Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FCA

FCA Updates National Private Placement Regime Notification Process Under AIFMD

Posted in Financial Markets, UK Developments
On May 2, the UK Financial Conduct Authority (FCA) updated its webpage on the United Kingdom’s national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows non-European Economic Area (EEA) alternative investment funds (AIFs) that are managed by full-scope UK and EEA alternative investment fund managers (AIFMs), as well… Continue Reading

FCA Publishes Report on Payment for Order Flow

Posted in Financial Markets, UK Developments
On April 23, the UK Financial Conduct Authority (FCA) published a report on payment for order flow (PFOF). The report provides an update on the FCA’s supervisory work on conflicts of interest and PFOF, and it follows the FCA’s preliminary findings that were published in issue 56 of its Market Watch newsletter (as reported in… Continue Reading

FCA Extends Notifications Deadline for Temporary Permission Regime to May 30

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the… Continue Reading

FCA Publishes Market Watch Newsletter on Transaction Reporting Issues and Market Conduct

Posted in Financial Markets, UK Developments
On April 17, the UK Financial Conduct Authority (FCA) published issue 59 of its Market Watch newsletter. In this issue, the FCA details its findings on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Market Abuse Regulation (MAR).… Continue Reading

FCA and SEC Sign Updated Memoranda of Understanding

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, SEC/Corporate, UK Developments
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it has signed two updated memoranda of understanding (MOUs) with the Securities and Exchange Commission. Both MOUs aim to ensure the continued ability of the United Kingdom and the United States to cooperate and consult with each other regarding the… Continue Reading

FCA Confirms Final Rules and Guidance for Firms for No-Deal Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it had published its final instruments and guidance that will apply if the United Kingdom withdraws from the European Union without a deal or an implementation period (No-Deal Brexit).… Continue Reading

FCA and PRA Publish Updates to the Temporary Permissions Regime

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 25, the UK Financial Conduct Authority (FCA) updated its webpage on the temporary permissions regime (TPR) to announce that it intends to extend the notification window for European Economic Area (EEA) firms and fund managers wishing to enter the TPR to the end of April 11. On March 26, the UK Prudential Regulation… Continue Reading

House of Lords Bribery Act 2010 Committee Publishes Post-Legislative Scrutiny

Posted in Financial Markets, UK Developments
On March 14, the House of Lords Select Committee (Select Committee) on the Bribery Act 2010 (Bribery Act) published its report, “Bribery Act 2010: post-legislative scrutiny,” to establish whether the Bribery Act is achieving its intended purposes. In its report, the Select Committee concludes that the Bribery Act is an excellent piece of legislation, creating offenses… Continue Reading

ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United… Continue Reading

FCA Publishes Policy Statement on New Financial Services Directory

Posted in Financial Markets, UK Developments
On March 8, the UK Financial Conduct Authority (FCA) published a policy statement on a new directory of financial services workers (Directory). This follows the FCA’s proposals to introduce the Directory and amend the existing financial services register (FS Register) in its consultation paper of July 2018 (as reported in the Corporate & Financial Weekly… Continue Reading

FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

Posted in Brexit, Financial Markets, UK Developments
On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period. The… Continue Reading

FCA Publishes Speech on Firms’ Progress To Transition From LIBOR to Alternative Risk-Free Rates

Posted in Financial Markets, UK Developments
On February 21, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, the executive director of supervision—Investment, Wholesale and Specialists at the FCA, on firms’ progress in transitioning from the London Interbank Offered Rate (LIBOR) to overnight risk-free rates (RFRs). The FCA and the UK Prudential Regulation Authority (PRA) are in the… Continue Reading

Statement Published on Post-Brexit Continuity of Derivatives Trading and Clearing Measures

Posted in CFTC, Financial Markets, UK Developments
On February 25, the Bank of England (BoE), the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission published a joint statement on measures intended to ensure the continuity of UK-US derivatives trading and clearing activities following the United Kingdom’s withdrawal from the European Union (Brexit).… Continue Reading

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 and PRA Publish Direction on Reporting Private Securitizations Under Securitization Regulation

Posted in EU Developments, Financial Markets
On January 31, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a direction under the UK Securitization Regulations 2018 (a statutory instrument that implements the EU Securitization Regulation) setting out how relevant parties must report certain information to the FCA or PRA.… Continue Reading

Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications

Posted in Brexit/UK Developments, Financial Markets, UK Developments
On January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading

FCA Consults on Optimizing the SM&CR and Proposes Excluding Heads of Legal From Senior Managers Regime

Posted in Financial Markets, UK Developments
On January 23, the UK Financial Conduct Authority (FCA), published a consultation paper on optimizing the senior managers and certification regime (SM&CR) (for further details on the SM&CR, see the March 11, 2016 edition of the Corporate & Financial Weekly Digest). Its proposals intend to help firms adjust to the SM&CR and to identify some… Continue Reading

FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal (Withdrawal Agreement) has not been ratified by… Continue Reading

FCA Consults on Contractual Certainty Post-Brexit

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets
On January 8, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/2) on contractual certainty post-Brexit. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal remains to be ratified by the UK Parliament. If ratification fails, this… Continue Reading

FCA Publishes Instruments Implementing the EU Securitization Regulation

Posted in Financial Markets, UK Developments
On January 3, the UK Financial Conduct Authority (FCA) published the Securitization Regulation Implementation (Fees for Third Party Verifiers) Instrument 2019 (FCA 2019/1) and Enforcement (EU Securitization Regulation) Instrument 2019 (FCA 2019/2) (collectively, the Securitization Instruments).… Continue Reading