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In The Clouds

Aside from a paper last year on ‘off-the-shelf’ banking solutions, the FCA has not been particularly vocal on information systems and their attendant security in the past. However, with the […] [...]

MiFID II Wobble

With just over a year to 3 January 2017 Steven Maijoor, the Chair of ESMA, delivered an update on ESMA work in relation to MiFID II to the Economic and […] [...]

Implementation of the Transparency Directive Amending Directive (TDAD) (2013/50) has led to some changes to the Disclosure Rules and Transparency Rules sourcebook (DTR) which came into effect on 26 November […] [...]

Remuneration under CRD 4: Role-Based Allowances

As we know, the European Banking Authority’s consultation on ‘Sound Remuneration Policies’ (CP 2015/03) closed on 4 June – see Regulatory Roundup 65. Among the aspects touched upon in the […] [...]

Asset Management: Under the Microscope

The FCA’s Business Plan for 2015/16 Included an intention to undertake a market study into asset management – see Regulatory Roundup 64. The terms of reference of the study has […] [...]

What’s in the Sandbox?

The spring of 2016 should see the FCA opening its ‘regulatory sandbox’ to interested parties. The concept of the sandbox is an extension of the FCA’s Project Innovate initiative – […] [...]

Market Abuse

The FCA has released consultation paper CP15/35 on the revised market abuse regime “Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU)”. The current […] [...]

Personal Data: US Safe Harbor

Principle 8 of the Data Protection Act (Schedule 1) prevents the transfer of personal data to a country outside the EEA unless that country has an adequate level of protection. […] [...]

Extension of Senior Managers Regime and Certification Regime

Firms should be aware that on 15 October HM Treasury issued a policy paper advising that: the Government considers it appropriate to extend the Senior Managers Regime (SMR) and the […] [...]

Regulatory References

In its current format the FCA Handbook (SUP 10A.15) addresses a firm’s obligation to provide “all relevant information” regarding an ex (or soon to be ex) employee when requested by […] [...]

Whistleblowing

SYSC 18 promotes, in the sense that it contains guidance rather than rules, the use of the Public Disclosure Act 1998 in making protected disclosures (‘whistleblowing’). SYSC 18.2.2 specifically encourages […] [...]

AIFMD Passport Extension: Second Round

It will be recalled that in July ESMA published its advice (2015/1236) on the application of the AIFMD passport to non-EEA AIFMs and AIFs. At the time ESMA only issued […] [...]

AML: UK Risk Management

HM Treasury has published the first money laundering and terrorist financing (AML/CTF) national risk assessment (NRA). It may be recalled that earlier this year it published a supervision report on […] [...]

Disclosure Requirements

The FCA’s commitment to create a sustainable regulatory framework – and recognition that overloading consumers with information that may be complex and poorly presented can lead to people making poor […] [...]

UCITS V: HM Treasury Consultation

In September the FCA published it consultation paper (CP 15/27) on the implementation of UCITS V – see Regulatory Roundup 68 for further details. HM Treasury has now published a […] [...]

Money Laundering: Due Diligence Risk Factors

Under Article 17 (‘simplified due diligence’) and Article 18(4) (‘enhanced due diligence’) of the fourth Money Laundering Directive (2015/849), the European Supervisory Authorities (ESAs) are required to issue guidelines to […] [...]

Common Reporting Standards: FATCA

The International Tax Compliance Regulations 2015 (SI 2015/878) came into force in April this year which capture: The OECD’s Common Reporting Standards (CRS) The Directive on Administrative Cooperation (DAC) (2011/16) […] [...]

Cyber Security 101: Educate

AIMA, the Alternative Investment Management Association, launched its Guide to Sound Practices for Cyber Security yesterday with a panel discussion hosted by MacFarlanes. The guide is relatively short for such […] [...]

Pension Changes to Enhance Consumer Protection

After much debate the FCA is proposing changes to the pension rules to address the risks and challenges faced by consumers in the new retirement market. The FCA’s paper contains […] [...]

UCITS V Developments

Following the recent ESMA Consultation Paper on remuneration policies under UCITS V (see Regulatory Roundup 66) the FCA has published CP15/27 “UCITS V implementation and other changes to the Handbook […] [...]

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