On April 9, the UK Financial Conduct Authority (FCA) published its business plan for 2018/19. The business plan divides key priorities for the FCA over the coming year into three main areas: (1) the United Kingdom’s withdrawal from the European Union (Brexit); (2) cross-sector priorities; and (3) sector-specific priorities. The FCA’s business plan anticipates that… Continue Reading
On April 6, the UK Financial Conduct Authority (FCA) published a statement on the requirement that firms trading in cryptocurrency derivatives may need to be authorized. The statement confirms that performing activities or providing services that amount to regulated activities in relation to derivatives are likely to require FCA authorization when performed in relation to… Continue Reading
The UK Financial Conduct Authority (FCA) has published a document setting out its intention to self-apply the principles of the Senior Managers Regime (SMR) to strengthen transparency and “reinforce the standards,” noting that certain differences in the application of the principles are inevitable due to the FCA’s status as a regulatory authority and public body,… Continue Reading
On April 5, the UK Financial Conduct Authority (FCA) published a policy statement with the final rules from its consultation paper 17/18 on asset management market study remedies and changes to the FCA Handbook. The policy statement announces the following prominent changes, among others: Authorized Fund Managers (AFMs) must assess the overall value delivered to… Continue Reading
On March 28, the UK Financial Conduct Authority (FCA) published a statement on the withdrawal of the United Kingdom from the European Union (Brexit) following UK-EU agreement in relation to aspects of the transition period—notably the end date for the transition period of December 31, 2020.… Continue Reading
On March 22, the UK government held its second annual International Fintech Conference. The Conference forms part of the UK’s plans to maintain its world leading position in technology-enabled innovation in financial services (FinTech). The Conference follows the launch of the European Commission’s FinTech Action Plan, further details of which are available in the Corporate… Continue Reading
On March 9, the UK Financial Conduct Authority (FCA) launched a short online survey for firms providing cross-border services into the UK from other European Union/European Economic Area (EEA) jurisdictions (“passporting”), or marketing funds in the UK. The survey follows the UK government’s December 2017 announcement that, if necessary, it will legislate to provide a… Continue Reading
On March 14, the UK Financial Conduct Authority (FCA) published a webpage in relation to its review of potential closet tracker funds and closet constrained funds. The review forms part of the FCA’s supervision to protect investors and maintain a competitive market. On its webpage, the FCA explains that both types of funds look like… Continue Reading
On March 5, the UK’s Financial Conduct Authority (FCA) published a webpage explaining that Article 493 of the Capital Requirements Regulation (CRR) has been updated by Article 1(2) of the IFRS 9 Regulation (an International Financial Report Standard promulgated by the International Accounting Standards Board). The CRR now incorporates a transitional arrangement, allowing firms such… Continue Reading
On March 2, the UK’s Financial Conduct Authority (FCA) updated its webpage for firms subject to transaction reporting obligations under the revised Markets in Financial Instruments Directive. The European Securities and Markets Authority’s (ESMA) statement on December 20, 2017, regarding transition measures (for further information please see the January 5 edition of Corporate & Financial… Continue Reading
On February 26, the UK’s Financial Conduct Authority (FCA) published a statement announcing that it will consult on proposals to make information publicly available on a wider range of individuals at firms authorized by the FCA and the UK’s Prudential Regulation Authority (PRA) than had been planned.… Continue Reading
On February 19, the Commodity Futures Trading Commission and the UK Financial Conduct Authority (FCA) signed the “Cooperation Arrangement on Financial Technology Innovation,” which memorializes the intention of the CFTC and FCA to collaborate and support their respective financial technology (FinTech) initiatives—LabCFTC and FCA Innovate. The arrangement intends to support these FinTech initiatives through an… Continue Reading
On February 19, the UK’s Financial Conduct Authority (FCA) and the United States Commodity Futures Trading Commission (CFTC) (collectively the Regulators) published a press release announcing that they have signed a Cooperation Agreement on the same date with each other on financial technology (FinTech) innovation.… Continue Reading
On February 19, the UK’s Financial Conduct Authority (FCA) published a “Dear CEO” letter that it recently sent to IFPRU investment firms and BIPRU firms (as defined below) concerning the quality of information submitted to the FCA in prudential regulation returns.… Continue Reading
On February 12, the UK Financial Conduct Authority (FCA) published a report on algorithmic trading compliance in wholesale markets. The report highlights key requirements in the revised Markets in Financial Instruments Directive (MiFID II) relating to algorithmic trading activity, and contains examples of good and bad practices observed during the FCA’s reviews of FCA regulated… Continue Reading
On February 12, the United Kingdom Financial Conduct Authority (FCA) updated its webpage on the European Market Infrastructure Regulation (EMIR), about the equivalence decision for derivative transactions in the United States adopted by the European Commission on October 13, 2017. The equivalence decision determined that the rules promulgated by the Commodity Futures Trading Commission on… Continue Reading
The UK Financial Conduct Authority (FCA) has reviewed the bespoke position limits set for a number of commodity derivatives traded on UK venues. Following its review and as a result of strong growth in some commodity derivative contracts, the FCA has increased the limits of approximately 20 commodity derivative contracts as of February 8.… Continue Reading
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
The application window for businesses to be part of cohort 4, the latest cohort, of the UK Financial Conduct Authority’s (FCA) regulatory sandbox is open until January 31. Businesses such as authorized firms, unauthorized firms that require authorization and technology businesses can apply to each cohort of the FCA’s sandbox.… Continue Reading
On January 24, the UK Financial Conduct Authority (FCA) published a statement relating to performance scenarios in key information documents (KIDs) provided in accordance with the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.… Continue Reading
On January 25, the UK Financial Conduct Authority (FCA) published position limits on a further commodity derivative contract that is traded on a UK trading venue.… Continue Reading
On January 11, the UK Financial Conduct Authority (FCA) updated its webpage on instrument reference data to make available a new instrument reference data errors and omissions form for trading venues or systematic internalizers (SIs) to complete if their instrument reference data is incomplete or inaccurate.… Continue Reading
On January 3, the UK Financial Conduct Authority (FCA) published a document containing general guidance on the authorization process, forms and prudential categories following the FCA’s implementation of the revised Markets in Financial Instruments Directive (MiFID II). The document provides guidance on applications for authorization as a MiFID investment firm made by a first-time applicant… Continue Reading
On January 10, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter that it has sent to providers and distributors of contract for difference (CFD) products to retail customers. The letter reminds firms that CFDs are high-risk, complex financial products and refers to the FCA’s recent review of the CFD market. During… Continue Reading
