The Coronavirus (COVID-19) Pandemic: A Summary of FCA Guidance & Regulatory Developments in the EU’s Investment Services and Capital Markets Sectors

The FCA has issued the following guidance to the financial services industry regarding the response that FCA expects firms to take in response to the Coronavirus (COVID-19) pandemic. The FCA has four primary concerns: Protection of consumers; Protection of industry employees/staff; Protection of markets; Resilience of firms.   The FCA [...]

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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 without an agreement, the FCA intends to use this power to ensure that firms and other regulated entities can generally [...]

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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 1 August, from 1 November 2018 for a further three-month period. The renewal was agreed by ESMA’s Board of Supervisors [...]

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FCA consults on new rules to improve the approach to open-ended funds investing in illiquid assets

The FCA is consulting on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions. These measures will also support the FCA’s market integrity objective and help address financial stability concerns. Open-ended funds that invest in illiquid [...]

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Pension Scams – Regulators urge caution

The Financial Conduct Authority (“FCA”) and The Pensions Regulator (“TPR”) have launched a joint television campaign to raise awareness of pension scams (“ScamSmart”). The campaign aims to educate individuals on some of the most common tactics used by fraudsters. The ScamSmart campaign is targeted at pension holders between 45 and [...]

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CP18/19: Introducing the Directory

With the release of Consultation Paper CP18/19 in July 2018, it was announced by the Financial Conduct Authority (“FCA”) that they intend to set up the ‘Directory’, a new public register and user interface which will in essence be an expansion of the existing FS Register (or FCA Register as [...]

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EU Commission proposes changes to UCITS V and AIFMD safekeeping regimes.

In an attempt to implement the European Securities and Markets Authority (“ESMA”)’s recent opinion on asset segregation and depositary delegation, the EU Commission published two draft Delegated Regulations with the aim of amending UCITS V Delegated Regulation (Ares(2018)2778673) and AIFMD Delegated Regulation (Ares(2018)2778659) relating to the safe-keeping duties of depositaries. [...]

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Partnerships under the spotlight

Following the release of the Panama Papers in 2016, the mis-use of partnership structures by certain individuals is still an on-going subject. A consultation paper, published in April 2018 by the Department for Business, Energy and Industrial Strategy (“BEIS”), reported that there was a significant increase in the formation of [...]

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Money Market Funds Regulations 2018

The Money Market Funds Regulations 2018 (the “UK MMF Regulations”) are made in relation to EU Regulation 2017/1131 on money market funds (“MMF Regulation”) which will apply in the UK from 21 July 2018. They make amendments to ensure that the Financial Conduct Authority (“FCA”) is able to authorise money [...]

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