Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FCA

FCA Publishes Discussion Paper on Illiquid Investments and Open-Ended Funds

Posted in Financial Markets, UK Developments
On February 8, the UK Financial Conduct Authority (FCA) published a discussion paper (Paper), seeking stakeholder views on open-ended funds investing in illiquid assets. One of the difficulties highlighted in the Paper is the liquidity mismatch that is created when an investor wishes to withdraw its money on short notice, when illiquid assets cannot be… Continue Reading

FCA Extends AIFMD Annex IV Reporting to Master Funds

Posted in UK Developments
On January 25, the UK Financial Conduct Authority (FCA) published amendments to its rules on Annex IV reporting under the EU Alternative Investment Fund Managers Directive (AIFMD). The amendments will affect non-European Economic Area (EEA) Alternative Investment Fund Managers (AIFMs) that market feeder Alternative Investment Funds (AIFs) in the United Kingdom under the United Kingdom’s… Continue Reading

FCA Publishes Updated Page on MiFID II Legal Entity Identifiers

Posted in EU Developments, UK Developments
On December 2, the UK Financial Conduct Authority (FCA) updated its website on the revised Markets in Financial Instruments Directive (MiFID II) to include a new section on transaction reporting and legal entity identifiers (LEI Update) under MiFID II. The LEI Update sets out the function and purpose of an LEI, and clarifies that from… Continue Reading

UK FCA Confirms No Guidance to be Published on the Application of the UCITS Remuneration Code

Posted in EU Developments, Financial Markets, UK Developments
On November 17, the UK Financial Conduct Authority (FCA) updated its webpage focused on Undertakings for Collective Investment in Transferable Securities fund (UCITS) remuneration issues to confirm that it does not intend to publish any specific guidance on the application of the UCITS Remuneration Code. The FCA notes that UCITS management companies may wish to… Continue Reading

FCA Publishes Interim Report on Asset Management Market Study

Posted in Financial Markets, UK Developments
On November 18, the UK Financial Conduct Authority (FCA) published an interim report on its findings from an asset management market study (Report). The FCA launched the market study in November 2015, focusing on competition in the asset management industry and the ability of retail and institutional investors to get value for money when purchasing… Continue Reading

Who Pays for MiFID II implementation in UK?

Posted in EU Developments, Financial Markets
On November 16, the UK Financial Conduct Authority (FCA) published a consultation (Consultation) on regulatory fees and levies, and its policy proposals for 2017/2018. The Consultation sets forth the FCA’s proposals on: 1) the structure of a new levy to fund action against illegal money lending; 2) the relevant groups (fee-blocks) of regulated firms from… Continue Reading

UK Treasury Committee Publishes FCA Letter on Asset Management, Financial Services and Passporting in a Post-Brexit Environment

Posted in Brexit/UK Developments
On November 8, the House of Commons Treasury Committee published a letter (Letter) it had received from Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA) (dated October 28). The Letter had been prepared in response to a number of questions raised at a Treasury Select Committee hearing held on July 20 (which… Continue Reading

HM Treasury Responds to Consultation on Implementation of UCITS V in the UK

Posted in UK Developments
On October 31, HM Treasury published its response (Response) to the consultation it conducted in Q4 2015 (Consultation) on the United Kingdom’s implementation of the UCITS V Directive (2014/91/EU) (UCITS V). The objective of UCITS V was to make certain changes to the existing UCITS legislative framework to assist in further enhancing the global appeal… Continue Reading

CFTC and UK Financial Conduct Authority Sign Memorandum of Understanding

Posted in CFTC, Derivatives, Dodd-Frank Developments, UK Developments
The Commodity Futures Trading Commission and the UK Financial Conduct Authority (FCA) have entered into a memorandum of understanding pursuant to which they have agreed to cooperate in the supervision and oversight of certain regulated firms that operate on a cross-border basis in the United States and in the United Kingdom. The affected firms include… Continue Reading

FCA Publishes September 2016 Issue of ‘Market Watch’

Posted in Financial Markets, UK Developments
On September 27, the UK Financial Conduct Authority (FCA) published the 51st edition of Market Watch, its periodic newsletter on market conduct and transaction reporting issues in the United Kingdom. The latest Market Watch provides the FCA’s commentary on its recent thematic review (Review) of market abuse systems and controls in place at UK-regulated firms… Continue Reading

FCA Publishes Further Commentary on Payments for Order Flow

Posted in Financial Markets, UK Developments
On September 27, the UK Financial Conduct Authority (FCA) published an update on its work in relation to payments for order flow (PFOF) in its latest Market Watch newsletter on market conduct and transaction reporting issues. Notably, the commentary on PFOF follows previous guidance on the practice (PFOF Guidance) published by the UK Financial Services… Continue Reading

FCA Publishes New Notification Form for Transaction Reporting Errors

Posted in Financial Markets, UK Developments
On September 15, the UK Financial Conduct Authority (FCA) published a new form (Form) to be used when notifying the regulator of transaction reporting errors or failures in breach of Chapter 17 of the FCA’s Supervision Manual (SUP). Chapter 17 of SUP requires firms to notify the FCA of any transaction reporting errors or failures… Continue Reading

Brexit and Passporting: FCA Statistics

Posted in Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On September 20, the UK House of Commons Treasury Committee published a letter (Letter) from Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), dated August 17. The Letter contains figures on UK firms currently holding single-market “passports” under certain EU directives to provide services or establish branches elsewhere in the European Union. … Continue Reading

FCA Launches New Website on MiFID II Market Data Processing

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On September 5, the UK Financial Conduct Authority (FCA) launched a new webpage dedicated to market data reporting and the development of its new market data processor system (MDP system). The MDP system is being developed for the FCA in response to data reporting requirements under the amended and restated Markets in Financial Instruments Directive… Continue Reading

FCA Trade Association Roundtable on MiFID II Implementation

Posted in Derivatives, EU Developments, Financial Markets
On August 31, the UK Financial Conduct Authority (FCA) published minutes from a roundtable (Roundtable) held on August 3 with trade associations. The Roundtable was held as part of ongoing discussions in relation to the application and implementation of the revised and recast Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation… Continue Reading

FCA Announces Final Phase of Work on New Website

Posted in UK Developments
On August 11, the UK Financial Conduct Authority (FCA) announced it was commencing the final phase of work on its new website. After years of criticism for not being user-friendly, the FCA re-launched its website in June 2016 with improvements aiming to make the website “task-driven” and accessible across multiple devices (PCs, tablets and mobiles).… Continue Reading

UK Treasury Committee Calls for a New UK Enforcement Body

Posted in Financial Markets, UK Developments
On July 26, the UK Treasury Committee published a review of reports (Report) into the failure of the UK banking group Halifax Bank of Scotland (HBOS). Notably, the Report includes a review of the enforcement functions of the UK Financial Services Authority (which was subsequently divided into the Financial Conduct Authority (FCA) and the Prudential… Continue Reading

FCA Proposes Amendments to UK AIFMD Annex IV Reporting

Posted in EU Developments, Financial Markets
On July 4, the UK Financial Conduct Authority (FCA) published its quarterly consultation paper (Quarterly Consultation), which details proposed amendments to the FCA Handbook. In this Quarterly Consultation, the FCA has proposed to extend and amend UK reporting requirements under the EU Alternative Investment Fund Managers Directive (AIFMD) for certain UK AIFMs and also for… Continue Reading

MAR Delegated Regulation on Abusive Practices and Suspicious Orders and Transactions Published

Posted in EU Developments, Financial Markets, UK Developments
Updating the Corporate & Financial Weekly Digest March 18 edition, on June 17, the delegated regulation (Delegated Regulation) on arrangements, systems and procedures and notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions under the EU Market Abuse Regulation was published in the Official Journal of the… Continue Reading

FCA Occasional Paper on “Market-Based Finance” (a.k.a., Shadow Banking)

Posted in Financial Markets, UK Developments
On May 26, the UK Financial Conduct Authority (FCA) published an occasional paper (Paper) on “market-based finance” (MBF). The Paper, written by staff in the FCA’s Chief Economist’s Department, expands on the general concept of shadow banking (credit intermediation carried out by non-banks) and focuses on the FCA’s concept of MBF—which it notes is set… Continue Reading