Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: UK Developments

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FCA’s Changes to Connect Impact MiFID Passport Notifications

Posted in Financial Markets, UK Developments
On December 4, the UK Financial Conduct Authority (FCA) announced changes, effective from the same date, to Connect, its online system that is used by firms to make various applications and notifications to the FCA. The changes reflect the revised Markets in Financial Instruments Directive legal framework (MiFID II), in anticipation of the implementation of… Continue Reading

HM Treasury Publishes Renewed Investment Management Strategy

Posted in Financial Markets, UK Developments
On December 6, Her Majesty’s Treasury published a report setting out the UK government’s renewed long-term investment management strategy. This follows the announcement by the UK Chancellor of the Exchequer, Philip Hammond, in his Autumn 2017 Budget on November 22, that the government would be publishing its new strategy to “ensure that the UK asset… Continue Reading

UK FCA, Dutch AFM and French AMF Publish Position Limits for Commodity Derivative Contracts

Posted in Derivatives, Financial Markets, UK Developments
Under the revised Markets in Financial Instruments Directive (MiFID II), limits are required to be established on the size of a net position a person can hold (at all times) in commodity derivatives traded on EU/European Economic Area (EEA) trading venues and economically equivalent over-the-counter contracts. On December 7, the UK Financial Conduct Authority (FCA)… Continue Reading

UK and EU Reach Agreement on the First Phase of Brexit Negotiations

Posted in Brexit, Brexit/UK Developments, EU Developments, UK Developments
Following months of, at times, protracted negotiations, the UK and European Union (EU) negotiating teams have published the text of an agreement on the terms of the UK’s withdrawal from the EU. These negotiations have focused on three primary topics:… Continue Reading

FCA and BaFIN Publish Position Limits for Commodity Derivative Contracts

Posted in UK Developments
Under the revised Markets in Financial Instruments Directive (MiFID II), limits are required to be established on the size of a net position a person can hold (at all times) in commodity derivatives traded on European Union/European Economic Area trading venues and economically equivalent over-the-counter contracts.… Continue Reading

Barnier Discusses Meaning of Brexit for Financial Services

Posted in UK Developments
On November 20, the European Commission published a speech on the future of the European Union given by Michel Barnier, the EU’s chief Brexit negotiator, at the Centre for European Reform. In the Speech, Mr. Barnier focused on Brexit and identified three keys to the European Union building a strong partnership with the United Kingdom:… Continue Reading

FCA Publishes Issue 54 of Market Watch Newsletter

Posted in Financial Markets, UK Developments
On November 8, the UK Financial Conduct Authority (FCA) published issue 54 of Market Watch, its newsletter on market conduct and transaction reporting issues. With the January 3, 2018 implementation date of the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) fast approaching, Market Watch contains articles relating… Continue Reading

FCA Publishes Speech on Robo Advice

Posted in Financial Markets, UK Developments
On November 3, the UK Financial Conduct Authority (FCA) published a speech by Bob Ferguson, FCA Head of Department, Strategy Competition Division, giving the FCA’s perspective on robo advice. Key points of the speech include: the FCA sees automated advice as a valuable vehicle to help tackle the issues faced by those consumers who are… Continue Reading

FCA Opens Consultation on Expectations of Firms in Unregulated Markets and Industry Codes of Conduct

Posted in Financial Markets, UK Developments
On November 3, the UK Financial Conduct Authority (FCA) published a consultation paper (CP17/37) on supervising adherence to proper standards of market conduct for unregulated markets and activities, including standards set out in industry-written codes of conduct.… Continue Reading

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

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

Cybersecurity: UK Government Consults on Implementing Network and Information Security Directive

Posted in UK Developments
On August 8, the UK’s Department for Digital, Culture, Media & Sport (DCMS) published a consultation paper (CP) on implementing the EU’s Network and Information Security Directive (NIS Directive) (also known as the Cybersecurity Directive). The DCMS explains that the NIS Directive will compel essential service operators to make sure they are taking the necessary… Continue Reading

FCA Updates Commodity Derivatives Website With Q&A

Posted in UK Developments
On August 8, the UK Financial Conduct Authority (FCA) updated a section of its website relating to the treatment of commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) by adding a question and answer document (Q&A). The Q&A contains 34 questions and answers… 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