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AIFMD Reporting: ESMA Guidelines

ESMA updated its AIFMD Reporting Guidelines earlier this month which AIFMs may find useful. For the benefit of those firms that to date have not made reference to the ESMA […] [...]

Recovery and Resolution

IFPRU 2.5 (‘Recovery and resolution plans’) is applicable to all IFPRU investment firms and has been in force since the beginning of this year. It must qualify as one of […] [...]

Retrospective Application of Rules

Amongst the various areas for action in the FCA’s Business Plan for 2014/15 that was published in March was work to be carried out in respect of the ‘expectations gap’. […] [...]

Retrospective Application of Rules

Amongst the various areas for action in the FCA’s Business Plan for 2014/15 that was published in March was work to be carried out in respect of the ‘expectations gap’. […] [...]

A reminder to firms that the FCA’s Online Notifications and Applications system (ONA), under which applications for Approved Persons, Variations of permission etc. are submitted, will be largely replaced by […] [...]

Standard Chartered AML ban

The UK bank, Standard Chartered has been barred from processing certain transactions on behalf of clients as part of a $300m settlement with the New York banking regulator. As part […] [...]

News Alert – SIPP Capital Change

The FCA has outlined final capital rules for Self-Invested Personal Pension (SIPP) operators, There are approximately £2 trillion of pension assets under management in the UK pensions industry. Around £100bn […] [...]

News Alert – Turnaround Code of Conduct

The British Private Equity & Venture Capital Association (BVCA) is the industry body and public policy advocate for the private equity and venture capital industry in the UK. Every year […] [...]

AIFMD: Marketing Reminder

As mentioned in Regulatory Roundup 55 the AIFMD transitional period ends 21 July 2014 and after that date Alternative Investment Fund Managers should either be authorised under the AIFMD or […] [...]

FCA Fees and Levies 2014/15

Following the March Consultation Paper (see Regulatory Roundup 54) the FCA has published PS14/11 which confirms the final fees and levies payable for 2014/15. The annual funding requirement (AFR) remains […] [...]

Dealing Commission Discussion: Unbundling

It will be recalled that the FCA published a Policy Statement in May (PS14/7 – see Regulatory Roundup 55) on the use of dealing commission and which contained final revised […] [...]

Wholesale Markets: Competition

Regulatory Roundup 56 advised that the Bank of England, HM Treasury and the FCA were proposing to undertake a joint review of wholesale markets. Following on from this the FCA […] [...]

EMIR: Clearing Update

Under Article 5(2) of EMIR ESMA is required to determine which classes of OTC derivatives should be subject to the clearing obligation and then draft appropriate Regulatory Technical Standards (RTS) […] [...]

FCA: Enhanced Supervision

The FCA has published a policy statement (‘Tackling serious failings in firms’) on how it will address serious failings of standards, governance and culture in firms. Although reference is made […] [...]

FCA: Enforcement and Supervision

No sooner had the FCA issued its policy statement on Enhanced Supervision (‘Tackling serious failings in firms‘ – see previous article in this Regulatory Roundup) than the Regulator published its […] [...]

CASS: Overhaul of Regime

Those firms that do not hold, or control, client assets or client money will doubtless be grateful that they do not have to contend with the 400+ page Policy Statement […] [...]

Wholesale Markets Review

Firms feeling beleaguered from the additional attention from the FCA (see articles on ‘FCA: Enforcement and Supervision‘ and ‘FCA: Enhanced Supervision‘) will probably not have been surprised to learn that […] [...]

EMIR: Additional Reporting

Firms subject to EMIR should be aware that additional (daily) reporting to a Trade Repository (TR) comes into force on 11 August. As will be known, the obligation to report […] [...]

Changes to Dealing Commission Rules

Regulatory Roundup 52 included an article on the FCA’s consultation (CP13/17) on proposed changes to the rules on the use of dealing commission (COBS 11.6). The recently published Policy Statement […] [...]

Submission of Annual Accounts

Under SUP 16.12 firms are required to send various data item returns to the FCA, most of which are submitted electronically. Annual report and accounts are an exception in that […] [...]

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