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Dispute Resolution Platform

As a follow-up to the article on ‘Eligible Complainants’ in Regulatory Roundup 72, the FCA has published a reminder to firms of the Online Dispute Resolution (“ODR”) platform that the […] [...]

Persons with Significant Control Register Obligation

A reminder that the obligation to maintain a Register of Persons with Significant Control (“PSC”) commences 6 April 2016 – see Regulatory Roundup 62 for background details; note that the […] [...]

Contract for Difference Products: FCA Concerns

Following a review of new client take-on procedures in a sample of ten firms that offered contract for difference (“CFD”) products, the FCA has published a ‘Dear CEO’ letter. We […] [...]

Fourth Money Laundering Directive: Proposed Amendments

As we know the UK (and other Member States) have until 26 June 2017 to implement the Fourth Money Laundering Directive (2015/849 – “4MLD”) into national law – see the […] [...]

Eligible Complainants: Professional Clients

As we know, changes to the Handbook were made in 2015 which meant that certain professional clients would be regarded as ‘consumers’ and hence able to have their complaints dealt […] [...]

Client Money: Loan-Based Crowdfunding CP16/4

Since the FCA assumed responsibility for the regulation of loan-based crowdfunding in April 2014, an investor’s money, subject to certain transitional provisions, held by a platform (P2P agreements) – both […] [...]

AIFMD: Passport Extension Update

Last July ESMA provided its advice and opinion to the European Parliament, the Council and the Commission on: the extension of the passport regime to non-EEA AIFMs; and the marketing […] [...]

FINRA 2016 Regulatory and Examination Priorities

Each year, the Financial Industry Regulatory Authority (“FINRA”) publishes its Annual Regulatory and Examination Priorities Letter to highlight issues of importance to FINRA’s regulatory programmes. 5 January 2016 saw the […] [...]

Guidelines on Cross-Selling

Under MiFID II, Article 24(11), when an investment service is offered with another service or product as part of a package or as a condition for the same agreement, the […] [...]

EBA: Report on Investment Firms and Prudential Requirements

There has long been a recognition within the industry that the prudential requirements of investment firms arising out of the CRD IV framework were first and foremost designed for credit […] [...]

Robo Advisers Present a New Set of Risks

Advice is complex. Consider two financially identical individuals living in the same street with the same job, mortgage and commitments. Taking the bare facts, the robot adviser will reach the […] [...]

SEC Year End Obligations

Now that 2016 is firmly upon us, a number of United States regulatory filing deadlines come into view, particularly for firms with a 31 December fiscal year end (“FYE”). The […] [...]

Market Abuse: Delegated Regulation

The new market abuse regime deriving from Market Abuse Regulation 596/2014 (EU MAR) applies from 3 July 2016 – see Regulatory Roundup 70 for further details. The European Commission has […] [...]

SEC Office of Compliance Inspections and Examinations Examination Priorities for 2016

On 11 January 2016 the United States Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) announced its 2016 Examination Priorities. As a reminder, OCIE serves as […] [...]

CRD 4: Remuneration and Proportionality

As may be recalled, the consultation paper issued by the EBA on ‘Sound Remuneration Policies’ (CP 2015/3) closed on 4 June 2015 – see Regulatory Roundup 65 for a summary. […] [...]

Senior Managers Regime

Last October HM Treasury issued a policy statement in which it advised: the Government considers it appropriate to extend the Senior Managers Regime (SMR) and the Certification Regime (CR) to […] [...]

Knowledge and Competence

Under Article 25(1) of MiFID 2 (2014/65) firms will be required to ensure (and to demonstrate to competent authorities on request) that persons giving investment advice or information about financial […] [...]

FAST Act Amendment to Disclosure Requirements

The President of the United States, Barack Obama, signed into law the Fixing America’s Surface Transportation (“FAST”) Act on 4 December 2015. The FAST Act included an amendment of the […] [...]

AIFMD: Annex IV Reporting

A reminder that the 31 December 2015 is a key reporting date for AIFMs: both small registered AIFMs and small authorised AIFMs are required to report annually with the reporting […] [...]

Thematic Review: Inside Information

The FCA has published its findings on yet another thematic review – this time looking at ‘Flows of Confidential and Inside Information’ (TR15/13). The review sample consisted of 16 mostly small […] [...]

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