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Financial Crime

It may be recalled that last November the FCA issued Guidance Consultation GC14/7 (see Regulatory Roundup 60) proposing amendments to Parts 1 & 2 of the Financial Crime Guide (FC). […] [...]

Under CRD 4 certain firms are required to calculate their Own Funds requirements by reference to fixed overheads in line with Capital Requirements Regulation, Article 97. In addition, full-scope AIFMs […] [...]

European Long Term Investment Funds

The European Council has formally adopted the Regulation on European Long Term Investment Funds (‘ELTIFs’). In brief ELTIFs are designed to tackle barriers to long-term investment e.g. infrastructure projects which […] [...]

FATCA Nil Returns

As we know – e.g. see Regulatory Roundup 63 – those firms that are subject to FATCA must ensure that their first return (in respect of 2014) is submitted to […] [...]

Transaction Reporting Failure

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 […] [...]

Bank of New York Custody Enforcement Action

The FCA has taken enforcement action against two entities within The Bank of New York Mellon Group – The Bank of New York Mellon London Branch (BNYMLB) and The Bank […] [...]

FCA Fees and Levies 2015 to 2016

It may be recalled that CP14/26 (see Regulatory Roundup 61) “Regulatory fees and levies: policy proposals for 2015/16” proposed certain policy changes to the fee and levy regimes. However its […] [...]

Training and Competence for MiFID Firms

Generally the FCA’s Training and Competence (‘TC’) rules only apply to FCA authorised firms where certain activities (as listed in TC App 1.1) are carried on for retail persons. The […] [...]

Allocation, Allocation, Allocation

Aviva Investors Global Services Ltd has been fined £17,607,000 for what the Final Notice describes as systems and controls failings which led to its failure to manage conflicts of interest […] [...]

EMSA Peer Review

As may be recalled, last July the FCA released the results of a thematic review (TR14/13) on ‘Best execution and payment for order flow’; the conclusion was that most firms […] [...]

Financial Promotions – Social Media

The use by firms of ‘social media’ e.g. Facebook, Twitter etc. has come under the FCA microscope with the publication of Finalised Guidance FG15/4 (“Social media and customer communications“). From […] [...]

AIFMs – Changes to Handbook

The FCA’s Quarterly Consultation Paper CP15/8 published this month will be of particular interest to AIFMs (and AIF depositaries) in that it contains various proposed rule changes that will be […] [...]

FATCA Reminder

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 […] [...]

Compliance Officer Prohibition

The publication of three Final Notices reminds us that the FCA may not simply restrict its actions to authorised firms (in this case Financial Ltd and Investments Ltd) but can […] [...]

Recovery and Resolution

Following a consultation paper released last August (see Regulatory Roundups 58, 59 and 60) the FCA published on 16 January PS 15/2 -“Recovery and Resolution Directive: Feedback on CP14/15 and final […] [...]

Changes to Companies Act – Corporate Directors and Controllers

Regulatory Roundup 59 provided an update of the progress being made in respect of the ‘Small Business, Enterprise and Employment Bill’ (‘SBEEB’) which would include changes to the Companies Act. […] [...]

CASS changes

A reminder that the second phase of changes to the CASS regime came into being on 1 December – see Regulatory Roundup 56. Policy Statement PS14/9 (‘Review of the client […] [...]

Transaction Reporting

The FCA has updated the Transaction Reporting User Pack (TRUP), the previous version (v 3) was release in March 2012 – see Regulatory Roundup 39. It’s not so much an […] [...]

EMIR Backloading

It’s now a year (12 February 2014) since the reporting obligation to report to a Trade Repository under EMIR came into force. Firms subject to the EMIR reporting obligation may […] [...]

Market Abuse Asset Management Firms

The FCA has published its thematic review findings on controlling the risk of market abuse in asset management firms – “Asset management firms and the risk of market abuse” (TR15/1). […] [...]

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