On 30 May 2019, the FCA published Policy Statement 19/13 (“PS19/13”) in relation to the Shareholders Directive II (“SRD II”). As per PS19/13, SRD II requires asset owners and asset managers to make disclosures about their long term investment strategies, their arrangements with each other and their engagement with the [...]

Reports were circulating during late May that both the Central Bank of Ireland (CBI) and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg are to undertake checks on asset managers’ entities to ensure that such entities are not being operated as letterbox entities. In a recent speech, Michael [...]

The Financial Times (19 May 2019) has reported that the number of directors being investigated by the FCA has more than doubled in two years with nearly half of those being investigated for failings in culture and governance. According to the Financial Times, the FCA is investigating 58 directors as [...]

Raphaels Bank (“Raphaels”) has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of failures in the systems and controls supporting the oversight and governance of its outsourcing arrangements. Raphaels is a retail bank providing banking and related financial services. Its Payment Services Division [...]

ESMA has published a statement on the revised scope of the EU’s share trading obligation under a no-deal Brexit scenario following its initial announcement on 19 March 2019. According to ESMA, the revised approach proposed would mean that EU banks and investment firms will be able to trade all UK [...]

The FCA has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. The TPR allows EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK [...]

ESMA has updated in Questions and Answers (“Q&As”) on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). The updated Q&As provides new answers on best execution and information on costs and charges. The updates to the Q&As concern: Best execution [...]

ESMA has updated its Questions and Answers (Q&As”) on the implementation of the European Markets Infrastructure Regulation (EMIR). The updated Q&As provide clarifications on the new framework introduced by Regulation 2019/834 amending EMIR (so-called EMIR Refit) and amends an existing Q&A on novation. The overall update mainly provides new answers [...]