Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FCA

Draft Financial Regulators’ Powers Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of… 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

PRA Publishes Policy and Supervisory Statements on Algorithmic Trading

Posted in Financial Markets, UK Developments
On June 15, the UK Prudential Regulation Authority (PRA) published a policy statement and a supervisory statement on algorithmic trading. While the PRA’s policy only directly applies to PRA-regulated and dual-regulated firms, such as banks, UK Financial Conduct Authority-regulated firms (e.g., most proprietary trading firms) may wish to take into account the PRA’s expectations regarding… Continue Reading

FCA Publishes List of Overseas Cooperation Agreements for Outsourcing Portfolio Management

Posted in Financial Markets, UK Developments
On June 14, the UK Financial Conduct Authority (FCA) published a list of cooperation agreements it has in place in relation to the outsourcing of portfolio management. The list contains the supervisory authorities in three countries with which the FCA has cooperation agreements that meet the requirements of the Commission Delegated Regulation (EU) 2017/565 on… Continue Reading

FCA Publishes “Dear CEO” Letter on Cryptoassets and Financial Crime

Posted in Digital Assets and Virtual Currencies, Financial Markets, UK Developments
The UK Financial Conduct Authority (FCA) has published a “Dear CEO” letter dated June 11, on cryptoassets and financial crime. The purpose is to ensure that banks adequately manage the financial crime risks associated with cryptoassets. The FCA defines cryptoassets as any publicly available medium of exchange that features a distributed ledger and a decentralized… Continue Reading

FCA Publishes Findings From Its Review of Automated Investment Services

Posted in Financial Markets, UK Developments
On May 21, the UK Financial Conduct Authority (FCA) published a webpage on its findings from its review of firms offering automated investment services. The aim of the review was to monitor developments in financial innovation to help inform the FCA’s regulatory strategy, as set out in its 2017/18 Business Plan. The FCA reviewed the… Continue Reading

Treasury Committee’s Virtual Currencies Inquiry Publishes FCA and Bank of England Evidence

Posted in Digital Assets and Virtual Currencies, UK Developments
On May 22, the UK’s House of Commons Treasury Committee (Treasury Committee) updated its webpage on its inquiry into what it refers to as “digital currencies.” The webpage now provides links to written evidence the Treasury Committee has received from the UK Financial Conduct Authority (FCA) and the Bank of England (BoE) in which they… Continue Reading

ESMA Publishes Opinion on Position Limits on ICE Low Sulphur Gasoil 1st Line Contracts

Posted in EU Developments, Financial Markets
On May 15, the European Securities and Markets Authority (ESMA) published an opinion on position limits proposed by the UK Financial Conduct Authority (FCA) in respect of ICE Low Sulphur Gasoil 1st Line Future and Option contracts. ESMA found that the contracts are consistent with the objectives established in the revised Markets in Financial Instruments… Continue Reading

FCA Adds New Interactive Tools to Asset Management Authorization Hub

Posted in Financial Markets, UK Developments
On April 20, the UK Financial Conduct Authority (FCA) updated its asset management authorization hub (Hub), which launched on October 16, 2017, as detailed in the Corporate & Financial Weekly Digest edition of October 20, 2017. The updated Hub includes a number of new interactive tools, complementing existing ones, to support firms through the regulatory… Continue Reading

FCA and PRA Publish 2018/19 Business Plans

Posted in UK Developments
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

FCA Publishes Statement Regarding the Requirement for Firms Offering Cryptocurrency Derivatives To Be Authorized

Posted in Digital Assets and Virtual Currencies, UK Developments
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

FCA Adopts Senior Managers Regime for Its Own Senior Management

Posted in UK Developments
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

FCA Publishes Changes Affecting Authorized Fund Managers and Proposes Further Changes

Posted in UK Developments
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

FCA Welcomes Agreement on Terms of Brexit Implementation Period; BoE Announces “Dear CEO” Letters and PRA Policy Statements

Posted in Brexit, Brexit/UK Developments, UK Developments
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

UK Government Launches Fintech Sector Strategy

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

FCA Launches Survey of Firms that Passport Into the UK

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

FCA Publishes Webpage on Review of Closet Trackers

Posted in Financial Markets, UK Developments
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

FCA Webpage on Capital Requirements Adds Important Transitional Arrangement

Posted in UK Developments
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

FCA Confirms Amendment to the LEI Validation Rule Effective March 2018

Posted in UK Developments
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

CFTC and UK Financial Conduct Authority Sign Cooperation Arrangement on Financial Technology Innovation

Posted in CFTC, Digital Assets and Virtual Currencies, UK Developments
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