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Compliance Officer Prohibition

The publication of three Final Notices reminds us that the FCA may not simply restrict its actions to authorised firms (in this case Financial Ltd and Investments Ltd) but can […] [...]

Structured Products Industry – Falls Short

The FCA’s Thematic Review (TR 15/2) found that manufacturers and distributors of structured products have a lot to do to ensure customers are treated fairly. Retail investors have limited ability […] [...]

CASS changes

A reminder that the second phase of changes to the CASS regime came into being on 1 December – see Regulatory Roundup 56. Policy Statement PS14/9 (‘Review of the client […] [...]

Transaction Reporting

The FCA has updated the Transaction Reporting User Pack (TRUP), the previous version (v 3) was release in March 2012 – see Regulatory Roundup 39. It’s not so much an […] [...]

EMIR Backloading

It’s now a year (12 February 2014) since the reporting obligation to report to a Trade Repository under EMIR came into force. Firms subject to the EMIR reporting obligation may […] [...]

Market Abuse Asset Management Firms

The FCA has published its thematic review findings on controlling the risk of market abuse in asset management firms – “Asset management firms and the risk of market abuse” (TR15/1). […] [...]

Use of Dealing Commission

Back in July of last year the FCA released a Discussion Paper (DP14/3) on the use of dealing commission regime – see Regulatory Roundup 57.The paper included findings from thematic […] [...]

SEC Annual Updating Reminder

A brief reminder for those firms that are registered with the U.S. Securities and Exchange Commission (“SEC”) that they need to submit an annual updating statement within 90 days of […] [...]

Recovery and Resolution

Following a consultation paper released last August (see Regulatory Roundups 58, 59 and 60) the FCA published on 16 January PS 15/2 -“Recovery and Resolution Directive: Feedback on CP14/15 and final […] [...]

Changes to Companies Act – Corporate Directors and Controllers

Regulatory Roundup 59 provided an update of the progress being made in respect of the ‘Small Business, Enterprise and Employment Bill’ (‘SBEEB’) which would include changes to the Companies Act. […] [...]

Newsflash Gabriel Breakdown

As January closed some AIFMs had not yet received the information they need to be able to submit transparency reports using GABRIEL. The FCA confirmed on the 30th January that […] [...]

Fourth Money Laundering Directive

The (fourth) Money Laundering Directive (4MLD) continues to progress through the European machinery following a deal having been struck by the European Parliament and European Commission just before Christmas. A […] [...]

SEC Inspection Priorities

On 13 January 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the United States Securities and Exchange Commission (the “SEC”) released their 2015 Examination Priorities. The SEC Examination […] [...]

Regulating Sonia

SONIA (Sterling Overnight Index Average) is one of seven benchmarks which will come under FCA regulation from 1 April 2015. As will be known, currently LIBOR is the only regulated […] [...]

UCITS share classes

ESMA has identified differing national practices in the interpretation of the types of share classes that are permitted under UCITS and, in the light of this, has published Discussion Paper […] [...]

MiFID II

ESMA had a busy period in the run up to Christmas with the publication of both its 645 page MiFID II Consultation Paper (2014/1570) on 19 December (together with a […] [...]

European Long-Term Investment Funds

The proposal to create a further type of fund vehicle – European Long-Term Investment Funds (ELTIFs) – has taken a significant step forward in that the European Council has approved […] [...]

PRIIPs

Regulation 1286/2014 on the provision of Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) came into force on 29 December 2014 – although it will not […] [...]

FCA Strategy Review

With the regulation of consumer credit having come under the wing of the FCA last April, the number of firms that the FCA is responsible for has trebled over the […] [...]

Regulatory Fees and Levies

The FCA has published CP14/26 – “Regulatory fees and levies: policy proposals for 2015/16”. As was the case in last year’s CP13/14 (see Regulatory Roundup 52), the purpose of the […] [...]

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