On October 20, the Commodity Futures Trading Commission and the Bank of England (BoE) announced that they had signed an updated Memorandum of Understanding (MOU) regarding the cooperation and exchange of information to preserve the benefits of cross-border clearing activity. The MOU emphasizes the importance of supervision of central counterparties (CCPs) and clarifies that the

On October 16, the Financial Stability Board (FSB) published a global transition roadmap, including a timetable of actions to be taken by financial and non-financial institutions exposed to the London Inter-bank Offered Rate (LIBOR) benchmarks, to ensure a seamless transaction away from LIBOR by the end of 2021 (the Roadmap).
Continue Reading FSB Publishes Global Transition Roadmap on LIBOR

On October 21, the UK’s Financial Conduct Authority (FCA) published new and updated webpages relating to whistleblowing (the Webpages).

The Webpages discuss:

  1. when to report wrongdoing to the FCA, how the FCA protects the identities of whistleblowers and what the FCA will do with the information reported;
  2. the legal and FCA protection available to whistleblowers

On October 9, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) jointly published a Dear CEO letter to regulated firms regarding final preparations for the end of the Brexit transition period (the Letter).

The key areas addressed by the FCA and PRA in the Letter include:
Continue Reading FCA and PRA Publishes Dear CEO Letter on Final Preparations for the End of Brexit Transition Period

On October 12, the UK’s Financial Conduct Authority (FCA) updated its webpage on its directory of certified and assessed persons (the Directory) to clarify data submission requirements for solo-regulated firms under the Senior Managers and Certification Regime (SM&CR) (the Webpage).
Continue Reading FCA Updates Webpage on Its Directory of Certified and Assessed Persons

On September 7, the UK’s Financial Conduct Authority (FCA) published the 65th edition of its Market Watch newsletter on market conduct and transaction reporting issues (the Newsletter). The latest issue provides market participants with guidance on (1) FCA information confidentiality requirements; (2) documents subject to legal professional privilege (LPP); and (3) highlighting certain data issues when transaction reporting under the Markets in Financial Instruments Regulation (EU) No 600/2014 (MiFIR).
Continue Reading FCA Publishes Newsletter Market Watch 65

On August 24, the UK’s Financial Conduct Authority (FCA) published a consultation paper on extending its annual financial crime reporting obligation (REP-CRIM) to a wider range of FCA-regulated firms in the UK (the Consultation Paper).

REP-CRIM aims to identify indicators where there is a potential money laundering risk posed by a regulated firm, based on its regulated activities and customers.
Continue Reading FCA Publishes Consultation Paper on Extending Annual Financial Crime Reporting Obligation

On August 27, the UK’s Financial Conduct Authority (FCA) published the 64th edition of its Market Watch newsletter on market conduct and transaction reporting issues (the Newsletter) providing market participants with advice on the transition from the revised Markets in Financial Instruments Directive (MiFID II) transaction reporting requirements to UK-specific requirements applicable from the end of the Brexit transition period (i.e., once the UK has ceased being subject to EU rules).
Continue Reading FCA Publishes Newsletter on Market Conduct and Transaction Reporting Issues

Katten’s London affiliate office launched its weekly fireside chat on May 5 and each week has covered a wide range of interesting UK and EU financial services regulatory topics. We have received some fantastic feedback from clients on the podcast sessions and now present three key trends that firms should continue to consider in Q3