On September 10, the UK Financial Conduct Authority (FCA) released a video focused on the Senior Managers and Certification Regime (SM&CR). The video emphasizes the importance of clarity of responsibilities and maintaining high standards under the SM&CR. For further details on the SM&CR, see the July 28, 2017 edition of Corporate & Financial Weekly Digest.… Continue Reading
On September 14, the UK Financial Conduct Authority (FCA) published a statement and direction clarifying how a market operator based in the European Economic Area (EEA) may make an application to become a recognized overseas investment exchange (ROIE), following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading
On July 5, the Bank of England (BoE), UK Prudential Regulatory Authority (PRA) and UK Financial Conduct Authority (FCA) (together, the Supervisory Authorities) published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures (FMIs) in the UK financial services sector.… Continue Reading
On August 8, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter concerning cross-border booking arrangements. In the letter, the FCA explains that the UK’s impending withdrawal from the EU has resulted in firms needing to put in place contingency plans that, when executed, will impact current business models, legal entity strategies and… Continue Reading
On July 24, HM Treasury published its draft version of the European Economic Passports Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (draft Regulations). The purpose of the draft Regulations is to remove references to the passporting framework set out in the Financial Services and Markets Act 2000 and in other UK legislation.… Continue Reading
On July 24, the Bank of England (BoE) published a webpage on its and the UK Prudential Regulation Authority’s (PRA’s) approach to the temporary permissions regime (TPR) and the temporary recognition regime (TRR). The TPR aims to enable EEA firms currently using a passport operating in the United Kingdom to continue their activities in the… Continue Reading
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
On July 4, the UK Financial Conduct Authority (FCA) issued a press release announcing its proposal to introduce a new public directory of the status and history of individuals working in financial services (including information on their prior employers, any enforcement actions, prohibitions, etc.).… Continue Reading
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
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
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
Following the UK Financial Conduct Authority’s (FCA) announcement in a consultation paper it first published on March 2, its London office will relocate over summer 2018. From July 1, the FCA’s new registered address will be: Financial Conduct Authority 12 Endeavour Square London E20 1JN… Continue Reading
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
On June 11, the Money Market Funds Regulations 2018 (MMFR) were published and set to go into effect on July 21. The MMFR relates to the EU Regulation on Money Market Funds (EU MMF Regulation), and ensures the UK Financial Conduct Authority (FCA) can authorize money market funds (MMFs) and enforce the MMFR from the… Continue Reading
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
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
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
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
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
