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Client Money and Custody Rules

The FCA has recently completed a review of 24 firms for their compliance with CASS. Although the firms reviewed operated in the CFD and spread betting arena, all firms subject […] [...]

Complaints

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 […] [...]

FCA Fees and Levies 2015-16

The FCA has published PS15/15 “FCA regulated fees and levies 2015/16” which includes feedback on its March Consultation Paper; Regulatory Roundup 64 provides details of the latter. All respondents to […] [...]

Private Equity – Limited Partnership Reforms

HM Treasury has issued a consultation on changes to the Limited Partnership Act 1907. For the avoidance of doubt the proposals are applicable only to those UK LPs that are […] [...]

GABRIEL Filings – FSA055 – Systems and Controls Questionnaire

Non-ILAS BIPRU firms, a term which also captures IFPRU limited-licence and limited activity firms, will be familiar with the FSA055 Systems and Controls Questionnaire which is required to be submitted […] [...]

Professional Clients and the Financial Ombudsman Service

Background Changes are being made to the Disputes Resolution Sourcebook: Complaints Sourcebook (DISP) of the FCA Handbook. The changes mean that certain professional clients, and not just retail clients, will […] [...]

European Long Term Investment Funds

The Regulation (2015/760) on European Long Term Investment Funds (ELTIFs) has now been published in the Official Journal – see Regulatory Roundup 64. They are designed to provide long term […] [...]

Investment and Corporate Banking Study

In July 2014 the FCA launched its wholesale sector competition review with a call for inputs – see Regulatory Roundup 57 for further details. The review of feedback ended in […] [...]

Complaints and Professional Contacts

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 […] [...]

Nearly There Fourth Money Laundering Directive

The last edition of Regulatory Roundup (Issue 64) advised that following approval by the European Council the (fourth) Money Laundering Directive was now awaiting adoption by the European Parliament (EP). […] [...]

FCA Website

The FCA has accepted the possibility that its website is not always easy to navigate. In response it is piloting a new section of its website for firms that is […] [...]

Hedge Fund Survey

The FCA’s latest Hedge Fund Survey has been published (the data reported is as at September 2014). Whilst the FCA applies certain filters in its selection of firms e.g. multimanager […] [...]

Remuneration under CRD 4 – Update

The consultation period in respect of the European Banking Authority’s (EBA) Consultation paper on ‘Sound Remuneration Policies’ (CP 2015/03) closed on 4 June. The EBA will no doubt be considering […] [...]

Prudential Supervision ICAAP

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 […] [...]

SEC Proposes Amendment to Form ADV

The SEC is consulting on amendments to Form ADV that will affect both SEC registrants and Exempt Reporting Advisers alike. Release IA-4091, published on 20th May, proposes significant amendments to […] [...]

Restrictions on Retail Distribution

Last year the FCA added a new chapter to COBS – COBS 22 “Restrictions on distribution of contingent convertible instruments”. The effect of this was to prohibit the sale of, […] [...]

Feature – Compliance Management

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 Business Plan and Outlook

Around this time of the year the FCA publishes its Risk Outlook (identifying the most important areas of focus) and its Business Plan (setting out the Regulator’s priorities for the […] [...]

HM Treasury AML and CTF Report 2013 to 14

With ‘financial crime’ having joined the FCA’s top seven risks – see the article on the FCA Business Plan in this Regulatory Roundup – the publication by HM Treasury of […] [...]

Fourth Money Laundering Directive

As an update to the article in Regulatory Roundup 61 on the progress of the (fourth) Money Laundering Directive (‘4MLD’), the European Council (‘EC’) has recently issued a press release. […] [...]

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