Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

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FCA Publishes Policy Statement on Further Asset Management Market Study Remedies

Posted in Financial Markets, UK Developments

On February 4, the UK Financial Conduct Authority (FCA) published a Policy Statement on further remedies to promote competition in the asset management sector, following its asset management market study (AMMS) (see the June 30, 2017 edition of Corporate & Financial Weekly Digest for further details on the FCA’s Final Report on AMMS).… Continue Reading

FCA Publishes Consultation Paper on Restricting CFD Products Sold to Retail Clients

Posted in Derivatives, Digital Assets and Virtual Currencies, Financial Markets, UK Developments

On December 7, the UK Financial Conduct Authority (FCA) published a consultation paper on restricting contract for difference (CFD) and other derivative products sold to retail consumers. In its consultation paper, the FCA is proposing to intervene in the CFD market to address allegedly poor conduct by firms offering CFD products to retail customers, and… Continue Reading

FCA Publishes Evaluation Paper Relating to Bringing Additional Benchmarks Into Regulatory and Supervisory Regime

Posted in Derivatives, Financial Markets, UK Developments

On October 22, the UK Financial Conduct Authority (FCA) published an evaluation paper that considers the impact that bringing seven additional benchmarks into its regulatory and supervisory regime had on the market. The paper evaluates the Benchmarks (Amendment) Instrument 2015 (Benchmarks Instrument), by which the FCA made amendments to the FCA Handbook to reflect the… Continue Reading

FCA Consults on Changes to DEPP and EG in Its Handbook to Reflect EU Securitization Regulation Implementation

Posted in Financial Markets, UK Developments

On October 12, the UK Financial Conduct Authority (FCA) published a consultation paper (October Consultation Paper) setting out its proposals to amend the Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) of the FCA Handbook. The FCA explains that the amendments are needed because of the changes introduced by the statutory instrument (SI),… Continue Reading

FCA Publishes Statement on Its Brexit Preparations

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.… Continue Reading

FCA and ICO Publish Joint Update on GDPR

Posted in Financial Markets, UK Developments

On February 8, the UK Financial Conduct Authority (FCA) and the UK Information Commissioner’s Office (ICO) published a joint statement on the EU General Data Protection Regulation (GDPR). GDPR will go into effect in the UK on May 25. The GDPR is designed to strengthen the rules governing data protection across the European Union and… Continue Reading

FCA Publishes “Dear CEO” Letter on Payment for Order Flow

Posted in Financial Markets, UK Developments

On December 13, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter expressing its concerns over the practice of brokers demanding payments from counterparties in exchange for conducting client business with them, also known as payment for order flow (PFOF). The letter follows the FCA’s September 2016 update, published in their Market Watch… 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