On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.
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FCA Publishes Findings From Review of MiFID II Research Unbundling Rules
Posted in Financial Markets, UK Developments
On September 19, the UK Financial Conduct Authority (FCA) published its findings from its review of unbundling of third-party research under the revised Markets in Financial Instruments Directive (MiFID II).…
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FCA Updates Directions Under the Temporary Transitional Power
On September 26, the UK Financial Conduct Authority (FCA) published updated draft directions under its Temporary Transitional Power (TTP). The TTP is designed to give the FCA flexibility in applying post-Brexit requirements to firms that are transitioning to the new UK regulatory framework following the UK’s departure from the EU. The draft directions would only come into effect on exit day if the UK leaves the EU without an implementation period.…
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FCA Provides Updated Information on SM&CR Implementation
By Neil Robson on
Posted in Financial Markets, UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published updated information on its website for FCA-regulated firms in connection with the extension of the senior managers and certification regime (SM&CR) to such firms on December 9.
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FCA Announces Changes to AIFM Submission of Notification and Material Change Under NPPR
Posted in Financial Markets, UK Developments
On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes. …
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UK FCA Issues Final Guidance on Cryptoassets
By Neil Robson on
Posted in UK Developments
On July 31, 2019, the UK’s Financial Conduct Authority (FCA) published its finalized guidance on cryptoassets in a Policy Statement (PS19/22) with the stated aim of providing better protection to market participants. …
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New Issue of FCA Newsletter on Market Conduct: Control Over Inside Information
By Neil Robson on
Posted in UK Developments
On August 1, 2019, the UK Financial Conduct Authority (FCA) published a new issue of its newsletter on market conduct and transaction reporting issues (Market Watch 60).
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FCA Consults on Prohibiting Sale to Retail Clients of Investment Products Referencing Cryptoassets
On July 3, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/22) on prohibiting the sale, marketing and distribution to retail clients of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets by firms acting in, or from, the UK.…
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FCA Confirms Permanent Restrictions on Sale of CFDs and CFD-Like Options to Retail Consumers
Posted in Financial Markets, UK Developments
On July 1, the UK Financial Conduct Authority (FCA) published a policy statement (PS19/18) containing rules on restricting contract for difference (CFD) products and CFD-like options sold to retail clients.
The FCA consulted on the rules in December 2018 in CP18/38 (for more information, see the December 14, 2018 edition of Corporate & Financial Weekly Digest). In PS19/18, the FCA confirms that for CFDs and CFD-like options sold to retail clients, firms will be required to:…
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FCA Publishes Policy Statement and Final Rules on the Shareholder Rights Directive II and Related Party Transactions
Posted in Financial Markets, UK Developments
On May 31, the UK Financial Conduct Authority (FCA) published its policy statement titled “Proposals to Promote Shareholder Engagement: Feedback to CP19/7 and Final Rules” (PS19/13), which implements aspects of the Shareholder Rights Directive II (SRD II).
PS19/13 follows the FCA’s consultation on its draft rules relating to SRD II. The FCA states that PS19/13 provides additional clarifications to aid asset managers and life insurers in interpreting the policy intent of the new rules.…
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