2018 - Complyport UK Consultancy Service

EU Commission proposes changes to UCITS V and AIFMD safekeeping regimes.

In an attempt to implement the European Securities and Markets Authority (“ESMA”)’s recent opinion on asset segregation and depositary delegation, the EU Commission published two draft Delegated Regulations with the aim of amending UCITS V Delegated Regulation (Ares(2018)2778673) and AIFMD Delegated Regulation (Ares(2018)2778659) relating to the safe-keeping duties of depositaries. [...]

Partnerships under the spotlight

Following the release of the Panama Papers in 2016, the mis-use of partnership structures by certain individuals is still an on-going subject. A consultation paper, published in April 2018 by the Department for Business, Energy and Industrial Strategy (“BEIS”), reported that there was a significant increase in the formation of [...]

FCA’s approach to Brexit – Speech 19 July 2018

The Financial Conduct Authority (“FCA”) has been steadily building up their International Division to ensure they can drive forward the policy and deliver the work that is required, after Brexit, once the United Kingdom withdraws from the European Union (“EU”). As the UK is due to leave the EU in [...]

FCA releases near final rules on SM&CR for FCA regulated firms.

On 4 July 2018, the Financial Conduct Authority (“FCA”) released ‘The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms’ on the extension of the Senior Managers and Certification Regime (“SM&CR”) to the all FCA solo-regulated firms authorised under FSMA, as well as EEA and third country branches. Additionally, [...]

Financial services legislation after Brexit – announcements from HMT and FCA

The government have set out their approach to financial services legislation after Brexit under the European Union (Withdrawal) Act (“EUWA”), which forms part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU (“Brexit”), with an implementation period that will start on 29 [...]

Money Market Funds Regulations 2018

The Money Market Funds Regulations 2018 (the “UK MMF Regulations”) are made in relation to EU Regulation 2017/1131 on money market funds (“MMF Regulation”) which will apply in the UK from 21 July 2018. They make amendments to ensure that the Financial Conduct Authority (“FCA”) is able to authorise money [...]

FCA Asset Management Conference – Insights

On 12 June, London’s Queen Elizabeth II Centre was home to the FCA Asset Management Conference 2018. The conference began with a keynote speech by Andrew Bailey, the Chief Executive of the Financial Conduct Authority (“FCA”), in which, among setting the regulatory agenda for the coming year for asset managers, [...]

ESMA Guidelines on aspects of MiFID II suitability requirements

The European Securities and Markets Authority (“ESMA”) has published its Final Report on Guidelines on certain aspects of the Markets in Financial Instruments Directive (“MiFID II”) suitability requirements. The assessment of MiFID II suitability is one of the most important requirements for investor protection in the MiFID framework. It applies [...]

FCA to regulate pre-paid funeral plans

The sale of pre-paid funeral plans is currently regulated by the Funeral Planning Authority (“FPA”), a self-regulatory body, rather than the Financial Conduct Authority (“FCA”). Due to concern about the potential risk to consumers within this sector, the UK government is intending to bring all pre-paid funeral plans within the [...]

FCA publishes draft rules on how it will regulate Claims Management Companies

The Financial Conduct Authority (“FCA”) has published draft rules outlining how it will regulate Claims Management Companies (“CMCs”) when regulation passes to it on 1 April 2019. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The claims management industry has grown substantially [...]

Alternative Finance Investment Bonds to be permitted to trade on MTFs & OTFs

A draft statutory instrument (“the Order”) entitled Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 was laid before Parliament on 9 May 2018 and is awaiting formal approval by both Houses (Commons & Lords) before it becomes law. It ensures that Islamic finance instruments are treated equally [...]

London Stock Exchange consultation on the International Order Book trading service

The London Stock Exchange (“LSE”) is conducting a consultation on the market structure and trading hours for the International Order Book (“IOB”). IOB allows direct access to securities from 44 countries from across the globe, and is the largest market in Russian instruments outside of Moscow. The proposal is to [...]

Further amendments to the JMLSG Guidance

Of relevance to: All regulated firms Key dates: Applicable from 17 May 2018 The Joint Money Laundering Steering Group (“JMLSG”) has published revisions to sector 12: Asset finance and sector 17: Syndicated lending in Part II of its Guidance on the prevention of money laundering and the financing of terrorism [...]

FCA Data on UK Financial Crime

Of relevance to: All firms In a speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”), delivered at the Anti-Money Laundering TechSprint event on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life [...]

Data Protection Act 2018

Of relevance to: All regulated firms Key dates: Royal Assent 23 May 2018 The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the General Data Protection Regulation (“GDPR”) until the UK leaves the European [...]

Sanctions and Anti-Money Laundering Act 2018

Of relevance to: All regulated firms Key date: Royal Assent 23 May 2018 The Sanctions and Anti-Money Laundering Act 2018 received Royal Assent on 23 May 2018, creating a new sanctions regime for the UK after Brexit, needed to keep UK Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CTF”) measures up [...]

FCA retires Finalised Guidance 12/15 and 14/1 on describing advice services and inducements

Of relevance to: All firms providing advice on or distributing retail investment products and financial instruments to retail clients Key date: With immediate effect Two Finalised Guidance publications (FG12/15: Retail Distribution Review: independent and restricted advice and FG14/1: Supervising retail investment advice: inducements and conflicts of interest) and a factsheet [...]

ESMA provides one-stop company portal

Of relevance to: All financial service providers authorised within the EU Investors seeking information on whether a financial service provider is authorised within the European Union (“EU”) will now be able to do so on the new companies’ portal provided by the European Securities and Markets Authority (“ESMA”). The ESMA [...]

ICO: Data Protection registration and fees

Of relevance to: All firms processing personal data, including data controllers currently registered with the ICO Key date: Applicable from 25 May 2018 The General Data Protection Regulation (“GDPR”) removes the requirement for data controllers to register with the Information Commissioner’s Office (“ICO”). However, new UK regulations, with effect from [...]

5th revision of the MLD will bring greater transparency of beneficial ownership and enhance other areas

Of relevance to: All firms Key date: Adoption by July 2020 A fifth revision of the Money Laundering Directive (“5MLD”) – the current European Directive 2015/849 is the fourth revision, which took into account the Financial Action Task Force recommendations of 2012 – was initially proposed in July 2016, [...]

Year: 2018

EU Commission proposes changes to UCITS V and AIFMD safekeeping regimes.

Partnerships under the spotlight

FCA’s approach to Brexit – Speech 19 July 2018

FCA releases near final rules on SM&CR for FCA regulated firms.

Financial services legislation after Brexit – announcements from HMT and FCA

Money Market Funds Regulations 2018

FCA Asset Management Conference – Insights

ESMA Guidelines on aspects of MiFID II suitability requirements

FCA to regulate pre-paid funeral plans

FCA publishes draft rules on how it will regulate Claims Management Companies

Alternative Finance Investment Bonds to be permitted to trade on MTFs & OTFs

London Stock Exchange consultation on the International Order Book trading service

Further amendments to the JMLSG Guidance

FCA Data on UK Financial Crime

Sanctions and Anti-Money Laundering Act 2018

FCA retires Finalised Guidance 12/15 and 14/1 on describing advice services and inducements

ESMA provides one-stop company portal

5th revision of the MLD will bring greater transparency of beneficial ownership and enhance other areas

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