Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: UK Developments

Anti-Money Laundering: FCA Releases Draft Guidance on PEPs for Consultation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On March 16, the Financial Conduct Authority (FCA) released draft guidance (Guidance) for consultation (Consultation) on the treatment of politically exposed persons (PEPs).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

UK Government Responds to House of Lords EU Committee Report on Brexit and Financial Services

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 20, the UK government published its response (Response) to the House of Lords EU Sub-Committee on Financial Affairs report on Brexit and financial services (Report). In the Report, which was published in December 2016, the Committee set out recommendations for the government relating to financial services, covering issues such as transitional arrangements and… Continue Reading

UK Parliament Formally Adopts Brexit Bill

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16. During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident… 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

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

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

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

UK House of Commons Votes on the Brexit Bill and Government Issues White Paper

Posted in Brexit, Brexit/UK Developments
On February 1, the House of Commons voted on the European Union (Notification of Withdrawal) Bill (Bill), which, when passed, will allow the Prime Minister to notify the European Council of the United Kingdom’s intention to withdraw from the European Union. Further information on the Bill can be found in the Corporate & Financial Weekly Digest edition… Continue Reading

UK Supreme Court Rules That Article 50 Requires an Act of Parliament and Government Publishes Withdrawal Bill

Posted in Brexit, Brexit/UK Developments
On January 24, the UK Supreme Court issued its judgment in R (on the application of Miller and Dos Santos) v Secretary of State for Exiting the European Union—the appeal of the High Court of Justice’s decision of November 3, 2016—on the proper constitutional process that the UK government must follow in submitting notice to… Continue Reading

UK Announces Brexit Negotiating Principles

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 17, UK Prime Minister Theresa May laid out the UK government’s negotiating principles for the United Kingdom’s departure from the European Union, which heralds a new, more substantive phase of the Brexit process. The Prime Minister’s theme for the speech was the creation of a “stronger, fairer and global Britain” alongside a “new… Continue Reading

Law Society Publishes Response to Consultation on the Regulatory Perimeter

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On January 10, the Law Society of England & Wales (Law Society) published its response to HM Treasury’s September 2016 consultation (Consultation) on amending the definition of “financial advice” for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (the UK legislation that defines which activities are regulated and with… Continue Reading

Update on UK Brexit Challenge

Posted in Brexit, Brexit/UK Developments, EU Developments
On November 25, the UK Supreme Court published an update (Update) on its website concerning R (on the application of Miller & Dos Santos) v Secretary of State for Exiting the European Union (the Article 50 “Brexit” case). The Update confirms that the UK Supreme Court had considered and determined the outcomes of further applications… 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

Briefing Paper on Legislating for Brexit and the Great Repeal Bill Published

Posted in Brexit, Brexit/UK Developments, EU Developments, UK Developments
On November 21, the House of Commons published a briefing paper (Paper) that suggested legislation regarding Brexit and the Great Repeal Bill. The Paper covers topics including the likely features of the Great Repeal Bill, the process for repealing the European Communications Act 1972 (ECA), the transposition of EU law into UK law, other primary… 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