateway

Posted in UK Developments
On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes Notification Guide for Firms Wanting To Rely on MiFID II Ancillary Activity Exemption

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On July 19, the UK Financial Conduct Authority (FCA) updated its webpage on the introduction of the commodity derivatives position limits and reporting regime under the revised Markets in Financial Instruments Directive (MiFID II). The FCA explains that, under the MiFID II Directive, firms or individuals who trade in commodity derivatives on a professional basis… Continue Reading

FCA Publishes MiFID II Passporting Forms

Posted in EU Developments, Financial Markets, UK Developments
On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes Second Policy Statement on MiFID II Implementation

Posted in UK Developments
On July 3, the UK Financial Conduct Authority (FCA) published its second policy statement (PS17/14) on implementation of the revised Markets in Financial Instruments Directive (MiFID II) into FCA rules. PS17/14 follows the first policy statement on MiFID II published in March 2017 (for further information see the April 7 Corporate Financial Weekly Digest ).… Continue Reading

FCA Publishes Final Report on Asset Management Market Study

Posted in Financial Markets, UK Developments
On June 28, the Financial Conduct Authority (FCA) published its final report after its asset management market study (Study), which began in November 2015. Alongside the report, the first of a number of related consultation papers was also published. The report and consultation paper follow the FCA’s interim report published in November 2016, which had… Continue Reading

MiFID II Implementing Legislation Published

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required… Continue Reading

FCA Focuses on Dividend Arbitrage

Posted in Derivatives, Financial Markets, UK Developments
On June 2, the Financial Conduct Authority (FCA) published issue 52 of Market Watch, its market conduct and transaction reporting newsletter. The newsletter focuses on the practice of dividend arbitrage, the intention of which is to place shares in alternative tax jurisdictions around dividend dates, with the aim of minimizing withholding taxes (WHT), or generating… Continue Reading

FCA Publishes Statement on National Cyber Attack and Webpage on Cyber Resilience

Posted in Financial Markets, UK Developments
On May 13, the day after the start of the widespread “WannaCry” ransomware cyber-attack, the UK Financial Conduct Authority (FCA) published a statement on the cyber-attack. The statement advised firms to review guidance issued by the National Cyber Security Centre. If firms were affected by the attack, it advised them to contact Action Fraud and… Continue Reading

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

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