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FCA agrees Memorandums of Understanding (“MoUs”) with ESMA and EU regulators to allow co-operation and exchange of information

The FCA has agreed MoUs with ESMA and EU regulators. The MoUs cover co-operation and exchange of information in the event the UK leaves the EU without a withdrawal agreement […] [...]

FCA FIRDS and Transaction Reporting

Should the UK leave the EU without a transition period, the FCA expects firms, trading venues and ARMs (Approved Reporting Mechanisms) to take reasonable steps to comply with their requirements […] [...]

Brexit — FCA’s expectations of firms

The Treasury has published legislation to give the UK financial regulators the power to make transitional provisions connected to changes to financial services legislation. If the UK leaves the EU […] [...]

Financial Promotions — FCA’s Concerns

The FCA has recently published a “Dear CEO” letter relating to “clear, fair and not misleading” standards in financial promotions (fca.org.uk/publication/correspondence/dear-ceo-letter-promotions-regulated-unregulated-business.pdf). This letter is relevant to all regulated firms. What […] [...]

ESMA tells firms to provide clients with information on the implications of Brexit

ESMA issued a statement on 19 December 2018 to remind firms providing investment services of their obligations to provide clients with information on the implications of the United Kingdom’s withdrawal […] [...]

ESMA is ready to review UK CCPs and CSDs recognition applications for a No-Deal Brexit scenario

ESMA published a Public Statement on 19 December 2018 to clarify its plans for the recognition of Central Counterparties established in the United Kingdom (“UK CCPs”) as Third Country CCPs […] [...]

ESMA to renew restrictions on CFDs for a further three months from 1 February 2019

The European Securities and Markets Authority (“ESMA”) has agreed to renew the restriction on the marketing, distribution or sale of Contracts for Difference (“CFDs”) to retail clients, in effect since […] [...]

FCA proposes permanent measures for retail CFDs and Binary Options

The FCA published two consultation papers in December 2018 concerning Contracts for Difference (“CFDs”) and Binary Options. With regard to Binary Options, the FCA is proposing permanent rules to prohibit […] [...]

Securitisation Regulation: PRA and FCA joint statement on reporting of private securitisations

The Prudential Regulation Authority and Financial Conduct Authority have issued a joint statement setting out how they propose to direct the manner in which firms must make information regarding ‘private’ […] [...]

FCA Policy Statement (PS18/21) — Updated December 2018: Small and Medium Sized Enterprises access to Financial Ombudsman Service

In January 2018, the FCA published a Consultation Paper (CP18/3) proposing that Small and Medium Sized Enterprises (SMEs) with fewer than 50 employees, annual turnover of under £6.5m and an […] [...]

The Financial Services Contracts Regime

The UK Government has published draft legislation for the Financial Services Contracts Regime (“FSCR”). If the UK leaves the EU without a withdrawal agreement, the FSCR will enable firms who […] [...]

ESMA Temporary Product Intervention Measures on the marketing, distribution or sale of CFDs

ESMA has updated its Q&As in this area and has included a new section relating to the prominence of risk warnings. Guidance given by ESMA states that “The risk warning […] [...]

FCA statement on the launch of the Cost Transparency Initiative

The Cost Transparency Initiative (“CTI”) was launched on 7 November 2018. The CTI is an independent group aiming to improve cost transparency for institutional investors with the responsibility for progressing […] [...]

Notice of ESMA’s Product Intervention Renewal Decision in Relation to CFDs

On 23 October 2018, the European Securities and Markets Authority (“ESMA”) adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to restrict the marketing, distribution or sale of […] [...]

Brexit: The Temporary Permissions Regime

The Temporary Permissions Regime (“TPR”) will enable relevant firms and funds which passport into the UK to continue operating in the UK if the passporting regime comes to an end […] [...]

Maintaining Market Confidence – An Update on Brexit

Nausicca Delfas, Executive Director delivered a speech concerning the preparations being taken by the FCA prior to Brexit. Key points to note from the speech include: In line with the […] [...]

Amendment to Level 2 requirements on depsoitaries of AIFS and UCITS

Two new regulations have been published amending the current Level 2 requirements on depositaries of Alternative Investment Funds (“AIFs”) and Undertakings for Collective Investments in Transferable Securities (“UCITS”) schemes. The […] [...]

Senior Managers and Certification Regime – Proposed Guidance on Statements of Responsibilities for FCA firms

The Financial Conduct Authority (“FCA”) is extending the Senior Managers and Certification Regime (“SM&CR”) to all FSMA authorised firms on 9 December 2019. Under the new regime, all senior managers […] [...]

A Partnership of Experts! The European Institute of Management and Finance (EIMF) and Complyport Announce their Collaboration!

The European Institute of Management and Finance (EIMF) and Complyport join forces in professional education! The European Institute of Management and Finance (EIMF), a highly accredited European education provider specialising […] [...]

ESMA renews CFD Restrictions

The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since […] [...]

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