The Financial Conduct Authority (“FCA”) has published draft rules outlining how it will regulate Claims Management Companies (“CMCs”) when regulation passes to it on 1 April 2019. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The claims management industry has grown substantially [...]
Of relevance to: All regulated firms Key dates: Royal Assent 23 May 2018 The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the General Data Protection Regulation (“GDPR”) until the UK leaves the European [...]
Of relevance to: All firms The Financial Conduct Authority (“FCA”) has set out its key priorities for the coming year in its Business Plan for 2018/19, along with its annual Sector Views. Inevitably, the priority for its discretionary activity is preparing for and implementing the changes resulting from European [...]
Of relevance to: Authorised firms, particularly those already subject to the Senior Managers and Certification Regime, including banks, building societies, credit unions and certain large investment banks Key date: Comments to FCA by 5 February 2018 It is to be made clear to all authorised firms and their staff that [...]
Of Relevance to: Firms subject to the Disclosure Guidance and Transparency Rules sourcebook (DTR) Under DTR 5, a person is required to notify the issuer (and, under DTR 5.9, the FCA where the shares in question are admitted to trading on a regulated market) when the percentage of voting rights [...]
Private Fund Limited Partnerships Of Relevance to: Managers of private equity and venture capital funds; managers of unauthorised collective investment schemes A reminder that ‘The Legislative Reform (Private Fund Limited Partnerships) Order 2017’ (2015/514) came into force on 6 April 2017. As advised in Regulatory Roundup 66, the Order will [...]
Complyport & Alexander Lloyd hosted a breakfast seminar on MiFID II and the Senior Managers Regime with a Governance Risk and Compliance (GRC) perspective. Click here to see slides [...]
Of Relevance to: Firms providing and/or distributing retail CFD products (and binary options) Given the concerns that the FCA has previously expressed on the distribution of contracts for difference (“CFD”) – see Regulatory Roundup 73 – it probably comes as no surprise that it has issued Consultation Paper CP16/40 “Enhancing [...]
Of relevance to: MiFID investment firms, UCITS management companies and AIFMs that conduct permissible MiFID activities, particularly those subject to CRD IV In December 2015 a joint ESMA/EBA report was published on the suitability, or otherwise, of the prudential regime for investment firms. The paper recommended a new categorisation of [...]
Of Relevance to: All firms In October 2015 the FCA launched a joint Consultation Paper (CP15/31) with the PRA on “Strengthening accountability in banking and insurance: regulatory references” – see Regulatory Roundup 69. The consultation proposed introducing a new chapter in SYSC on ‘Regulatory References’ which would be referenced in [...]
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 all financial firms (‘during 2018’) and to replace the ‘presumption of responsibility’ for senior managers with a ‘duty of responsibility’ [...]
Market Watch 49 published on 3 September is devoted to FCA feedback following a thematic review of commodities trading – although there is no reason why the relevance of some of the findings should not apply to a wider sphere. Most firms had not carried out a Code of Market [...]
Whilst on the subject of remuneration (see previous article) it may be recalled from Regulatory Roundup 58 that a new Remuneration Code was to be introduced into the Handbook: SYSC 19D “Dual-regulated firms Remuneration Code”. The new rules came into force on 1 July and, as the title implies, is [...]
The FCA has published Guidance on the risk to customers from performance management at firms (FG15/10) – the paper advises that it will be relevant to all types of firm with staff who deal directly with retail customers. In the context of the issued Guidance ‘performance management’ refers to the [...]
The previous Regulatory Roundup (issue 65) drew attention to changes to the ‘complaints rules’ in DISP which had the effect of classifying certain professional clients as eligible complainants and hence affording them the same complaints handling requirements – including the right to refer to the FOS – as was previously enjoyed [...]
As the increasing regulatory burden places more demands on a firm’s time, ComplyTracker is an invaluable compliance management tool. What is ComplyTracker? ComplyTracker is an industry-leading compliance management system for FCA regulated firms. The system represents a complete compliance infrastructure which enables firms to efficiently manage their compliance documentation, complete [...]
On 13 May 2015, the FCA held its first ever Prudential Supervision Forum in which it reminded firms that prudential supervision is “not just about the financials”. As such, firms should expect to be challenged by the regulator not only on the financial risks inherent within their business models but [...]
Changes are being made to the Handbook which will mean that certain professional clients will be able to have their complaints dealt with under the Financial Ombudsman Service regime and as such firms will have to apply the ‘complaints rules’ in DISP to these professional clients. One of the requirements [...]
Merill Lynch International (MLI) became the twelfth firm to be fined by the Regulator for a transaction reporting failure – the previous one being Deutsche Bank last August. The Final Notice concerns failings between November 2007 and November 2014, although it does also reference that the firm had been subject [...]
A reminder to those firms subject to FATCA that the first return (in respect of 2014) must be submitted to HMRC by 31 May 2015 (‘the reporting date’). It may be recalled that as far as UK firms are concerned, reporting in accordance with FATCA requirements will be to HMRC [...]
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