The European Securities and Markets Authority (“ESMA”) has published its Final Report on Guidelines on certain aspects of the Markets in Financial Instruments Directive (“MiFID II”) suitability requirements. The assessment of MiFID II suitability is one of the most important requirements for investor protection in the MiFID framework. It applies [...]
The sale of pre-paid funeral plans is currently regulated by the Funeral Planning Authority (“FPA”), a self-regulatory body, rather than the Financial Conduct Authority (“FCA”). Due to concern about the potential risk to consumers within this sector, the UK government is intending to bring all pre-paid funeral plans within the [...]
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 [...]
A draft statutory instrument (“the Order”) entitled Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 was laid before Parliament on 9 May 2018 and is awaiting formal approval by both Houses (Commons & Lords) before it becomes law. It ensures that Islamic finance instruments are treated equally [...]
Of relevance to: All regulated firms Key dates: Applicable from 17 May 2018 The Joint Money Laundering Steering Group (“JMLSG”) has published revisions to sector 12: Asset finance and sector 17: Syndicated lending in Part II of its Guidance on the prevention of money laundering and the financing of terrorism [...]
Of relevance to: All firms In a speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”), delivered at the Anti-Money Laundering TechSprint event on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life [...]
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 regulated firms Key date: Royal Assent 23 May 2018 The Sanctions and Anti-Money Laundering Act 2018 received Royal Assent on 23 May 2018, creating a new sanctions regime for the UK after Brexit, needed to keep UK Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CTF”) measures up [...]
Of relevance to: All firms processing personal data, including data controllers currently registered with the ICO Key date: Applicable from 25 May 2018 The General Data Protection Regulation (“GDPR”) removes the requirement for data controllers to register with the Information Commissioner’s Office (“ICO”). However, new UK regulations, with effect from [...]
Of relevance to: All firms subject to the financial crime rules in SYSC 6.1.1R, and who arrange or execute transactions in financial markets Key dates: Comments to FCA by 28 June 2018 Proposed to be in effect on 1 October 2018 The Financial Conduct Authority (“FCA”) is consulting on [...]
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: All firms advising on pension transfers, those acting as pension transfer specialists, pension providers, and organisations providing software for pension transfer advice Key dates: 1 April 2018 PS18/6: Part 1 of Annex A, Part 1 of Annex B and Annex C 25 May 2018 CP18/7: Consultation closes [...]
Of relevance to: All firms providing contracts for differences and/or binary options to retail investors Key date: Applicable from two months, for CFDs, and one month, for binary options, after their publication in the Official Journal of the EU ‘in the coming weeks’ The European Securities and Markets Authority (“ESMA”) [...]
Of relevance to: All firms Key date: Are you ready for 25 May 2018? Are you ready? On 25 May 2018, the General Data Protection Regulation (“GDPR”) will come into effect for all firms operating within Europe as well as firms outside of Europe which have data come in from, [...]
Of relevance to: All firms carrying out algorithmic trading in wholesale markets The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have been reviewing firms’ algorithmic trading activity and issued supervisory publications. For firms solo-regulated by the FCA, please refer to the FCA supervisory publication. Firms regulated by the [...]
Of relevance to: All FCA-regulated firms Key date: Applicable from 25 May 2018 The Financial Conduct Authority (“FCA”) have stated that compliance with the EU General Data Protection Regulation (“GDPR”) is now a board level responsibility, and that firms must be able to produce evidence to demonstrate the steps that [...]
Of relevance to: All FCA-regulated firms not currently within the Senior Managers & Certification Regime Key date: Summer 2018 The Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”) currently maintain a public Financial Services Register (“the FS Register”) of the firms they regulate and the individuals they have [...]
Of relevance to: All firms controlling or processing personal data Key date: Applicable from 25 May 2018 The biggest change to Europe’s Data Protection rules in 20 years will come into force in May 2018. The General Data Protection Regulation (“GDPR”) will give people new rights to access the information [...]
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 providing personal recommendations to retail customers The FCA seems happy with the outcome of a review of suitability it undertook last year which captured 1,142 individual pieces of advice given by 656 firms. The review looked at pension and investment personal recommendations delivered by firms to [...]
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