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# Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology  

Compliance Leadership

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- [XML Sitemap](https://complyport.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Webinar On Demand: KYC Backlogs and Remediation – Clearing at Scale and Cost](https://complyport.com/webinar-on-demand-kyc-backlogs-and-remediation-clearing-at-scale-and-cost/) - Webinar On Demand: KYC Backlogs and Remediation – Clearing at Scale and Cost this webinar is now available to view on demand Our webinar ‘KYC Backlogs and Remediation – Clearing at Scale and Cost’ was held on 5th March 2026. The webinar is now available on demand, and you can download it by filling out
- [Dr. Stelios Platis: Defining Contribution to Compliance Globally](https://complyport.com/dr-stelios-platis-defining-contribution-to-compliance-globally/) - Dr. Platis does not just manage compliance; he reconstructs it. As the Executive Chairman of ComplyMAP Group, he saw complexity as an invitation to innovate. His story starts long before global roles or leadership designations. It starts with a basic, powerful curiosity about how the systems that govern global finance actually work. A fascination with
- [ComplyMAP Group Global Operations Come Under the Complyport Brand](https://complyport.com/complymap-group-global-operations-come-under-the-complyport-brand-2/) - All Group companies to operate as Complyport across five jurisdictions London, 2 March 2026 - ComplyMAP Group today announces that, effective 2nd March 2026 all companies within the Group (Complyport, MAP S.Platis, MAP FinTech, GentiumUK and Spinebiz) will operate under a single, global brand: Complyport. This strategic move marks a defining milestone in the Group’s
- [TRUP](https://complyport.com/trup/) - The abbreviation is for the Transaction Reporting Users Pack. The FSA have just issued an update which may be useful in addressing the odd query or two. Also below is a link to the FSA's transaction reporting library.
- [Insider dealing](https://complyport.com/insider-dealing/) - A finance director and two lawyers are the latest to be pursued for insider dealing (in respect of Neutec Pharma). All three have been committed to stand trial at Southwark Crown Court on eight counts of insider dealing. Details on the charges can be found on the link below (note that the link takes you
- [AML & JMLSG](https://complyport.com/aml-jmlsg/) - Following the overhaul of Part I of the guidance the Joint Money Laundering Steering Group (JMLSG) have released a revised Part II, which is the section that offers firm specific guidance. The changes are out for consultation (Oct 21 deadline). The changes seem to relate to improved guidance rather than there being any major rethink
- [Approved persons](https://complyport.com/approved-persons/) - As you'll know, one of the outputs of PS09/14 was that the scope and application of CF1 (director function) and CF2 (non-executive director function) was extended to capture individuals such as directors employed by a holding company whose opinions and actions are regularly taken into account by the governing body of the authorised firm. Sup
- [SEC & FSA](https://complyport.com/sec-fsa/) - From the article on the Asset Management Conference it will be seen that one way non EU domiciled funds could be marketed under any AIFM Directive would be where the third country has entered into an information sharing agreement with the EU. It was therefore interesting to note that on the same day it was
- [Financial Crime](https://complyport.com/financial-crime/) - The latest edition of the FSA's Financial Crime Newsletter is published reminding us about what could be ominous news for those that can read between the lines. You will be aware from a previous Roundup that Philip Robinson, the FSA's Director of Financial Crime and Intelligence Division, is retiring at the end of the year.
- [IMF and Jersey](https://complyport.com/imf-and-jersey/) - The IMF has rated standards of regulation and supervision in Jersey above UK. The IMF's Financial System Stability Assessment update places Jersey in the 'top division' of international financial centres and that it complies with 44 of the financial crime rules, whereas the UK complies with just 36. However, You will be pleased to know
- [FSA Asset Management Conference](https://complyport.com/fsa-asset-management-conference/) - Unlike past years when different topics relating to asset management were discussed, this year's conference was devoted to the proposed EU Directive on hedge funds. As a result the five separate panel sessions managed to say the same thing (the draft directive is not fit for purpose) over the eight hour conference. Two important messages
- [Hedge Funds & the Germans](https://complyport.com/hedge-funds-the-germans/) - Following on from the previous (FSA Asset Management Conference) article, it was noted there was no German representation at the FSA Asset Management Conference (Germany and France have been seen to be the main proponents to push the Directive through). Another article in the press suggests that the German finance minister, Peer Steinbrueck, is not
- [Market abuse](https://complyport.com/market-abuse/) - As we all know, the FSA been stepping up the pressure on market abuse as part of its 'credible deterrence' strategy and will happily take enforcement action against firms and individuals. Therefore the publication by the FSA of Final Notices in respect of Darren Morton and Christopher Parry, two bond traders at Dresdner Kleinwort, will
- [Global Economy](https://complyport.com/global-economy/) - Some cheering news from the IMF. Its latest World Economic Outlook reports that global economic growth has turned positive, although recovery will be slow. Latest IMF projections show that world output is forecast to expand by around 3% in 2010. The table in the attached link shows that China and India are the powerhouses with
- [UCITS](https://complyport.com/ucits/) - Not that long ago one would not have expected to see 'Hedge fund managers' and 'UCITS' appearing in the same sentence. However things have been changing, no doubt in part fuelled by memories of Lehman's, Ponzi schemes and the proposed AIFM EU Directive. We have recently seen the likes of Man Group and Cheyne Capital
- [Compliance Seminars](https://complyport.com/compliance-seminars/) - The UCITS presentation referred to above was one of a series of seminars being held at our 4 Cavendish Square address. Future topics include US Regulatory Development; Financial Crime; and Market Conduct. If you would be interested in attending one of these then please refer to the link below for further details.
- [Expanding Shorts](https://complyport.com/expanding-shorts/) - As you will know, there is an obligation on firms to disclose short positions of 0.25% or more in securities in (a) a rights issue period or (b) any security in a UK financial sector company - MAR 1.9 refers. The FSA has published a Feedback Statement (FS09/4) on short selling which confirms support for
- [Turner Review](https://complyport.com/turner-review/) - Back in March the FSA published The Turner Review and 'A regulatory response to the global banking crisis' (DP09/2). They arose from a request from the Chancellor of the Exchequer made in October 2008 to review the causes of the then current financial crisis. Both documents, totalling 340+ pages between them, looked at the causes
- [Liquidity Standards](https://complyport.com/liquidity-standards/) - This week the FSA published PS09/16 ('Strengthening liquidity standards') which, for the immediate future, should be the final word on liquidity following three Consultation Papers. The liquidity requirements are contained in a new BIPRU chapter (BIPRU 12). Fortunately the regime for 'non-ILAS' firms (basically BIPRU limited licence; BIPRU limited activity; and 'smaller' full-scope BIPRU investment
- [FSA and fraud](https://complyport.com/fsa-and-fraud/) - And for good measure the FSA has fined Seymour Pierce £154,000 for poor controls to guard against employee fraud. The facts of the case made incredible reading; an employee managed to steal £150,000 completely undetected in 36 separate transactions over a three year period. Around half of this amount was from the firm and the
- [UK rules OK](https://complyport.com/uk-rules-ok/) - A survey by the World Economic Forum shows that the UK is now the top financial centre out of 55 of the world's largest financially-focussed countries. The previous holder was the US but has now slipped to third place behind Australia. The rankings are based upon more than 120 different variables. Unfortunately if you drill
- [Wholesale Small Firms](https://complyport.com/wholesale-small-firms/) - The FSA held a briefing on October 9th on wholesale brokers, although many of the topics discussed could equally apply across the spectrum of wholesale small firms. What was particularly interesting was the summary given of themes that have emerged from a series of visits to around 300 small firms. Of most note was that
- [AML Review](https://complyport.com/aml-review/) - HM Treasury has announced a review of the Money Laundering Regulations 2007 which implemented the EU's Third Money Laundering Directive in the UK. The intention is to consider how effective and proportionate the UK's anti-money laundering rules are. To assist in the AML review, HMT is calling for evidence in two parts: Part A is
- [Online Notifications and applications ('ONA')](https://complyport.com/online-notifications-and-applications-ona/) - A reminder that changes in the way that applications and notifications are submitted to the FSA are proposed. The new reporting system - Online Notifications and Applications ('ONA') - will impact the following: Approved Persons; Appointed Representatives; Variations of permissions; Passports; Cancellations; Waivers; and Standing data. To date, firms have had the choice of submitting
- [FSA and AML](https://complyport.com/fsa-and-aml/) - After the shock of reading that the FSA had apparently gone soft - or had lost its argument - on Darren Morton and Christopher Parry (who were accused of market abuse - details were in the last Regulatory Roundup), it came as relief to learn that the FSA is back to normal. It has won
- [Approved persons & significant influence functions (SIFs)](https://complyport.com/approved-persons-significant-influence-functions-sifs/) - The FSA has sent a 'Dear CEO' letter to 5,000 regulated firms to reinforce how the FSA's intensive regulatory approach ('more intrusive approach' is used in the letter) applies to approving and supervising senior personnel performing a SIF (basically all the CFs bar the CF30 Customer function). The letter acts as a reminder of the
- [Unregulated Collective Investment Schemes](https://complyport.com/unregulated-collective-investment-schemes/) - The FSA is currently looking at the promotion and advice process in respect of unregulated collective investment schemes and is sending out letters (which will refer to an on-line questionnaire) to a sample of firms. It is assumed that the targets are High Street financial advisers rather than the asset managers of offshore Hedge Funds
- [Fine time](https://complyport.com/fine-time/) - UBS (AG) has been fined £8m for failures in systems and controls that enabled four employees to carry out unauthorised transactions involving customer money 'on at least 39 accounts'. As is the norm, the fine would have been larger (£10m) but for UBS agreeing to settle at an early stage. Although fairly eye-watering, the fine
- [Private Equity & Conflicts of Interest](https://complyport.com/private-equity-conflicts-of-interest/) - IOSCO - the International Organization of Securities Commissions - has published a consultation paper on 'Private Equity Conflicts of Interest'. The working group was chaired by Dan Waters, the FSA's Conduct Risk Division Director. The document outlines the key conflict of interest risks through the life cycle of a typical private equity fund: Fund Raising;
- [Sukuk and see](https://complyport.com/sukuk-and-see/) - HM Treasury and FSA have issued a joint document on 'alternative finance investment bonds' ('AFIBs'). These are a subset of the sukuk market, which in turn are financial instruments that conform to the principles of Islamic law (Shariah). The structure of some sukuk instruments means that they will be regarded as collective investment schemes. This
- [Financial Action Task Force report ('FATF')](https://complyport.com/financial-action-task-force-report-fatf/) - FATF has released a report on Money Laundering and Terrorist Financing in the Securities Sector. The document is based upon a mixture of questionnaire results and workshops/consultations. Comment is made that suspicious transaction reports ('STR') in the securities industry are relatively low, although the theories on why this may be so range from a lack
- [New Liquidity rules come into force on 1 December 2009 - Are you ready?](https://complyport.com/new-liquidity-rules-come-into-force-on-1-december-2009-are-you-ready/) - If your firm is a BIPRU firm then the following should assist in complying with the new liquidity rules coming into force this December. If your firm is not a BIPRU firm (e.g. an exempt CAD) then this is for information purposes only. The liquidity requirements contained in the new BIPRU chapter are being introduced
- [A Reminder](https://complyport.com/a-reminder/) - A previous Regulatory Roundup included an article on the new liquidity rules affecting BIPRU firms (BIPRU 12). A reminder that although there are some transitional provisions, the majority of the rules come into force on 1 December 2009. If you have not yet given consideration to the issue then reference to the Regulatory Roundup of
- [Cumming and Going](https://complyport.com/cumming-and-going/) - The Regulatory Roundup of 5 November reported on the £8m fine imposed upon UBS (AG) after four employees carried out unauthorised transactions involving customer money 'on at least 39 accounts'. The FSA has now released details of the ban and fine it imposed on Andrew Cumming, a former client adviser at the firm, for his
- [Broker abuse](https://complyport.com/broker-abuse/) - Another FSA fine on an individual, this time for abuse of inside information. Alexei Krilov-Harrison was a broker at Pacific Continental Securities (the latter, as you may be aware, was itself subject to Public Censure in January of this year and only escaped a proposed fine of £2,000,000 because by then it was in liquidation).
- [FATF and the UK](https://complyport.com/fatf-and-the-uk/) - The Financial Action Task Force (FATF) has acknowledged the work done by the UK in remedying deficiencies found in 2007. In that year FATF issued a report on the UK's compliance with FATF's 40 Recommendations (and the 9 Special Recommendations). Although hardly a damming report there were a few modest deficiencies found; of most concern
- [US Regulatory Developments](https://complyport.com/us-regulatory-developments/) - As you will be aware, AIMA has recently reiterated its support for the proposed registration of hedge fund managers in the US in the interests of financial stability. The move comes as the Private Fund Investment Advisers Registration Act of 2009 won support from the House Financial Services Committee. In its initial form, the bill,
- [Transaction Reporting & Execution](https://complyport.com/transaction-reporting-execution/) - As you'll know from SUP 17.2, provided certain conditions are met then portfolio managers are relieved from the responsibility of transaction reporting and instead rely on third parties e.g. the broker to the transaction report to the FSA. The Transaction Reporting Users Pack (TRUP) [see Regulatory Roundup of 29 September for details and a link]
- [FSA Fee Changes](https://complyport.com/fsa-fee-changes/) - The FSA has published a Consultation Paper ('Regulatory fees and levies: policy proposals for 2010/11' - CP09/26) which includes proposals to change the way that the FSA calculates the fees payable by firms. It is proposed that fees will consist of two components: a basic minimum fee plus a straight line recovery. The former would
- [Getting Closer](https://complyport.com/getting-closer/) - This month the FSA published "Close links - feedback on CP07/21" (PS09/17) which contains the new draft rules governing close links reporting. It must qualify as one of the slower feedback Policy Statements given that the original Consultation Paper (CP07/21) was published in December 2007, with the consultation period ending on 14 March 2008 (the
- [Bonus](https://complyport.com/bonus/) - In the current uncertainty with the new bank bonus tax it would seem that the rules will be rewritten. Asset management firms, advisers and family offices will not be hit by the new tax rules.
- [Remuneration Feedback Statement](https://complyport.com/remuneration-feedback-statement/) - As you will know the Remuneration Code, which is set out in SYSC 19, applies from 1 January to large banks, building societies and BIPRU 730K firms. In the original Consultation Paper the FSA invited general discussion on whether to extend the Code to other FSA-authorised firms. FS 09/5 ("Reforming Remuneration Practices in Financial Services
- [JMLSG Amendments to Guidance](https://complyport.com/jmlsg-amendments-to-guidance/) - The consultation version of the JMLSG 'Prevention of money laundering/combating terrorist financing' Guidance has been submitted to HM Treasury for Ministerial approval.
- [Give me strength](https://complyport.com/give-me-strength/) - It has been a few weeks now since we last had a paper on prudential matters from the FSA so it was good to see that three new papers have just been released. "Strengthening Capital Standards 3" (CP09/29) sets out proposals for implementing changes to the Capital Requirements Directive (if you can't immediately recall papers
- [Buffers](https://complyport.com/buffers/) - And following hard on the heels of CP09/29 we have CP09/30 - "Capital Planning Buffers" - which is mercifully 300 pages or so shorter. A 'capital planning buffer' relates to the ICAAP requirements set out in BIPRU 2.2 and is the amount and quality of capital resources that a firm should hold at a given
- [Stressed](https://complyport.com/stressed/) - And third, and finally, we have PS09/20 "Stress and Scenario Testing Feedback on CP08/24 and final rules". This CP is actually linked to CP03/30 ('Buffers'),as both emanate from CP08/24 ("Stress and Scenario Testing") issued in December 2008, and focuses primarily on improvements that the FSA expects to see in a firm's own stress testing of
- [Closed for business](https://complyport.com/closed-for-business/) - An unusual Final Notice appeared on the FSA website in respect of NFS Yorkshire Ltd. The firm has had its Part IV permission cancelled by the FSA for failing to meet the Threshold Conditions: it did not notify the FSA of a change in the address of its principal place of business. On the face
- [Freeze to continue for twelve months](https://complyport.com/freeze-to-continue-for-twelve-months/) - Something to cheer us up in the present cold conditions: the FSA has decided to freeze the salaries of its staff (although some money may be available for pay anomalies). However the FSA has found sufficient funds to maintain the bonus pot of 15% of salaries - last year total bonuses paid were in the
- [Changes](https://complyport.com/changes/) - The FSA has issued its first consultation paper of 2010 - CP10/1. It is proposing changes to SUP 16.12 (Integrated Regulatory Reporting) and to the Disclosure and Transparency Rules within DTR. Other changes apply to COLL and PRIN. The CP was possibly edited around the time of the FSA office party as several errors have
- [A Fine Record](https://complyport.com/a-fine-record/) - Thanks to late contributions from Toronto Dominion Bank (£7m) and UBS AG (£8m), 2009 was a record year for FSA penalties - £34.9m vs. £22.7m for 2008. The link below will provide details of the fines, which in terms of numbers are divided roughly equally between penalties imposed on firms and those imposed upon individuals.
- [US Developments re Investment Advisers](https://complyport.com/us-developments-re-investment-advisers/) - The Regulatory Roundup of 19 November contained details of the Private Fund Investment Advisers Registration Act 2009, which in its original form could have had implications for UK fund managers responsible for funds with U.S. investors (the 'Kanjorski bill' - HR 3818). On 11 December the House of Representatives passed the 'Wall Street Reform and
- [AFIBs](https://complyport.com/afibs/) - The Regulatory Roundup of 5th November included an article on 'alternative finance investment bonds' which will cover the sukuk (Islamic bond) market. The nature of such bonds is that some could be regarded as collective investment schemes. HM Treasury is introducing a new specified investment known as 'Alternative Finance Investment Bonds' (AFIBs) under article 77A
- [Fine start to the year (1)](https://complyport.com/fine-start-to-the-year-1/) - Thanks to Standard Life, the FSA has made a good start to the year with fines totalling £2.5m in the month of January. The penalty was in respect of failures in 'systems and controls' concerning marketing (although the FSA summary table refers to fraudulent mortgage applications being submitted). It is still some way behind this
- [Fine start to the year (2)](https://complyport.com/fine-start-to-the-year-2/) - On the subject of fines, February started with the FSA releasing details of Simon Treacher mis-marking fund assets whilst a fund manager at BlueRay Asset Management Ltd. Mr Treacher was fined £140,000; the FSA made no criticism of BlueRay. Although it is a relief for all that the FSA didn't find some reason for apportioning
- [Corporate Governance](https://complyport.com/corporate-governance/) - The FSA has issued Consultation Paper CP10/03: 'Effective corporate governance'. As we all know, the FSA places considerable emphasis on good corporate governance and is a subject matter that can be guaranteed to feature in the planning of an ARROW visit. The proposals, which need to be considered by most (if not all) firms, include
- [Client Money and Assets](https://complyport.com/client-money-assets/) - The FSA has issued a fairly scathing report on the handling of client money and assets by firms. Regulatory action has been taken against a number of firms including s166 and two Enforcement referrals ("... and a number of other firms under active consideration for Enforcement Referrals."). A 'Dear CEO' letter has also gone out,
- [AIFM & FSA (cont)](https://complyport.com/aifm-fsa-cont/) - And just to make the FSA's views clear, Dan Waters' speech the other day - which reminded us that the FSA regulates around 80% of the hedge fund management industry in Europe - made interesting reading. Following praise of sorts for the progress made on the proposed Directive under the Czech and Swedish presidencies, when
- [AIFM (cont)](https://complyport.com/aifm-cont/) - The Alternative Investment Fund Managers Directive proposal saga continues to rumble on (the original draft Directive was issued at the end of April last year). After the 'Swedish Proposal' we now have the 'Spanish Proposal'. A quick recap on the original proposals: It would impact on all 'Alternative Investment Funds' which are basically all funds
- [Hedge Funds and Systemic Risk](https://complyport.com/hedge-funds-systemic-risk/) - Neatly following on from the latest developments in the ongoing AIFM saga is the publication by the FSA on 'Assessing possible sources of systemic risk from hedge funds'. The FSA conducts two different surveys every six months: Hedge Funds as Counterparties Survey ("HFACS") - which has been running for 5 years; and Hedge Fund Survey
- [Hedge Funds & Systemic Risk - Information Collection](https://complyport.com/hedge-funds-systemic-risk-information-collection/) - With systemic risk and hedge funds in mind, the International Organization of Securities Commissions has released details of a template for the global collection of hedge fund information which it believes will assist in assessing possible systemic risks arising in this sector. Such a template will ensure consistency of information collection and exchange amongst regulators.
- [Broken](https://complyport.com/broken/) - Two brokers, Wills & Co and Direct Sharedeal ('DS'), both met with FSA actions in February and there has been a large amount of publicity about both cases. Common to both was unacceptable or high pressure sales tactics in respect of higher risk securities to clients (and numerologists will be interested to learn from the
- [FATF](https://complyport.com/fatf/) - It may be recalled that the Financial Action Task Force (FATF) used to maintain a list of 'Non-Cooperative Countries and Territories' - a total of 23 countries/territories appeared on the list at one time or another. As and when a listed entrant made significant progress in addressing AML/CFT deficiencies it was removed from the list;
- [Out of Control](https://complyport.com/out-of-control/) - A brief press release by the FSA announced that it had successfully brought its second prosecution for change in control offences. Semperian pleaded guilty to acquiring an interest in an authorised firm before receiving approval from the FSA (SUP 11 refers). Semperian's fine of £1,000 contrasts with last year's action against the sole director of
- [Radar & Smaller Firms](https://complyport.com/radar-smaller-firms/) - At the same seminar mentioned above there was also a speech by Linda Woodall, FSA Head of Savings & Investments Department. The subject matter included 'Intensive Supervision' and what it means for smaller firms. In the eyes of the FSA the latter are part of the fabric of financial services and we were informed that
- [Financial Risk Outlook](https://complyport.com/financial-risk-outlook/) - Somewhat later than usual the FSA has published its 2010 Financial Risk Outlook. The FSA's 2010/11 Business Plan ('BP') will follow in the next few days. It should cover the period 1/4/10 to 31/3/11, although page 73 of the FRO does refer to 2011/12. The purpose of the FRO is for the FSA to set
- [Digestif](https://complyport.com/digestif/) - And to round off a heavy FRO 2010 the FSA recommend the Asset Management Sector Digest 2010. There are nine key messages in the publication, four of which are deemed 'priority risks' being: Controls over client money and assets; The valuation of assets in funds; Platforms; and (of course) The Alternative Investment Fund Managers Directive
- [ONA](https://complyport.com/ona/) - The Regulatory Roundup of 16 October 2009 contained an article on the new FSA reporting system - Online Notifications and Applications - which would be used for the submission of applications/notifications re: Approved Persons; Appointed Representatives; Variations of permissions; Passports; Cancellations; Waivers; and Standing Data. Mandatory use of ONA was going to be 'Autumn 2009'
- [ICAAP Submissions](https://complyport.com/icaap-submissions/) - The FSA has issued a paper setting out its observations on ICAAP submissions that have been submitted by Limited Licence firms. Areas commented on include: Lack of clarity in terms of presentation of key information Insufficient analysis of wind-down costs Firms need to demonstrate that the ICAAP is integrated into the management decision-making process Some
- [FAIF](https://complyport.com/faif/) - The acronym arises from the publication of PS10/3 - 'Funds of Alternative Investment Funds'. A FAIF will allow (albeit indirectly) the marketing to, and investment by, retail clients in hedge funds. A FAIF will fall within the NURS ('non-UCITS retail scheme') regime so it will be an authorised fund - and so will provide investors
- [Shorting](https://complyport.com/shorting/) - CESR has presented a report to the European Institutions that recommends the introduction of a pan-European short selling disclosure regime. There are two distinct differences between the existing disclosure requirements in MAR 1.9 and the new CESR Proposals. Firstly, in MAR 1.9, the short selling disclosure requirements apply only to UK financial sector stocks and
- [Financial penalty setting](https://complyport.com/financial-penalty-setting/) - In keeping with the FSA's 'credible deterrence' approach, it has published PS10/4 - 'Enforcement financial penalties' - with a view to establishing a consistent and more transparent framework for the calculation of financial penalties. The associated press release states that as a result enforcement fines could treble in size. A link to PS10/4 is below
- [Corporate Governance - Getting Serious](https://complyport.com/corporate-governance-getting-serious/) - Following on from the release of CP10/3 ("Effective corporate governance") - see Regulatory Roundup of 8th February - Graeme Ashley-Fenn spoke the other day at a BSA seminar on this very topic. He is the FSA's Director of Permissions, Decisions and Reporting so his role encompasses responsibility for the approved persons regime; he informed the
- [CASS Consultation Paper](https://complyport.com/cass-consultation-paper/) - The FSA has released Consultation paper CP10/9 - "Enhancing the Client Assets Sourcebook". Proposals include greater transparency requirements by UK authorised prime brokers ('PBs') in respect of re-hypothecation provisions by way of a summary annex (the CP refers to "... sophisticated clients' lack of understanding ..."). Additionally PBs will have to offer clients a daily
- [US and Investment Advisors](https://complyport.com/us-and-investment-advisors/) - There have been further developments in respect of the proposed Private Fund Investment Advisers Registration Act 2010 (see Regulatory Roundup 18 January and previous). Senator Christopher Dodd's financial reform proposals passed the Senate Committee on Banking on 23 March with a 13-10 vote, without a single Republican voting for it. Although Dodd had released his
- [The Financial Services Bill](https://complyport.com/the-financial-services-bill/) - The Financial Services Bill had its second reading in the House of Lords on 15 March 2010. The Bill's many sections detail a new financial stability objective for the FSA, allow the FSA to prohibit or require disclosure of short selling, and strengthen disciplinary powers for the FSA, amongst other changes. The proposals widen the
- [Exams](https://complyport.com/exams/) - If your firm has set the Investment Management Certificate as an exam determinant in connection with SYSC5.1 ("A firm must employ personnel with the skills ..." etc.) then a reminder that there are changes in hand (of course, if you are a retail firm then TC App 1.1 will determine for which activities an exam
- [Insider Dealing](https://complyport.com/insider-dealing-2/) - It will not have escaped your attention that FSA and SOCA have carried out a joint operation involving address searches and arrests in a clampdown on insider dealing; firms such as Exane, Novum, Deutsche Bank and Moore Capital have been named. Although not official policy, in the real world it is likely that individuals taking
- [The Future of the Fund Management Industry](https://complyport.com/the-future-of-the-fund-management-industry/) - Dan Waters gave a speech the other day at the Institute of Economic Affairs on "The Future of the Fund Management Industry". Nothing new of note was said but he did take the opportunity to reference the four priority risks highlighted in the Asset Management Sector Digest 2010 (see Regulatory Roundup 12 March). In addition
- [Mobile Phone Recording](https://complyport.com/mobile-phone-recording/) - As you will know, the obligation to record telephone conversations and electronic communications (as set out in COBS 11.8) does not currently extend to "telephone conversations and electronic communications (except emails) made with, sent from or received on a mobile telephone or other mobile handheld electronic communication device". The exclusion was primarily based upon concerns
- [Quarterly Consultation (CP10/10)](https://complyport.com/quarterly-consultation-cp1010/) - The FSA has released a 122 page bumper edition of the latest Quarterly Consultation (CP10/10). Proposed changes in SUP include a rewording to SUP 10 Annex1 (FAQs) so removing the reference to up to seven business days the FSA allows itself to process an application for approved person status; guidance added to SUP 11 on
- [CESR Call](https://complyport.com/cesr-call/) - In an evidence collecting exercise, the Committee of European Securities Regulators has issued a ''Call for Evidence" in order to assess the impact of certain developments in European equity markets. The document lists six areas of interest to CESR including the risks associated with Sponsored Access (as opposed to Direct Market Access) and whether Indications
- [Transaction Reporting](https://complyport.com/transaction-reporting-2/) - The FSA hit with a vengeance when it fined three big name firms a total of £4.2m for transaction reporting failures. It will be recalled that Barclays suffered a penalty of £2.45m last August for similar failings. Interestingly, in all these cases, including Barclays, there was an inability to report the correct transaction times as
- [Financial Services Bill 2010](https://complyport.com/financial-services-bill-2010/) - The last Regulatory Roundup provided an update on the progress of the Financial Services Bill 2010 which amends FSMA 2000. Possibly as a result of the 'wash-up' process following the announcement of the date of the General Election, the Bill received Royal Assent on 8th April. Its many features include expanding the FSA objectives to
- [Greek Shorts](https://complyport.com/greek-shorts/) - A press release reveals that Greece has banned the short selling of shares listed on the Athens Exchange.
- [Other FSA Fines](https://complyport.com/other-fsa-fines/) - Further to the Winterflood and Commerzbank fines, this marks the end of a very busy April for the FSA. The month saw a total of 16 fines added to the 2010 fines table (although some cases stem from the same source e.g. the Winterflood case gives rise to three separate entries in the table). Total
- [Bribery Act 2010](https://complyport.com/bribery-act-2010/) - The Bribery Act 2010 creates new statutory offences, replacing common law. The most significant change is the introduction of a corporate offence, 'failure to prevent bribery' by persons associated with a business. 'Bribery' would include the suggestion of a bribe and penalties include an unlimited fine. The UK courts could have jurisdiction if the offence
- [FINMAR](https://complyport.com/finmar/) - FINMAR will be the abbreviation given to a new Handbook module: the Financial Stability and Market Confidence Sourcebook. It is referenced in the latest consultation paper from the FSA - CP10/11 "Implementing aspects of the Financial Services Act 2010". The CP has been released following the Financial Services Bill 2010 receiving Royal Assent on 8
- [Transaction Reporting Problems](https://complyport.com/transaction-reporting-problems/) - Following on the heels of the £4.2m fine imposed on three big name firms for transaction reporting failures (see Regulatory Roundup No 12) the FSA released details of a further firm - CommerzbankAG - to be fined for transaction shortcomings. What is interesting about the latest fine (£595,000) is that it is imposed upon an
- [Winterflood Securities Fined](https://complyport.com/winterflood-securities-fined/) - Winterflood, the largest market maker on the AIM market, lost its appeal against the decision of the Financial Services and Markets Tribunal in March 2009, which found they had committed market abuse. Winterflood had been accused of failing to recognise and react to clear warning signs that something was amiss, and instead of challenging trades
- [Financial Services and Markets Tribunal](https://complyport.com/financial-services-and-markets-tribunal/) - It will be noted that the final notices (Alpari (UK) Ltd and Sudip to Chattopadhyay) now refer to a firm/individual being able to appeal to the Upper Tribunal (Tax and Chancery Chamber). On 1 April 2009 it was known as the Finance and Tax Chamber, and then became the Tax and Chancery Chamber from 1
- [Alternative Investment Fund Managers Directive](https://complyport.com/alternative-investment-fund-managers-directive/) - On Monday 17 May 2010 the European Parliament's Economic and Monetary Affairs Committee ("ECON") voted 33 votes for and 11 against for the latest amendments to the European Parliament's draft of the AIFM Directive. On Tuesday 18 May European finance ministers met and agreed on a separate draft of the Directive. Starting with the ECON
- [Ban on Naked Short Selling](https://complyport.com/ban-on-naked-short-selling/) - This week the BaFin has announced a temporary ban on naked short selling of shares in 10 banks and insurers and naked short sales of debt securities issued by eurozone countries for trading on domestic stock exchanges in the regulated market. The temporary ban further includes naked credit default swaps. The ban applies from 19
- [FSA Actions On Money Laundering](https://complyport.com/fsa-actions-on-money-laundering/) - The FSA has released details of penalties it has imposed on both a firm and its MLRO for inadequate anti-money laundering systems and controls. Alpari (UK) Ltd and Sudipto Chattopadhyay were fined £140,000 and £14,000 respectively (with the usual notification that these sums represent a 30% discount because both parties settled at an early stage)
- [Anti-Money Laundering Guidance](https://complyport.com/anti-money-laundering-guidance/) - The JMLSG has recently released Part III to its anti-money laundering guidance entitled 'Specialist Guidance'. Part III will include some existing material that the JMLSG feels does not sit comfortably within Parts I & II as well as including some new material. Sections include guidance on equivalent jurisdictions and equivalent markets, compliance with the UK
- [Stress Testing](https://complyport.com/stress-testing/) - Although Christmas seems a long way off, relevant BIPRU firms may wish to ensure that they are on track to meet the reverse stress testing requirements that come into force on the 14 December and which was originally flagged up in Regulatory Roundup 6 from 18 December last year. Reverse stress testing is the testing of
- [Close Links](https://complyport.com/close-links/) - As mentioned in Regulatory Roundup #5, the amended rules governing close links reporting which came into effect on 1 June 2010. The main change is that close links notification now has to be done using a new FSA form (see the link for details). The new form has to be used whether a firm is
- [Extending German Shorts](https://complyport.com/extending-german-shorts/) - Following on from Regulatory Roundup 14 which detailed the surprise temporary BaFin naked short selling restrictions, BaFin plan to permanently ban naked short selling of certain euro zone securities. The draft bill proposes to ban naked short selling of domestic German stocks, credit default swaps based on eurozone sovereign bonds and currency derivatives if they
- [Client Money and Assets](https://complyport.com/client-money-and-assets/) - A reminder for those firms in receipt of a 'Dear CEO' letter under the heading of 'Client Money & Asset Report' that went out earlier this year (see Regulatory Roundup #8). A response was expected from each recipient firm, although no specific date was given. The FSA has now started to send out a letter
- [Combined Code](https://complyport.com/combined-code/) - The Financial Reporting Council (FRC) has released a revised version of the Combined Code, or, as it is now called, the UK Corporate Governance Code. Although the Code is strictly only applicable to companies with a Premium Listing (ex Primary Listing), corporate governance is very much high on the agenda for the FSA, as most
- [FSA Fees](https://complyport.com/fsa-fees/) - The FSA has issued PS10/7 - "Consolidated Policy Statement on our fee-raising arrangements and regulatory fees and levies 2010/11". As mentioned in Regulatory Roundup #5, fees will be a combination of a basic minimum £1,000 plus a 'straight line recovery' which basically means the fees now increase in proportion to the amount of permitted business
- [European Supervision - All Change](https://complyport.com/european-supervision-all-change/) - Whilst we are on things European, a reminder that the European Commission has adopted legislation that will implement a new supervisory framework for the EU, which will include the disappearance of CESR. As might be imagined, this will also introduce a host of new acronyms. A European Systemic Risk Board (ESRB) will be established to
- [Financial Services Regulation Bill](https://complyport.com/financial-services-regulation-bill/) - The Queen's Speech gave confirmation of an overhaul of the regulation of financial services "Legislation will reform financial services regulation to learn from the financial crisis ..." which is supplemented by a release on the official site of the Prime Minister's Office. The latter advises that the Financial Services Regulation Bill "... would give the
- [Small Firms & Financial Crime](https://complyport.com/small-firms-financial-crime/) - Following a review of 159 small firms (out of a population of 16,500) across the wholesale and retail sectors the FSA published 'The Small Firms Financial Crime Review'. As firms will be aware, financial crime remains a hot topic for the FSA - and is an area highlighted in the Financial Risk Outlook published earlier
- [EU Legislative Process](https://complyport.com/eu-legislative-process/) - There has, of course, been an abundance of articles on the AIFM Directive recently. The quality of reporting is variable, with some headlines suggesting that it's all over (see the last Regulatory Roundup for an accurate assessment of the situation). It would therefore be worth providing a brief explanation of the process that leads to
- [FSA Enforcement Conference 2010](https://complyport.com/fsa-enforcement-conference-2010/) - Margaret Cole emphasised the FSA's strong and continuing commitment to their aim of credible deterrence, which she described as meaning 'having an enforcement team who are seen as a force to be reckoned with'. She backed up her emphasis with multiple references to past and present penalties, criminal prosecutions and actions against individuals. 'We are
- [Remuneration](https://complyport.com/remuneration/) - The European Council's Committee of Permanent Representatives ('COREPER') has agreed amending text of the Capital Requirements Directive ('CRD') III which will affect remuneration and bonuses - possibly from January 2011. As you will know the FSA implemented a Remuneration Code in SYSC 19 (see Regulatory Roundup 6). SYSC 19 only applies to UK banks and
- [UK regulatory reform](https://complyport.com/uk-regulatory-reform/) - The FSA is being broken up into the Prudential Regulation Authority ('PRA'), as a subsidiary of the Bank of England, and a new Consumer Protection and Markets Authority ('CPMA'). A two year transition process is underway with Hector Sants to become the head of the PRA. Hector Sants mentioned in his recent speech (see link)
- [FSA Chairman's speech](https://complyport.com/fsa-chairmans-speech/) - Adair Turner spoke at the FSA's Annual Public Meeting on 24 June 2010 reporting on the performance over the past year. He mentioned that it is 'very difficult in this meeting... ...to produce indices of outcome in the latest year which measure our performance in any meaningful way'. The Annual Report's focus is on an
- [AIFM directive delay](https://complyport.com/aifm-directive-delay/) - Rapporteur Jean-Paul Gauzès has now announced that the Parliamentary vote on the AIFM directive will be delayed from July until September. The UK is said to be pushing for second chance passports into individual countries for non EU funds that fail to qualify for a license because they do not meet the required standards. In
- [FSA's AIFM directive presentation](https://complyport.com/fsas-aifm-directive-presentation/) - In early June the FSA held a presentation on the AIFM directive. The link will take you to the slides used for the FSA's AIFM directive presentation. Slides 14 & 15 concern marketing and firms could find them useful as an aide memoire. The slides contain domicile of fund vs. domicile of manager matrices on
- [The role of auditors & Skilled Persons Reports](https://complyport.com/the-role-of-auditors-skilled-persons-reports/) - Discussion Paper 10/3 "Enhancing the auditor's contribution to prudential regulation" has been issued by the FSA. Firms that hold client money and assets may find 3.43 onwards of interest. As mentioned in previous Regulatory Roundups, and indeed on page 3 of this Regulatory Roundup, the FSA has had concerns over firms' handling of client assets.
- [Client money](https://complyport.com/client-money/) - Few people will have failed to read about the record £33.32m fine imposed on JP Morgan Securities Ltd for client money failings. As firms will be aware from past Regulatory Roundups (e.g. 8 & 15) the FSA is paying closer attention to this area. Rowan Dartington, despite receiving less focus in the headlines, was also
- [Directed trades](https://complyport.com/directed-trades/) - Anjam Ahmad was the subject of a Final Notice for having directed trades to a broker with which he had entered into an improved commission agreement with. Although an initial commission rate of 5bps was agreed between the broker and Ahmad's firm (AKO) he later entered into an improvement arrangement with the broker. As a
- [Competence](https://complyport.com/competence/) - The FSA has released CP 10/12 - "Competence and ethics". The Code of Practice for Approved Persons (APER) will have some amendments, chief of which will be the addition of APER 4.5.13A which will require those holding a significant influence function (basically all controlled functions bar the CF 30 customer function) to satisfy themselves that
- [FSA Submissions - Important changes](https://complyport.com/fsa-submissions-important-changes/) - The Regulatory Roundup Issue 10, 12 March 2010, reported that the FSA's new reporting system - Online Notifications and Applications ('ONA') - had slipped a little behind on its release. On 7th June 2010 the electronic submission system, see link, was launched and allows for the application or notification of Approved Persons, Appointed Representatives, Variations
- [Oil futures and alcohol](https://complyport.com/oil-futures-and-alcohol/) - An unusual Final Notice relating to Stephen Perkins was published on the FSA website. Mr Perkins, a (now ex) oil futures broker was fined £72K by the FSA and prohibited from performing any controlled function for at least five years for market abuse. His unauthorised trading actions over 29 and 30 June 2009 had the
- [Financial Services Act 2010](https://complyport.com/financial-services-act-2010/) - Regulatory Roundup #13 contained an article on a consultation paper on the implementation of certain parts of the Financial Services Act 2010 ('FSA2010') and which introduced FINMAR to the regulated community. Based on the feedback received the FSA has now published CP10/18 "Implementing aspects of the Financial Services Act 2010". Although comments are welcomed, the
- [Remuneration](https://complyport.com/remuneration-2/) - Following the article covering remuneration in Regulatory Roundup #16, the European Parliament voted on 7th July to amend elements of the Capital Requirements Directive (CRD3) impacting upon remuneration. The proposed rules are far wider in scope than the FSA's existing remuneration policy (SYSC 19). According to the European Parliament's FAQs on the CRD3, 'Hedge funds
- [Transaction reporting update](https://complyport.com/transaction-reporting-update/) - Following a series of FSA actions relating to transaction reporting failures, many firms will have revisited their own transaction reporting procedures to ensure that they satisfy regulatory requirements. Portfolio managers that have been relying on the exemption in SUP 17.2.2G may have been concerned as to the level of due diligence expected of them in
- [Who, where and what ESAs](https://complyport.com/who-where-and-what-esas/) - As you will be aware from Regulatory Roundup #15, the European Commission has proposed the establishment of a European System of Financial Supervisors (ESFS) which will be composed of national supervisors and three new European Supervisory Authorities (ESA). The latter will be created by the transformation of the three existing Committees that represent the regulators
- [Client categorisation](https://complyport.com/client-categorisation/) - Following an approach from the European Commission, CESR is consulting on aspects relating to client categorisation as currently set out in MiFID (which in turn is reflected in COBS 3, 'Client categorisation'). As you will know, COBS 3.5.2 lists those entities which a firm can classify as a per se professional client. As such, no
- [Non-US managers face dual registration](https://complyport.com/non-us-managers-face-dual-registration/) - The US President has this week signed the H.R. 4173 'Restoring American Financial Stability Act of 2010' (which can be found via the link). Contained within 'Title IV--Regulation of Advisers to Hedge Funds and Others' (see section 401) 'The Private Fund Investment Advisers Registration Act of 2010' can be found. These provisions modify the Investment
- [Financial Crime Newsletter](https://complyport.com/financial-crime-newsletter/) - The FSA has published its first Financial Crime Newsletter of the year, and the first since Margaret Cole took over responsibility for this area following the retirement of Philip Robinson. Readers are left in no doubt that despite the changes to the regulatory system, the FSA will continue with its commitments that were highlighted in
- [CASS](https://complyport.com/cass/) - The FSA has proposed changes to CASS 6 & 7, 'Custody Rules' and 'Client Money Rules' respectively. The FSA believe that the only types of firm that these changes will impact upon are spread betting and CFD providers which use certain provisions to remove retail clients' monies from client money protection. The 'title transfer collateral
- [Unofficial guidance on the Bribery Act](https://complyport.com/unofficial-guidance-on-the-bribery-act/) - Following on from Regulatory Roundup #13 which covered the Bribery Act, the Government has recently released a press statement about the delay in the publication of guidance on the Bribery Act. The corporate offence (of up to 10 years imprisonment and unlimited fine) for failing to prevent bribery can only enter force after the guidance
- [Father and Son](https://complyport.com/father-son/) - Father and son Jeffery and Jeremy Burley have been handed out financial penalties by the FSA for market abuse. Whilst people tend to co-operate with the FSA during an investigation (and indeed in this case both settled early and qualified for the FSA's 30% discount), the Final Notice in respect of Jeremy Burley is unusual
- [EU short selling update](https://complyport.com/eu-short-selling-update/) - CESR has issued an update to its September 2008 statement on short selling. The revised document will provide either statements or the links to the statements by Members on current short selling rules.
- [BIPRU 12 - Liquidity Standards](https://complyport.com/bipru-12-liquidity-standards/) - As you will know, BIPRU 12.1 - 12.4 (and 12.8 where relevant) applies to all BIPRU firms, whilst the remaining BIPRU 12 chapters only apply to ILAS BIPRU firms (limited scope and limited activity BIPRU firms are not ILAS firms; full scope BIPRU investment firms that meet the exemption in BIPRU 12.1.4 are also excluded
- [Managing investments and the Stewardship Code](https://complyport.com/managing-investments-and-the-stewardship-code/) - There is a proposal to amend COBS 2.2 ('Information disclosure before providing services') for a firm, when it is managing investments for a professional client (that is not a natural person), to disclose its commitment to the 'Stewardship Code' (venture capital firms will be excluded from the proposed requirement). The proposal stems from the Walker
- [A technical correction to CF29 applicability](https://complyport.com/a-technical-correction-to-cf29-applicability/) - Following the FSA's recent review of the Handbook they propose correcting a technical error in SUP 10.9.1R that sets out the types of firm where the significant management function (CF29) applies. Generally CF29 is used for larger firms where an individual is not a member of the governing body, such as a Director, but does
- [Quarterly Consultation Paper](https://complyport.com/quarterly-consultation-paper/) - The FSA has published Quarterly Consultation Paper CP10/15 ('QCP') which contains proposed changes to various parts of the Handbook. It is not the best composed paper as not only does it already come with an addendum but the proposed changes to the approved persons regime in SUP that should be in Appendix 12 of the
- [Changes to SUP 16](https://complyport.com/changes-to-sup-16/) - The FSA have proposed four small changes to data item FSA003, improving the data reported by firms to the FSA. The amendments are relevant to all firms subject to the Capital Requirements Directive. Changes made to SUP 16 Annexes 24R (Data items) and 25G (Guidance notes) can be found in Appendix 12 (ignore the erroneous
- [Remuneration Code Special](https://complyport.com/remuneration-code-special/) - As you'll know from Regulatory Roundup #17 the FSA are reviewing SYSC 19 ('Remuneration Code') in the light of amendments to the Capital Requirements Directive ('CRD3') which comes into force 1 January 2011 (although see below for transitional provisions). The FSA advise that the CRD3 text 'contains several ambiguities' so the current CP can only
- [Fuzzy matching and financial sanctions](https://complyport.com/fuzzy-matching-and-financial-sanctions/) - The big fine imposed on Royal Bank of Scotland (£5.6m) by the FSA for breaches of Money Laundering Regulations 2007 hit the headlines earlier this week. Apart from issues with systems and controls, the bank had problems with its 'fuzzy matching' (if you're unsure, 4.21 of the Decision Notice clarifies fuzzy matching). Few authorised firms
- [Strengthening Capital](https://complyport.com/strengthening-capital/) - Regulatory Roundup #6 contained an article on CP09/29 - 'Strengthening Capital Standards 3', which contained proposals for implementing changes to the Capital Requirements Directive ('CRD'). Of interest to the majority of CRD firms was news that the large exposure regime set out in BIPRU 10.5 would cease to apply to 'limited activity' or 'limited licence'
- [Unregulated Collective Investment Schemes](https://complyport.com/unregulated-collective-investment-schemes-2/) - Regulatory Roundup #3 advised that the FSA was looking at the promotion of unregulated collective investment schemes ('UCIS'). The Regulator has now published its findings alongside a separate document on good and poor practice. The FSA sent out questionnaires to 185 firms and eventually narrowed the list down to 14 firms which were subject to
- [Dodd-Frank revisited](https://complyport.com/dodd-frank-revisited/) - Following on from Regulatory Roundup #17 we have had requests for further details on the regulatory developments within the US. As you will know, the 'Dodd Bill' was enacted on 21 July which will have an impact on both certain US investment advisers and non-US investment advisers that have US clients. The full title of
- [Remuneration Code (again)](https://complyport.com/remuneration-code-again/) - Following Regulatory Roundup #18 - 'Remuneration Code Special' - we would like to take this opportunity to remind firms that a proportionality approach can be adopted and our article advised referring to Annex 5 for those rules have to be applied by all firms and those rules which can have proportionality applied to them. The
- [Short selling update](https://complyport.com/short-selling-update/) - In Regulatory Roundup #17 we advised that the new sourcebook FINMAR would contain the largely unchanged short selling disclosure requirements from MAR, save for the rights issue disclosure requirements being narrowed slightly. As you will be aware, the short selling disclosure regime also applies to shares in a 'UK financial sector company'. The FSA has
- [More on the remuneration code](https://complyport.com/more-on-the-remuneration-code/) - The proposed changes to the Remuneration Code (basically the current SYSC 19 will be deleted and replaced by new text) was covered in Regulatory Roundup #18 & #19. Not surprisingly, there has been a good deal of interest - and comment - from our clients on CP10/19.Where possible, we would encourage firms to let their
- [Notification obligations](https://complyport.com/notification-obligations/) - Firms will be aware of the publicity arising from the fine imposed by the FSA on Goldman Sachs International (GSI). The fine (£17.5m) is the second largest fine imposed in the FSA's history, although is still dwarfed by the £33.32m J P Morgan fine in June this year (see Regulatory Roundup #16). Although there is
- [Outsourcing and data loss](https://complyport.com/outsourcing-and-data-loss/) - A large fine (£2.275m) was imposed on Zurich Insurance Plc for systems and controls failings following the loss of customers' confidential information. Although, at first sight, the problems of a large global insurance entity may not be thought relevant to more modest sized investment firms, the case does provide a couple of useful reminders for
- [More transaction action](https://complyport.com/more-transaction-action/) - Since the Commerzbank AG fine imposed by the FSA in April (see Regulatory Roundup #13), things had been quiet on the (failure to) transaction report front. However behind the scenes the FSA was obviously busy as the other week Société Général was fined £1.575m for transaction reporting failures. This is the sixth firm to be
- [Read all about it](https://complyport.com/read-all-about-it/) - The FSA previously maintained a Document Viewing Facility (DVF) in the reception of the FSA building at 25 North Colonnade, Canary Wharf. This provided access to documents made public by listed issuers. Since 1 September this function has been moved online and is now known as the National Storage Mechanism (NSM). The service is run
- [Capital Planning Buffers](https://complyport.com/capital-planning-buffers/) - For the avoidance of doubt, this will only be of relevance to BIPRU firms. Regulatory Roundup 6 advised that the FSA had published CP09/30 - "Capital Planning Buffers" - concerning the amount and quality of capital resources that a firm should hold at a given time, so that it is able to absorb losses and
- [Remuneration Code Feedback](https://complyport.com/remuneration-code-feedback/) - Thank you to those firms that sent their views on the Remuneration Code proposals to us (Regulatory Roundup 20 refers). It is clear that the two major themes are (a) how the Code is to be applied to LLP structures - particularly the 'shares' requirement in respect of variable remuneration and (b) the potential impact
- [FSA Formalise Co-operation with FINRA](https://complyport.com/fsa-formalise-co-operation-with-finra/) - The FSA have signed a Memorandum of Understanding with FINRA, the largest independent regulator for all securities firms doing business in the US. The MOU is now effective and provides a 'formal basis for co-operation, including the exchange of information and investigative assistance'. The two regulators believe that the result will be more effective performance
- [Ministry of Justice Anti-Bribery Consultation](https://complyport.com/ministry-of-justice-anti-bribery-consultation/) - As covered in Regulatory Roundup 17 the offences under the Bribery Act 2010 will become enforceable from April 2011. Firms will be aware that there will be a defence for organisations in section 9 of the Bribery Act where 'adequate procedures' were in place to prevent bribery. The Ministry of Justice has published a consultation
- [Final Notice (part 2)](https://complyport.com/final-notice-part-2/) - In Regulatory Roundup 16 we highlighted the case of Anjam Ahmad, a hedge fund trader with AKO Capital, who profited (that is until the FSA got to hear about it) from having directed trades to a broker (referred to in the Notice as "Broker A") with which he had entered into an improved commission agreement
- [More Enforcement Actions](https://complyport.com/more-enforcement-actions/) - Related Final Notices in respect of Gerald Casey of First Colonial Investments LLP ("FCI") and Direct Sharedeal Ltd ("DSL") have been published. At one level it is yet another case arising from a combination of high risk shares; telephone sales; inadequate monitoring of the latter; retail clients; and client money. However there are some lessons
- [Leaking](https://complyport.com/leaking/) - Market Watch No 37 is devoted entirely to leaks of inside information - specifically to the media - and the need for firms to ensure sound prevention controls are in place. We are aware that some FSA relationship managed firms have already been approached by their FSA supervisor drawing attention to the publication and setting
- [Large Exposure Regime Change](https://complyport.com/large-exposure-regime-change/) - As mentioned in Regulatory Roundup 19, the Large Exposure regime in BIPRU 10.5 will change from 31 December 2010. The amended Rules can be seen in the recently published FSA Instrument FSA 2010/41. As will be seen from page 21, BIPRU 10 will no longer apply to a BIPRU limited licence firm or a BIPRU
- [GABRIEL Reporting](https://complyport.com/gabriel-reporting/) - Following queries from firms, some clarification to reporting requirements has been made by the FSA. For FSA001 Balance sheet, changes relating to elements 7, 10 and 30A have been made. Furthermore, FSA002 Income statement, FSA005 Market risk, FSA008 Large exposures and FSA019 Pillar 2 information have all received minor changes either in relation to guidance,
- [The Role of Auditors](https://complyport.com/the-role-of-auditors/) - As was mentioned in Regulatory Roundup 16, the FSA was proposing to consult on enhancements to auditor's reporting on client assets. As you will know, even where a firm does not hold client money or client assets, SUP 3.10.4R basically requires the firm's auditor to confirm to the FSA that this is indeed the case
- [OTC Clearing](https://complyport.com/otc-clearing/) - The European Commission has issued a proposal on the regulation of OTC derivatives, central counterparties and trade repositories. The proposal will apply to all OTC derivatives, whether based on commodities, climatic variables, interest rates or even good old securities. Technically it's all the derivative contracts set out in (4) to (10) in Annex I, Section
- [EU Framework for Short Selling & CDS](https://complyport.com/eu-framework-for-short-selling-cds/) - An article on short selling in Regulatory Roundup 10 advised that a CESR report recommended the introduction of a pan-European short selling disclosure regime. The European Commission has now published a proposal to harmonise short selling rules across the EU. In line with the CESR report, the proposal would require disclosure to the regulator of
- [Changes to Shorting Rules](https://complyport.com/changes-to-shorting-rules/) - Whilst on the topic of shorting, as mentioned in Regulatory Roundup 17, short position disclosure requirements moved from MAR 1.9 to FINMAR 2.2 with effect from 6 August. Firms will be aware that disclosure requirements apply in respect of short positions in certain companies that are subject to a rights issue or in a 'UK
- [FSA Briefing](https://complyport.com/fsa-briefing/) - The FSA held a Wholesale Small Firms' briefing aimed at Investment Managers and Private Equity firms on 21 September. The briefing included a session on the Remuneration Code with the FSA acknowledging that the timetable - imposed by EU regulatory changes - is 'ridiculously short'. It was emphasised that 'proportionality' was key here but the
- [Dan Waters on Remuneration](https://complyport.com/dan-waters-on-remuneration/) - Dan Waters, the FSA's Asset Management Sector Leader, gave an interesting speech at the AIMA Annual Conference which might provide some comfort for those in the asset management sector that have concerns about the impact of the current proposed revision of the Remuneration Code arising from changes to the CRD (see Regulatory roundup 20 for
- [Complyport Shortlisted for Complinet Award](https://complyport.com/complyport-shortlisted/) - Complyport is delighted to have been shortlisted for Complinet's 2010 "Best Consulting Firm of the Year". This nomination is the first award nomination that Complyport has received and comes only a year after Martin Herriot took over the post of CEO of the firm. Further, Associate Director Aron Brown has been nominated in the Complinet
- [Systems and Controls Questionnaire FSA055](https://complyport.com/systems-and-controls-questionnaire/) - Although still a good two months or so away, an early reminder that a new data item (FSA055) will become due for completion on 31 December for non-ILAS BIPRU firms (basically BIPRU limited licence; BIPRU limited activity; and exempt full scope BIPRU investment firms). Please see Regulatory Roundup 2 & 4 for background details. The
- [Handbook Changes](https://complyport.com/handbook-changes/) - Unlike its title ('Decision Procedure and Penalties manual and Enforcement Guide review 2010') CP10/23 is a short Consultation Paper concerning some handbook changes brought about by the Financial Services Act 2010. The FSA will have the power to publish decision notices as well as final notices. Under the present regime an enforcement case consists of
- [FSA and Corporate Governance](https://complyport.com/fsa-and-corporate-governance/) - The speech by the FSA's Rosalie Langley Judd and the publication of PS10/15 ('Effective corporate governance' - see previous article in this Regulatory Roundup on Approved Persons) serve to demonstrate, if there was ever any doubt, the importance that the FSA places upon corporate governance. Rosalie's speech is interesting in that as well as referring
- [Important Changes to Approved Persons Regime](https://complyport.com/important-changes-to-approved-persons-regime/) - The recent speech by Rosalie Langley Judd (see the next article on Corporate Governance) follows the release of FSA Policy Statement PS10/15. PS10/15 is the follow up to Consultation Paper CP10/3 which was covered in Regulatory Roundup 8, along with a link to a technical briefing (see also Regulatory Roundup 1). The paper details wide-ranging
- [FATF Update](https://complyport.com/fatf-update/) - As many will be aware, The Financial Action Task Force (FATF) - which is the global standard setting body for anti-money laundering and combating the financing of terrorism - has set out 40 Recommendations (on money laundering) and 9 Special Recommendations (on terrorist financing). FATF is currently undertaking a review of the '40 + 9'
- [Remuneration Disclosure](https://complyport.com/remuneration-disclosure/) - Whilst BIPRU firms consider the impact of CP10/19 and the Remuneration Code (see e.g. Regulatory Roundup 20), the FSA has released CP10/27 "Implementing CRD3 requirements on the disclosure of remuneration". Although different language is used, the disclosure will relate to 'Code staff' - again reference should be made to Regulatory Roundup 20 - although 'significant'
- [BIPRU 12 & Liquidity](https://complyport.com/bipru-12-liquidity/) - A reminder that following the expiry of a transitional provision on 31 October, BIPRU 12.2 ('Adequacy of liquidity resources') now also applies to a non-ILAS BIPRU firm (see Regulatory Roundup 4 for details). For such firms the Overall Liquidity Adequacy Rule (OLAR) has come into force. During the transitional period a non-ILAS BIPRU firm was
- [Transaction Reporting and Chi-X](https://complyport.com/transaction-reporting-and-chi-x/) - The FSA has released guidance consultation following the launch of a new type of instrument - centrally cleared contracts for difference. The guidance reminds us that these new instruments fall under the transaction reporting regime.
- [JMLSG III](https://complyport.com/jmlsg-iii/) - The final version of the JMLSG Guidance Part III has been issued. The consultation version was published in May with the consultation period ending 9 July (see Regulatory Roundup 14 for further details).Part III includes existing material which it was felt did not sit comfortably within Parts I & II as well as some new
- [Mobile Phone Recording](https://complyport.com/mobile-phone-recording-2/) - The FSA has released PS10/17 - "Taping of mobile phones", being feedback on CP10/7 (see Regulatory Roundup 11) together with the final rules. As you will know, COBS 11.8 concerns recording telephone conversations and electronic communications in respect of any activities falling within those set out in COBS 11.8.1. By virtue of COBS 11.8.6(1), the
- [Stewardship Code](https://complyport.com/stewardship-code/) - Regulatory Roundup 17 referred to proposed changes to COBS 2.2 ('Information disclosure before providing services') to require a firm, when managing investments for a professional client (that is not a natural person), to disclose its adherence to the Stewardship Code (venture capital firms will be excluded from the proposed requirement). The requirement came into force
- [Custody and Client Money](https://complyport.com/custody-and-client-money/) - The proposed changes to CASS 6 ('Custody rules') and CASS 7 ('Client money rules') mentioned in Regulatory Roundup 17 came into force on 1 December. The changes impact the title transfer collateral arrangements ('TTCA') in those two chapters. The changes come about as a result of focussed FSA visits to spread betting and CFD providers
- [CASS & a New Operational Oversight Function](https://complyport.com/cass-a-new-operational-oversight-function/) - There are big changes to CASS coming up which include a new control function and the need to complete a Client Money and Asset Return ('CMAR'), As mentioned in Regulatory Roundup 11, the FSA are introducing a 'CASS operational oversight function'(CF10a) which is the operational role of ensuring that the appropriate client assets and client
- [FSA Fees](https://complyport.com/fsa-fees-2/) - As will be known, FSA Fees are governed by which FSA Fee-Block(s) a firm falls under, e.g. Fund managers are A007 and 'Advisory only firms and advisory, arrangers, dealers, or brokers (NOT holding client money or assets, or both)' are A013. Fees are calculated on a FuM basis for A007 although on a CF30 headcount
- [Telephone Numbers](https://complyport.com/telephone-numbers/) - A firm is required, on an annual basis, to check the accuracy of its standing data (defined in the attached link) on the FSA website within 30 business days of its accounting reference date and report any changes to the FSA (SUP 16.10.4R). A firm must also give the FSA 'reasonable advance notice' of any
- [Derivative Risk](https://complyport.com/derivative-risk/) - The FSA has published proposed guidance on derivative risk management practices following a survey of twelve asset managers. Although a 'derivative risk management process' is normally associated with authorised funds (COLL 5.2.24), the thematic review looked beyond COLL ('taking a holistic and outcomes approach ..') with the survey taking in the management of hedge funds
- [Competence & Ethics](https://complyport.com/competence-ethics/) - The FSA has released policy statement PS10/18 ('Competence and ethics') which was a follow up to the similarly named consultation paper CP10/12 - see Regulatory Roundup 16 for further details. The 'Competence' element of the paper concentrates around changes to the Training and Competence ('TC') module of the handbook. Although normally associated with activities relating
- [Fines 2010](https://complyport.com/fines-2010/) - It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and Goldman Sachs (failing to tell the FSA that a CF30 had been subject to interest from the SEC), whilst the 50p is down to the
- [UCITS IV](https://complyport.com/ucits-iv/) - The FSA and HM Treasury have issued a joint consultation on the implementation of UCITS IV. As will be known, there has been an increasing interest in UCITS since 'the crunch' with fund management entities such as Jupiter, Sabre and GAM, having launched UCITS funds. The consultation paper contains some interesting data such as at
- [Large Exposures](https://complyport.com/large-exposures/) - A reminder to firms that the large exposures regime no longer applies to BIPRU limited licence/activity firms-see BIPRU 10.1.1R and Regulatory Roundup 19 for details. Firms that are still subject to the large exposure rules may wish to review the revisions to BIPRU 10, including the move of the requirement to notify the FSA of
- [Remuneration Code](https://complyport.com/remuneration-code/) - A 'thank you' to those Complyport clients that submitted their comments and views to us on the proposed wordage of the Remuneration Code as set out in consultation paper CP10/19. These were duly submitted to the FSA on an anonymous basis (please see Annex 1 of policy statement PS10/20). The final rules and guidance (which
- [Remuneration Code & Disclosure Obligations](https://complyport.com/remuneration-code-disclosure-obligations/) - When refining their Remuneration policies, firms are reminded of the need not to overlook the corresponding disclosure requirements-see Regulatory Roundup 23 for an overview based upon the then consultation paper CP10/27. Since that time the FSA has published policy statement PS10/21 ("Implementing CRD3 requirements on the disclosure of remuneration") which contains final rules. Although the
- [Transaction Failings](https://complyport.com/transaction-failings/) - City Index Ltd is the seventh firm to be fined by the FSA in the past 18 months or so for transaction reporting failures. The last transaction reporting case was against Societe Generale in August 2010 - see Regulatory Roundup 20 for further information. Five of the six previous actions have resulted in fines in
- [Client Money](https://complyport.com/client-money-2/) - Not a good start to the year for Barclays. On top of the £7.7m fine for investment advice failings (Barclays Bank), Barclays Capital (BarCap) incurred a £1.12m fine for client money failings. Although BarCap properly segregated client money overnight, when the deposits matured the following morning the funds flowed into BarCap's corporate account. It would
- [Remuneration Code Follow-up](https://complyport.com/remuneration-code-follow-up/) - Firms should now be 'broadly compliant' with most of the Remuneration Code Principles in keeping with section 4.6 of PS10/20 'Revising the Remuneration Code' - see Regulatory Roundup 24 which also includes a link to PS10/20. The one exception is Principle 12 ('Remuneration Structures') where firms coming into scope for the first time can take
- [MiFID Review](https://complyport.com/mifid-review/) - It is now over three years since MiFID came into force, the requirements being reflected in the relevant parts of the FSA handbook. In recognition of market developments since that time, the European Commission (EC) has launched a MiFID Review consultation. Areas under consideration (and as the paper is 83 pages it will be appreciated
- [FSCS Interim Levy](https://complyport.com/fscs-interim-levy/) - We are aware that several of our clients have been left reeling following receipt of an FSCS 2010/11 Interim levy request for further payment. The additional levy is to meet the costs of claims by consumers, chiefly in respect of Keydata Investment Services Ltd - it accounts for costs of £247m out of a total
- [Corporate Governance: FSA Feedback](https://complyport.com/corporate-governance-fsa-feedback/) - The FSA has issued a guidance consultation/feedback on governance. Although it is headed 'Governance in retail firms' the content is also relevant to wholesale firms. The feedback stems from a series of breakfast meetings held by the Regulator in October and November last year. It's quite a light paper (three pages). Points of interest include
- [Shadow Partner Banned](https://complyport.com/shadow-partner-banned/) - In June of last year Vantage Capital Markets LLP (VCM), an inter-dealer broker, was subject to a fine of £700K arising from the activities of Daniel Hassell. Mr Hassell's former business merged with VCM's predecessor company and he played a part in the formation of VCM. It would seem that he continued to play a
- [CMAR](https://complyport.com/cmar/) - Regulatory Roundup 23 contained an article on changes to CASS and the need for affected firms to complete a Client Money and Asset Return (CMAR). The FSA has released CP11/4 - 'The Client Money and Asset Return (CMAR): Operational Implementation' - which includes an example of the final version of the CMAR together with guidance
- [FSA Fees](https://complyport.com/fsa-fees-3/) - It's that time of the year again when the FSA publishes proposals for the level of FSA fees payable for the year (the FSA year runs from 1 April to 31 March), being a combination - where relevant - of FSA, FSCS, FOS and CFEB (the Consumer Financial Education Body) fees and levies. The link
- [FSA Business Plan & Financial Risk Outlook](https://complyport.com/fsa-business-plan-financial-risk-outlook/) - As mentioned in the previous article, CP11/2 contains a summary business plan for 2011/12. Traditionally the FSA issues an annual Financial Risk Outlook (FRO) late January/early February - although last year's FRO for 2010 wasn't released until 10 March (see Regulatory Roundup 10) with the annual Business Plan (BP) following a week or so later.
- [FSA Reform (2) - Possible Delay](https://complyport.com/fsa-reform-2-possible-delay/) - The Treasury Select Committee, which is looking at the reform of financial regulation, has published, in three volumes, a report which contains some interesting comments questioning the achievability (or wisdom) of meeting the 2012 deadline for the new regulatory system, and the impact of the reform costs on the consumer. Page 69 of Volume I
- [FSA Reform (3) - Progress](https://complyport.com/fsa-reform-3-progress/) - Putting the possibility of any delays to one side, the FSA is sending out a 'Dear CEO' letter from Hector Sants providing a progress update on the transition to the new regulatory structure. The communication includes a link to the new FSA management structure, which will take effect on 4 April, as part of that
- [Bribery Act Delay](https://complyport.com/bribery-act-delay/) - And talking of delays, there have been various reports in the press of a delay to the Bribery Act 2010 ('BA2010') coming into force (although there is currently no official confirmation of this on the Ministry of Justice's website). The intention is for BA2010 to come into force three months after the issuance of guidance.
- [FSA Reform (1) - New Appointment](https://complyport.com/fsa-reform-1-new-appointment/) - It has been announced that Martin Wheatley is to be the CEO of the Consumer Protection and Markets Authority (CPMA). Mr Wheatley, who was previously the CEO of the Hong Kong Securities and Futures Commission, has also been appointed, effective from 1 September, as the new MD of the FSA's Consumer and Markets Business Unit.
- [Hedge Funds and Systemic Risk](https://complyport.com/hedge-funds-and-systemic-risk/) - The FSA has published the findings from the latest Hedge Fund Survey (HFS) and Hedge Fund as Counterparty Survey (HFACS). As will be known from earlier Regulatory Roundups e.g. issue 9, the FSA carry out these surveys every six months or so in order to analyse the systemic risk posed by hedge funds. The HFS
- [FSA003](https://complyport.com/fsa003/) - Some BIPRU firms have been experiencing problems in the completion of their FSA003 data return (capital adequacy). The FSA003 now contains lines 142 and 143 in relation to capital planning buffers (CPB). The return cannot be validated without these data elements being completed. A CPB is defined as the amount of capital, in addition to
- [More on FSA Reform](https://complyport.com/more-on-fsa-reform/) - The last Regulatory Roundup (Issue 26) contained articles covering the proposed revision of the regulatory system which would see the end of the FSA and the birth of the Consumer Protection and Markets Authority (CPMA) and the Prudential Regulatory Authority (PRA) - with the Financial Policy Committee (FPC) having responsibility for 'macro-prudential regulation'. HM Treasury
- [Middle East Events](https://complyport.com/middle-east-events/) - Following the recent developments in the Middle East the FSA has issued a short statement on the need for firms to be alert to the possible impact the events may have on their anti-money laundering procedures. They advise that the regulations relating to Politically Exposed Persons (PEPs) are particularly relevant. As will be known, PEPs
- [Code of Market Conduct Change](https://complyport.com/code-of-market-conduct-change/) - As will be known, the FSA's Code of Market Conduct is incorporated within MAR 1. Following a decision by the European Court of Justice (ECJ) in the Spector case (see link to Spector Case C-45/08) the FSA will, effective from 6 March 2011, delete MAR 1.3.4E. An important element of the case concerning insider dealing
- [Transaction Reporting](https://complyport.com/transaction-reporting-3/) - A fairly short edition of Market Watch concentrates on transaction reporting issues. MiFID investment firms are reminded that they need to have a BIC-see Regulatory Roundups 17 & 11 for further details on this. It is proposed that the option to identify entities with an FSA Reference Number (FRN) will be removed. The FSA will
- [Prospectus Directive Changes](https://complyport.com/prospectus-directive-changes/) - PR 1.2 of the Handbook reminds us of the need to issue a prospectus before transferable securities are offered to the public, subject to the certain exemptions listed. The requirement derives from FSMA s85 which in turn was driven by the Prospectus Directive (PD). FSMA s86 and Schedule 11A lists various exemptions including where the
- [FSA Data Items](https://complyport.com/fsa-data-items/) - The FSA has published amended guidance for the completion of certain FSA data forms. It is all of a fairly minor nature e.g. the guidance to the completion of FSA002 (Income statement) has been enhanced to avoid double counting when completing data elements 9 (Performance fees) and 10 (Investment management fees). Details can be found
- [Suitability](https://complyport.com/suitability/) - The FSA has issued finalised guidance on 'Assessing suitability'. The requirements regarding 'Suitability' can be found in COBS 9.2 and apply to a firm which makes a personal recommendations and/or which manages investments. Although the 'Overview' suggests that the guidance will be relevant to firms with retail customers, it is worth bearing in mind that
- [FSA Business Plan 2011/12](https://complyport.com/fsa-business-plan-201112/) - The FSA has published its business plan setting out its priorities for 2011/12. Obviously regulatory reform is uppermost in the plan (section 1 contains further details on what is coming up) which is one reason why the FSA is not planning to embark on any new discretionary issues. Lord Turner's foreword advises that in the
- [Client Money: FSA Action](https://complyport.com/client-money-fsa-action/) - Whilst on the subject of client money, ActivTrades Plc, a broker specialising in FX, CFDs and futures, has been fined £85,750 for client money failings. Firms that hold client money may wish to review the Final Notice in the light of their own processes and procedures. In addition sections of the Notice are relevant for
- [Bribery Act Guidance](https://complyport.com/bribery-act-guidance/) - The Ministry of Justice has released its long awaited 'guidance' in respect of the Bribery Act 2010 ('BA2010'). As you will be aware from Regulatory Roundup 26, it will be a defence for organisations (as per section 7 of BA2010) where 'adequate procedures' were in place to prevent bribery. The 'adequate procedures' will stem from
- [Delay To Controlled Functions Changes](https://complyport.com/delay-to-controlled-functions-changes/) - Regulatory Roundup 22 updated firms on proposed changes to the Approved Persons regime set out in PS10/15 ('Effective corporate governance'). Highlights included the removal of the CF28 (Systems and Controls) function to be replaced by the reintroduced CF13 (Finance); CF14 (Risk); and CF15 (Internal Audit) functions. The biggest impact was the introduction of the CF00
- [Auditor's Report](https://complyport.com/auditors-report/) - As you will be aware from Regulatory Roundup 21 the FSA has had concerns about the quality of some auditors' client assets reports-see FSA Consultation Paper CP10/20 "Improving the auditor's report on client assets". The FSA has now published the follow up PS11/5 ("Auditor's client assets report") containing changes to SUP 3 ('Auditors'). As will
- [Money Laundering & Overseas Jurisdictions](https://complyport.com/money-laundering-overseas-jurisdictions/) - FATF has updated its list of jurisdictions which have strategic AML/CTF deficiencies (see Regulatory Roundup 23 for details of previous position) as well as updating its Public Statement on Iran and the Democratic People's Republic of Korea. Argentina can be added to the list which was the subject of a mutual evaluation exercise. The message
- [Standing Data & Telephone Numbers](https://complyport.com/standing-data-telephone-numbers/) - As mentioned in Regulatory Roundup 24, in addition to the annual standing data check required under SUP16.10.4 the FSA will require advance notice of any change in the telephone number of its principal place of business. SI2011/27 was released on 28 April confirming that the requirement comes into force on 6 May.
- [Mobile Reminder](https://complyport.com/mobile-reminder/) - And whilst on the subject of telephone numbers, a reminder that the current exemption applicable to mobile phones 'or other mobile handheld electronic communication device' contained in COBS 11.8.6(1) falls away on 14 November. Firms which may be affected by this, and have not yet considered a plan of approach, may find the summary in
- [Unregulated Collective Investment Schemes](https://complyport.com/unregulated-collective-investment-schemes-3/) - Evidence that the FSA's interest in the marketing of unregulated collective investment schemes (UCIS) continues - see Regulatory Roundup 19 - in the form of a Final Notice issued to Specialist Solutions Public Limited Company. It is worth bearing in mind that a UCIS is essentially any fund that is not: an authorised unit trust;
- [COLL & Qualifying Money Market Funds](https://complyport.com/coll-qualifying-money-market-funds/) - Amendments are proposed to the Handbook including the Collective Investment Schemes sourcebook (COLL). The changes arise both from guidelines issued by, as it was then, CESR and consequential amendments under UCITS IV. In 2008 some UCITS schemes around Europe encountered liquidity issues following investment in money market funds arising from a lack of a harmonised
- [Online Invoicing](https://complyport.com/online-invoicing/) - As some firms will be aware, following a pilot scheme the FSA is rolling out invitations to register for Online Invoicing which will allow firms to review their fees account and three year history (although as yet there is no online payment facility). If you have not yet been approached by the FSA about this,
- [Commentary on SEC Letter Dated 8 April](https://complyport.com/commentary-on-sec-letter-dated-8-april/) - A letter from the US Securities and Exchanges Commission ('SEC') to the North American Securities Administrators Association, sent on 8 April, provides an indication that the SEC will look to delay the deadline for firms required to register with the regulator in accordance with the Dodd Frank Act, from 21 July until the first quarter
- [Remuneration Code Transitional Provisions](https://complyport.com/remuneration-code-transitional-provisions/) - This article will only be relevant to proportionality tiers one and two firms and will not, for instance, impact on limited licence or limited activity firms. As a reminder, guidance on proportionality in respect of the Remuneration Code can be found in Appendix 2 of PS10/20 'Revising the Remuneration Code - Feedback on CP10/19 and
- [Systems and Controls Questionnaire](https://complyport.com/systems-and-controls-questionnaire-2/) - As mentioned in Regulatory Roundup 22 the FSA introduced a new data item - FSA055 - which was to be completed by non-ILAS BIPRU firms (basically BIPRU limited licence/activity firms and exempt full scope BIPRU investment firms - if any Complyport client is unsure of their status then please speak to your usual Complyport contact).In
- [Remuneration Code Guidance](https://complyport.com/remuneration-code-guidance/) - The FSA has released consultative guidance on the Remuneration Code (the Code) including a useful FAQs document. Firms are reminded that despite the timing of this guidance, the Code came into force (via SYSC 19A) on 1 January 2011, with a transitional provision (TP) in respect of Principle 12 'Remuneration Structures' (but note the article
- [Compliance Officer: FSA Action](https://complyport.com/compliance-officer-fsa-action/) - Regulatory Roundup 28 contained an article on the fine imposed upon ActivTrades for client money failings. The FSA action arose following an FSA thematic visit and consequent s166 skilled person report. In a follow up the FSA has also issued a Final Notice in respect of the firm's compliance officer David McGrath. In addition to
- [FSA Fees](https://complyport.com/fsa-fees-4/) - Policy Statement PS11/7 concerning regulatory fees has been issued and acts as a useful reminder that firms can expect to be invoiced by the FSA in June in respect of fees (and levies e.g. FOS where applicable) which, except for those paying FSA fees of £50,000 or more, must be paid by 1 July, or
- [Cold-shouldering](https://complyport.com/cold-shouldering/) - Some firms may have been in receipt of a 'Dear Compliance Officer' letter reminding them of the 'cold-shouldering' imposed by the Takeover Panel on three individuals. The concept of cold-shouldering arises from 1(b)(v) of the Introduction to Takeover Code('Code') when a Panel Statement is made to the effect that an individual or individuals are not
- [Decisions, Decisions](https://complyport.com/decisions-decisions/) - In Regulatory Roundup 22 mention was made of the FSA being given the power to publish decision notices as well as final notices. An enforcement case consists of a warning notice, followed by a decision notice and then a final notice. Under the previous regime the FSA only had power to publish a final notice.
- [Controlled Function CF10a](https://complyport.com/controlled-function-cf10a/) - As mentioned in previous Regulatory Roundups e.g. issues 23 & 28, CASS medium and large firms (see article above on CMAR for criteria) need to allocate the new function of CF10a (CASS operational oversight function) to a director or senior manager of a firm. Although the rules do not come into force until 1 October,
- [Complaints](https://complyport.com/complaints/) - DISP is of particular relevance to firms with eligible complainants (not to be confused with eligible claimants; see Regulatory Roundup 25 for further details) in the handling of complaints e.g. time limit rules (DISP 1.6); submitting details of complaints to the FSA twice a year (DISP 1.10) etc. The FSA has published Consultation Paper CP11/10
- [FSA Performance](https://complyport.com/fsa-performance/) - The Regulator has published its latest set of performance results for service standards and customer satisfaction for the period 1 October 2010 to 31 March 2011. There are 54 service standards in total categorised into seven areas: Authorisation; Regulatory decisions; Complaints against the FSA; Notifications; Communications; Listing; and Customer satisfaction. According to the release the
- [Remuneration Consultation](https://complyport.com/remuneration-consultation/) - As mentioned in Regulatory Roundup 29, the consultation period in respect of the FSA's proposed guidance on the Remuneration Code ended on 18 May. As promised, and based upon feedback received, Complyport responded to the remuneration consultation with two issues. The first concern was on the disclosure obligations in small firms - or any firm
- [Client Money & CMAR: Important Changes](https://complyport.com/client-money-cmar-important-changes/) - In Regulatory Roundup 28 we reminded CASS large and CASS medium firms that the requirement to complete a CMAR (Client Money and Assets Return) was to begin in June. In the recently published Policy Statement PS11/6 ('The Client Money and Asset Return (CMAR): Operational Implementation') the FSA has announced a delay in the reporting starting
- [Zen and the Art of Transaction Reporting](https://complyport.com/zen-and-the-art-of-transaction-reporting/) - The FSA has published Market Watch 39 (MW39) which contains confirmation that Zen, which will replace the existing Sabre system used by the FSA for market transaction analysis, will go live later this year. The enhanced capabilities of Zen will impact upon firms' transaction reporting in that the new system will support transactions identified using
- [Derivative Transaction Reporting](https://complyport.com/derivative-transaction-reporting/) - The FSA has issued consultative guidance on the reporting of on-exchange derivatives that are conducted through exchange platforms. Current guidance depends upon the fungibility of the instrument and in certain circumstances can leave firms with the choice of reporting the transaction as on-exchange or as OTC. The publication revises previous guidance and removes the fungibility
- [Money Laundering Review](https://complyport.com/money-laundering-review/) - HM Treasury has published a consultation on changes to the Money Laundering Regulations 2007 (MLR2007) by way of a response to a review carried out last year. The Government committed to a review two years after implementation. The good news is that whilst there are seventeen consultation questions, the proposed changes will have no practical
- [FSA Annual Report](https://complyport.com/fsa-annual-report/) - The Regulator issued its Annual Report (the FSA's year is to 31 March), the purpose of which is to provide details of what it has done. At 178 pages it is something that can be read at leisure but some interesting facts (with page numbers) include: the average number of full-time equivalent employees during the
- [The Approach of the FCA](https://complyport.com/the-approach-of-the-fca/) - As will be known, the FSA is scheduled to disappear at the end of next year as the UK moves to a new model of regulation (for a reminder of the changes please see Regulatory Roundup 27). The vast majority of firms (the paper quotes 24,500: page 11 provides an analysis by business activity) will
- [Quarterly Consultation](https://complyport.com/quarterly-consultation/) - Quarterly consultation CP11/11 contains details of various proposed changes to the Handbook. Two particular changes will be relevant to most firms. A change to the submission of written reports will mean that such items should be sent to the FSA's Central Reporting team, which will also have a dedicated email address, fax number and telephone
- [Financial Crime Guide](https://complyport.com/financial-crime-guide/) - In May 2010 the FSA published 'The Small Firms Financial Crime Review' (see Regulatory Roundup 15 for our comments and a link to the document) which covered the three main areas of AML & financial sanctions; data security; and fraud controls. Of particular use was Annex 2 which contained examples of both good practice (e.g.
- [Dear CEO: Suitability](https://complyport.com/dear-ceo-suitability/) - Regulatory Roundup 28 contained an article on guidance issued by the FSA on 'Assessing suitability'. As a reminder, the 'Suitability' rules, which apply to both retail and professional clients, can be found in COBS 9. The same Regulatory Roundup also summarised the FSA Business Plan 2011/12, which included a warning that the FSA will extend
- [Unregulated Collective Investment Schemes](https://complyport.com/unregulated-collective-investment-schemes-4/) - FSA actions in connection with Unregulated Collective Investment Schemes (UCIS) have featured a few times in Regulatory Roundups. Mr P Banfield and Mr A Moss, the Directors of (and in the case of the latter also the Compliance Officer and MLRO of) an IFA firm were subject to FSA sanctions arising from advice given to
- [Prospectus Directive Update](https://complyport.com/prospectus-directive-update/) - As was mentioned in Regulatory Roundup 28 changes are proposed to the Prospectus Rules (which are contained in the PR section of the Handbook) as a result of (early) implementation of the Prospectus Directive: the prospectus threshold will be raised to €5m and the 'number of investors' threshold to 150. The statutory instruments bringing these
- [FSA and Financial Promotions](https://complyport.com/fsa-and-financial-promotions/) - There have been two recent publications from the Regulator on 'financial promotions'. The first is consultative guidance on the topic of 'prominence' i.e. making sure that important details such as risk or fees are not hidden. As will be known the section of the FSA Handbook that governs 'financial promotions' is COBS 4 - which
- [RDR: Delay Recommended](https://complyport.com/rdr-delay-recommended/) - The FSA's Retail Distribution Review (RDR) will have an impact on retail advisors (not just IFAs but advisers within stockbrokers, asset managers, banks etc.) in respect of commission payments (to be abolished in favour of agreed fees with clients); advice (independent or restricted); and professionalism (the benchmark qualification for advisers will be raised). The changes
- [FSA and Inadequate Procedures](https://complyport.com/fsa-and-inadequate-procedures/) - The previous article concerning submissions to the FSA is based upon published complaints against the FSA. One other published complaint concerned an individual's dispute with the FSA over what was said when speaking to the Consumer Contact Centre (CCC). Although the complaint was not upheld the Complaints Commissioner expressed concerns about the adequacy of the
- [AIFMD Comes Into Force](https://complyport.com/aifmd-comes-into-force/) - The Alternative Investment Fund Managers Directive (AIFMD) - see past Regulatory Roundups e.g. No. 15 - has taken a long time coming (the original proposal was back in April 2009) but the clock has now started ticking. The Directive came into force on 21 July 2011 - the twentieth day following that of its publication
- [AIFMD & ESMA](https://complyport.com/aifmd-esma/) - The European Securities and Markets Authority (ESMA - previously CESR) has published a 430+ page consultation on implementing measures for the AIFMD. Issues addressed include 'General provisions' (e.g. organisational requirements; valuation; identification of AIF); Depositaries (e.g. liability regime; duties and functions); and Transparency and leverage (including definition and appropriate methods for its calculation). Any one
- [Remuneration Code - Further Guidance](https://complyport.com/remuneration-code-further-guidance/) - The FSA has issued further consultative guidance on the application of the Remuneration Code (see Regulatory Roundups 29 and 24 for details of previously released guidance and a general summary of requirements respectively). The paper is specifically on Principle 12(c), which is concerned with guaranteed variable remuneration(covered in SYSC 19A.3.40 to SYSC 19A.3.42). As firms will
- [Submissions to FSA](https://complyport.com/submissions-to-fsa/) - A couple of complaints against the FSA act as a useful reminder that the onus for submission to, and receipt by, the FSA of returns, notifications etc. lies with the firm concerned. In the first complaint, when submitting a return by GABRIEL, a firm appears to have accidentally omitted some data items. In their defence
- [Short Selling Ban](https://complyport.com/short-selling-ban/) - As has been widely reported, on 11 and 12 August, the respective securities market regulators of France, Italy, Spain and Belgium, in conjunction with the European Securities and Markets Authority (ESMA), announced restrictions on the shorting of certain banking and financial stocks. The FSA has stated that it will not be following suit with a
- [Title Transfer Collateral Arrangements](https://complyport.com/title-transfer-collateral-arrangements/) - Regulatory Roundup 23 contained details of the changes to CASS concerning title transfer collateral arrangements (TTCA). The FSA felt that some firms were using the then current TTCA provisions to indiscriminately remove clients' money from the client money protection regime. The effect of the changes was that in respect of spread bettingand CFD business TTCA
- [Hedge Funds and Systemic Risk](https://complyport.com/hedge-funds-and-systemic-risk-2/) - The FSA conducts surveys on a six monthly basis ('Hedge Fund Survey' *HFS+ and 'Hedge Fund as Counterparty Survey' *HFACS+) in order to assess the systemic risk posed by hedge funds (see Regulatory Roundup 27 for a review of the previous analysis). Systemic risk in the context of the surveys is a risk which, if
- [Transaction Reporting Changes](https://complyport.com/transaction-reporting-changes/) - Firms that currently use the FSA's Transaction Reporting System (TRS) to meet their SUP 17 obligations may be aware that the Regulator is planning to withdraw from this service. The FSA has entered into a conditional agreement to sell TRS to the LSE for £15m. The latter already operates UnaVista which is its own Approved
- [Platform Alterations](https://complyport.com/platform-alterations/) - The Retail Distribution Review (RDR) continues its progress (see Regulatory Roundup 32 for the most recent update) with the publication of PS11/9 'Platforms - Delivering the RDR and other issues for platforms and nominee-related services'. Those impacted by the RDR will know that one feature will be the abolition of commission payments after 31 December
- [Remuneration: Further FSA Guidance](https://complyport.com/remuneration-further-fsa-guidance/) - The FSA has released further consultative guidance on the Remuneration Code (see Regulatory Roundups 29 & 32 for previous guidance). The guidance, in the form of a 'Dear CEO' letter, actually consists of two separate documents: one exclusively for Tier 1 firms with the other one providing guidance for Tier 2, 3 & 4 firms.
- [UCITS IV](https://complyport.com/ucits-iv-2/) - On 2 September the FSA published PS11/10 - 'Transposition of the revised UCITS Directive' - incorporating the various changes to the Handbook, mainly COLL, brought about as a result of implementing the Directive. However, as the latter was implemented in the UK on 1 July, the transposition deadline, (and hence the revised rules are already
- [Retail Distribution Review](https://complyport.com/retail-distribution-review/) - The FSA has published consultative guidance covering the 'Top questions asked at the Retail Distribution Review (RDR) roadshows'. The four page document contains 11 FAQs to 'further clarify our rules and our expectations of firms post-RDR'. Those that want a refresher on the changes that the RDR will bring about can make use of the
- [Transaction Reporting Matters](https://complyport.com/transaction-reporting-matters/) - Market Watch 40 (MW40), dedicated to transaction reporting issues, was published earlier this month, followed a few days later by FSA consultative guidance, which features two articles in MW40. Back in May, EDX London was absorbed into Turquoise Global Holdings to form Turquoise Derivatives (EDX London - which was a Recognised Investment Exchange - is
- [Recovery and Resolution Plans](https://complyport.com/recovery-and-resolution-plans/) - The FSA has published 'Recovery and Resolution Plans' (RRP) - CP11/16 - which will be of interest to banks, large investment firms and firms subject to either or both CASS 6 (Custody rules) and CASS 7 (Client money rules). UK incorporated deposit takers and BIPRU 730k firms with assets exceeding £15bn will need to prepare
- [Swift Decision](https://complyport.com/swift-decision/) - As may be recalled, under the Financial Services Act 2010 the FSA, in enforcement action cases, now has enhanced powers allowing it to publish decision notices before issuance of the final notice - previously the FSA only had power to publish final notices which added to the time that had to elapse before a case
- [Non-GABRIEL Paper Reports](https://complyport.com/non-gabriel-paper-reports/) - From 19 September up to seven 'new' types of reports will be scheduled on GABRIEL. The reports on GABRIEL will actually be 'Non-GABRIEL Paper' (NGP) reports. Although at first sight this may seem contradictory, NGPs are the paper-based reports e.g. the close links report required under SUP 16.5.4 that are submitted to the FSA outside
- [PFOF](https://complyport.com/pfof/) - The FSA has issued consultative guidance on the practice of 'payment for order flow' (PFOF). PFOF is an arrangement whereby a broker receives payment, either in cash or other form, from a third party for directing order flow to the latter. However such arrangements could fall foul of the FSA's rules on inducements, best execution
- [Retail Distribution Review Implementation](https://complyport.com/retail-distribution-review-implementation/) - A recent speech by Linda Woodall, Head of Investments Department, FSA acts as a reminder that there is now just 14 months to go before the RDR comes fully into force. The RDR will be a consideration for those firms that will have a combination of Retail Client + Personal Recommendation + Retail Investment Product.
- [FSA Action on Unregulated Collective Investment Schemes](https://complyport.com/fsa-action-on-unregulated-collective-investment-schemes/) - Regulatory Roundup 29 mentioned the continuing interest of the FSA in the marketing of unregulated collective investment schemes (UCIS) and the penalty of £35,000 imposed on Specialist Solutions Public Limited Company for regulatory failings in such marketing. The FSA action has now moved from the regulated entity to the approved person holding the compliance oversight
- [Mercurius](https://complyport.com/mercurius/) - Two related Final Notices have been published which are interesting in the miscellany of wrong-doings committed. Mercurius International was a Cayman based hedge fund with investment management undertaken by Mercurius Capital Management Ltd based in EC2. The subjects of the Notices are Mr Fagbulu (Compliance Officer and CFO) and Mr Visser (Director and CEO). Between
- [CMAR & CF10a](https://complyport.com/cmar-cf10a/) - Whilst on the topic of client money a reminder that from 1 October all CASS medium and large firms have had to have an individual approved for the CASS oversight function (CF10a). From the same date such firms will also have to complete a Client Money and Asset Return (CMAR) on a monthly basis. In
- [Transaction Reporting: Zen](https://complyport.com/transaction-reporting-zen/) - A reminder for firms that transaction report that the Zen 'hard go-live' date is 13 November at the latest. The FSA's surveillance and monitoring system, Sabre, is being replaced by Zen which has enhanced capabilities including support for transactions identified using the Alternative Instrument Identifier(Aii). In practical term firms will need to ensure that transactions
- [Large Traders](https://complyport.com/large-traders/) - A new SEC rule is coming into force which will impact on Large Traders ('LT') of NMS securities (the latter are basically any US exchange-listed securities including options. For the precise definition see 'Rule 600(b)(46)' on page 480 using link 'NMS Security') whether or not the LT is based in the US. The intention is
- [FSA Remuneration Code Guidance](https://complyport.com/remuneration-code-guidance-2/) - Regulatory Roundup 33 published in August included details of further consultative guidance issued by the FSA in respect of Remuneration Code aspects. The guidance was in the form of two 'Dear CEO' letters: one targeted at Tier 1 firms with the other one providing guidance for Tier 2, 3 & 4 firms. The finalised guidance
- [Prompt Response](https://complyport.com/prompt-response/) - A prompt, but hasty, response to a FSA letter cost Towry Investment Management Ltd (TIM) £494K in penalties. A 'Dear CEO' letter was sent out in January 2010 (see Regulatory Roundup 8 for further details) to firms that held client money and/or assets. The letter drew attention to the FSA's concerns over firms' handling of
- [Financial Transaction Tax](https://complyport.com/financial-transaction-tax/) - There has been much publicity in the press about the proposed EU Directive, released 28 September, to introduce a financial transaction tax (FTT). The proposed tax would apply to all financial transactions where (a) at least one party is established in an EU Member State and (b) that one of the parties is a financial
- [TRUP 3](https://complyport.com/trup-3/) - As advised in Regulatory Roundup 28, the FSA is in the process of reviewing the Transaction Reporting User Pack (TRUP), which is a useful source of reference for those firms with transaction reporting obligations under SUP 17. The current Transaction Reporting User Pack (TRUP) (version 2), dates back to 21 September 2009. The FSA has
- [TRS Update](https://complyport.com/trs-update/) - As will be known (see Regulatory Roundup 33) the FSA's Transaction Reporting System (TRS) was to be sold to the LSE. The latter already operates its own equivalent system (UnaVista). The intention is to migrate TRS users to UnaVista in due course. There should be no changes needed to firms' IT infrastructure or data formats.
- [Moving Story](https://complyport.com/moving-story/) - Due to continued expansion, Complyport has moved from its Cavendish Square offices to larger premises in Millbank. Our new address is: 4th Floor 4 Millbank Westminster London SW1P 3JA Our phone and fax numbers remain unchanged.
- [CRD 3: Final Rules](https://complyport.com/crd-3-final-rules/) - PS11/12 - "Strengthening Capital Standards 3" - includes the final rules to implement CRD 3. The rules largely concern BIPRU 7 (Market Risk) and BIPRU 9 (Securitisation) and are unlikely to have much relevance for most limited licence/limited activity firms, which form the majority of firms subject to BIPRU. However, tucked away in BIPRU 11.3
- [RMAR Changes Delay](https://complyport.com/rmar-changes-delay/) - Firms that submit a Retail Mediation Activities Return should be aware that the changes to section A (Balance sheet) that were due to come into force this 31 December will now be delayed until 31 December 2013. Further details can be found using the links.
- [PFOF Delay](https://complyport.com/pfof-delay/) - Details of the FSA's consultative guidance on the practice of 'payment for order flow' (PFOF) was included in Regulatory Roundup 35. The deadline for responses was November 9 but given the complexity of some of the issues involved the FSA has decided to extend the deadline to 23 November.
- [Transaction Reporting Guidance](https://complyport.com/transaction-reporting-guidance/) - Regulatory Roundup 34 included an article on the FSA's consultative guidance on (a) the approach to be adopted when reporting transactions on Turquoise Derivatives and (b) the reporting of derivative transactions conducted through clearing platforms of derivative markets where the reference data is not made available to the FSA and the ARM. Market Watch 41
- [Remuneration Code & Proportionality Tiers](https://complyport.com/remuneration-code-proportionality-tiers/) - The FSA has issued yet further guidance on the Remuneration Code to assist firms - see Regulatory Roundup 35 on previous recent guidance given - that will only be relevant to UK Banks and Building Societies. As will be known, the Remuneration Code is to be applied in a proportional manner. For this purpose the
- [Regulatory Fees](https://complyport.com/regulatory-fees/) - CP11/21 - 'Regulatory fees and levies: Policy proposals for 2012/13' - sets out the FSA's proposals for changes in the fees and levy regimes. For the avoidance of doubt the paper is only concerned with the method of calculating the charges; the budget (and hence level of fees) will not be known until January next
- [ARROW Points](https://complyport.com/arrow-points/) - A recently published FSA Newsletter contained an article on recent observations from ARROW risk assessments. Although the Newsletter is targeted at 'smaller wholesale insurance intermediaries' the observations can be equally applicable to other sectors and to firms that fall outside the remit of ARROW. The comment is made that the FSA expects senior management to
- [Risk and Suitability](https://complyport.com/risk-and-suitability/) - As may be recalled, the FSA issued a 'Dear CEO' letter in June (see Regulatory Roundup 31) on the matter of 'suitability' (COBS 9) which referenced a review of 16 firms - with 14 of the firms being deemed to pose a high or medium-high risk of detriment to their customers. Although not necessarily part
- [MiFID II](https://complyport.com/mifid-ii/) - The EU Commission has published the long-awaited draft for a revised MiFID (Markets in Financial Instruments Directive) - the current MiFID came into force 1 November 2007. The revised MiFID actually consists of a recast framework Directive and a new Markets in Financial Instruments Regulation (MiFIR). In EU terms the former sets out goals and
- [Market Abuse Changes](https://complyport.com/market-abuse-changes/) - The EU has been churning out the work; in addition to the proposed changes to MiFID (see previous article) they have also issued proposed changes to the Market Abuse Directive (newMAD) and a new Market Abuse Regulation (MAReg) (the previous article on MiFID II sets out the differences between a Directive and a Regulation). As
- [Prospectus & Transparency Directives](https://complyport.com/prospectus-transparency-directives/) - As will be known (see Regulatory Roundups 28 & 32) HM Treasury issued a consultation on the early implementation of certain changes brought about by a revision of the Prospectus Directive (and the Transparency Directive). For the record, the changes derived from Amending Directive 2010/73/EU which came into force on 31 December 2010; Member States
- [Financial Crime](https://complyport.com/financial-crime-2/) - Regulatory Roundup 31 included an article on FSA guidance on financial crime which had been published in the form of a consultation paper (CP11/12). The final guidance (PS11/15) has now been published. The guide will be relevant to all financial services firms and sets out the FSA's expectations in relation to firms' financial crime systems
- [Prudent Valuation Reporting](https://complyport.com/prudent-valuation-reporting/) - A consultation paper (CP11/30: "Proposed Regulatory Prudent Valuation Return") has been released by the FSA which introduces a new prudential return. However, the good news for the majority of firms is that it is only applicable to UK banks or BIPRU 730K firms with balance sheet positions of greater than £3bn. An example of the
- [Energy Markets](https://complyport.com/energy-markets/) - The tenth annual analysis of activity in energy markets is now on the FSA's web site. The paper covers the 12 months to 31 July 2011 and is based upon a survey of UK energy market brokers.
- [Market Abuse Guidance](https://complyport.com/market-abuse-guidance/) - The FSA is proposing to amend some of its guidance in MAR 1.4 (improper disclosure) to reflect feedback received from the industry. In Market Watch 35 of last year the subject of the general market practice of disclosure of certain inside information by brokers was raised. The specific area of contention were deals in which
- [Pillar 3 Disclosure Enhancements](https://complyport.com/pillar-3-disclosure-enhancements/) - With reference to Regulatory Roundup 36 concerning the final rules to implement CRD 3, a reminder that the Pillar 3 disclosure obligations in BIPRU 11 are to be enhanced with effect from 31 December 2011 (a typo in the last edition showed the date as 2012). BIPRU 11.3.3(2) will be added requiring a firm to
- [Venture Capital Funds](https://complyport.com/venture-capital-funds/) - The EU Commission has published a proposal relating to venture capital funds. The latter are recognised as valuable sources of equity finance, particularly for small and medium-sized enterprises and start ups which may find traditional bank financing difficult. Currently there are no specific EU rules relating to fund-raising by venture capital fund managers (a survey
- [Client Money: Auditor Failings](https://complyport.com/client-money-auditor-failings/) - It may be recalled that the Client Money failings at J P Morgan Securities Ltd (JPMSL) resulted in an eye-watering financial penalty of £33.32M being imposed by the FSA in June 2010 (see Regulatory Roundup 16). The failings, concerning the segregation of client money, occurred over the period 1 November 2002 to 8 July 2009.
- [Insider Dealing](https://complyport.com/insider-dealing-3/) - The FSA has issued a brief press statement to the effect that Richard Joseph has been charged with eight counts of insider dealing and two counts of money laundering. Mr Joseph is currently on bail and will next appear at Southwark Crown Court on 6 March. The article advises us that the FSA has secured
- [Suitability: Draft Guidelines](https://complyport.com/suitability-draft-guidelines/) - 'Suitability' can be found in COBS 9 of the FSA Handbook and is largely, although not exclusively, driven by MiFID requirements. As a reminder, the concept of suitability applies to a firm when making a personal recommendation or when managing investments and applies in respect of both retail and professional clients - albeit that certain
- [ESMA: Compliance Function Guidelines](https://complyport.com/esma-compliance-function-guidelines/) - A productive time for ESMA: in addition to a consultation paper on suitability (see previous article), ESMA has also issued a consultation paper on guidelines relating to MiFID compliance function requirements. It is ESMA's belief that the financial crisis has highlighted the need for more clarification about the role of compliance. It also believes that
- [CICA](https://complyport.com/cica/) - Combined Insurance Company of America (CICA) had the honour of being the last firm to incur an FSA imposed financial penalty in 2011. Although CICA's business is the provision of accident and sickness policies, many of the failings identified in the Final Notice would be relevant to a wider range of firms. Most, if not
- [Fine End To The Year](https://complyport.com/fine-end-to-the-year/) - As mentioned in the article concerning Combined Insurance Company of America, the latter's Final Notice was the last published in 2011 and brought the total of financial penalties incurred by miscreant firms to £66,144,839. 2010 remains the record year where the total was £89,121,281.50 (if you're wondering, the 50p is down to the penalty of
- [Complyport Limited Regulatory Alert](https://complyport.com/complyport-limited-regulatory-alert/) - February is traditionally the month when the FSA publishes details of proposals for the level of fees payable for the year (the FSA year runs from 1 April to 31 March) and CP12/3 - Regulated fees and levies: Rates proposals 2012/13 - has just been released. The 'fees' will actually be a combination of FSA
- [Financial Promotions](https://complyport.com/financial-promotions/) - The FSA has published 'Finalised guidance' on financial promotions. 'Financial Promotions , Fund Performance and Image Advertising' is probably self-explanatory from its title. For most investment firms, the performance rules (COBS 4.6) will only be relevant where the recipient is likely to be a retail client. Having said that, the 'fair, clear and not misleading'
- [FSA Fees: Tariff Base Changes Update](https://complyport.com/fsa-fees-tariff-base-changes-update/) - The FSA's consultation paper CP11/21 'Regulatory fees and levies: Policy proposals for 2012/12' was covered in Regulatory Roundup 36. The consultation paper included changes to the tariff base for 'Advisory arrangers, dealers or brokers'(fee-blocks A.12& A.13 depending upon whether or not holding client money and/or assets) and 'Corporate finance advisers' (fee-block A.14). The proposal was
- [Conduct Risk Outlook 2012](https://complyport.com/conduct-risk-outlook-2012/) - The FSA's Conduct Risk Outlook for 2012 was published in March. It may be recalled that the Regulator used to issue an annual Financial Risk Outlook until 2011 when, in recognition of the 'twin peaks' approach, it was replaced by the Prudential Risk Outlook and the Retail Conduct Risk Outlook (CRO). Despite the use of
- [FSA Business Plan 2012/13](https://complyport.com/fsa-business-plan-201213/) - The FSA Business Plan, which closely followed the publication of the FSA Risk Outlook (see separate article in this Regulatory Roundup), advises that the FSA's supervision function moved to a 'twin peaks' structure on 2 April 2012. This is in keeping with the FSA handing over responsibility for prudential regulation (for banks etc) to the
- [Financial Crime](https://complyport.com/financial-crime-3/) - Regulatory Roundup 37 contained an article on the publication of FSA guidance on financial crime (which can also be accessed via 'The Full Handbook' page on the FSA website under reference 'FC'). As mentioned in the article, SYSC 6.1.1A now includes a reference to FC. Although it has only been in existence for four months
- [New Legal Forms of Authorised CIS](https://complyport.com/new-legal-forms-of-authorised-cis/) - Currently the only authorised funds are authorised unit trusts (AUT) or ICVCs (which are OEICs that are authorised). The proposal is to create a new fund vehicle termed an 'authorised contractual scheme' (ACS) which will be either an LP or a co-ownership scheme. An ACS can be set up as a UCITS or a NURS
- [CASS Resolution Pack](https://complyport.com/cass-resolution-pack/) - Last August the FSA published a consultation paper (CP11/16) on the proposal for firms that hold client money and/or client assets to produce a CASS resolution pack (CRP) - see Regulatory Roundup 34. The purpose of such a pack is to ensure that a firm maintains information that would, in the event of an insolvency,
- [FSCS Changes](https://complyport.com/fscs-changes/) - Changes to the Compensation rules are set out in CP12/7 ('Financial Services Compensation Scheme: changes to the Compensation sourcebook').The proposals are to enable the FSCS to handle claims in a more streamlined way. One change is to the eligibility criteria. Unlike 'eligible complainants' (FOS), the term 'eligible claimant' (FSCS) can be applied to both professional
- [Transaction Reporting](https://complyport.com/transaction-reporting-4/) - As mentioned in Regulatory Roundup 36, the FSA released a (consultative) update of the Transaction Reporting User Pack (TRUP). The Regulator has now issued the finalised guidance (TRUP 3). The final version largely follows on the lines of the consultative document, but following feedback there are some changes: some in an attempt to make things
- [Non-Executive Directors](https://complyport.com/non-executive-directors/) - As will be known, the FSA has always attached importance to sound corporate governance within authorised firms and has looked to Non-Executive Directors (NEDs) to provide a necessary degree of challenge (for example see Regulatory Roundup 26). The FSA has published (consultative) guidance setting out to firms its expectations of NEDs. The guidance includes examples
- [Currie Conflicts](https://complyport.com/currie-conflicts/) - A Final Notice reveals that the FSA has fined Martin Currie Investment Management Ltd (MCIML) and Martin Currie Inc (MCI - together Martin Currie) for failing to properly manage a conflict of interest. Both MCIML and MCI's UK branches are FSA authorised and are both registered with the SEC as investment advisers. The matter concerns
- [Cold-Shouldering](https://complyport.com/cold-shouldering-2/) - Around this time last year the FSA sent out a 'Dear Compliance Officer' letter concerning the 'cold-shouldering' imposed on three individuals by the Panel on Takeovers and Mergers (see Regulatory Roundup 30). This article is to remind firms that that the letter contained a request from the FSA: "We expect authorised firms to remind all
- [Recovery and Resolution Plans Update](https://complyport.com/recovery-and-resolution-plans-update/) - Regulatory Roundup 34 contained details of the FSA proposals for 'recovery and resolution plans' (RRP) (CP11/16). All firms subject to CASS 6 and/or CASS 7 (client assets/client money) are required to draw up a CASS resolution pack. The Rules relating to this come into force in October and further details can be found in Regulatory
- [Corporate Governance: Mitsui](https://complyport.com/corporate-governance-mitsui/) - Only a matter of days after Hector Sants' speech on corporate governance (see previous article) the FSA published Final Notices relating to corporate governance failings by Mitsui Sumitomo Insurance Company (Europe) Ltd (Mitsui). Whilst Mitsui may be an insurance company and part of one of the world's largest non-life insurance groups, the issues that led
- [Training and Competence](https://complyport.com/training-and-competence/) - The publication CP12/8 'Changes to the Training and Competence Sourcebook' proposes to add three qualifications to the 'appropriate qualifications tables' in the Training and Competence (TC) sourcebook as well as amending details for three qualifications. As far as designated investment business is concerned, TC is only applicable to relevant activities carried on for a retail
- [Exchange Traded Products](https://complyport.com/exchange-traded-products/) - Amongst the 15 broad risk categories set out in the FSA's 'Conduct Risk Outlook 2012' (see Regulatory Roundup 39 for a link to this document) are Exchange Traded Products (ETPs), of which Exchange Traded Funds are a subset. Over the last 18 months the FSA has conducted thematic visits to a number of providers who
- [Corporate Governance: Hector Sants](https://complyport.com/corporate-governance-hector-sants/) - Hector Sants, in his last speech as CEO of the FSA, focussed on the importance of corporate governance. Firms - and particularly those that have been subject to an ARROW visit - will be aware that this is an area of interest to the FSA (see, for example, Regulatory Roundup 22, in which it is
- [Prospectus & Transparency Update](https://complyport.com/prospectus-transparency-update/) - Regulatory Roundup 37 included details of the joint HM Treasury and FSA Consultation Paper (CP11/28) concerning the changes that need to be brought about to the Prospectus (PR) and Transparency (DTR) regimes in the Handbook as a result of Amending Directive 2010/73/EU. All Member States have until 1 July 2012 to implement the Directive in
- [Money Laundering Failings](https://complyport.com/money-laundering-failings/) - Following the FSA action taken against Coutts & Company in March for money laundering failings, the FSA has fined a further firm for such issues. Habib Bank AG Zurich (Habib), a privately owned Swiss bank with branches in the UK, suffered a penalty of £525,000 after the usual 30% discount for agreeing to settle early.
- [Cookies](https://complyport.com/cookies/) - Although not an FSA regulatory matter, this is a reminder to firms that operate websites that 'new', EU based, legislation has started to bite since the end of May - 'new' in the sense that although introduced into the UK on 25 May 2011, firms effectively had 12 months grace to put the requirements into
- [Regulatory Fees and Levies for 2012/13](https://complyport.com/regulatory-fees-and-levies-for-201213/) - The Complyport Regulatory Alert of 3 February contained details of the FSA's proposals on fees and levies for 2012/13. The alert advised that the final fees and levies would not be confirmed until approved by the FSA board. PS12/11 - 'Consolidated Policy Statement on our fee-raising arrangements and regulatory fees and levies 2012/13' - has
- [UCIS Marketing Woes](https://complyport.com/ucis-marketing-woes/) - Regular readers of the FSA's website will be aware of its continuing interest in unregulated collective investment schemes (UCIS) e.g. they feature in the FSA's Conduct Risk Outlook 2012 in a list of the most significant retail conduct risks (see Regulatory Roundup 39). Furthermore the Regulator is prepared to take action against the CF10 compliance
- [Remuneration Policies and AIFMD](https://complyport.com/remuneration-policies-and-aifmd/) - Firms considering the impact of the Alternative Investment Fund Managers Directive (AIFMD) will be aware that Article 13 requires the AIFM to have in place remuneration policies and practices for various categories of staff including senior management and risk takers. Such remuneration policies and practices have to be in accordance with Annex II of the
- [UCITS Q&As Published By ESMA](https://complyport.com/ucits-qas-published-by-esma/) - A couple of 'Q&A' style papers on UCITS related matters have been published by ESMA. The first one covers risk measurement and the calculation of global exposure and counterparty risk and is a modest 6 pages in total (please copy and paste http://www.esma.europa.eu/system/files/2012-429.pdf into your web browser if you experience problems with the link provided).
- [Takeover Code Changes](https://complyport.com/takeover-code-changes/) - Currently the Takeover Code (the Code) applies to offers for companies which have their registered offices in the UK, the Channel Islands or the Isle of Man and if: (a) any of their securities are admitted to trading on a regulated market in the UK or on any stock exchange in the Channel Islands or
- [PRIPs](https://complyport.com/prips/) - PRIPs (packaged retail investment products) is an EU term as opposed to RIPs (retail investment products) which is an FSA term and will come into being in the forthcoming RDR era. The European Commission is proposing legislation to improve protection for retail investors in PRIPs by way of the harmonisation of information that is provided
- [IMD Proposal](https://complyport.com/imd-proposal/) - A revision of the Insurance Mediation Directive is proposed with a view to raising standards. The revision is part of a package of three changes issued by the European Commission - see the separate articles in this Regulatory Roundup on 'UCITS V' and 'PRIPs'. The remit of the IMD will be expanded so that it
- [Suitability: ESMA Guidance](https://complyport.com/suitability-esma-guidance/) - It may be recalled that ESMA issued a consultation paper towards the end of last year (see Regulatory Roundup 38) concerning guidance on certain aspects of the MiFID suitability requirements. As will be known, the rules on 'suitability' are found in COBS 9 and apply to a firm making a personal recommendation or when managing
- [Compliance Function Guidance](https://complyport.com/compliance-function-guidance/) - In addition to 'suitability' - see separate article - ESMA has also published guidance on MiFID compliance function requirements. Our comments on the earlier consultation paper can be found in Regulatory Roundup 38. The publication does not contain any new 'rules', but simply sets out guidelines relating to current MiFID requirements - which in the
- [FSA Fines - a Better Use of Money](https://complyport.com/fsa-fines-a-better-use-of-money/) - The well publicised LIBOR and EURIBOR issues at Barclays Bank led to an FSA fine of £59.5M. As a result of the Barclays affair the FSA Fines Table 2012 now stands at an all time peak of £93.4M - the previous record being £89M for calendar year 2010 (in which figure £50.8M was contributed by
- [Stewardship Code Changes](https://complyport.com/stewardship-code-changes/) - It has been a Handbook requirement - COBS 2.2.3 - since 6 December 2010 that firms managing investments, other than venture capital firms, for professional clients (that are not natural persons), must disclose on their websites their commitment to the Stewardship Code (see Regulatory Roundup 23 for further details). The choice of whether or not
- [UCITS V](https://complyport.com/ucits-v/) - A draft proposal for 'UCITS V' has been published by the European Commission. The proposal contains amendments to the current UCITS Directive (2009/65/EC) rather than a complete overhaul. Changes include the introduction of rules on remuneration policies for key members of the UCITS management company and the duties and liabilities of the depositary. Article 22
- [FSA Annual Report 2011/12](https://complyport.com/fsa-annual-report-201112/) - The FSA has published its annual report which outlines how the Regulator has performed against the priorities set out in its 2011/12 Business Plan (see Regulatory Roundup 28). As will be known, the FSA has increased its interest in the protection of client money and client assets and we are told that they have now
- [Money Laundering](https://complyport.com/money-laundering/) - FATF has recently produced updated lists of problem jurisdictions which will be of interest to firms in general, and in particular to the MLROs. The first list concerns those countries with strategic AML (and combating the financing of terrorism) deficiencies whilst the second one lists those areas that, whilst suffering from deficiencies, have developed an
- [OTC Clearing and EMIR](https://complyport.com/otc-clearing-and-emir/) - In a recent speech David Lawton, Acting Director of Markets at the FSA, provided an update on the progress in implementing the proposed EU regulation covering the trading of OTC derivatives - which is commonly referred to as EMIR (an acronym for the European Market Infrastructure Regulation). The initiative stems from an agreement in September
- [Hedge Funds and Systemic Risk](https://complyport.com/hedge-funds-and-systemic-risk-3/) - The FSA has published its latest report (see e.g. Regulatory Roundup 33 for details of the 2011 report) following the results of the Hedge Fund Survey (HFS) and Hedge Fund as Counterparty Survey (HFACS) conducted in March and April of this year respectively. The surveys are conducted every six months to assess the systemic risk
- [Capital Instruments: Pre-Issuance Notification](https://complyport.com/capital-instruments-pre-issuance-notification/) - Firms that are subject to GENPRU are reminded that they must notify the FSA before issuing any capital instruments that they wish to include as regulatory capital. The rules, and guidance, are in GENPRU 2.2.61A and on. The notice period ranges from one month prior to issue to no later than the date of issue
- [Soliciting in the US](https://complyport.com/soliciting-in-the-us/) - In a statement made by Mary Schapiro, Chairman of the SEC, the possibility of removing the current prohibition against general solicitation and general advertising in certain securities offerings was raised. The proposal stems from the Jumpstart Our Business Startups Act ('JOBS Act'), the aim of which is to increase the ability of small businesses and
- [Remuneration Code: Changes to Guidance](https://complyport.com/remuneration-code-changes-to-guidance/) - The FSA has issued amended consultative guidance on proportionality in relation to the Remuneration Code (the current guidance was issued last December). At present the FSA's guidance provides for the division of Remuneration Code firms into one of four proportionality tiers based on capital resources. The revised approach will divide such firms into one of
- [Remuneration Code: Change to Templates](https://complyport.com/remuneration-code-change-to-templates/) - The FSA has taken the opportunity to update the self-assessment templates and code staff tables that can be found on its website. Use of a template in the drafting of a firm's Remuneration Policy Statement is not compulsory, although it can be a useful tool in ensuring that all the required information has been included.
- [CASS Update](https://complyport.com/cass-update/) - The FSA is consulting (CP12/15) on changes in two areas of CASS: firm classification and oversight (CASS 1A) and mandates (CASS 8). The changes to CASS 1A will include clarification on the CASS firm type effective date. Identified technical issues will result in some minor changes to the CMAR. The paper advises that the Regulator
- [New Restrictions on UCIS](https://complyport.com/new-restrictions-on-ucis/) - Regular Readers of Regulatory Roundup will be aware of both the FSA's continuing concerns on the promotion of unregulated collective investment schemes (UCIS) and its readiness to take relevant regulatory action against both firms and individuals where transgressions have occurred - see link to UCIS Enforcement Notices for further details. The FSA's Conduct Risk Outlook
- [Short Selling Changes](https://complyport.com/short-selling-changes/) - As will be known - e.g. see Regulatory Roundup 21 - the European Commission has the goal of harmonising short selling rules. EU 236/2012, being a Regulation 'on short selling and certain aspects of credit default swaps', will come into effect on 1 November 2012. Being a 'regulation' rather than a 'directive' means that it
- [On Track: Retail Distribution Review](https://complyport.com/on-track-retail-distribution-review/) - The FSA has published its latest guide on the Retail Distribution Review in response to calls for help from the industry (and incidentally which reports that firms believe that implementing the RDR 'has been a very positive experience'). Topics covered include, of course, 'independent advice' (which will require a firm to consider the full range
- [Regulatory Reform](https://complyport.com/regulatory-reform/) - A consultation paper on regulatory reform - CP12/24 "Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision" was released on 12 September. As will be known, the FSA moved to a 'twin peaks' operating model in April in the run up to cutover - no firm date save for "early 2013"
- [Supervision under the FCA](https://complyport.com/supervision-under-the-fca/) - Clive Adamson, Director of Supervision, Conduct of Business, gave a speech at the annual FSA Asset Management Conference on the supervisory approach that will be adopted by the FCA. Although aimed at the asset management sector, elements of the speech will be of relevance to all firms. The audience was reminded of the FCA's single
- [Money Laundering Changes](https://complyport.com/money-laundering-changes/) - HM Treasury advises that the Money Laundering (Amendment) Regulations 2012 will come into force on 1 October 2012 - see Regulatory Roundup 31 concerning the consultation. The Money Laundering changes are fairly low key but nevertheless firms' MLRO's may wish to ensure that the amending documentation is filed with their current AML reference material. Changes
- [Regulation of Indices](https://complyport.com/regulation-of-indices/) - The European Commission has published a consultation paper on the regulation of indices, which follows the recent alleged manipulation of LIBOR, and the European and Japanese equivalents. The paper covers five areas including: who produces indices and what are they used for; governance and transparency in the calculation of benchmarks; the purpose and use of
- [CASS Proposals](https://complyport.com/cass-proposals/) - Following the proposed changes to CASS 1A (classification and oversight) and CASS 8 (mandates), as mentioned in Regulatory Roundup 43, and the introduction of the CASS resolution pack concept in (new) CASS 10 - see Regulatory Roundup 39 - further changes to the CASS regime are proposed in CP12/22 "Client assets regime: EMIR, multiple pools
- [Remuneration Code - MiFID Version](https://complyport.com/remuneration-code-mifid-version/) - The consultative guidance on Incentives issued by the FSA (see separate article in the Regulatory Roundup) was followed a couple of weeks later by the publication by ESMA of a consultation paper on 'Guidelines on remuneration policies and practices (MiFID)'. Note that this is not the same as the Remuneration Code which reflected in SYSC
- [Client Money Failings](https://complyport.com/client-money-failings/) - BlackRock Investment Management (UK) Ltd (BIM) was subject to a massive penalty of more than £9.5m (after the traditional 30% discount) for client money failings. The failings were fairly basic: the absence of the trust status letters that are required under CASS 7.8.1. Under this rule a firm must ensure that when client money is
- [Incentives](https://complyport.com/incentives/) - A further example of the new regulatory approach of being prepared to intervene at an earlier stage (see the article on unregulated collective investment schemes in Regulatory Roundup 43) was evidenced by the release of consultative guidance on 'Risks to customers from financial incentives'. Despite the TCF initiative, there is concern that financial incentive schemes
- [Short Selling Disclosures and Notifications Update](https://complyport.com/short-selling-disclosures-and-notifications-update/) - As was mentioned in Regulatory Roundup 43, new, EU driven, short selling rules came into force in the UK from 1 November. In brief, the regulations (EU 236/2012) place restrictions on uncovered short positions in: sovereign debt (see Article 13(1) with limited exemption set out in Article 13(2)); shares admitted to trading on a trading
- [Fees and Levies](https://complyport.com/fees-and-levies/) - The FSA has published its annual consultation paper on fee rates and levies - 'Regulatory fees and levies: policy proposals for 2013/14' (CP12/28). At this stage of the process the paper concerns itself with policy changes; it will not be until around April next year when fee rates etc. will be consulted on - presumably
- [MiFID II Progress](https://complyport.com/mifid-ii-progress/) - Regulatory Roundup 36 contained an article on the publication by the EU Commission of a draft for a revised MiFID - a link to the draft can be found within that article. As was mentioned therein, the revised MiFID actually consists of a recast framework Directive and a new Markets in Financial Instruments Regulation. Amendments
- [Financial Crime Update](https://complyport.com/financial-crime-update/) - The FSA has published its latest Financial Crime Newsletter (issue 16). There is not much that is new inside e.g. it mentions the March 2012 report on findings on anti-bribery and corruption (ABC) systems and controls in investment banks (there is a link to the paper in Regulatory Roundup 39). However at the end of
- [Digital Financial Promotions](https://complyport.com/digital-financial-promotions/) - The FSA's Clive Gordon, Conduct Risk, gave a speech on financial promotions, but with particular emphasis on 'digital media' - which would encompass social networking websites, forums, blogs, Twitter and smart phone applications. The basic message was that the financial promotion rules are media-neutral i.e. the rules focus on the content and as such they
- [The Journey Ahead](https://complyport.com/the-journey-ahead/) - A speech by Martin Wheatley, FCA CEO Designate, on 16 October announced the launch of 'Journey to the FCA' which sets out how the FCA will approach its regulatory objectives when it takes over from the FSA ('Day One' and beyond). The publication is important to firms in that it provides a picture of what
- [Transactions Actions](https://complyport.com/transactions-actions/) - Things have been quiet of late in respect of transaction reporting failings by firms since City Index (see Regulatory Roundup 25). However the silence was broken by the publication of details of two Final Notices in respect of such failures (albeit that one of the Final Notices was published in August). These bring the total
- [Reform of Approved Persons Regime](https://complyport.com/reform-of-approved-persons-regime/) - More changes to the Handbook arising from the impending move from the FSA to the FCA/PRA regime are proposed in CP12/26 'Regulatory reform: the PRA and FCA regimes for Approved Persons' - see Regulatory Roundup 44 for details of proposed changes to the authorisation and supervision regime for the same reason. The paper particularly addresses
- [EMIR Progress](https://complyport.com/emir-progress/) - David Lawton, FSA Director of Markets, took the opportunity to remind firms about the progress of the European Market Infrastructure Regulation (EMIR). Since the publication of ESMA's Consultation Paper on draft technical standards (see Regulatory Roundup 42), ESMA has issued its final report. As a reminder, EMIR will impose: a reporting obligation for all counterparties
- [Complyport Wins Thomson Reuters Award](https://complyport.com/complyport-wins-thomson-reuters-award/) - Complyport is delighted to announce it has been awarded the 2012 Best Consulting Firm of the Year at the 8th Annual Thomson Reuters Accelus Compliance Awards - beating five other firms in the category. Martin Herriot, Chief Executive of Complyport, said that the award recognised the firm's commitment to providing a high quality service to
- [Asset Managers: An Important Message](https://complyport.com/asset-managers-an-important-message/) - Between June 2011 and February 2012 the FSA conducted thematic reviews of asset management firms on the subject of managing conflicts of interest. The Regulator identified many failings, which may result in enforcement actions against some firms, and has felt compelled to communicate the findings to a wider audience. The FSA has published a 22
- [Financial Crime and Asset Management](https://complyport.com/financial-crime-and-asset-management/) - The asset management sector appears to be popular with the FSA at the moment (see article on 'Conflicts of Interest' in this Regulatory Roundup), given a recent speech by Tracey McDermott, FSA Director of Enforcement and Financial Crime Division. Although financial crime is of relevance to all firms within the financial services industry, investment management
- [FSA: Client Assets Unit](https://complyport.com/fsa-client-assets-unit/) - Firms that are subject to CASS may find the recent presentation given by Richard Sutcliffe, FSA Head of Client Assets Unit, worth reviewing as it serves to reinforce the FSA's continuing interest in this area. We are advised that there are now about 40 people working in the CASS Unit and that every single external
- [AIFMD Update: CP12/32](https://complyport.com/aifmd-update-cp1232/) - The FSA has issued the first of two consultation papers on the AIFMD - CP12/32 "Implementation of the Alternative Investment Fund Managers Directive, Part 1" (Part 2 is expected in February 2013). The consultation paper has not been driven by any major progress on the AIFMD in Europe, but rather because the FSA feels it
- [AML Update](https://complyport.com/aml-update/) - Firms, and MLROs in particular, should be aware that HM Treasury has updated its advisory notice on problem jurisdictions where Enhanced Due Diligence (EDD) is advised and where firms may wish to apply EDD. The advisory notice informs us that the assessments were based upon the pre-2012 revised FATF Recommendations. The previous FATF Recommendations were
- [Venture Capital and Social Entrepreneurship Funds: European Label](https://complyport.com/venture-capital-and-social-entrepreneurship-funds-european-label/) - The European Council has adopted (separate) regulations which will allow the managers of Venture Capital or Social Entrepreneurship collective investment undertakings (CIU) that are not UCITS to operate under an EU-wide passport. The effect of the regulations is to set out uniform requirements and conditions for the managers of such CIU and covers areas such
- [FCA Risk Outlook](https://complyport.com/fca-risk-outlook/) - The publication of the FCA's Business Plan - see separate article - was accompanied by the FCA Risk Outlook 2013. The FCA Risk Outlook identifies potential risks, some of which may take years to resolve. On the other hand the Business Plan will include details of work planned for 2013/14 to address identified risks. The
- [Corporate Access](https://complyport.com/corporate-access/) - There have been a few press articles recently on 'corporate access' and the possibility of the FSA taking action against asset managers that use clients' money to pay for such access. The subject also features in the FCA Business Plan - see earlier article. As mentioned in Regulatory Roundup 46 the FSA published "Conflicts of
- [Out With The Old...](https://complyport.com/out-with-the-old/) - A reminder that the FSA disappears on 1 April to be replaced by the Financial Conduct Authority (FCA) and, for relevant firms, the Prudential Regulation Authority (PRA). The FSA made a commitment that it would contact all regulated firms before the end of Q1 2013 on the FCA's approach to supervision - and confirm the
- [Status Disclosure](https://complyport.com/status-disclosure/) - On the matter of 'status disclosure' and the cut-over to the FCA (see article 'Out With The Old...') firms should not overlook the need to update their stationery when necessary to reflect that they will now be authorised and regulated by the Financial Conduct Authority . GEN 4 Annex 1 contains the required disclosures (e.g.
- [FCA Business Plan](https://complyport.com/fca-business-plan/) - The FCA's very first Business Plan has been published. As has previously been announced, the FCA will be much more proactive , "acting earlier and more decisively than the FSA". Asset managers should note from page 18 that in recognition of the seriousness of issues identified in respect of conflicts of interest (see article on
- [AIFMD Update: CP13/9](https://complyport.com/aifmd-update-cp139/) - Although originally scheduled for 'February', the FSA released the eagerly awaited second AIFMD consultation paper (CP13/9 or 'CP2') on 19 March. The paper should be read in conjunction with CP1 (CP12/32) and HM Treasury's two consultation documents (note that the first such document also contains the draft UK 'Alternative Investment Fund Managers Regulations 2013'). In
- [Non-GABRIEL Paper (NGP) Reports](https://complyport.com/non-gabriel-paper-ngp-reports/) - The FCA has recently circulated some pointers regarding the submission of NGP reports (see Regulatory Roundup 34 for details and a link to FAQs), including a reminder that it is mandatory to use NGP001 template for reporting close links and that the FCA encourage the use of the controllers report template (NG002). The Regulator also
- [Venture Capital and Social Entrepreneurship Funds: Update](https://complyport.com/venture-capital-and-social-entrepreneurship-funds-update/) - Regulatory Roundup 47 advised of the proposals to allow managers of Venture Capital or Social Entrepreneurship funds to use the EuVECA or EuSEF designations, as applicable, which would permit - but would not be compulsory - marketing across the EU to professional investors. The two separate regulations have now been published in the Official Journal
- [Platform Charges](https://complyport.com/platform-charges/) - It has been a long time coming - e.g. see Regulatory Roundup 33 from August 2011 - but the final policy statement on platforms and charging has now been published (PS13/1 "Payments to platform service providers and cash rebates from providers to consumers"). At its core, platforms will not be allowed to be funded by
- [CRD IV](https://complyport.com/crd-iv/) - As a result of intensive - and prolonged - negotiations between the European Council of Ministers, European Parliament and European Commission the 1 January 2013 implementation date of CRD IV came and went. An EU press release advises us that CRD IV is now back on (albeit delayed) track following adoption by the European Parliament,
- [FCA Policy Development](https://complyport.com/fca-policy-development/) - The FCA's first policy development update has recently been published. The document acts as a useful reference source for both recently published consultations etc. which you may have missed, together with a timetable of forthcoming publications. With regard to the latter - and in addition to the AIFMD Policy Statement expected in June - of
- [FCA (and PRA) Fees 2013/14](https://complyport.com/fca-and-pra-fees-201314/) - As advised in Regulatory Roundup 47, the FCA Business Plan identified an Annual Funding Requirement (AFR) of £432.1m which, of course, has to be met by fees. The FCA has now published its very first consultation paper CP13/1 (not to be confused with the FSA's CP13/1 concerning the FSCS Funding Model Review which was published
- [Status Disclosure](https://complyport.com/status-disclosure-2/) - Regulatory Roundup 47 reminded firms of the need to update the status disclosures on their stationery to reflect the move from the FSA to the FCA (and PRA where relevant) - GEN 4 Annex 1 details the required disclosures. To assist firms, and presumably to keep stationery costs under control, a transitional provision (GEN TP
- [Remuneration Code - MiFID Version](https://complyport.com/remuneration-code-mifid-version-2/) - In September last year ESMA published a consultation paper on 'Guidelines on remuneration policies and practices (MiFID)' - see Regulatory Roundup 44. Following feedback ESMA has now issued the final guidelines. This is not the same as the current CRD driven Remuneration Code which is reflected in SYSC 19A nor the AIFMD driven Remuneration Code
- [AIFMD: Passporting of Activities](https://complyport.com/aifmd-passporting-of-activities/) - This will be of particular relevance to firms that currently have a MiFID passport and that are, or potentially are, Alternative Investment Fund Managers (AIFMs). In addition to 'managing an AIF', under the AIFMD a UK AIFM will also be permitted to undertake limited MiFID type activities (in brief, portfolio management; investment advice; safe-keeping; and
- [AIFMD: Cooperation Agreements](https://complyport.com/aifmd-cooperation-agreements/) - The FCA has signed supervisory cooperation agreements in the form of memoranda of understanding with 34 non-EEA authorities, following approval of these agreements by ESMA. Under the AIFMD, cooperation agreements between EU regulatory authorities and those third countries where an AIF, and if relevant where the AIFM, is established are required before marketing can be
- [UK Investment Management Strategy](https://complyport.com/uk-investment-management-strategy/) - Investment management firms will be heartened to learn that the government recognises the importance of the sector to the UK economy in the publication of 'The UK investment management strategy'. The UK's share of fund domicile has fallen in the last decade so the report sets out, at a high level, steps being taken as
- [Restrictions on UCIS and 'Close Substitutes'](https://complyport.com/restrictions-on-ucis-and-close-substitutes/) - The FCA has published policy statement PS13/3: "Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes" and will be of interest to both discretionary portfolio managers as well as those that promote any of the investments covered by the policy statement. For the avoidance of doubt, the new rules will only
- [Short Selling](https://complyport.com/short-selling/) - Firms should note that the FCA has amended the short selling notifications process. A new registration form for anyone making notifications for the first time has been developed alongside forms for share and sovereign debt and credit default swap notifications. Completed notifications must be emailed to either privatedisclosureSSR@fca.org.uk or publicdisclosureSSR@fca.org.uk as appropriate.
- [European Market Infrastructure Regulation (EMIR): Reporting Update](https://complyport.com/european-market-infrastructure-regulation-emir-reporting-update/) - The timeline for reporting under EMIR has slipped giving everyone a bit more breathing space. Until the slippage the probable start date for reporting to a Trade Repository (TR) in respect of interest rate and credit derivatives (OTC and exchange traded) was this September, and 1 January 2014 for reporting of all other asset classes
- [AIFMD Follow-Up](https://complyport.com/aifmd-follow-up/) - The AIFMD came into force on 22 July. It would seem that most AIFMs are taking advantage of the one year transitional period, or there is a backlog at the FCA, as the AIFMD Register maintained by the FCA shows, at the time of this article, a total of three firms with permission to manage
- [Transaction Reporting Problems](https://complyport.com/transaction-reporting-problems-2/) - Transaction reporting (SUP 17) continues to be a problem area for firms. RBS is the latest big name to be fined (£5.6m after a discount for early settlement, otherwise it would have been £8m) for transaction reporting failures. Previous firms fined for similar failings include Barclays (£2.45m), SocGen (£1.575m) and Credit Suisse (£1.75m). RBS failed
- [Impact of CRD IV on Investment Firms](https://complyport.com/impact-of-crd-iv-on-investment-firms/) - The FCA has published its 400+ page consultation paper on CRD IV: CP13/6 "CRD IV for investment firms". The CRD comes into effect on 1 January 2014. The paper advises that there are around 2,400 firms regulated by the FCA which are potentially subject to CRD IV - the table on page 63 of CP13/6
- [European Long-Term Investment Funds](https://complyport.com/european-long-term-investment-funds/) - Following on from the proposals for European VenCap and Social Entrepreneurship funds (EuVECA & EuSEF - see Regulatory Roundups 47 & 48), Europe is proposing a further type of collective label, a European Long-term Investment Fund (ELTIF). They are designed to be long term investments (as in investors will be locked in for whatever the
- [FCA Supervision Approach](https://complyport.com/fca-supervision-approach/) - At an APCIMS conference Clive Adamson, FCA Director of Supervision, outlined the FCA supervision approach. Although the emphasis was upon the Wealth Management and Private Banking sector, firms as a whole will have an interest in the approach adopted by the new Regulator. Mr Adamson commenced by summing up three characteristics of the FCA supervision approach as:
- [UCIS: FCA Actions](https://complyport.com/ucis-fca-actions/) - The FCA, like the FSA, continues to have an interest in the promotion of unregulated collective investment schemes (UCIS) - see e.g. FCA Risk Outlook 2013 covered in Regulatory Roundup 47. The latest to suffer the Regulator's wrath are John Leslie and Jeffrey Bennett. In addition to each having a £28,000 financial penalty imposed upon
- [AML and ABC: Asset Management](https://complyport.com/aml-and-abc-asset-management/) - An FCA thematic review of Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC) Systems and Controls (TR13/9) has identified common weaknesses and the regulator has expressed concern over their findings. The review involved assessing 22 firms including wealth and asset management firms and fund administrators. Although the FCA has provided feedback to the firms in
- [Money Laundering Guidance](https://complyport.com/money-laundering-guidance/) - For those firms that make use of hard copies of the JMLSG Guidance, a reminder that Parts I to III have been overhauled. HM Treasury approved the changes to the first two Parts in September.
- [Suspicious Transaction Reporting](https://complyport.com/suspicious-transaction-reporting/) - Whilst MAR 1 contains guidance on market abuse, the requirement to submit a suspicious transaction report is set out in SUP 15.10. Currently SUP 15.10.2 applies to any firm arranging or executing a transaction for a client in a qualifying investment admitted to trading on a prescribed market, a term which will capture exchange-regulated markets
- [Transparent Asset Managers](https://complyport.com/transparent-asset-managers/) - In a recent speech to asset managers, Martin Wheatley Chief Executive of the FCA, returned to the topics of dealing commission and corporate access (Regulatory Roundup 47 had an article on corporate access and also provided a link to 'conflicts between asset managers and customers'). He also talked of a general lack of transparency and
- [Close Links and Controllers Reports](https://complyport.com/close-links-and-controllers-reports/) - The need for a firm to send to the FCA annual close links and controllers reports is set out in SUP 16.4 and SUP 16.5 respectively. Those responsible for the completion and submission of these reports will be aware that whilst they are shown on GABRIEL they have to be submitted by either email or
- [Money Laundering: HMT Notice](https://complyport.com/money-laundering-hmt-notice/) - Firms, and in particular MLROs, should be aware that HM Treasury has updated its advisory notice on overseas jurisdictions which have unsatisfactory money laundering and terrorist financing controls. The notice is essentially divided into two lists: the first lists jurisdictions which should be subject to enhanced due diligence measures e.g. Turkey; the second lists those
- [EMIR: TR Reporting](https://complyport.com/emir-tr-reporting/) - ESMA has just registered the first four trade repositories, two of which are in the UK: UnaVista Ltd and DTCC Derivatives Repository Ltd. In practical terms this means that the TR reporting obligation begins 12 February 2014 for all derivative asset classes (OTC or exchange traded): "commodities, credit, foreign exchange, equity interest rates and others".
- [COREP Reporting](https://complyport.com/corep-reporting/) - Firms that will fall under IFPRU will need to submit COREP reporting (see article 'CRD III or CRD IV?' above and Regulatory Roundup 48). For the frequency of submission of COREP reporting, reference needs to be made to the Supervisory Reporting Implementing Technical Standards (ITS) published by the EBA (see link provided). The same publication
- [AIFMD Reporting Update](https://complyport.com/aifmd-reporting-update/) - 31 December 2013 will be the first period end date for both full-scope UK AIFMs and small AIFMs to commence reporting under the AIFMD - see SUP 16.8 (clients of Complyport can also refer to Section 14 of their AIFMD Readiness Assessment Document). The FCA will be ready to receive the reports from 1 January
- [Outsourcing & Asset Management](https://complyport.com/outsourcing-asset-management/) - The FCA has published "Outsourcing in the Asset Management Industry: Thematic Project Findings Report" (TR13/10) which is based upon a sample of 17 asset managers (including 3 hedge fund managers). You may recall that a 'Dear CEO' letter on this topic was issued in December 2012 following the completion of work on the sample. Two
- [CRD III or CRD IV?](https://complyport.com/crd-iii-or-crd-iv/) - As will be known (see e.g. Regulatory Roundup 50), CRD IV comes into force on 1 January, although certain BIPRU firms will be able to remain on the current GENPRU/BIPRU (CRD III) regime. The FCA has recently contacted a number of firms to provide them with the opportunity to apply for a simple Variation of
- [Outsourcing Working Group](https://complyport.com/outsourcing-working-group/) - Regulatory Roundup 51 contained an article on the FCA's recent thematic report on outsourcing in the asset management industry. Two key findings were inadequate oversight and inadequate contingency plans to deal with the failure of an outsource provider. Mention was also made of the formation of the Outsourcing Working Group (OWG) to establish guiding principles.
- [EMIR - OTC Clearing and Third Country Provisions](https://complyport.com/emir-otc-clearing-and-third-country-provisions/) - Article 4 of EMIR places a clearing obligation in respect of certain OTC derivative transactions. Generally the obligation does not extend to such transactions between entities that are established in third countries unless (a) they would be subject to the clearing obligation if they were established in the Union and (b) the contract "has a
- [FCA Fees](https://complyport.com/fca-fees/) - The FCA has published its annual consultation paper on fees and levies - "Regulatory fees and levies: policy proposals for 2014/15" (CP13/14). As the title suggests the paper only covers proposed policy changes; it will not be until around March next year that the FCA consults on fee rates. Perhaps of most interest to investment
- [Legal Entity Identifier](https://complyport.com/legal-entity-identifier/) - As mentioned in Regulatory Roundup 51, the EMIR reporting obligation begins on 12 February 2014. The details of what needs to be reported to a Trade Repository can be found using the 'EMIR: Minimum Reporting Data' link (see the Annex). A reminder that firms will require a Legal Entity Identifier (LEI) for reporting purposes in
- [AIFMD: Authorisation Deadline](https://complyport.com/aifmd-authorisation-deadline/) - The below is a recent AIFMD update that was sent to Complyport's clients. "HM Treasury has just released a statement which differs from the FCA's previously held view that any firm applying for AIFM authorisation has to be authorised by 22 July 2014 or cease undertaking regulated activities. For clients not affected by AIFMD, this
- [Dealing Commission Rules](https://complyport.com/dealing-commission-rules/) - As mentioned in Regulatory Roundup 51, the FCA has now released its consultation paper on the use of dealing commission - CP13/17. In November 2012 the then FSA published "Conflicts of interest between asset managers and their customers" (see Regulatory Roundup 46). The report found evidence that some investment managers appeared not to be following
- [CRD IV: Country by Country Reporting](https://complyport.com/crd-iv-country-by-country-reporting/) - HM Treasury has published 'The Capital Requirements (Country by Country Reporting) Regulations 2013'. The draft stems from Article 89 of the Capital Requirements Directive and impacts on all 'institutions' - basically investment firms and credit institutions that are subject to CRD IV. The Regulations require each institution to publicly disclose annually on a consolidated basis
- [CRD IV: Remuneration and Risk Takers](https://complyport.com/crd-iv-remuneration-and-risk-takers/) - The European Commission has adopted Regulatory Technical Standards on the identification of 'material risk takers', being those staff whose professional activities have a material impact on a firm's risk profile - see 'Remuneration code staff' in SYSC 19A.3.4 and which is effectively a copy-out of Article 92(2) of the CRD. The RTS document is only
- [EMIR: Risk Mitigation](https://complyport.com/emir-risk-mitigation/) - As we know, certain risk mitigation techniques relating to OTC derivative trades not cleared by a CCP came into force on 15 September 2013, namely: Dispute resolution: a firm must tell the FCA about any disputes between counterparties relating to an OTC, its valuation or the exchange of collateral for an amount or a higher
- [Fixed Overheads](https://complyport.com/fixed-overheads/) - Those firms that remain categorised as BIPRU firms, as opposed to those subject to IFPRU, (see e.g. Regulatory Roundup 51) will be aware that calculation of the fixed overheads requirement (FOR) is a component in the calculation of the variable capital requirement (GENPRU 2.1.45). The FOR is based upon one-quarter of the firm's total expenditure
- [Best Execution in Different Markets](https://complyport.com/best-execution/) - Market Watch 45 confirms that the FCA is currently undertaking a thematic review of best execution in different markets. Although the findings will not be published until later this year, as the article also takes the opportunity to update industry 'on some areas where firms may have mis-understood the requirements' it may well be that
- [FATCA](https://complyport.com/fatca/) - HMRC has updated its Guidance Notes in respect of FATCA ('Foreign Account Tax Compliance Act'). Strictly speaking, as far as UK firms are concerned, the Guidance Notes relate to the UK Regulations SI 2013/1962 which in turn give effect to the UK/US Agreement under which relevant UK Financial Institutions will report to HMRC and not
- [Suspicious Activity Reports](https://complyport.com/suspicious-activity-reports/) - The National Crime Agency, whose remit now includes those areas which were previously the responsibility of SOCA, has recently produced guidelines on the submission of suspicious activity reports (SAR), including by way of the SAR Online system. Use of the latter medium will require pre-registration so MLROs that have not already done so should consider
- [AIFMD: Remuneration](https://complyport.com/aifmd-remuneration/) - The FCA's Quarterly Consultation CP14/4 proposes to introduce guidance on SYSC 19C (BIPRU Remuneration Code) to the effect that an AIFM that is also a BIPRU firm that complies in full with SYSC 19B (AIFMD Remuneration Code) will not have to demonstrate compliance with SYSC 19C. The above may look familiar and it may have
- [UCITS V](https://complyport.com/ucits-v-2/) - UCITS V is making steady, if slow, progress. A press release by the European Commission informs us that both the European Parliament and the European Council have reached agreement on the wordage of UCITS V (although this does not mean that it has been formally adopted by both parties - that will be the next
- [AIFMD: Other Matters](https://complyport.com/aifmd-other-matters/) - The Quarterly Consultation (see earlier story, AIFMD: Remuneration) also contained proposals and other matters which will be of interest to AIFMs. IPRU(INV) 11 contains the prudential rules for both Collective Portfolio Management Firms and for Collective Portfolio Management Investment firms (albeit that the latter also have to refer back to IFPRU or GENPRU/BIPRU as applicable).
- [Complyport News](https://complyport.com/complyport-news/) - Complyport has appointed Paul Grainger as CEO replacing Martin Herriot who left the firm in 2013. Paul Grainger takes over from Richard Eagle who has very successfully acted as interim CEO since July 2013. Richard will continue in his principal role as Director responsible for the Securities Business team. During this time the Complyport group
- [Hedge Fund Survey](https://complyport.com/hedge-fund-survey/) - The latest (March 2014) Hedge Fund Survey has been released by the FCA. The twice-yearly survey is based upon voluntary participation by the hedge fund industry - the current version benefitted from the input of 49 firms (out of a population of approximately 450 authorised hedge fund managers) and 106 funds; all data was as
- [AIFMD: ESMA Q&A](https://complyport.com/aifmd-esma-qa/) - ESMA has updated its Q&A on the application of AIFMD. The publication is a modest nine pages and addresses questions in respect of notification of AIFs, reporting to national competent authorities and remuneration - including relevant accounting periods for the application of AIFMD remuneration rules when transitional provisions do and do not apply. The FCA
- [FSCS (and FOS) Exemption](https://complyport.com/fscs-and-fos-exemption/) - Referring to the article on the FSCS levy a reminder to firms to ensure that, where applicable, they have submitted exemption forms in respect of FSCS and FOS levies. A firm can exempt itself from a FOS levy if it does not conduct business with eligible complainants and can benefit from a reduction in the
- [FCA Risk Outlook 2014](https://complyport.com/fca-risk-outlook-2014/) - The publication of the FCA Business Plan 2014/15 (see separate article in this Regulatory Roundup) was accompanied by the FCA Risk Outlook 2014. The FCA Risk Outlook identifies potential issues which require monitoring by the FCA to determine when and how it should intervene whereas the Business Plan sets out the work planned for 2014/15
- [Supervision of C4 Firms](https://complyport.com/supervision-of-c4-firms/) - When the FCA took over from the FSA, it introduced a new approach to supervision, albeit that for many small firms it may have been difficult to spot any practical difference. Most firms (around 25,000) will fall within supervision category C4 (with the largest firms falling under C1, currently 11 major groups) which in turn,
- [CRD IV: COREP Reporting](https://complyport.com/crd-iv-corep-reporting/) - Those firms that fall within CRD IV should have received a FCA notification concerning a delay in the final submission date for the first quarterly COREP report by a month to 30 June. Changes have also been made to the submission dates in respect of the reporting of liquidity and asset encumbrance - please see
- [FCA Business Plan 2014/15](https://complyport.com/fca-business-plan-201415/) - The FCA is now a year old and has recently published its second Business Plan, which provides an insight into the areas that the FCA will concentrate on, including by way of thematic visits. In addition to the expected work associated with implementation of the AIFMD and preparation for MiFID II (implementation in 2016/17), the
- [FSCS Levy](https://complyport.com/fscs-levy/) - The FSCS has published its final levy for 2014/15, being £276m compared to £285m for the previous year. Although the final levy comes in below the earlier indicative levy for 2014/15 (£313m) that was contained in the "Plan and Budget: 2014/15", the headline fall does not necessarily mean that all parts of the industry will
- [FCA Regulated Fees and Levies](https://complyport.com/fca-regulated-fees-and-levies/) - As mentioned in the FCA Business Plan article, the FCA's Annual Funding Requirement ('AFR') is identified as £446.4m. A detailed analysis of proposed fees is contained in CP14/6 'FCA Regulated fees and levies: Rates proposals 2014/15'. Although the approach to allocation has been to maintain an even distribution of the AFR across all fee-blocks, in
- [MiFID II](https://complyport.com/mifid-ii-2/) - Back in November 2011, Regulatory Roundup 36 contained an article on the long-awaited draft for a revised MiFID (MiFID II). Around two and a half years later we have now reached the stage where final texts to MiFID II and the Regulation (MiFIR) have been agreed by both the European Parliament and the European Council.
- [Remuneration under CRD 4](https://complyport.com/remuneration-under-crd-4/) - As will be known, SYSC 19A concerns the 'CRD 4 Remuneration Code' which applies to the category of staff set out in SYSC19A.3.4 e.g. staff engaged in control functions - not to be confused with the approved persons control functions regime in SUP 10A - or those whose total remuneration that takes them into the
- [Complyport's New COREP Reporting Service](https://complyport.com/complyports-new-corep-reporting-service/) - As a consequence of falling under CRD IV, IFPRU firms have to submit their COREP returns to the FCA in XBRL format in line with European requirements. The first submission deadline, for the period to 31 March 2014, is June 30 (see Regulatory Roundup 54). Responding to demand from our clients, Complyport recognises that XBRL
- [Country by Country Reporting](https://complyport.com/country-by-country-reporting/) - A reminder to those firms subject to CRD IV of the 1 July 2014 deadline in respect of the first 'Country by Country' disclosure - see Regulatory Roundup 52. This initial disclosure (which does not need to audited) is limited to turnover, number of employees and name, nature of activities and geographic location; full disclosures
- [AIFMD: Authorisation Deadline Approaches](https://complyport.com/aifmd-authorisation-deadline-approaches/) - Alternative Investment Fund Managers making use of the transitional provisions within the AIFMD are reminded that the deadline for the submission of an application for authorisation is 22 July 2014. Note that such firms must comply with all relevant AIFMD requirements from that date, notwithstanding that their applications haven't been determined by the FCA. It
- [Changes to Dealing Commission Rules](https://complyport.com/changes-to-dealing-commission-rules/) - Regulatory Roundup 52 included an article on the FCA's consultation (CP13/17) on proposed changes to the rules on the use of dealing commission (COBS 11.6). The recently published Policy Statement PS14/7 contains feedback on the proposals together with the final rules. As a reminder, investment managers are prohibited from accepting goods or services when arranging
- [Submission of Annual Accounts](https://complyport.com/submission-of-annual-accounts/) - Under SUP 16.12 firms are required to send various data item returns to the FCA, most of which are submitted electronically. Annual report and accounts are an exception in that while they appear on GABRIEL (as NGP003) they have to be submitted manually to the Regulator. The FCA propose automating this process through GABRIEL by
- [EMIR: Additional Reporting](https://complyport.com/emir-additional-reporting/) - Firms subject to EMIR should be aware that additional (daily) reporting to a Trade Repository (TR) comes into force on 11 August. As will be known, the obligation to report to a TR under Article 9 of EMIR began on 12 February. The minimum details to be reported to a TR appear in the Annex
- [Wholesale Markets Review](https://complyport.com/wholesale-markets-review/) - Firms feeling beleaguered from the additional attention from the FCA (see articles on 'FCA: Enforcement and Supervision' and 'FCA: Enhanced Supervision') will probably not have been surprised to learn that the government has announced a review into wholesale markets and how they operate. This will be a joint FCA/Bank of England/HM Treasury exercise with a
- [FCA: Enforcement and Supervision](https://complyport.com/fca-enforcement-and-supervision/) - No sooner had the FCA issued its policy statement on Enhanced Supervision ('Tackling serious failings in firms' - see previous article in this Regulatory Roundup) than the Regulator published its 'Enforcement-focussed' June Regulation round-up . The Welcome page, written by Tracey McDermott, Director of Enforcement and Financial Crime, reminds us that apart from addressing an
- [CASS: Overhaul of Regime](https://complyport.com/cass-overhaul-of-regime/) - Those firms that do not hold, or control, client assets or client money will doubtless be grateful that they do not have to contend with the 400+ page Policy Statement 'Review of the client assets regime for investment business' (PS14/9 - albeit that the contents page refers to PS14/8). Those firms that are subject to
- [FCA: Enhanced Supervision](https://complyport.com/fca-enhanced-supervision/) - The FCA has published a policy statement ('Tackling serious failings in firms') on how it will address serious failings of standards, governance and culture in firms. Although reference is made to the Parliamentary Commission on Banking Standards on its front cover, both its introduction and the accompanying press release make it clear that the statement
- [EMIR: Clearing Update](https://complyport.com/emir-clearing-update/) - Under Article 5(2) of EMIR ESMA is required to determine which classes of OTC derivatives should be subject to the clearing obligation and then draft appropriate Regulatory Technical Standards (RTS) within six months of the authorisation (if EU) or recognition (if non-EU) of Central Clearing Counterparties (CCP). With the first CCP having been authorised on
- [Dealing Commission Discussion: Unbundling](https://complyport.com/dealing-commission-discussion-unbundling/) - It will be recalled that the FCA published a Policy Statement in May (PS14/7 - see Regulatory Roundup 55) on the use of dealing commission and which contained final revised rules which came into force on 2 June. Aside from revised rules the Regulator has also carried out a wider review on whether further reform
- [Wholesale Markets: Competition](https://complyport.com/wholesale-markets-competition/) - Regulatory Roundup 56 advised that the Bank of England, HM Treasury and the FCA were proposing to undertake a joint review of wholesale markets. Following on from this the FCA has published 'Wholesale sector competition review - Call for inputs'. For the avoidance of doubt, this published review will not focus on the trading practices
- [AIFMD: Marketing Reminder](https://complyport.com/aifmd-marketing-reminder/) - As mentioned in Regulatory Roundup 55 the AIFMD transitional period ends 21 July 2014 and after that date Alternative Investment Fund Managers should either be authorised under the AIFMD or have already submitted an authorisation application. Firms falling in the latter category must comply with all relevant AIFMD requirements after that date notwithstanding the fact
- [FCA Fees and Levies 2014/15](https://complyport.com/fca-fees-and-levies-201415/) - Following the March Consultation Paper (see Regulatory Roundup 54) the FCA has published PS14/11 which confirms the final fees and levies payable for 2014/15. The annual funding requirement (AFR) remains as per the Consultation Paper (CP14/6) at £446.4m, a 3.3% increase over the previous year; Table 2.1 in PS14/11 shows the allocation between fee-blocks. Fee-block
- [News Alert - SIPP Capital Change](https://complyport.com/news-alert-sipp-capital-change/) - The FCA has outlined final capital rules for Self-Invested Personal Pension (SIPP) operators, There are approximately £2 trillion of pension assets under management in the UK pensions industry. Around £100bn of these assets are administered through SIPPs. In November 2012 the Financial Services Authority (FSA) consulted on a new regulatory capital framework for Self-Invested Personal
- [News Alert - Turnaround Code of Conduct](https://complyport.com/news-alert-turnaround-code-of-conduct/) - The British Private Equity & Venture Capital Association (BVCA) is the industry body and public policy advocate for the private equity and venture capital industry in the UK. Every year many businesses are saved from collapse by turnaround investments made by private equity firms who provide capital, ideas and execution skills to underperforming or failing
- [Standard Chartered AML ban](https://complyport.com/standard-chartered-aml-ban/) - The UK bank, Standard Chartered has been barred from processing certain transactions on behalf of clients as part of a $300m settlement with the New York banking regulator. As part of the agreement with the Department for Financial Services (DFS), Standard Chartered must suspend it's clearing activities for certain high risk clients in Hong-Kong and
- [Best Execution and Payment For Order Flow](https://complyport.com/best-execution-and-payment-for-order-flow-2/) - Following a thematic review of best execution (see Regulatory Roundup 53) the FCA has now published the results of its findings - TR14/13: "Best execution and payment for order flow". As will be apparent from the title, the FCA took the opportunity to incorporate into the review the practice of Payment for Order Flow (PFOF)
- [Retrospective Application of Rules](https://complyport.com/retrospective-application-of-rules-2/) - Amongst the various areas for action in the FCA's Business Plan for 2014/15 that was published in March was work to be carried out in respect of the 'expectations gap'. This describes the relationship between the FCA Handbook and firms' perceptions of it and considers whether any differences in understanding might effect the quality of
- [Connect vs. ONA](https://complyport.com/connect-vs-ona-2/) - A reminder to firms that the FCA's Online Notifications and Applications system (ONA), under which applications for Approved Persons, Variations of permission etc. are submitted, will be largely replaced by a new online system - 'Connect' - from 1 October (although passport applications will remain on ONA). The FCA has produced a one-page overview of
- [Recovery and Resolution](https://complyport.com/recovery-and-resolution/) - IFPRU 2.5 ('Recovery and resolution plans') is applicable to all IFPRU investment firms and has been in force since the beginning of this year. It must qualify as one of the shorter chapters in the Handbook, consisting as it does of only two Rules. The first rule was for a firm is to have in
- [Retrospective Application of Rules](https://complyport.com/retrospective-application-of-rules/) - Amongst the various areas for action in the FCA's Business Plan for 2014/15 that was published in March was work to be carried out in respect of the 'expectations gap'. This describes the relationship between the FCA Handbook and firms' perceptions of it and considers whether any differences in understanding might affect the quality of
- [EMIR Review](https://complyport.com/emir-review/) - With reporting under EMIR having been in place for around six months, the FCA has undertaken an EMIR review to find out how industry dealt with the new obligations. It also took the opportunity to assess how the industry had prepared for the start of the collateral and valuation reporting which came in on 11
- [New Remuneration Code](https://complyport.com/new-remuneration-code/) - The FCA and PRA have issued a joint Consultation Paper: 'Strengthening the alignment of risk and reward; new remuneration rules' (CP14/14 - or CP15/14 from a PRA perspective). As will be known, SYSC 19 currently concerns the Remunerations Codes for IFPRU firms (SYSC 19A); full-scope UK AIFMs (SYSC 19B); and BIPRU firms (SYSC 19C) -
- [Connect vs. ONA](https://complyport.com/connect-vs-ona/) - A reminder to firms that the FCA’s Online Notifications and Applications system (ONA), under which applications for Approved Persons, Variations of Permission etc. are submitted, will be largely replaced by a new online system – ‘Connect’ – from 1 October (although passport applications will remain on ONA). For the avoidance of doubt, paper based submissions
- [AIFMD Reporting: ESMA Guidelines](https://complyport.com/aifmd-reporting-esma-guidelines/) - ESMA updated its AIFMD Reporting Guidelines earlier this month which AIFMs may find useful. For the benefit of those firms that to date have not made reference to the ESMA guidelines their role is to ensure that there is a consistent approach to the AIFMD (and Level 2) reporting requirements across Member States. A variety
- [Best Execution and Payment For Order Flow](https://complyport.com/best-execution-and-payment-for-order-flow/) - Following a thematic review of best execution (see Regulatory Roundup 53) the FCA has now published the results of its findings - TR14/13: "Best execution and payment for order flow". As will be apparent from the title the FCA took the opportunity to incorporate into the review the practice of Payment for Order Flow (PFOF)
- [Best Execution and Payment for Order Flow: The FCA talks tough](https://complyport.com/best-execution-and-payment-for-order-flow-the-fca-talks-tough/) - Recipients of our recent Regulatory Roundup (issue 58) may have read the article on 'Best Execution and Payment For Order Flow' following the publication by the FCA of its findings following a series of Thematic Reviews to a total of 36 firms (TR14/13). In our view the tone of TR14/13 - and the reason we
- [An Independent Scotland](https://complyport.com/an-independent-scotland/) - The Scottish Independence Referendum takes place on Thursday 18th September and within a few days after, we will know whether the system of financial regulation in Scotland is to remain the same or will be split from the rest of the United Kingdom. Currently the framework and regulation of UK financial services is derived from
- [AIFMD and Safe Custody](https://complyport.com/aifmd-and-safe-custody/) - As part of the implementation of the AIFMD, changes were made to the Regulated Activities Order (RAO) so that firms that were managers of UCITS and AIFs were deemed not to carry on any specified activity other than 'managing a UCITS' or 'managing an AIF' as appropriate. As a result, such firms would not require
- [AIFMD Reporting Timetable](https://complyport.com/aifmd-reporting-timetable/) - Those AIFMs that have been authorised under the AIFMD for some time will probably have gotten used to the AIFMD reporting requirements set out in SUP 16.18. However for those AIFMs that have only recently been authorised a reminder that the reporting period is based upon the calendar year and is not based upon a
- [COBS and CoCos](https://complyport.com/cobs-and-cocos/) - A new chapter in COBS came into force on 1 October - COBS 22 "Restrictions on distribution of contingent convertible instruments". The provisions are effectively a copy of the short-lived COBS 4.14 (and which is now deleted) which was brought in as temporary product intervention rules. Under COBS 22.1.1(4) the rules will still cease to
- [AIFM Prudential Requirements](https://complyport.com/aifm-prudential-requirements/) - Now that the transitional period under the AIFMD has passed, more firms will be getting to grips with the obligations of IPRU(INV) 11 which addresses the prudential requirements of both Collective Portfolio Management Firms (CPM) and Collective Portfolio Management Investment Firms (CPMI). As a reminder the former is a full-scope UK AIFM (or UCITS management
- [Changes to Companies Act](https://complyport.com/changes-to-companies-act/) - The 'Small Business, Enterprise and Employment Bill' is progressing through Parliament. Aside from topics ranging from zero hours contracts to public houses code via childcare and schools, some changes to the Companies Act 2006 are proposed. Part 7 proposes: All UK companies (unless a DTR 5 issuer or as specified by the Secretary of State)
- [Corporate Governance](https://complyport.com/corporate-governance-2/) - The Financial Reporting Council ('FRC') has updated the UK Corporate Governance Code ('Code'). Although all companies can use the Code as a source of reference in establishing their corporate governance arrangements, compliance with the Code is a regulatory requirement for listed companies. By way of example, in the Handbook LR 9.8.6 requires statements to appear
- [UCITS V](https://complyport.com/ucits-v-3/) - Those firms subject to UCITS may want to note on the calendar that UCITS V (Directive 2014/91/EU) came into force on 17 September (see also Regulatory Roundup 53). However there is no immediate panic as Member States have until 18 March 2016 (Article 2) to transpose the Directive into national law so we can expect
- [Fixed Overheads](https://complyport.com/fixed-overheads-2/) - Regulatory Roundup 53 advised that the EBA had published draft Regulatory Technical Standards (RTS) relating to the calculation of own funds based upon fixed overheads required under CRR Article 97. Although possibly of little more than passing interest to BIPRU firms, the RTS is very relevant to UCITS firms, full-scope AIFMs as well as CRD
- [Recovery and Resolution: Simplified Obligations](https://complyport.com/recovery-and-resolution-simplified-obligations/) - Regulatory Roundup 58 included an article on the Recovery and Resolution Directive (RRD) which will impact upon 'institutions', a term which covers both credit institutions and investment firms (an IFPRU 730K firm - see Regulatory Roundup 58 for how the RRD redefines the latter). It is intended that proportionality be adopted ("simplified obligations") as set
- [Risk Management: Credit Rating Agencies](https://complyport.com/risk-management-credit-rating-agencies/) - This will be of particular interest to those firms responsible for the management of AIFs and UCITS (and occupational retirement schemes - IORPS - that are subject to Directive 2003/41/EC). To counteract a perceived over-reliance on credit ratings when investing in debt instruments, Directive 2013/14/EU will be applicable from 21 December 2014. For a Directive
- [Submission of Annual Accounts (FIN-A)](https://complyport.com/submission-of-annual-accounts-fin-a/) - The rules surrounding the need to submit annual report and accounts via GABRIEL using FIN-A upload functionality (see Regulatory Roundup 55) will come into force this coming 31 December. The rules, contained within (new) SUP 16.7A, and FIN-A guidance can be found in Part 2 of Legal Instrument FCA 2014/52.
- [FCA secures fine of £3.2M for insider dealers](https://complyport.com/fca-secures-fine-of-3-2m-for-insider-dealers/) - Seven insider dealers have been ordered to pay £3.2 million following a court case bought by the FCA. According to the FCA, the seven men obtained market sensitive information from investment banks on proposed future takeover bids, which they then used to make spread bets ahead of the announcements. This information enabled the men to
- [Changes in Reporting of Adviser Charges](https://complyport.com/changes-in-reporting-of-adviser-charges/) - The Background The FCA, in Policy Statement PS14/13, announced the streamlining of elements of the reporting requirements for firms providing personal recommendations to retail clients in relation to retail investment products. The statement swept up some minor changes to the reporting of product sales data (PSD). In an earlier Consultation Paper (CP14/5), the FCA consulted
- [AIFMD Reporting: FCA Guidance and AIF001/AIF002](https://complyport.com/aifmd-reporting-fca-guidance-and-aif001aif002/) - This Alert is provided for information purposes about AIFMD Reporting and will be of particular relevance to Alternative Investment Fund Managers (AIFMs) including non-EEA AIFMs marketing in the UK. The FCA has published information/guidance on its website on AIFMD Annex IV reporting ('transparency reporting'), being the reporting covered in SUP 16.18. There are two separate
- [Consumer Credit - Direction of Travel](https://complyport.com/consumer-credit-direction-of-travel/) - A recent speech by the FCA gave an indication of their approach to consumer credit. Below we have summarised the main areas that applicants for permissions should consider as they are likely to be relevant to future dealings with the regulator. The FCA's strategic objective for consumer credit is to ensure that the market functions
- [Anti-Money Laundering Guidance Update](https://complyport.com/anti-money-laundering-guidance-update/) - Part II of the Guidance issued by the Joint Money Laundering Steering Group contains sectoral guidance relating to various businesses such as discretionary investment managers and execution-only stockbrokers. It is proposed to revise the Guidance on Private Equity (Section 13); details can be found in the link (the consultation period has now ended).
- [AIFMD Passport](https://complyport.com/aifmd-passport/) - Under the AIFMD as it currently stands, a marketing passport is only available to EEA AIFMs marketing EEA AIFs (strictly speaking the AIFMD only refers to EU AIFMs etc. although the FCA, in both the Handbook and on its website, prefers to use 'EEA'). As such non-EEA AIFMs, and EEA AIFMs marketing non-EEA AIFs, have
- [Country by Country Reporting](https://complyport.com/country-by-country-reporting-2/) - One of the obligations introduced by CRD IV was the Country by Country disclosure, for the financial year, arising from Article 89 of the CRD and with the first full disclosure needing to be made on or before 31 December 2015 (initial, limited, disclosure had to be made for the first time on 1 July
- [Financial Crime](https://complyport.com/financial-crime-4/) - The FCA's Financial Crime Guide (FC) consists of two parts, with part 2 providing summaries of thematic reviews and examples of good and poor practice. The Regulator has published a Guidance Consultation (GC 14/7) which will propose amendments to both parts. Amongst the changes Part 1 will introduce a new section on management information in
- [EuSEF & EuVECA Update](https://complyport.com/eusef-euveca-update/) - Firms involved in, or considering, the management of Social Entrepreneurship and Venture Capital Funds may be interested to learn that ESMA has updated its Q&A on the application of the Regulations. Those not familiar with the concept of these funds can access a brief summary, together with links to the relevant Regulations, in Regulatory Roundup
- [Remuneration Reporting](https://complyport.com/remuneration-reporting/) - The requirement for certain firms to submit a High Earners report (in relation to employees that earn a total of €1m or more in a financial year) has been contained within SUP 16.17 since 1 November 2012. As a result of new final guidelines being issued by the European Banking Authority - which requires more
- [EMIR: Trade Repository Reporting Changes](https://complyport.com/emir-trade-repository-reporting-changes/) - The reporting requirements arising under Article 9 of EMIR (which became obligatory from 12 February this year) are essentially based upon Implementing Regulation 1247/2012 (format and frequency of trade reports) and Delegated Regulation 148/2013 (minimum details to be reported). The three month timeframe in which ESMA had to deliver these technical standards was fairly demanding
- [Legal Entity Identifier: CRD IV](https://complyport.com/legal-entity-identifier-crd-iv/) - The need for a Legal Entity Identifier (LEI) is most probably associated with reporting under EMIR (see Regulatory Roundup 52) although its use is encouraged elsewhere e.g. AIFMD Reporting (see Regulatory Roundup 59). Some firms may have received an email from the FCA extending the use of an LEI for the purposes of COREP Reporting
- [Restrictions on Retail Distribution](https://complyport.com/restrictions-on-retail-distribution/) - The last Regulatory Roundup (No 59) advised that a new chapter in COBS came into force on 1 October - COBS 22 "Restrictions on distribution of contingent convertible instruments" ('CoCos'). The chapter derives from temporary product intervention rules and will cease to have an effect on 1 October 2015 (COBS 22.1.1(4)). The effect is to
- [Money Laundering: Transparency and Beneficial Ownership](https://complyport.com/money-laundering-transparency-and-beneficial-ownership/) - Firms will be aware that the key requirement in applying customer due diligence measures (CDD) for the prevention of money laundering (and, of course, combating terrorist financing) purposes is the identification and verification of the customer and, where applicable, of the beneficial owners. The beneficial owner is the person(s) who ultimately owns or controls a
- [Recovery and Resolution: Resolution](https://complyport.com/recovery-and-resolution-resolution/) - As we know, the Bank of England (BoE) will be the Resolution Authority for the UK - see 'Recovery and Resolution' article in Regulatory Roundup 58 - albeit that the FCA (and PRA where relevant), in addition to collating firms' recovery plans, will collect the required information from firms on behalf of the BoE. The
- [AIFM Reports Due for the Period Ending 31 December 2014](https://complyport.com/aifm-reports-due-for-the-period-ending-31-december-2014/) - New FCA Guidance means that the FCA Transparency reporting obligations began on 1 October 2014 for all AIFMs that operated under the transitional provisions. Such firms should report transparency information for the period ending 31 December 2014. The transitional provisions allowed existing AIFMs to continue to operate prior to receiving FCA authorisation as an AIFM,
- [FCA Strategy Review](https://complyport.com/fca-strategy-review-2/) - With the regulation of consumer credit coming under the wing of the FCA in April, the number of firms that the FCA is responsible for has trebled over the past eighteen months. The Regulator has seen the need to provide a 'sharper focus' in its approach and hence firms will see a structural reorganisation so
- [Complaints Handling Proposals](https://complyport.com/complaints-handling-proposals/) - In the FCA's recent review of complaints processes (CP14/30) it found firms did not always consider the impact on retail consumers. Currently, complaints which are dealt with by the end of the next business day do not require a letter to be sent to the customer. For these quickly resolved complaints, if dissatisfied, the customer
- [Adviser Charging and Services](https://complyport.com/adviser-charging-and-services/) - Results of Thematic Review Following a recent Thematic Review (TR 14/21) the FCA has announced seen evidence of increasing professionalism of the financial advice sector. Disclosure of services and adviser charges There has been an improvement in firms’ disclosure of their services and charges though the FCA remains concerned that a significant proportion of firms
- [Product Information New Regulation](https://complyport.com/product-information-new-regulation/) - New European Regulation aimed to provide adequate, and consistent, information to a retail investor before an investment is made comes into force on 29 December 2014 – although it will not actually apply in Member States until 31 December 2016. This gives time to put into place necessary changes to processes and procedures. The provisions
- [Governance Advisory Arrangement (GAA)](https://complyport.com/governance-advisory-arrangement-gaa/) - Overview Reflecting the concerns that employees are not saving enough for retirement and where they do save, pension schemes are overly expensive, the package of reforms is aimed at ensuring members are in schemes that are high quality and offer value for money. Key to the proposals is the requirement that providers of workplace personal
- [Fair Fees?](https://complyport.com/fair-fees/) - It has been two years since the implementation of the retail distribution review (RDR) and most advisers have by now finalised their fee models and service propositions. Yet the discussion over whether to charge a fixed fee, hourly fee, or a percentage of assets, continues. Indeed recently, BBC journalist, Paul Lewis, dropped a grenade into
- [US Regulation Specialist, Ross Goffi Joins Complyport](https://complyport.com/us-regulation-specialist-ross-goffi-joins-complyport/) - Complyport is delighted to announce that US Regulation Specialist, Ross Goffi has joined. Ross brings with him a wealth of in-house compliance expertise from various firms including J.P Morgan and Aviva Investors Americas. Complyport’s CEO, Paul Grainger, said of Goffi’s appointment, "Ross' regulatory experience within the US will add real value to the team and to
- [FCA Strategy Review](https://complyport.com/fca-strategy-review/) - With the regulation of consumer credit having come under the wing of the FCA last April, the number of firms that the FCA is responsible for has trebled over the past eighteen months. The Regulator has seen the need to provide a ’sharper focus’ in its approach and hence firms will see a structural reorganisation
- [Regulatory Fees and Levies](https://complyport.com/regulatory-fees-and-levies/) - The FCA has published CP14/26 – "Regulatory fees and levies: policy proposals for 2015/16". As was the case in last year’s CP13/14 (see Regulatory Roundup 52), the purpose of the paper is to propose policy changes to the fee and levy regimes – a consultation on fee rates to be charged for 2015/16 will not
- [European Long-Term Investment Funds](https://complyport.com/european-long-term-investment-funds-2/) - The proposal to create a further type of fund vehicle – European Long-Term Investment Funds (ELTIFs) – has taken a significant step forward in that the European Council has approved a compromise with the European Parliament (see link to compromise text). Regulatory Roundup 50 advised that an ELTIF is designed to be a long term
- [PRIIPs](https://complyport.com/priips/) - Regulation 1286/2014 on the provision of Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) came into force on 29 December 2014 – although it will not apply in Member States until 31 December 2016 - so giving impacted firms sufficient time to put into place necessary changes to processes and procedures.
- [UCITS share classes](https://complyport.com/ucits-share-classes/) - ESMA has identified differing national practices in the interpretation of the types of share classes that are permitted under UCITS and, in the light of this, has published Discussion Paper 2014/1577 – "Share classes of UCITS". For the avoidance of doubt a ‘share class’ is not the same as a ‘sub-fund’. The latter is effectively
- [MiFID II](https://complyport.com/mifid-2/) - ESMA had a busy period in the run up to Christmas with the publication of both its 645 page MiFID II Consultation Paper (2014/1570) on 19 December (together with a cost benefit analysis (CBA) and draft technical standards (TS) which provide an additional 978 pages) and its 446 page Final Report on technical advice to
- [SEC Inspection Priorities](https://complyport.com/sec-inspection-priorities/) - On 13 January 2015, the Office of Compliance Inspections and Examinations ("OCIE") of the United States Securities and Exchange Commission (the "SEC") released their 2015 Examination Priorities. The SEC Examination Priorities identify OCIE’s high priority examination areas for 2015. For SEC-regulated firms, whether Exempt Reporting Advisers or full SEC-registrants, these priorities provide guidance for developing
- [Regulating Sonia](https://complyport.com/regulating-sonia/) - SONIA (Sterling Overnight Index Average) is one of seven benchmarks which will come under FCA regulation from 1 April 2015. As will be known, currently LIBOR is the only regulated benchmark – MAR 8 contains the rules and guidance applicable to both benchmark submitters and benchmark administrators. The decision to bring the further benchmarks within
- [Fourth Money Laundering Directive](https://complyport.com/fourth-money-laundering-directive/) - The (fourth) Money Laundering Directive (4MLD) continues to progress through the European machinery following a deal having been struck by the European Parliament and European Commission just before Christmas. A press release issued by the Parliament on 17 December reminds us that a key element of 4MLD is the requirement for the creation of central
- [Newsflash Gabriel Breakdown](https://complyport.com/newsflash-gabriel-breakdown/) - As January closed some AIFMs had not yet received the information they need to be able to submit transparency reports using GABRIEL. The FCA confirmed on the 30th January that where an AIFM did not receive a Product Reference Number (PRN) for the AIF it manages before 1 January 2015 they would not take any
- [SEC Annual Updating Reminder](https://complyport.com/sec-annual-updating-reminder/) - A brief reminder for those firms that are registered with the U.S. Securities and Exchange Commission ("SEC") that they need to submit an annual updating statement within 90 days of the end of their financial year. With this in mind, those firms whose year end is 31 December 2014 must submit to the SEC by
- [Market Abuse Asset Management Firms](https://complyport.com/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). The review covered 19 asset management firms (of which 17 were subject to a visit) including long-only asset managers, hedge fund managers and an occupational
- [Use of Dealing Commission](https://complyport.com/use-of-dealing-commission/) - Back in July of last year the FCA released a Discussion Paper (DP14/3) on the use of dealing commission regime – see Regulatory Roundup 57.The paper included findings from thematic supervisory work which took in 17 investment managers and 13 brokers. A key aspect was the view that unbundling research from dealing commission (according to
- [EMIR Backloading](https://complyport.com/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 recall that there were phased reporting windows depending whether the contracts were: i) entered into before 16 August 2012 and were still outstanding at that
- [Transaction Reporting](https://complyport.com/transaction-reporting-5/) - 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 overhaul of what has been previously stated but is rather a clarification exercise. The majority of changes fall within Chapter 7 (guidelines for reporting fields).
- [Recovery and Resolution](https://complyport.com/recovery-and-resolution-2/) - 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 rules". The rules implement the Recovery and Resolution Directive (2014/59/EU) (‘RRD’) which has the aim of providing "measures, tools and powers in respect of preparing
- [Changes to Companies Act - Corporate Directors and Controllers](https://complyport.com/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. As a reminder, one of the proposals in the Bill (Part 7) was for companies that fall within the requirement to keep an up-to-date register
- [CASS changes](https://complyport.com/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 assets regime for investment business’) published in June last year included all the changes to CASS – and to other relevant parts of the Handbook
- [Structured Products Industry - Falls Short](https://complyport.com/structured-products-industry-falls-short/) - The FCA’s Thematic Review (TR 15/2) found that manufacturers and distributors of structured products have a lot to do to ensure customers are treated fairly. Retail investors have limited ability to assess complex structured deposits. Accordingly, firms need to ask themselves whether they should be using non-advised sales channels to sell these products. Where products
- [Compliance Officer Prohibition](https://complyport.com/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 also pursue an individual Compliance Officer (Mr Stephen Bell). Although the firms in question together formed an adviser network of around 250 Appointed Representatives (AR) and
- [AIFMs - Changes to Handbook](https://complyport.com/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 relevant to them. In isolation none of them are major, but it would be as well to be aware of them. Some may have an
- [FATCA Reminder](https://complyport.com/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 be recalled that as far as UK firms are concerned, reporting in accordance with FATCA requirements will be to HMRC and not to the US
- [EMSA Peer Review](https://complyport.com/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 were not doing enough in this area – see Complyport Alert. The best execution rules and guidance are, of course, in COBS 11.2. ESMA has
- [Financial Promotions - Social Media](https://complyport.com/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 the outset the Guidance makes it clear that whilst the FCA does not want to prevent their use – and indeed acknowledges that they can
- [Allocation, Allocation, Allocation](https://complyport.com/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 fairly. If it had not been for a combination of the traditional 30% ‘Stage 1’ discount and mitigating factors (the firm’s prompt compensation exercise and
- [Training and Competence for MiFID Firms](https://complyport.com/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 activities range from what one would recognise as ‘regulated activities’ and which would be associated with a CF30 function to those which seem more operational
- [FCA Fees and Levies 2015 to 2016](https://complyport.com/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 function was not to consult on fee rates; we have had to wait for the publication of CP15/14 "FCA Regulated fees and levies: Rates proposals
- [Transaction Reporting Failure](https://complyport.com/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 Notice concerns failings between November 2007 and November 2014, although it does also reference that the firm had been subject to a previous Enforcement action
- [Bank of New York Custody Enforcement Action](https://complyport.com/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 of New York Mellon International Ltd (BNYMIL) (together ‘the Firms’) for custody failings over a period from 1 November 2007 to 12 August 2013. It
- [European Long Term Investment Funds](https://complyport.com/european-long-term-investment-funds-3/) - 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 in turn should stimulate employment and economic growth. Only Alternative Investment Funds (‘AIFs’) that are managed by Alternative Investment Fund Managers, will be eligible to
- [FATCA Nil Returns](https://complyport.com/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 HMRC by 31 May 2015. The current (August 2014) HMRC Guidance – e.g. see page 72 - advises that Reporting Financial Institutions with no Reportable
- [Financial Crime](https://complyport.com/financial-crime-5/) - 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). The FCA published a summary of feedback received, which gave rise to several minor changes to the guidance. Part 1 has been enhanced to provide
- [Fixed Overheads Calculation](https://complyport.com/fixed-overheads-calculation/) - 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 and UCITS firms are also required to ensure minimum Own Funds based upon Article 97 – see Regulatory Roundup 53 for a summary of the
- [Fourth Money Laundering Directive](https://complyport.com/fourth-money-laundering-directive-2/) - 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. We are advised that the EC has approved the current text of 4MLD. For this purpose, 4MLD refers to both the Directive on money laundering
- [FCA Restructure and Supervisory Model](https://complyport.com/fca-restructure-and-supervisory-model/) - The FCA’s Business Plan for 2015/16 – see previous article in this Regulatory Roundup – advises us that to help embed its new strategy the FCA has made some changes to its structure. Aside from an organisation chart (see Annex 3 of the Business Plan) there is not much detail save that ‘Supervision – Retail
- [HM Treasury AML and CTF Report 2013 to 14](https://complyport.com/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 its ‘Anti-money laundering and counter terrorist finance supervision report 2013-14’ is timely. The report acts as a useful reminder that whilst the regulated industry may
- [FCA Business Plan and Outlook](https://complyport.com/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 year ahead). In a break with tradition the FCA has decided to combine the two in the publication of its Business Plan 2015/16. The Risk
- [Financial Crime - A Guide for Firms](https://complyport.com/financial-crime-a-guide-for-firms/) - Background The FCA has published a revision to "Financial Crime: a guide for firms", effective from 27 April 2015. The amendments come against a backdrop of two thematic reviews published in November 2014 into Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC). Whilst the reviews targeted small banks and insurance brokers respectively, the subsequent consultation
- [Capital Resources Requirements for Personal Investment Firms (PIFs)](https://complyport.com/capital-resources-requirements-for-personal-investment-firms-pifs/) - Background and Aims The FCA has published a Consultation Paper on the capital resources requirements for Personal Investment Firms. The FCA’s aim remains to require a proportionate level of capital resources for PIFs to absorb routine losses and legitimate redress claims, as well as to provide time to make appropriate arrangements in the case of
- [Feature - Compliance Management](https://complyport.com/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 regulated firms. The system represents a complete compliance infrastructure which enables firms to efficiently manage their compliance documentation, complete compliance monitoring tests and track
- [Restrictions on Retail Distribution](https://complyport.com/restrictions-on-retail-distribution-2/) - 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, or allow the purchase of, a contingent convertible instrument (‘CoCo’) by a retail investor, subject to a limited number of exemptions. The rules in chapter
- [Prudential Supervision ICAAP](https://complyport.com/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 should expect to be challenged by the regulator not only on the financial risks inherent within their business models but also on the quality of
- [SEC Proposes Amendment to Form ADV](https://complyport.com/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 Form ADV regarding: Separately Managed Account disclosure; Umbrella Registration for relying advisers; Additional information disclosures from investment advisers including information on social media, the advisers
- [Remuneration under CRD 4 - Update](https://complyport.com/remuneration-under-crd-4-2/) - 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 all the feedback received before final remuneration guidelines are published later this year. However in the meantime firms subject to CRD 4 remuneration principles (e.g.
- [FCA Website](https://complyport.com/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 more "task-based" so that e.g. an investment manager can get assistance with the approved persons regime. It is very much in its infancy and the
- [Hedge Fund Survey](https://complyport.com/hedge-fund-survey-2/) - 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 funds are excluded etc. completion of the survey is voluntary. The survey took in 52 firms which collectively manage US$623bn globally, although only US$418.6bn is
- [Complaints and Professional Contacts](https://complyport.com/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 as such firms will have to apply the ‘complaints rules’ in DISP to these professional clients. One of the requirements in DISP 2 (which sets
- [Nearly There Fourth Money Laundering Directive](https://complyport.com/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). The rules have now been adopted by the EP and both the Directive and the Regulation were published in the Official Journal of the EU
- [European Long Term Investment Funds](https://complyport.com/european-long-term-investment-funds-4/) - 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 finance (an ELTIF is not required to offer redemption rights before the end of its life) for areas such as infrastructure, the roll-out of new
- [Investment and Corporate Banking Study](https://complyport.com/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 February with investment and corporate banking being identified as areas where competition may not be working effectively and "would benefit from further investigation" which in
- [Professional Clients and the Financial Ombudsman Service](https://complyport.com/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 be able to have their complaints referred to the Financial Ombudsman Service (FOS) if not otherwise resolved. The new regime applies from 9 July 2015
- [GABRIEL Filings - FSA055 - Systems and Controls Questionnaire](https://complyport.com/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 to the FCA on an annual basis and within 15 business days of the calendar year end, regardless of the financial year end of the
- [Private Equity - Limited Partnership Reforms](https://complyport.com/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 collective investment schemes that are not authorised by the FCA i.e. the typical fund structure for private equity and venture capital funds. The aim of
- [FCA Fees and Levies 2015-16](https://complyport.com/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 the consultation raised concerns about the 7.9% increase in the ‘annual funding requirement’ (AFR) to £481.6m - although PS15/15 reveals that the final AFR remains
- [Complaints](https://complyport.com/complaints-2/) - 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 by retail clients. Further changes
- [Client Money and Custody Rules](https://complyport.com/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 to CASS should take on board the findings to compare them with their own internal processes. The review makes depressing reading in that the visit
- [Performance Management](https://complyport.com/performance-management/) - 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 process (e.g. appraisals, sales targets
- [Money Laundering - Gold](https://complyport.com/money-laundering-gold/) - FATF has produced a report on the gold sector as a result of what is seen as a transition of money laundering and terrorist financing from the formal financial sector and the cash market to the gold market as regulators and law enforcement harden those environments. Various case studies appear in chapters 2 and 3
- [Remuneration - Changes to Handbook](https://complyport.com/remuneration-changes-to-handbook/) - 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 relevant to those firms that
- [Remuneration Guidelines - UCITS V, AIFMD (and CRD IV)](https://complyport.com/remuneration-guidelines-ucits-v-aifmd-and-crd-iv/) - An article in Regulatory Roundup 59 on UCITS V drew attention to the introduction of the concept of remuneration policies for UCITS management companies, with ESMA being charged with drawing up guidelines on the application of such UCITS remuneration obligations which were to "be aligned to the extent possible" with those under the AIFMD. The
- [Registered Investment Advisers - Personal Account Dealing Guidance](https://complyport.com/registered-investment-advisers-personal-account-dealing-guidance/) - In late June 2015, the United States Securities and Exchange Commission (SEC) Division of Investment Management released Guidance Update No. 2015-03 entitled "Personal Securities Transactions Reports by Registered Investment Advisers: Securities Held in Accounts Over Which Reporting Persons Had No Influence or Control." Despite the title, Exempt Reporting Advisers should also take note of the
- [AIFMD Passport and non-EU Jurisdictions](https://complyport.com/aifmd-passport-and-non-eu-jurisdictions/) - As mentioned in Regulatory Roundup 60, by 22 July 2015 ESMA has to provide an opinion/advice on: The functioning of the EU AIFM passport (managing and marketing) The extension of the passport regime to non-EEA AIFMs; and The marketing of non-EEA AIFs by EEA AIFMs Although ESMA did not make the deadline, it finally published
- [FCA Regulation Roundup August - Highlights](https://complyport.com/fca-regulation-roundup-august-highlights/) - Complaints Handling The FCA has published final rules on complaints handling. In summary the changes are: An extension of the 'next business day rule', where firms can handle complaints less formally without sending a final response letter, to the close of three business days A requirement to report all complaints A push to raise consumer
- [Financial Advice Market Review](https://complyport.com/financial-advice-market-review/) - The FCA and HM Treasury has launched the Financial Advice Market Review (FAMR). The review will examine how financial advice could work better for consumers. The review will consult in Autumn 2015 and report ahead of the 2016 Budget. The review will examine; the advice gap for those people who want to work hard, do
- [Improving Conduct](https://complyport.com/improving-conduct/) - In July Tracey McDermott, director of supervision, at the FCA, delivered a speech at the British Bankers’ Association Conference. Aimed at the wholesale market, the speech gives clues to the questions all firms should expect to be asked in the context of conduct risk. First, how do you identify the conduct risks inherent within your
- [AIFMD: Annex IV Reporting Issues](https://complyport.com/aifmd-annex-iv-reporting-issues/) - Problems encountered by firms in meeting the demanding Annex IV reporting requirements (SUP 16.18) has led the FCA to issue a further set of Q&As to assist firms and which: Highlight aspects of AIFMD reporting where questions have been misinterpreted by some AIFMS; Identify where AIFMs have provided inconsistent responses to connected questions; and Provided
- [EMIR and Frontloading](https://complyport.com/emir-and-frontloading/) - Firms that will have to come to grips with the ‘frontloading requirement’ (see previous article) will be interested in the recent ESMA Review of the EMIR Framework (2015/1254). The content is being submitted to the European Commission to feed into the general report on EMIR that it will prepare and submit to the European Parliament
- [EMIR: Mandatory Clearing](https://complyport.com/emir-mandatory-clearing/) - Article 4 of EMIR places a clearing obligation on all OTC derivative contracts which fulfil the conditions therein – but only once ESMA has determined which classes of OTC derivatives should be subject to the clearing obligation (Article 5(2)); see Regulatory Roundup 57 for further details, On 6 August the European Commission adopted new rules,
- [Quarterly Consultation CP15/28](https://complyport.com/quarterly-consultation-2/) - Once a quarter, the FCA consults on proposed miscellaneous Handbook amendments. This quarter’s proposals (condensed from 251 pages to 1) are to: make changes in relation to offshore life insurance bonds - Once a bond has been purchased, the life company may appoint a UK firm, to manage the assets, effectively held for the policyholder.
- [Connect/ONA](https://complyport.com/connectona/) - Although 'Connect' has replaced the ONA system as the method of submitting applications and notifications to the FCA, ONA allows 'read-only' access which permits existing users to review previously submitted applications. The FCA advises that the read-only access to ONA will no longer be available from 8pm on 23 October. Firms should therefore ensure that
- [FCA Strategy Review Re-reviewed](https://complyport.com/fca-strategy-review-re-reviewed/) - Currently firms are supervised in accordance with their conduct categorisation which ranges from C1 to C4 with the latter firms being subject to a much lighter regulatory touch (firms will have received a letter from the Regulator confirming their classification). Supervision work is divided into three 'Pillars': Pillar 1 involves proactive firm supervision Pillar 2
- [Thematic Review - Trading](https://complyport.com/thematic-review-trading/) - 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 Conduct risk assessment which is
- [Quarterly Consultation](https://complyport.com/quarterly-consultation-3/) - The FCA’s Quarterly Consultation CP15/28 proposes miscellaneous amendments to the Handbook ranging from the list of appropriate qualifications under TC to restricting the scope of section C of the RMAR to money held in respect of insurance mediation activity. There are a couple of areas worth highlighting as they are likely to be relevant to
- [AML Regulations for Registered Investment Advisers](https://complyport.com/aml-regulations-for-registered-investment-advisers/) - On 25 August 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, proposed new rules (the Proposed Rules), requiring “certain” registered investment advisers (those registered with the United States Securities and Exchange Commission (SEC)) to establish anti-money laundering (AML) programs and to report suspicious activities to FinCen pursuant
- [Authorised Investment Funds](https://complyport.com/authorised-investment-funds/) - Apart from ‘UCITS V’ and ‘European Long Term Investment Funds’ (see previous two articles) CP15/27 also manages to pack in (Part III) proposed miscellaneous changes to the Handbook with a view to keeping the rules and guidance for authorised investment funds up to date. Changes include: Under COLL 6.12.3, authorised fund managers of UCITS schemes
- [European Long Term Investment Funds](https://complyport.com/european-long-term-investment-funds-5/) - The FCA consultation paper CP15/27 was not solely confined to UCITS V (see above article) as the “… other changes to the Handbook affecting investment funds” includes a section (Part II) on European Long Term Investment Funds (ELTIF). Although these funds will be categorised as EU AIFs it will be possible to market them to
- [UCITS V Developments](https://complyport.com/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 affecting investment funds”. As may be recalled a major change in UCITS V is the introduction of the need for UCITS management companies to establish
- [Pension Changes to Enhance Consumer Protection](https://complyport.com/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 proposals designed to ensure that the pensions market works well for consumers, including new requirements to help consumers shop around, ensuring they have the right
- [Cyber Security 101: Educate](https://complyport.com/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 a large subject, but information dense. It is pragmatic and helpful and has been targeted at the hedge fund and wealth management industry. The supporting
- [Common Reporting Standards: FATCA](https://complyport.com/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) which implements the CRS in the EU The UK’s FATCA Agreement with the US The effect will be to place obligations on financial institutions to
- [Money Laundering: Due Diligence Risk Factors](https://complyport.com/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 both firms and competent authorities on the risk factors to be taken into consideration when applying the required due diligence. The three ESAs (ESMA, EBA
- [UCITS V: HM Treasury Consultation](https://complyport.com/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 consultation on UCITS V together with a draft Statutory Instrument “The Undertakings for Collective Investment in Transferable Securities Regulations [2016]”. Although implementation of UCITS V
- [Disclosure Requirements](https://complyport.com/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 decisions – is behind the publication of CP15/32 “Smarter Consumer Communications: Removing ineffective disclosure requirements in our Handbook”. Its title very much sums up the
- [AML: UK Risk Management](https://complyport.com/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 AML/CTF for 2013-14 – see Regulatory Roundup 64. Chapter 6 concerns the ‘regulated sector’; for the purposes of the paper this term refers to all
- [AIFMD Passport Extension: Second Round](https://complyport.com/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 its advice in respect of six non-EEA countries: Jersey and Guernsey were a ‘yes’, Switzerland was a ‘yes, provided’ whilst Hong Kong, Singapore and the
- [Whistleblowing](https://complyport.com/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 firms to adopt internal procedures which will encourage workers with concerns to whistleblow internally about matters which are relevant to the functions of the FCA
- [Regulatory References](https://complyport.com/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 his/her potential new employer. A recently published joint Consultation Paper (CP15/31 – or in PRA terms CP36/15) proposes changes to the regime. CP15/31 proposes the
- [Extension of Senior Managers Regime and Certification Regime](https://complyport.com/extension-senior-managers-regime-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 Certification Regime (CR) to all financial firms and to replace the ‘presumption of responsibility’ for senior managers with a ‘duty of responsibility’ i.e. the burden
- [Personal Data: US Safe Harbor](https://complyport.com/personal-data-us-safe-harbor-2/) - 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. The Information Commissioner’s Office (ICO) website includes a list of non-EEA countries that the European Commission has determined have an adequate level of protection for
- [Market Abuse](https://complyport.com/market-abuse-2/) - 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 UK market abuse regime is largely centred around the 2003 Market Abuse Directive (MAD) with UK ‘bolt-ons’ that were based upon the then existing UK
- [What’s in the Sandbox?](https://complyport.com/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 - which went live in October last year – offering businesses FCA support in the introduction of innovative financial products and services to the market that
- [Asset Management: Under the Microscope](https://complyport.com/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 now been published which contains some interesting statistics The value of the asset management industry to the UK is reflected in the fact that it
- [Remuneration under CRD 4: Role-Based Allowances](https://complyport.com/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 consultation was the need to categorise remuneration as either variable or fixed with parameters being provided (see para 117 of Title III onwards) to determine
- [Disclosures and Transparency](https://complyport.com/disclosures-and-transparency/) - 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 2015. The FCA are also taking the opportunity to implement miscellaneous other changes not directly relating to TDAD which they believe will improve or clarify
- [Complyport Wins Customer Support Excellence Award](https://complyport.com/complyport-wins-customer-support-excellence-award/) - Complyport won a prestigious award for Customer Support Excellence at the Compliance Register Platinum Awards – the industry equivalent of the Hollywood Oscars. The awards are an annual event and the 2015 awards were held at the Royal Lancaster Hotel in London on Thursday 19th November. Complyport was also nominated by clients for a total
- [MiFID II Wobble](https://complyport.com/mifid-2-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 Monetary Affairs Committee at the European Parliament on 11 November 2015. In his speech, Mr Maijoor explained that not only was the timing for the
- [In The Clouds](https://complyport.com/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 publication of GC 15/6 ”Proposed guidance for firms outsourcing to the ‘cloud’ and other third-party IT services” this month, this stance looks set to change.
- [Making the FCA Application for Consumer Credit Easier](https://complyport.com/making-fca-application-consumer-credit-easier/) - The FCA has launched a series of step-by-step guides aiming to support consumer credit firms in completing their application for full or limited permission using our FCA Connect application system. These will be relevant to all firms applying for consumer credit authorisation and to trade associations representing consumer credit firms. Each short video is available
- [EMIR: Mandatory Clearing Regulation and Frontloading](https://complyport.com/emir-mandatory-clearing-regulation-and-frontloading/) - The Commission Delegated Regulation (2015/2205) on the mandatory clearing of certain OTC derivative contracts through central counterparties (see Regulatory Roundup 67) under Article 4 of EMIR has now been published in the Official Journal of 1 December. As is usual, the Regulation comes into force on the twentieth day after such publication i.e. 21 December
- [Thematic Review: Wealth Management and Suitability](https://complyport.com/thematic-review-wealth-management-suitability/) - The FCA has published its thematic review of wealth management firms and private banks and the suitability of investment portfolios (TR15/12). This is not the first time the regulator has reviewed the suitability of client portfolios – the FSA expressed its concerns in a ‘Dear CEO’ letter in June 2011 and this was touched upon
- [Thematic Review: Inside Information](https://complyport.com/thematic-review-inside-information/) - The FCA has published its findings on yet another thematic review - this time looking at ‘Flows of Confidential and Inside Information’ (TR15/13). The review sample consisted of 16 mostly small to medium-sized wholesale firms which the paper describes as ‘investment banking firms’ (however the accompanying article on the FCA website, as well as the document
- [AIFMD: Annex IV Reporting](https://complyport.com/aifmd-annex-iv-reporting/) - A reminder that the 31 December 2015 is a key reporting date for AIFMs: both small registered AIFMs and small authorised AIFMs are required to report annually with the reporting period ending 31 December in each calendar year; depending upon the value of AIFs under management, full-scope AIFMs will need to report either quarterly, half-yearly
- [FAST Act Amendment to Disclosure Requirements](https://complyport.com/fast-act-amendment-to-disclosure-requirements/) - The President of the United States, Barack Obama, signed into law the Fixing America’s Surface Transportation (“FAST”) Act on 4 December 2015. The FAST Act included an amendment of the consumer privacy provisions of the Gramm-Leach-Biley (“GLB”) Act revising the requirement for Financial Institutions to provide an annual privacy disclosure. Investment companies, registered and private
- [Knowledge and Competence](https://complyport.com/knowledge-and-competence/) - Under Article 25(1) of MiFID 2 (2014/65) firms will be required to ensure (and to demonstrate to competent authorities on request) that persons giving investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the required necessary knowledge and competence. ESMA was tasked with
- [Senior Managers Regime](https://complyport.com/senior-managers-regime/) - 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’ i.e. the burden will be
- [CRD 4: Remuneration and Proportionality](https://complyport.com/crd-4-remuneration-and-proportionality/) - As may be recalled, the consultation paper issued by the EBA on ‘Sound Remuneration Policies’ (CP 2015/3) closed on 4 June 2015 – see Regulatory Roundup 65 for a summary. After due consideration of responses to the consultation, the EBA has published its final Guidelines on sound remuneration policies under CRD 4 (EBA/GL/2015/22). Chapter 6,
- [SEC Office of Compliance Inspections and Examinations Examination Priorities for 2016](https://complyport.com/sec-office-of-compliance-inspections-and-examinations-examination-priorities-for-2016/) - On 11 January 2016 the United States Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) announced its 2016 Examination Priorities. As a reminder, OCIE serves as the “eyes and ears” of the SEC, conducting examinations of all regulated entities which includes investment advisers, broker-dealers, funds, and transfer agents. OCIE highlights three
- [Market Abuse: Delegated Regulation](https://complyport.com/market-abuse-delegated-regulation/) - The new market abuse regime deriving from Market Abuse Regulation 596/2014 (EU MAR) applies from 3 July 2016 – see Regulatory Roundup 70 for further details. The European Commission has published a Delegated Regulation (and accompanying Annexes), addressing various matters including: extending the exemption to certain public bodies etc. from certain obligations and prohibitions; indicators
- [SEC Year End Obligations](https://complyport.com/sec-year-end-obligations/) - Now that 2016 is firmly upon us, a number of United States regulatory filing deadlines come into view, particularly for firms with a 31 December fiscal year end (“FYE”). The chart below lists important filing requirements and corresponding 2016 filing deadlines. A pdf version is available here. To find out more information about year end
- [Robo Advisers Present a New Set of Risks](https://complyport.com/robo-advisers-present-a-new-set-of-risks/) - Advice is complex. Consider two financially identical individuals living in the same street with the same job, mortgage and commitments. Taking the bare facts, the robot adviser will reach the same conclusion for both. But throw in attitudes, opinions, gender and experiences and the advice outcomes can suddenly become very different. Robots jump on attitude
- [EBA: Report on Investment Firms and Prudential Requirements](https://complyport.com/eba-report-on-investment-firms-and-prudential-requirements/) - There has long been a recognition within the industry that the prudential requirements of investment firms arising out of the CRD IV framework were first and foremost designed for credit institutions, with investment firms – particularly those that do not hold client money or assets and neither deal on own account nor place/underwrite financial instruments
- [Guidelines on Cross-Selling](https://complyport.com/guidelines-on-cross-selling/) - Under MiFID II, Article 24(11), when an investment service is offered with another service or product as part of a package or as a condition for the same agreement, the investment firm concerned must inform the client whether it is possible to buy the components separately and should also provide evidence of the relative costs
- [FINRA 2016 Regulatory and Examination Priorities](https://complyport.com/finra-2016-regulatory-and-examination-priorities/) - Each year, the Financial Industry Regulatory Authority (“FINRA”) publishes its Annual Regulatory and Examination Priorities Letter to highlight issues of importance to FINRA's regulatory programmes. 5 January 2016 saw the release of the FINRA 2016 Regulatory and Examination Priorities letter. The 2016 letter identifies new areas of focus as well as areas of recurring concern.
- [AIFMD: Passport Extension Update](https://complyport.com/aifmd-passport-extension-update/) - Last July ESMA provided its advice and opinion to the European Parliament, the Council and the Commission on: the extension of the passport regime to non-EEA AIFMs; and the marketing of non-EEA AIFs by EEA AIFMs. At that time it was positive as to the extension of the passport regime for Guernsey, Jersey and Switzerland,
- [Client Money: Loan-Based Crowdfunding CP16/4](https://complyport.com/client-money-loan-based-crowdfunding/) - Since the FCA assumed responsibility for the regulation of loan-based crowdfunding in April 2014, an investor’s money, subject to certain transitional provisions, held by a platform (P2P agreements) – both for the purposes of lending out to borrowers and repayments from borrowers to be provided back to clients - is afforded the protection of CASS
- [Eligible Complainants: Professional Clients](https://complyport.com/eligible-complainants-professional-clients/) - As we know, changes to the Handbook were made in 2015 which meant that certain professional clients would be regarded as ‘consumers’ and hence able to have their complaints dealt with under the Financial Ombudsman Service (“FOS”) as ‘eligible complainants’. A consumer is “any natural person acting for purposes outside his trade, business or profession”.
- [Fourth Money Laundering Directive: Proposed Amendments](https://complyport.com/fourth-money-laundering-directive-proposed-amendments/) - As we know the UK (and other Member States) have until 26 June 2017 to implement the Fourth Money Laundering Directive (2015/849 – “4MLD”) into national law – see the “Complyport: Fourth Money Laundering Directive” link. A press release advises that the European Commission is: Calling on Member States to commit to implement 4MLD by
- [Contract for Difference Products: FCA Concerns](https://complyport.com/contract-for-difference-products-fca-concerns/) - Following a review of new client take-on procedures in a sample of ten firms that offered contract for difference (“CFD”) products, the FCA has published a ‘Dear CEO’ letter. We are reminded that, under the Handbook Glossary, the term ‘CFD’ also captures spread bets and can also include rolling-spot forex contracts. As a result of
- [Persons with Significant Control Register Obligation](https://complyport.com/psc-register-obligation/) - A reminder that the obligation to maintain a Register of Persons with Significant Control (“PSC”) commences 6 April 2016 – see Regulatory Roundup 62 for background details; note that the provisional implementation plan issued by the Department for Business, Innovation and Skills (“DBIS”) in January 2015 had a commencement date of January 2016. From 6
- [Dispute Resolution Platform](https://complyport.com/dispute-resolution-platform/) - As a follow-up to the article on ‘Eligible Complainants’ in Regulatory Roundup 72, the FCA has published a reminder to firms of the Online Dispute Resolution (“ODR”) platform that the European Commission will make available on its website from 15 February 2016. The changes which brought about the ‘consumer’ requirement in the definition of eligible
- [The Innovative Finance ISA](https://complyport.com/the-innovative-finance-isa/) - From 6th April 2016 the FCA rulebook will be changing to pave the way for the new Innovative Finance ISA (“IFISA”) which is part of the Government plan to allow loan-based crowd funding, often called peer-to-peer (“P2P”), to be included in ISAs. CP16/5 sets out details of the likely changes which are designed to give
- [UCITS V](https://complyport.com/ucits-v-4/) - Of Relevance To UCITS Management Companies; AIFMs of NURS; depositaries and custodians of UCITS schemes and AIFs. UCITS V The FCA has released Policy Statement PS16/2 “Implementation of the UCITS V Directive”. Despite its title, the paper is not only of importance to UCITS Management Companies but also to Alternative Investment Fund Managers (“AIFMs”) of
- [MiFID II Delayed](https://complyport.com/mifid-ii-delayed/) - Of Relevance To Current MiFID firms and those entities falling under the MiFID II regime. MiFID II Delayed The implementation date of the MiFID II framework (both the Directive and the Regulation) has now been formally extended by one year – see Regulatory Roundup 70 (‘MiFID Wobble’). Under Article 93(1), second paragraph, of the revised
- [The Insurance Distribution Directive](https://complyport.com/the-insurance-distribution-directive/) - Of Relevance to Insurance product providers and insurance intermediaries The Insurance Distribution Directive The Insurance Mediation Directive (“IMD”), implemented in 2005, regulates the sale of insurance products and was intended to create a single market for the sale of insurance products. During a review of the market in 2005-2008, the European Commission found application of
- [EMIR Mandatory Clearing: Credit Default Swaps](https://complyport.com/emir-mandatory-clearing-credit-default-swaps/) - Of Relevance to: Those entities subject to EMIR EMIR Mandatory Clearing: Credit Default Swaps As we know, Article 4 of EMIR imposes a clearing obligation on all OTC contracts which fulfil the conditions therein. However it is incumbent upon ESMA to determine which classes of OTC derivatives should be subject to the clearing obligation. Last
- [Fire-fighting is an expensive solution to a GRC problem](https://complyport.com/fire-fighting-is-an-expensive-solution-to-a-grc-problem/) - Many businesses don’t recognise they have a GRC problem until it’s too late! Why is this? Why didn’t someone spot the problem and do something about it? More often than not it is a failure of their Governance, Risk and Compliance (GRC) processes. The GRC problem often has its root cause at the top. Directors
- [Remuneration: Bonus Cap](https://complyport.com/remuneration-bonus-cap/) - Of Relevance to: Firms subject to CRD IV (‘IFPRU Investment Firms’) Remuneration: Bonus Cap The European Banking Authority’s Guidelines on sound remuneration policies were published on 21 December last year. The Guidelines will apply from 1 January 2017 and as such the current CEBS Guidelines will be repealed with effect from 31 December 2016 –
- [Financial Year 2015: Submissions to the Hong Kong SFC](https://complyport.com/financial-year-2015-submissions-to-the-sfc/) - Of Relevance to: Hong Kong Licenced Firms Financial Year 2015: Submissions to the Hong Kong SFC For Hong Kong Licensed Corporations with a fiscal year ending 31 December, there are certain annual submissions due to the SFC by Friday 29 April 2016: Account Disclosure Document for Licensed Corporation (“ADD”) – prepared by the firm Audit
- [Brexit – Too close to call](https://complyport.com/brexit-too-close-to-call/) - Brexit is the abbreviation for “British Exit” from the European Union (EU). The country will vote on the issue of whether to stay in the EU or leave in a referendum on Thursday 23rd June 2016. At the time of writing, the Brexit referendum is only 3 months away and the indicators are that he
- [Amendment of Director Appointment Records](https://complyport.com/amendment-of-director-appointment-records/) - Amendment of Director Appointment Records Directors will soon be able to have their name removed from the companies register if they did not consent to act as a director. This will come into force from 6th April 2016. In 2015 the government simplified the paperwork required to appoint a director. It removed the requirement for
- [LLPs and Register of Persons with Significant Control](https://complyport.com/llps-and-register-of-persons-with-significant-control/) - LLPs and Register of Persons with Significant Control Limited Liability Partnerships (LLPs) are required to register Persons with Significant Control (PSC) from 6th April 2016. This will bring LLPs in line with the requirement for companies. Pursuant to the draft Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 published on 25 January
- [Complyport CEO talks GRC in Telegraph interview](https://complyport.com/complyport-ceo-talks-grc-telegraph-interview/) - Governance, Risk and Compliance (GRC) is a term that might more accurately be described as “The business issues that ought to keep directors and senior managers awake at night!” Complyport CEO Paul Grainger has been talking to the Business Reporter's Alastair Greener about how firms can manage that risk and get a "good nights sleep". To watch
- [Securities Financing Transactions Regulation: ESMA Discussion Paper](https://complyport.com/securities-financing-transactions-regulation-esma-discussion-paper/) - Of Relevance to: Firms concluding Securities Financing Transactions Securities Financing Transactions Regulation: ESMA Discussion Paper As advised in Regulatory Roundup 72, reporting and transparency obligations will arise in respect of securities financing transactions (“SFT”) – for the definition of a SFT, the timetable and overview of the requirements please refer to the above mentioned article.
- [Liquidity Management in Funds](https://complyport.com/liquidity-management-in-funds/) - Of Relevance to: Managers of open-ended investment funds Liquidity Management in Funds The FCA has published comments – there is no stand-alone paper as such - on ‘Liquidity management for investment firms: good practice’. The comments arise from work undertaken in conjunction with the Bank of England to assess risks posed by open-ended investment funds
- [Client Money: Loan-Based Crowdfunding](https://complyport.com/client-money-loan-based-crowdfunding-2/) - Of Relevance to: Firms advising on P2P agreements; all firms undertaking ‘advising on investments Client Money: Loan-Based Crowdfunding The proposed changes to CASS to allow firms to hold money in relation to both P2P agreements (CASS protection) and business to business agreements (falls outside of CASS protection) without breaching CASS came into force on 21
- [Personal Data: US Privacy Shield](https://complyport.com/personal-data-us-privacy-shield/) - As we know, the US ‘Safe Harbor’ scheme was declared invalid by the European Court of Justice in October of last year – see Regulatory Roundup 70. The issue at the time centred around Principle 8 of the Data Protection Act (Schedule 1) which prevents the transfer of personal data to a country outside the
- [Advising on Investments: FAMR](https://complyport.com/advising-on-investments-famr/) - The joint FCA and HM Treasury Financial Advice Market Review (“FAMR”) was launched last year – see Regulatory Roundup 67. The purpose of the review was to examine: the advice gap for those people who want to work hard, do the right thing and get on in life but do not have significant wealth; the
- [IT and GRC – A Solution to the Gap at the Top?](https://complyport.com/it-and-grc-a-solution-to-the-gap-at-the-top/) - Sound practices in Governance, Risk and Compliance (GRC) are the key to engaging senior management in cyber security planning. This is the key conclusion from recent consideration of cyber security risks by IT giant IBM and by attendees at forums in London and New York run by the Alternative Investment Management Association (AIMA). Earlier this
- [Remuneration Guidelines: UCITS V and AIFMD](https://complyport.com/remuneration-guidelines-ucits-v-and-aifmd/) - Of Relevance to: UCITS management companies; AIFMs Remuneration Guidelines: UCITS V and AIFMD UCITS V introduces the need for UCITS management companies to establish and apply remuneration policies and practices – SYSC 19E incorporates the nine UCITS remuneration principles (see Regulatory Roundup 73). Last year ESMA produced a consultation paper on remuneration guidelines relating to
- [FCA Business Plan 2016/17](https://complyport.com/fca-business-plan-201617/) - Of Relevance to: To all firms FCA Business Plan: 2016/17 The FCA has published its Business Plan for 2016/17, which also includes the ‘Risk Outlook’ (page 12) which effectively feeds into the Business Plan. The purpose of the Plan is to set out the FCA’s priorities for the year ahead. In keeping with last year’s
- [Financial Sanctions](https://complyport.com/financial-sanctions/) - Of Relevance to All firms Financial Sanctions The Office of Financial Sanctions Implementation (“OFSI”) came into being on 31 March. The OFSI, which is part of HM Treasury, was flagged-up in last year’s Summer Budget, and is tasked with ensuring that financial sanctions are properly understood, implemented and enforced in the UK. Firms should ensure
- [FCA Fees and Levies 2016-17](https://complyport.com/fca-fees-and-levies-2016-17/) - Of Relevance to All firms FCA Fees and Levies 2016-17 The FCA has published Consultation Paper CP16/9 “FCA Regulated fees and levies: Rates proposals 2016/17”. Year-on-year the good news for firms is that the annual funding requirement (“AFR”) for 2016-17 remains unchanged at £481.6m. However, this year the costs associated with the regulation of Consumer
- [UCITS Share Classes](https://complyport.com/ucits-share-classes-2/) - Of Relevance to: UCITS Management Companies UCITS Share Classes ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 - on the subject in December 2014). As a reminder, unlike UCITS sub-funds in which
- [Fund Management Firms: Thematic Review](https://complyport.com/fund-management-firms-thematic-review/) - Of Relevance to: Fund Management Firms; Financial Advisers; Platform Providers Fund Management Firms: Thematic Review The FCA has carried out a thematic review on UK fund management firms and has published its findings in TR16/3 – “Meeting investors’ expectations”. The review looked at 19 fund management firms which, between them, were responsible for 23
- [Initial Public Offerings - IPO](https://complyport.com/initial-public-offerings/) - Of Relevance to: IPO stakeholders including corporate finance advisors, investment banks and buy-side investors. Initial Public Offerings A double IPO offering from the FCA with the publication of both a Discussion Paper (“Availability of information in the UK Equity IPO process” – DP16/3) and an Occasional Paper (“Quid pro quo? What factors influence IPO allocations
- [Inducements and Conflicts of Interest: Thematic Review](https://complyport.com/inducements-and-conflicts-of-interest-thematic-review/) - Of Relevance To: MiFID firms; firms undertaking business in respect of retail investment products Inducements and Conflicts of Interest: Thematic Review In January 2014 the FCA published Finalised Guidance FG14/01 “Supervising retail investment advice: inducements and conflicts of interest”. Although of general interest to all firms, the Guidance was particularly relevant to providers of, and
- [Anti-Money Laundering Action Plan](https://complyport.com/anti-money-laundering-action-plan/) - Of relevance to: All firms and in particular MLROs. Anti-Money Laundering Action Plan The Home Office and HM Treasury have published a joint “Action Plan for anti-money laundering and counter-terrorist finance”. The purpose of the Action Plan, so we are told, is to send out a clear message that the Government is determined to protect
- [Advising: FCA Register](https://complyport.com/advising-fca-register-2/) - Of Relevance to: 'Firms whose activities include ‘advising on investments' Advising: FCA Register As mentioned in Regulatory Roundup 74, firms that had the activity of ‘advising on investments’ under the ‘Permission’ section of their entry on the Financial Services Register as at 6 April will now find that they have the additional regulated activity of
- [Complyport Announces Retirement of Richard Eagle](https://complyport.com/richard-eagle-retirement/) - Complyport Limited announces the retirement of Richard Eagle, director and head of client services on 28 April 2016. Richard's career in financial markets has spanned 55 years with the latter 10 years at Complyport. During his distinguished service with Complyport, Richard has specialised as a consulting regulatory compliance specialist in broker dealer regulation and as
- [FSCS Levy 2016/17](https://complyport.com/fscs-levy-201617/) - Of Relevance to: All firms FSCS Levy 2016/17 Separate to Consultation Paper CP16/9 “FCA Regulated fees and levies: Rate proposals 2016/17” (see previous article) the Financial Services Compensation Scheme (“FSCS”) has announced its 2016/17 levy. Although of most interest to those firms that conduct business with eligible claimants (see COMP 4.2), all firms remain liable
- [Complyport Wins Another Award](https://complyport.com/complyport-wins-another-award/) - Of Relevance to: General interest Complyport Wins Another Award We are proud to announce that Complyport (HK) Ltd was named “Best Compliance Services Provider” by AsianInvestor in their Asset Management Awards 2016 for the second time. In addition to 2016, Complyport (HK) Ltd’s predecessor company, Corporate Support Limited, won this award in 2011. Complyport (HK)
- ['Whistleblowers' - What's in a Name? Everything.](https://complyport.com/whistleblowers-whats-in-a-name-everything/) - 'Whistleblowers' - What's in a Name? Everything I suggest. Contributed article; Ian Hynes, CEO Intersol Global I've long held the view that the fundamentally noble efforts of a significant few to expose a lack or betrayal of organisational ethics and corrupt or improper practice have been undermined by the term 'Whistleblowing'. In an effort to
- [Bring Your Own Device –  The Security Hole in Everyone’s Pocket?](https://complyport.com/bring-your-own-device-the-security-hole-in-everyones-pocket/) - The arrival and use of personal mobile devices in the workplace (Bring Your Own Device) is now a cause for concern. How should firms counter the security threats that the use of personal mobile devices creates? Bring Your Own Device (BYOD) Bring Your Own Device (BYOD) is a term that refers to the policy of
- [FCA Bans Compliance Officer for Life](https://complyport.com/fca-bans-compliance-officer-life/) - The Financial Conduct Authority has banned Mr Peter Johnson, former compliance officer of Keydata Investment Services Ltd, from performing any function in relation to any regulated financial activity and publicly censured him. Were it not for Mr Johnson's serious financial hardship, the FCA would have fined him £200,000. Compliance Officers can often be faced with
- [UCITS V and Securities Financing Transactions Regulation: Changes to the Handbook](https://complyport.com/ucits-v-securities-financing-transactions-regulation-changes-handbook/) - Of relevance to: UCITS management companies, AIFMs The FCA has published Consultation Paper CP16/14 – “UCITS V Level 2 Regulation, SFTR and consequential changes to the Handbook”. In basic terms the consultation can be broken down in to two specific areas: UCITS V Level 2 Regulation and Securities Financing Transactions Regulation (“SFTR”). UCITS V Level
- ['Whistleblower' or 'Key Workplace Witness'?](https://complyport.com/whistleblower-key-workplace-witness-kww/) - Following on from his previous article, ‘Whistleblowers’ – What’s in a Name? Everything I suggest, Ian Hynes suggests an alternative. Contributed article; Ian Hynes, CEO Intersol Global In essence, the previous article addressed two pressing issues as this topic attracts increasing scrutiny. First, the actual terminology, and second, the process of securing witnesses information and
- [Data Breaches and GDPR](https://complyport.com/data-breaches-gdpr/) - In the last few weeks alone, we have seen massive password files allegedly posted online from LinkedIn (117 million users in June), Twitter (32 million users in June) and MySpace (427 million users late May). While these data files may have been the result of past breaches, password and log-on re-use pretty much ensure that
- [Suitability in Wealth Management: Further FCA Visits](https://complyport.com/suitability-wealth-management-fca-visits/) - Of relevance to: Firms providing discretionary and/or advisory portfolio management services Suitability in Wealth Management: Further FCA Visits An article in Regulatory Roundup 71 (pdf) drew attention to a thematic review (TR15/12) that the FCA had published on wealth management firms and private banks concerning the suitability of investment portfolios. The review assessed 150 files from
- [Bank of England and Financial Services Act 2016](https://complyport.com/bank-england-financial-services-act-2016/) - Of relevance to: All firms Bank of England and Financial Services Act 2016 The Bank of England and Financial Services Act 2016 has made its way through both Houses and received Royal Assent on 4 May. It’s not a massive instrument but some points of interest within it include: The PRA will no longer be
- [Brexit - What happens if it happens?](https://complyport.com/brexit-happens-happens/) - The run up to the Brexit vote seems to be heavy on aspirations but light on detail - what might be the implications for the financial services sector. In terms of breaking away from the EU the, admittedly high-level, process can be found in the Treaty on European Union (TEU), which together with the Treaty
- [The votes have been counted and ‘Brexit’ has won the day.](https://complyport.com/votes-counted-brexit-won-day/) - The votes have been counted and ‘Brexit’ has won the day. Whilst the Government considers what exactly that means for the UK as a whole, and what needs to be done – the run up to the Brexit vote seemed to be heavy on aspirations but light on detail – thoughts turn to what the
- [Brexit and its Implications](https://complyport.com/brexit-and-its-implications/) - Brexit and its Implications The votes have been counted and ‘Brexit’ has won the day. The UK electorate has voted 52% to 48% to leave the European Union (EU). The Prime Minister David Cameron has announced he will resign in the Autumn as soon as a new Leader of the Conservative Party has been elected.
- [EMIR: Further Clearing Requirements](https://complyport.com/emir-clearing-requirements/) - Of Relevance to: Those entities subject to EMIR EMIR: Further Clearing Requirements Article 4 of EMIR (648/2012) imposes a clearing obligation on all OTC derivative contracts meeting the conditions therein, with ESMA being charged with proposing the particular classes of OTC derivatives that will require clearing. Previous Delegated Regulations have been published which impose the
- [Securities Financing Transactions Regulation: Disclosure Obligation](https://complyport.com/securities-financing-transactions-regulation-disclosure-obligation/) - Of Relevance to: Firms concluding Securities Financing Transactions Securities Financing Transactions Regulation: Disclosure Obligation A reminder that, as advised in Regulatory Roundup 72, the ‘risks and consequences’ disclosure obligation arising under the Securities Financing Transactions Regulation (2015/2365) (“SFTR”) applies from 13 July 2016. A Securities Financing Transaction (SFT) is defined as per Article 3(11) of
- [Financial Advice Market Review (FAMR)](https://complyport.com/financial-advice-market-review-famr/) - In March 2016 the Treasury and the FCA reported following a major review into financial advice to establish how the market can function better for consumers. Having thrown out the old financial advice model based on commission, hidden costs and hidden conflicts of interest, politicians and regulators have realised something financial advisers have been telling
- [Finance and Insurance: a 43% Automation Potential](https://complyport.com/finance-insurance-43-automation-potential/) - In a recent McKinsey Quarterly article, Where machines could replace humans—and where they can’t (yet) (download here), the financial sector is shown to display surprisingly high potential for automation. The report is one of a series reflecting research McKinsey has been carrying out into the growing automation in the workplace. The research analyses the time
- [Shadow IT and File Sharing](https://complyport.com/shadow-it-and-file-sharing/) - For a long time now, email has been the way firms share documents. It is an easy to use and ubiquitous technology. Sending a document as an email attachment with track changes has been a long-standing means of document collaboration. Email does not, however, always provide a solution. What if a user wants to access
- [Whistleblowing in 2016 – A Practical Guide For Compliance Managers](https://complyport.com/whistleblowing-2016-practical-guide-compliance-managers/) - Complyport, ComplySci and Intersol Global are thrilled to have partnered for this Whistleblowing webinar on 12 July 2016 Contributed commentary; ComplySci Whistleblowing in 2016 This subject is clearly top of mind for many compliance managers as over 200 professionals registered last Thursday 12 July to hear about the challenges and potential solutions to whistleblowing in today's dynamic
- [AIFMD Passport: ESMA Advice re non-EU Jurisdictions](https://complyport.com/aifmd-passport-esma-advice-re-non-eu-jurisdictions/) - Of relevance to: AIFMs; non-EU fund managers Although the AIFMD marketing passport simplifies the marketing of EU AIFs by EU AIFMs, under the current AIFMD regime, the marketing by non-EU AIFMs and EU AIFMs of non-EU AIFs is subject to the national private placement regime (“NPPR”) of each Member State (provided that the conditions in
- [PRIIPs: Are you ready?](https://complyport.com/priips-are-you-ready/) - Of Relevance to: Most firms providing investment products or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS. As mentioned in Regulatory Roundup 61, Regulation 1286/2014 on the provision of key information documents for packaged retail and insurance-based investment products (“PRIIPs”) applies from 31 December 2016. Being
- [CFDs and Speculative Products and Appropriateness](https://complyport.com/cfds-speculative-products-appropriateness/) - Of Relevance to: Firms involved in CFDs and similar speculative products such as binary options and rolling spot forex and to firms in general that need to undertake appropriateness testing. Following on from PRIIPs (see previous article), ESMA has published an updated version of its Q&As (2016/1165) concerning the “provision of CFDs and other speculative
- [FCA Anti-money Laundering Annual Report](https://complyport.com/fca-anti-money-laundering-annual-report/) - Of Relevance to: All firms The FCA has published its Anti-money Laundering Report for 2015/16 on its website. Highlights include: Financial crime was a top priority in 2015/16 and will remain so in 2016/17. Proactive AML supervision continues via both SAMLP (Systematic Anti-Money Laundering Programme) which covers 14 major retail and investment banks and by
- [Ten warning signs your GRC needs improving](https://complyport.com/ten-warning-signs-grc-needs-improving/) - If you feel like your business is constantly fixing problems and you’re worried about your legal or regulatory obligations, then perhaps your Governance, Risk management and Compliance (GRC) is weak and systems need improving. Here’s what we would suggest you look at: 1. Errors Your firm is making errors, whether it’s individuals, teams, management or
- [Ransomware and Extortion](https://complyport.com/ransomware-and-extortion/) - Over the past few months there have been a number of 2016 surveys looking at various aspects of information security, all drawing comparisons on the previous annual surveys, all highlighting trends. A sobering take-home from the majority of reports is that they back up strident headlines warning of the rise of ransomware. Apparently, 2016 will
- [REP-CRIM](https://complyport.com/rep-crim/) - Of Relevance to: Firms falling within the criteria within SUP 16.23; those persons with responsibility for oversight of financial crime A reminder that a new financial crime data return (REP-CRIM) comes into force on 31 December 2016 – see Regulatory Roundup 75 and 78. The draft rules first appeared in FCA Quarterly Consultation No.11 (CP15/42)
- [EU-US Privacy Shield](https://complyport.com/eu-us-privacy-shield/) - Of Relevance to: Firms whose business model involves the transmission of personal data to the US. It may be recalled that in October 2015 the European Court of Justice declared that the ‘Safe Harbor’ framework was invalid. As a reminder, the transfer of personal data to a country outside the EEA is prohibited unless the
- [Advice: Amending the Definition](https://complyport.com/advice-amending-definition/) - Of relevance to: Investment advisory firms; all firms undertaking ‘advising on investments’ The publication in March of the ‘Financial Advice Market Review’ (“FAMR”) was the final report on this joint FCA and HM Treasury initiative – Regulatory Roundup 74 provided an overview. As commented then, one of the recommendations was to consider amending the definition
- [EuVECA & EuSEF: Update](https://complyport.com/euveca-eusef-update/) - Of relevance to: Managers of EuVECA/EuSEF funds; full-scope AIFMs; managers of funds which may qualify as EuVECA/EuSEF funds The concept of a European Venture Capital Fund (“EuVECA”) and a European Social Entrepreneurship Fund (“EuSEF”) has been in existence for around three years – see e.g. Regulatory Roundup 47 for an overview of these funds. A
- [PRIIPs Delay](https://complyport.com/priips-delay/) - Of relevance to: Most firms providing investment or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS The July edition of the Regulatory Roundup (Issue 78) included a reminder (“PRIIPs: Are you ready?”) that Regulation 1286/2014 on the provision of a Key Information Document (“KID”) for Packaged
- [4MLD: High-risk Countries](https://complyport.com/4mld-high-risk-countries/) - Of relevance to: All firms Around one week after HM Treasury published its Consultation Paper on the Fourth Money Laundering Directive (“4MLD”) - see previous article “4MLD: HM Treasury Consultation” - a supplementing Directive (2016/1675) appeared in the Official Journal. Article 18 of 4MLD imposes an Enhanced Customer Due Diligence requirement in certain circumstances such
- [4MLD: HM Treasury Consultation](https://complyport.com/4mld-hm-treasury-consultation/) - Of relevance to: All firms HM Treasury has published a Consultation Paper on the transposition of the Fourth Money Laundering Directive (“4MLD”) and the accompanying Fund Transfer Regulation (“FTR”). Although the latter is a Regulation, and hence binding upon all Member States, Article 17 of the FTR requires Member States to set out rules on
- [Advising: FCA Register Part 4A](https://complyport.com/advising-fca-register-3/) - Of relevance to: Firms whose activities include ‘advising on investments’ The FCA has issued a reminder to those firms whose Part 4A Permission permits them to undertake the activity of ‘advising on P2P agreements’ and who do not undertake that activity. As was mentioned in Regulatory Roundup 75 (‘Advising: FCA Register’), firms that had the
- [Activities and Exam Qualifications](https://complyport.com/activities-exam-qualifications/) - Of relevance to: Firms and their employees where appropriate qualifications are required under TC The title of the FCA’s latest Consultation Paper CP16/24 “Review of the FCA’s appropriate qualification exam standards” neatly sums up its purpose. SYSC 5 places a requirement on firms to employ personnel with appropriate skills, knowledge and expertise. However additional requirements
- [Introducers: FCA Concerns](https://complyport.com/introducers-fca-concerns/) - Of relevance to: Firms accepting business from unauthorised introducers “Introducing” is one of those problematical activities that can either fall outside FCA regulation or fall inside FCA regulation depending upon the particular circumstances – in the latter case this would involve the regulated activity of ‘arranging deals in investments’. One of the exemptions available -
- [ESMA Remuneration Guidelines: UCITS and AIFMD](https://complyport.com/esma-remuneration-guidelines-ucits-aifmd/) - Of relevance to: UCITS management companies and AIFMs UCITS V introduced the concept of remuneration policies and practices for management companies – see Regulatory Roundup 75 for details of ESMA’s final report on UCITS remuneration guidelines. The UCITS Remuneration Code is, of course, captured in SYSC 19E of the Handbook. The ‘official’ guidelines have now
- [Investment and Corporate Banking: Final Report](https://complyport.com/investment-corporate-banking-ipos/) - Of relevance to: IPO stakeholders including corporate finance advisers, investment banks and buy-side investors In May 2015 the FCA launched a market study into investment and corporate banking by publishing its Terms of Reference (see Regulatory Roundup 65). One focus of the study was the availability of information during the IPO process. In April of
- [AIFMD Passport: Non-EU Jurisdictions](https://complyport.com/aifmd-passport-non-eu-jurisdictions/) - Of relevance to: AIFMs and, non-EU fund managers As we know (see Regulatory Roundup 78) the AIFMD allows for the extension of the marketing passport to EU AIFMs of non-EU AIFs (currently such marketing is subject to the national private placement regime – “NPPR”) and to non-EU AIFMs (currently also NPPR only) as well as
- [CFDs and other Speculative Products](https://complyport.com/cfds-speculative-products/) - Of relevance to: Firms involved in CFDs and similar products such as binary options and rolling spot forex ESMA has updated its Q&As on ‘the provision CFDs and other speculative products to retail investors under MiFID’. – see Regulatory Roundup 78 for the previous version which included the addition of the importance of determining whether
- [Regulatory References Update](https://complyport.com/regulatory-references-2/) - 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 the Approved Persons chapter of
- [Brexit and Article 50](https://complyport.com/brexit-article-50/) - By now we will all be aware of the decision of the High Court in Gina Miller & Deir Tozetti Dos Santos v The Secretary of State to the effect that the UK government does not have the power to give notice under Article 50 for the UK to withdraw from the European Union. You may
- [PRIIPs: Implementation Delay Confirmed](https://complyport.com/priips-implementation-delay-confirmed/) - Of relevance to: Most firms providing investments or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS As advised in Regulatory Roundup 80, the European Parliament rejected a proposed Delegated Regulation which was a key part of the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs”). The
- [Oops, Wrong Recipient](https://complyport.com/oops-wrong-recipient/) - Yes, we’ve all done it. We’ve done it with WhatsApp, we’ve done it with SMS and, yes, we’ve done it with email, and, worst, we’ve done it with work email. In a hurry to get an email sent, the wrong recipient gets selected from the helpful drop-down on the address bar. Sensitive information goes out
- [FCA Asset Management Market Study: Interim Report](https://complyport.com/fca-asset-management-market-study-interim-report/) - Of relevance to: The asset management sector In November 2015 the FCA published its terms of reference in relation to the intention to undertake a market study into asset management - see Regulatory Roundup 70 “Asset Management: Under the Microscope”. The intention to conduct such a market study was set out in the FCA’s Business
- [Investment Firms: New Prudential Regime Discussion Paper](https://complyport.com/investment-firms-new-prudential-regime-discussion-paper/) - 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 investment firm which distinguishes between
- [CFDs – Enhanced Conduct of Business Rules](https://complyport.com/cfds-enhanced-conduct-business-rules/) - 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 conduct of business rules for
- [FSCS Review](https://complyport.com/fscs-review/) - Of Relevance to; All firms, particularly those with clients that qualify as ‘eligible claimants’ The FCA has published consultation paper CP16/42 “Reviewing the funding of the Financial Services Compensation Scheme (“FSCS”)”. It may be recalled that the joint HM Treasury and FCA Financial Advice Market Review (“FAMR”) suggested some reforms for the FCA to consider
- [Crowdfunding: FCA Interim Report](https://complyport.com/crowdfunding-fca-interim-report/) - Of Relevance to: Firms offering crowdfunding Responses to its ‘call for input’ in July of this year on crowdfunding has left the FCA feeling that there is evidence of potential investor detriment. The Regulator has published its initial findings in Feedback Statement FS16/13. Initial findings re investment-based crowdfunding includes: Not all firms satisfied the requirements
- [Mandatory Use of SFC Online Portal](https://complyport.com/mandatory-use-sfc-online-portal/) - Of interest to: Hong Kong Licenced Firms Effective 1 February 2017, all Hong Kong Securities and Futures Commission (“SFC”) applications, notifications and annual returns filed by Licensed Representatives (which includes Responsible Officers) must be submitted by way of the SFC’s online portal https://portal.sfc.hk/sfcportal/signin?locale=en (“Portal”). Submissions by Licensed Corporations and their Substantial Shareholders and Directors will
- [Redundancy, dear Watson](https://complyport.com/redundancy-dear-watson/) - Mentioning Artificial Intelligence (AI) prompts complex reactions in humans. These reactions are often tinged with fear about redundancy, and the reporting of AI is often in a controversial setting. This is perfectly illustrated by recent events. On 26th of December last year, Fukoku Mutual Life Insurance Company announced 34 workers were to be replaced by
- [European Market Infrastructure Regulation (“EMIR”):  Final call for backloading](https://complyport.com/european-market-infrastructure-regulation-emir-final-call-for-backloading/) - Of relevance to: those entities subject to EMIR It’s now nearly three years (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 recall that there were phased reporting windows depending whether the contracts were: entered into before 16
- [UCITS and AIFs: Transparency Requirements](https://complyport.com/ucits-aifs-transparency-requirements/) - Of relevance to: UCITS management companies and AIFMs UCITS and AIFs: Transparency Requirements A reminder to UCITS management companies and AIFMs that certain transparency obligations arising under the Securities Financing Transactions Regulation (“SFTR” – 2015/2365) apply from 13 January 2017 - see Regulatory Roundup 76. A SFT is defined as: a repurchase transaction; securities or
- [EMIR - Reporting to Trade Repositories Revision](https://complyport.com/emir-reporting-to-trade-repositories-revision/) - Of Relevance to: Firms subject to EMIR The minimum details to be reported to a Trade Repository currently sit within Regulatory Technical Standards (“RTS”) Delegated Regulation 148/2013, with the format and frequency of trade reports contained in Implementing Technical Standards (“ITS”) Implementing Regulation 1247/2012. Both the RTS and the ITS have been revised and will
- [Variation Margin](https://complyport.com/variation-margin/) - Of Relevance to: Firms trading in OTC derivatives A reminder that the EMIR Variation Margin Regulations (2016/2251) apply from 1 March 2017 in respect of uncleared OTC derivatives (although it was 4 February 2017 for those large players with uncleared derivatives in excess of €3 trillion). The Regulations require a daily mark-to-market calculation of variation
- [Illiquid Assets and Open-ended Funds](https://complyport.com/illiquid-assets-open-ended-funds/) - Of Relevance to: Managers of open-ended funds The FCA has published Discussion Paper DP17/1 on “Illiquid assets and open-ended funds”. DP17/1 concerns itself with the liquidity within a scheme - which in turn would impact upon the ability of investors to redeem their holdings on request - in open-ended funds and, specifically, the liquidity problems
- [PRIIPs – Joint Consultation](https://complyport.com/priips-joint-consultation/) - Of Relevance to: Most firms providing investments or investment services to retail investors, including AIFMs, UCITS Management Companies and Authorised Fund Managers of NURS A joint EBA/EIOPA/ESMA consultation paper (JC 2017 05) has been published concerning Packaged Retail and Insurance-based Investment Products (“PRIIPs”) with environmental or social objectives. The PRIIPs – Joint Consultation paper arises
- [Initial Public Offerings: Reforming the Process](https://complyport.com/initial-public-offerings-reforming-process/) - Of Relevance to: IPO stakeholders including corporate finance advisers, investment banks, buy-side stakeholders and independent research analysts In April 2016 the FCA published a Discussion Paper (DP16/3) on concerns it had on the availability of information in the UK equity IPO process – see Regulatory Roundup 75 for further information. Following feedback arising from the
- [Advising on Investments - Change in Definition](https://complyport.com/advising-investments-change-definition/) - Of relevance to: All regulated firms One of the recommendations in the joint FCA and HM Treasury Financial Advice Market Review (“FAMR”) was to consider amending the definition of regulated advice so that it is line with the MiFID definition of ‘investment advice’ (as in ‘a personal recommendation’) – see Regulatory Roundup 74. One anticipated
- [Best Execution](https://complyport.com/best-execution-2/) - Of Relevance to: Investment Managers The FCA has published a statement on its website to the effect that investment managers are (still) failing to ensure effective oversight of best execution. It’s not the first time that the FCA has published work related to best execution – see Regulatory Roundup 58 concerning the FCA’s thematic review
- [Loan-based Crowdfunding](https://complyport.com/loan-based-crowdfunding/) - Of Relevance to: Firms that operate loan-based crowdfunding platforms Those firms operating loan-based crowdfunding platforms – and specifically ones which facilitate loans to lending businesses – should have received, and actioned by now, a ‘Dear CEO’ letter from the FCA. The FCA is concerned that such lending businesses may be undertaking the activity of ‘accepting
- [Money Laundering - Politically Exposed Persons](https://complyport.com/money-laundering-politically-exposed-persons/) - Of Relevance to: All regulated firms Draft UK Regulations transposing 4MLD into national law were published on 15 March 2017. The concept of Politically Exposed Persons (“PEPs”) and the need to apply Enhanced Due Diligence continues under the Fourth Money Laundering Directive (“4MLD”), although the distinction between a domestic PEP and a foreign PEP will
- [Money Laundering: New Watchdog for Professional Bodies](https://complyport.com/money-laundering-new-watchdog-professional-bodies/) - Of relevance to: All firms for general interest HM Treasury has announced the creation of a new money laundering watchdog that will tackle potential weaknesses in the money laundering supervisory system that criminals and terrorists may be trying to exploit. The new money laundering watchdog will be known as the Office for Professional Body Anti-Money
- [Financial Year 2016: Submissions to the SFC](https://complyport.com/financial-year-2016-submissions-sfc/) - Of interest to: Hong Kong Licenced Firms A reminder of the annual submissions due to the SFC by Friday 28 April 2017 for firms having their financial year ending December: 1. Account Disclosure Document for Licensed Corporation – prepared by the firm; 2. Audit Questionnaire – prepared by the firm’s auditor; 3. Compliance Report –
- [Money Laundering: Changes to Guidance](https://complyport.com/money-laundering-changes-guidance/) - Of Relevance to: All regulated firms The Joint Money Laundering Steering Group (“JMLSG”) is consulting on changes to Part I of the Guidance - the current version was last amended in November 2014. The proposed revisions reflect the draft Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 published on 15 March
- [Use of Dealing Commission 2017](https://complyport.com/use-of-dealing-commission-2/) - Of Relevance to: Investment Managers As mentioned in the separate article “Best Execution” in this Regulatory Roundup, the FCA recently completed a follow-up review looking at how investment managers oversee their use of dealing commission. In a statement published 3 March 2017 the FCA’s conclusion was that most firms had failed to take on board
- [MiFID II and the Senior Managers Regime](https://complyport.com/mifid-ii-senior-managers-regime/) - 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
- [PRIIPs: Implementation Date Confirmed](https://complyport.com/priips-implementation-date-confirmed/) - PRIIPs: Implementation Date Confirmed Of Relevance to: Most firms providing investments or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS Firms involved in Packaged Retail and Insurance-based Investment Products (“PRIIPs”) will be aware of the delay in the date of application of the PRIIPs Regulation –
- [Private Fund Limited Partnerships](https://complyport.com/private-fund-limited-partnerships/) - 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 only apply to those UK
- [FCA Business Plan 2017/18](https://complyport.com/fca-business-plan-201718/) - FCA Business Plan 2017/18 Of Relevance to: All firms The FCA has published its Business Plan for 2017/18 - which also includes the ‘Risk Outlook’ (page 16) which analyses the wider context the FCA works in and the risks it sees in the market. The Business Plan focuses on the following seven sectors (including some,
- [FCA Fees and Levies 2017/18](https://complyport.com/fca-fees-levies-201718/) - FCA Fees and Levies 2017/18 Of Relevance to: All FCA regulated firms The FCA has published Consultation Paper CP17/12 “FCA Regulated fees and levies 2017/18”. The annual funding requirement (“AFR”) increases by £7.6m year-on-year to £526.9m. The increase is a combination of a 1% (+£5.1m) in the ongoing regulatory activities (“ORA”) budget and an additional
- [FCA Review: Suitability](https://complyport.com/fca-review-suitability/) - 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 retail customers during 2015 –
- [EMIR Review](https://complyport.com/emir-review-2/) - Of Relevance to: Firms subject to European Markets Infrastructure Regulation The FCA has issued an EMIR update alert to inform us that the European Commission has published proposals to amend EMIR. Aspects of the proposals include the removal of the frontloading and backloading requirements - frontloading concerns the clearing of contracts before the clearing obligation
- [PRIIPs: Final FCA Rules](https://complyport.com/priips-final-rule/) - Of Relevance to: Most firms providing investments or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS As advised in Regulatory Roundup 87, the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs”) Regulation will apply from 1 January 2018 (although the carve out for UCITS/NURS applies until
- [FX Global Code](https://complyport.com/fx-global-code/) - Of Relevance to: FX Market Participants This new Code is relevant to all FX market participants, whether buy-side or sell-side, regardless of ‘product’, including E-Trading Platforms (page 4 provides a guide to the types of entities to which the Code will be relevant – ranging from the treasury operations of family offices to hedge funds
- [Money Laundering: Further Updates to Guidance](https://complyport.com/money-laundering-updates/) - Of Relevance to: All regulated firms In addition to proposed changes (see Regulatory Roundup 86) to Part I of the Guidance issued by the Joint Money Laundering Steering Group (“JMLSG”) there are now changes to Part II (Sectoral Guidance) and Part III (Specialist Guidance) up for consultation. As might be surmised, the changes are brought about
- [Brexit and Fund Managers](https://complyport.com/brexit-fund-managers/) - Alternative Investment Fund Managers (AIFMs) and MiFID firms need to consider the impact that Brexit will have on their business in the light of recent opinion issued by ESMA to relevant EU national regulators. The European Securities and Markets Authority (ESMA) issued an opinion on 31 May 2017 to EU regulators advising that a common
- [SFTR – Transparency Requirements for UCITS and AIFs](https://complyport.com/sftr-transparency-requirements-ucits-aifs/) - SFTR – Transparency Requirements for UCITS and AIFs Of Relevance to: UCITS Management Companies and AIFMs Although the principal requirement under the Securities Financing Transactions Regulation (2015/2365) (“SFTR”) is the obligation on counterparties to securities financing transactions (“SFT”) to report details of any concluded SFTs to a trade repository, it also brought transparency requirements –
- [Investment Firms: New Prudential Regime Update](https://complyport.com/investment-firms-new-prudential-regime-update/) - Of Relevance to: MiFID investment firms, UCITS Management Companies and AIFMs that conduct permissible MiFID activities, particularly those subject to CRD IV As we know, ESMA and the EBA published a Discussion Paper (‘Designing a new prudential regime for investment firms’) last November on the suitability, or otherwise, of the prudential regime for investment firms
- [Hong Kong SFC: Manager-in-Charge Requirements](https://complyport.com/hong-kong-sfc-manager-charge-requirements/) - Of Relevance to: Hong Kong Licensed Firms A reminder that the SFC’s rules for the Manager-in-Charge requirements (“MIC Rules”) came into effect on 18 April 2017, with the need for Licensed Corporations to submit certain information to the SFC about their MICs and organisation structure by 17 July 2017. A reminder that the SFC’s rules
- [Notification of Major Interest in Shares](https://complyport.com/notification-major-interest-shares/) - 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 held reaches, exceeds or falls
- [Benchmarks Regulation](https://complyport.com/benchmarks-regulation/) - Of Relevance to: Benchmark administrators, firms contributing input data to benchmarks and users of benchmarks Both MiFID II and the Packaged Retail and Insurance-based Investments Products Regulation (“PRIIPs”) means that next January will be a busy time for many firms as they get to grips with new regulatory regimes. One further piece of European legislation
- [CFDs: FCA Statement](https://complyport.com/cfds-fca-statement/) - Of relevance to: Firms offering CFD products Last December the FCA published Consultation Paper CP16/40 “Enhancing conduct of business rules for firms providing contract for difference products to retail clients” proposing a package of measures to improve investor protection for retail investors tempted to invest in CFDs – details can be found in Regulatory Roundup
- [Legal Entity Identifier LEI](https://complyport.com/legal-entity-identifier-2/) - Of Relevance to: Most investment firms The concept of the need for, and the use of, a Legal Entity Identifier (“LEI”) for financial transactions was first proposed by the Financial Stability Board (“FSB”) in June 2012. Since that time, the regulatory use of LEIs has grown. A table produced by the Global Legal Entity Identifier
- [Asset Management Market Study: Final Report](https://complyport.com/asset-management-market-study-final-report/) - Of Relevance to: Asset management sector; retail intermediaries; providers of retail investment products In November 2015 the FCA published its terms of reference (“TOR”) in relation to the intention to undertake a market study into asset management – a task which had been set out in the FCA’s Business Plan for 2015/16. The TOR identified
- [PRIIPs: Key Information Document Guidelines](https://complyport.com/priips-key-information-document-guidelines/) - At its heart, the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”) requires retail investors to be provided with a PRIIPS Key Information Document (“KID”) as per Articles 5 and 13 of the PRIIPs Regulation. For further details of PRIIPs, including links to both the Regulation and the Regulatory Technical Standards (which concerns the required
- [Event: Extension of SM&CR Forum](https://complyport.com/complyport-extension-smcr-forum/) - Extension of SM&CR Forum On 26th July 2017, the FCA published its long-awaited Consultation Paper (CP17-25) on the extension of the Senior Managers and Certification Regime (SM&CR), which focuses on the personal responsibility and accountability of Senior Managers and people who are required to be certified. The consultation sets out the FCA proposals to extend
- [Complyport CEO outlines regulatory & compliance issues in CISI publication](https://complyport.com/complyport-ceo-outlines-regulatory-compliance-issues-cisi/) - Regulatory change is rarely welcomed but in reality is far from an unusual event for financial planning firms. In an article published by CISI, Complyport CEO Paul Grainger considers six issues that may be keeping the Directors and Compliance Officers of many financial planning firms awake at night. To read the full article, please click
- [Event: Brexit Briefing and Book Launch](https://complyport.com/event-brexit-briefing-book-launch/) - Complyport CEO, Paul Grainger has contributed to a newly published book ‘Doing Business After Brexit’. The book is a Practical Guide to the Legal Issues facing businesses as a result of Britain leaving the EU. Edited and authored by Helen Tse, a corporate partner at Clarke Willmott Law firm, the book was published by Bloomsbury
- [Complyport Welcomes New Head of Technical](https://complyport.com/complyport-welcomes-new-head-technical-services/) - Complyport is pleased to announce that Robert Easterbrook has joined the firm to take up the role of Head of Technical. He is part of the front line compliance consulting team at Complyport, supporting clients in responding to regulatory, compliance and technical queries and assisting clients in face to face consultation or during site visits.
- [Firm Change in Control](https://complyport.com/firm-change-control/) - Of relevance to: Any firm proposing a change in any shareholder holding 10% or more Key date: Applicable from 1 October 2017 Guidelines issued by the Joint European Supervisory Authorities ("ESA"), including the European Securities and Markets Authority (“ESMA”), should be borne in mind should your firm have a prospective change in control. The Guidelines
- [Asset Management Authorisation Hub](https://complyport.com/asset-management-authorisation-hub/) - Of relevance to: All new asset management firms applying for FCA authorisation The FCA have launched the Asset Management Authorisation Hub to support new asset management firms when they apply for authorisation, throughout the authorisation process and afterwards: early stages - things to consider before applying; pre-application - preparing your application; application - making your application; and after authorisation -
- [Variation of Permission / Authorisation](https://complyport.com/variation-permission-authorisation/) - Of relevance to: Any firms applying for FCA authorisation or Variation of Permission Key date: Applications prior to 31 December 2017 Firms impacted by MiFID II should by now have applied for authorisation or for Variation of Permission (“VoP”), otherwise they risk being unable to operate in the UK market when MiFID II takes effect
- [Principals who have Appointed Representatives](https://complyport.com/principals-appointed-representatives/) - Of relevance to: All Principals who have Appointed Representatives (ARs) or Introducer Appointed Representatives (IARs), regardless of sector Having issued an alert in August 2016 which highlighted some of the risks arising from authorised firms accepting business from unauthorised introducers/lead generators and/or other authorised firms, the FCA has issued a second alert expanding on this
- [Legal Entity Identifiers](https://complyport.com/legal-entity-identifiers/) - Of relevance to: Any firm subject to MiFID II transaction reporting obligations Key date: LEIs must be in place by 3 January 2018 From 3 January 2018, any firm subject to MiFID II transaction reporting obligations will not be able to execute a trade on behalf of a client who is eligible for a Legal
- [Investment Research](https://complyport.com/investment-research/) - Of relevance to: Managers of UK UCITS Key date: Has sufficient notice been given to investors for when MiFID II comes into force on 3 January 2018? MiFID II requires EU portfolio managers to either bear investment research costs directly from the firm’s own resources, or, if they choose to charge clients for research, adequately
- [Unbundling Investment Research costs from Trade Execution costs (US)](https://complyport.com/unbundling-investment-research-costs-trade-execution-costs-us/) - Of relevance to: All US sub-advisers to FCA-regulated MiFID managers Key date: Applicable from 3 January 2018 until 3 July 2020 In response to concerns that investors could lose access to valuable research, the US Securities and Exchange Commission (“SEC”) has issued three related no-action letters designed to provide market participants with greater certainty regarding
- [Investigation into Investment Consultancy Services](https://complyport.com/investigation-investment-consultancy-services/) - Of relevance to: Institutional investors including pension schemes, charities, insurance companies Key dates: Provisional Decision report due in July 2018 Completion 13 March 2019 Following an FCA referral, the Competition and Markets Authority are undertaking an investigation into the supply and acquisition of investment consultancy services and fiduciary management services to institutional investors, including pension
- [Draft Guidelines for Non-Significant Benchmarks](https://complyport.com/draft-guidelines-non-significant-benchmarks/) - Of relevance to: Users, administrators and contributors to benchmarks and any market participant Key date: Applicable from 30 September 2017 Earlier this year, the European Securities and Markets Authority (“ESMA”) submitted to the European Commission its draft regulatory and implementing technical standards applicable to critical and significant benchmarks, in relation to the Benchmarks Regulation (“BMR”)
- [New Corporate Criminal Offence: ‘failure to prevent the criminal facilitation of tax evasion’](https://complyport.com/new-corporate-criminal-offence-failure-prevent-criminal-facilitation-tax-evasion/) - Of relevance to: All incorporated bodies (typically companies) and partnerships Key date: Applicable from 30 September 2017 Companies that aid tax evasion (not to be confused with tax avoidance) will face penalties, including unlimited fines. A new criminal offence for firms that aid economic crime should stop any organisation being able to get away with
- [MiFID II Position Limits](https://complyport.com/mifid-ii-position-limits/) - Of relevance to: Any firm with positions in commodity derivative contracts Key date: Applicable from 3 January 2018 The European Securities and Markets Authority (ESMA) has published nine opinions agreeing MiFID II position limits proposed by the FCA for the net position that can be held in commodity derivatives contracts involving London Cocoa, Robusta Coffee,
- [Derivatives Trading Platforms](https://complyport.com/derivatives-trading-platforms/) - Of relevance to: Any European firm trading in derivatives on authorised US markets Key date: Applicable from 30 September 2017 The European Commission and the US Commodity Futures Trading Commission (“CFTC”) have agreed on a common approach regarding certain derivatives trading platforms, allowing European counterparts to continue trading in derivatives on authorised US markets. The
- [European legislation standard for Data Protection - GDPR](https://complyport.com/european-legislation-standard-data-protection-gdpr/) - Of relevance to: Any firm processing or controlling personal data, including that of employees Key date: Applicable from 25 May 2018 The deadline for compliance with the General Data Protection Regulation (“GDPR”) is drawing nearer. Firms will need to ensure they have governance controls in place to hold, store and manage data according to the
- [New Collective Investment Schemes legislation in the Isle of Man](https://complyport.com/new-collective-investment-schemes-legislation-in-the-isle-of-man/) - Of relevance to: Any Isle of Man firm dealing with closed-ended investment companies and specialist funds Key date: Applicable from 1 November 2017 This new collective investment schemes legislation in the Isle of Man relates to the widening, to meet IOSCO principles, of the definition of collective investment schemes to include a limited number of
- [Information Sharing in the Private Sector](https://complyport.com/information-sharing-private-sector/) - Of relevance to: All firms, particularly those within groups of companies The Financial Action Task Force (FATF) have issued additional guidance on Private Sector Information Sharing which aims to improve effective information sharing, one of the cornerstones of the FATF Recommendations. Information sharing is crucial for combatting money laundering, terrorist financing and financing of proliferation,
- [Equities Electronic Trading Questionnaire ready for MiFID II](https://complyport.com/equities-electronic-trading-questionnaire-ready-mifid-ii/) - Of relevance to: Buy-side clients who need to request information from electronic trading providers in the European equity markets Key date: Applicable from 3 January 2018 The Association for Financial Markets in Europe and the Investment Association have published an updated version of the Equities Electronic Order Handling Questionnaire, incorporating the obligations and requirements set
- [FCA CP17/37 Industry Codes of Conduct and Discussion on Principle 5 Market Conduct](https://complyport.com/fca-cp17-37-industry-codes-conduct-discussion-principle-5-market-conduct/) - 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 the FCA expects good conduct
- [ESMA Q&As on the Market Abuse Regulation (MAR)](https://complyport.com/esma-qas-on-the-market-abuse-regulation/) - Of relevance to: Any firm or individual who directly or indirectly deals in, or any firm who issues, any financial instrument (FI) that is: admitted to trading on a regulated market or for which a request for admission to trading has been made; traded on a Multilateral Trading Facility (MTF), admitted to trading on an
- [GDPR - The biggest change to Europe’s Data Protection rules in 20 years](https://complyport.com/gdpr-biggest-change-europes-data-protection-rules-20-years/) - 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 companies hold on them, require
- [UK PRIIPs Regulation published - KIDs required 1 January 2018](https://complyport.com/priips-regulations-uk-effective-1-january-2018/) - Of relevance to: Manufacturers of packaged retail and insurance-based investment products and persons advising on, or selling, those products to retail investors Don't be caught unawares - if you have staff invested or distributors, you could be caught! Key date: Applicable from 1 January 2018 EU Regulation No 1286/2014 (the "PRIIPs Regulation") requires those manufacturing a
- [LEIs: GLEIF publishes Entity Legal Forms Code List](https://complyport.com/leis-gleif-publishes-entity-legal-forms-code-list/) - Of relevance to: Any firm subject to MiFID II transaction reporting obligations Key date: LEIs must be in place by 3 January 2018 The Global Legal Entity Identifier Foundation (GLEIF) has published its first Entity Legal Forms (ELF) Code List, showing more than 1,600 entity legal forms across over 50 jurisdictions. These form the basis
- [Firms may provide projections to retail investors in addition to PRIIPs KIDs](https://complyport.com/11700-2/) - Of relevance to: Manufacturers of packaged retail and insurance-based investment products and persons advising on, or selling, those products to retail investors. Key date: Applicable from 1 January 2018 Following changes to the FCA's Conduct of Business sourcebook (COBS), firms will have the option, but not the obligation, to continue to provide projections to retail
- [FCA proposing to automatically convert individuals from the Approved Persons Regime to the Senior Managers and Certification Regime](https://complyport.com/fca-proposing-to-automatically-convert-individuals-from-the-approved-persons-regime-to-the-senior-managers-and-certification-regime/) - Of relevance to: All firms regulated by the Financial Conduct Authority ("FCA") Key date: Consultation closes 21 February 2018; implementation in late 2018 for Insurers and in mid-to-late 2019 for solo-regulated firms The FCA is consulting on its package of proposals on how firms and individuals will move to the Senior Managers and Certification Regime ("SMCR")
- [AIM - SME Growth Market Application and consequences for Insider Lists under MAR](https://complyport.com/aim/) - Of relevance to: All firms having dealings on or with the London Stock Exchange's AIM and anyone keeping insider lists under MAR Key date: Applicable from 3 January 2018 The Markets in Financial Instrument Directive (“MiFID II”), will introduce a new designation of “SME Growth Market” that operators of qualifying markets can voluntarily apply for.
- [LSE requires all those with securities admitted to trading on AIM to have a Legal Entity Identifier](https://complyport.com/lse-requires-securities-admitted-trading-aim-legal-entity-identifier/) - Of relevance to: All firms having dealings on or with the London Stock Exchange's AIM Key date: Applicable from 3 January 2018 The London Stock Exchange ("LSE") requires all AIM companies with securities admitted to trading on AIM to have a Legal Entity Identifier (“LEI”) code. This is in order to ensure compliance with the
- [Loan-based crowdfunding platforms may no longer require permission of 'accepting deposits'](https://complyport.com/loan-based-crowdfunding-platforms-may-no-longer-require-permission-accepting-deposits/) - Of relevance to: All firms operating a loan-based crowdfunding platform which facilitates loans to lending businesses Key date: Legislation to be passed in 2018 The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (SI 2001/1177) is to be amended by a draft Statutory Instrument (“SI”) currently laid
- [Securitisation Regulation - impact on AIFs and UCITS](https://complyport.com/securitisation-regulation-impact-aifs-ucits/) - Of relevance to: All firms involved in securitisation of assets such as loans Key date: Applicable from 1 January 2019 The Securitisation Regulation (EU) 2017/2402 (the "SR") entered into force on 17 January 2018 and applies throughout Europe on all securitisations the securities of which are issued on or after 1 January 2019. Securitisation is
- [MIFID II: One month in](https://complyport.com/mifid-ii-one-month/) - Of relevance to: All Firms impacted by MiFID II The Markets in Financial Instruments Directive II (2014/65/EU) (“MiFID II”) and the Markets in Financial Instruments Regulation (600/2014) (“MiFIR”) repealed and recast the first Markets in Financial Instruments Directive (2004/39/EC) (“MiFID I”) and were fully implemented in the UK at the beginning of this year. The
- [CFD Sector: FCA 'Dear CEO' Letter and ESMA Press Release and Call for Evidence](https://complyport.com/cfd-sector-fca-dear-ceo-letter-esma-press-release-call-evidence/) - Of relevance to: Firms providing or distributing CFDs Key date: ESMA’s public consultation closes on 5 February 2018 On 10 January the FCA issued a 'Dear CEO' letter to firms either providing or distributing Contracts for Difference (“CFD”) to retail investors. The letter was issued off the back of the FCA’s recent work in this sector
- [LSE requires all those with securities admitted to trading on AIM to have a Legal Entity Identifier Update](https://complyport.com/lse-requires-securities-admitted-trading-aim-legal-entity-identifier-2/) - Of relevance to: All firms having dealings on or with the London Stock Exchange’s AIM Key date: Applicable from 3 January 2018 The London Stock Exchange (“LSE”) requires all AIM companies with securities admitted to trading on AIM to have a Legal Entity Identifier (“LEI”). This is in order to ensure compliance with the obligations
- [General Data Protection Regulation (“GDPR”) – Deadline Approaching](https://complyport.com/general-data-protection-regulation-gdpr-deadline-approaching/) - Of relevance to: All firms Key date: 25 May 2018 With 25 May fast approaching, firms need to be looking now at how this new piece of legislation will affect them. GDPR is the single biggest change to Europe’s Data Protection rules in the last 20 years and significantly raises the requirements in terms of
- [FCA Consulting on Senior Managers and Certification Regime (“SMCR”)](https://complyport.com/fca-consulting-senior-managers-certification-regime-smcr/) - Of relevance to: FCA-solo regulated firms, insurers and banks Key date: Comments to FCA by 21 February 2018 In December 2017, the FCA published Consultation Papers CP17/40, CP 17/41 and CP 17/42 on transitioning FCA firms, insurers and individuals to the SMCR, with a view to implementing the new rules at the end of 2018
- [Brexit: EC notices issued stating potential consequences relating to UCITS, MiFID and AIFMD](https://complyport.com/brexit-ec-notices-issued-stating-potential-consequences-relating-ucits-mifid-aifmd/) - Of relevance to: All firms involved in Asset Management and Markets in Financial Instruments Key date: 30 March 2019 The UK will become a 'third country' (being a country that is not a member of the remaining EU (“EU27”)) on 30 March 2019 (“the withdrawal date”), unless a ratified withdrawal agreement establishes another date. On
- [FCA CP18/4 The European Money Market Funds Regulation](https://complyport.com/fca-cp18-4-european-money-market-funds-regulation/) - Of relevance to: All firms managing and/or marketing, advising on and/or distributing money market funds Key date: Comments to FCA by 23 March 2018 The EU Money Market Funds (“MMF”) Regulation came into force on 21 July 2017 and applies to new MMFs from 21 July 2018 and to existing MMFs from 21 January 2019.
- [SM&CR: FCA to consult on proposals to make information available on a wider range of individuals at authorised firms](https://complyport.com/smcr-fca-consult-proposals-make-information-available-wider-range-individuals-authorised-firms/) - 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 approved. In July 2017, the
- [GDPR Compliance is now a board level responsibility](https://complyport.com/gdpr-compliance-now-board-level-responsibility/) - 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 they have taken to comply.
- [FCA and PRA multi-firm review on Algorithmic Trading Compliance in Wholesale Markets](https://complyport.com/fca-multi-firm-review-on-algorithmic-trading-compliance-in-wholesale-markets/) - 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 PRA and FCA should refer
- [FCA change of main consumer telephone number](https://complyport.com/fca-change-main-consumer-telephone-number/) - Of relevance to: All FCA-regulated firms giving basic advice and many others The Financial Conduct Authority (“FCA”) has changed its main telephone number for consumers from 0845 606 1234 to 0800 111 6768. COBS 9 Annex 1 4. requires firms contacting a retail client with a view to giving basic advice on a stakeholder product
- [Brexit: FCA Survey for EEA inbound passported firms](https://complyport.com/brexit-fca-survey-eea-inbound-passported-firms/) - Of relevance to: All firms solely regulated by the FCA that passport into the UK (either via a branch or on a cross-border services basis) or market funds in the UK Key date: Survey closes on 11 May 2018 The Financial Conduct Authority (“FCA”), via a specific webpage entitled ‘Survey for EEA inbound passported firms’,
- [FCA change of London address](https://complyport.com/fca-change-of-london-address/) - Of relevance to: All firms regulated by the FCA Key date: From June 2018 - update websites, literature, documentation Over the summer of 2018, the London offices of the Financial Conduct Authority (“FCA”) are relocating from 25 The North Colonnade, Canary Wharf, London E14 5HS and 1 Canada Square, Canary Wharf, London E14, to a
- [SONIA benchmark reform](https://complyport.com/sonia-benchmark-reform/) - Of relevance to: Wealth Managers and Private Banks using SONIA benchmark Key date: 23 April 2018 The date and time of the publication of the SONIA benchmark is changing on Monday 23 April 2018. Friday 20 April 2018 will be the final day for which SONIA will be calculated and published by the Wholesale Market
- [Proposed changes to the AIFM and UCITS Directives](https://complyport.com/proposed-changes-aifm-ucits-directives/) - Of relevance to: All UCITS Management Companies, AIFMs and those managing AIFs Key date: Adoption planned by May 2019 The European Commission (“EC”) has published a proposed directive and a proposed regulation amending Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMs”) and Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (“UCITS”) to facilitate
- [Brexit: Draft UK EU Withdrawal Agreement](https://complyport.com/draft-brexit-uk-eu-withdrawal-agreement/) - Of relevance to: All firms in the UK’s financial services sector Key date: 29 March 2019 The Draft Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (“Draft UK EU Withdrawal Agreement”) was published on 19 March 2018, showing the
- [ESMA updated Q&As on Markets in Financial Instruments Directive and Regulation, Market Abuse Regulation, Benchmarks Regulation and Central Securities Depository Regulation](https://complyport.com/esma-updated-qas-on-mifid-mifir-mar-benchmarks-regulation-and-central-securities-depository-regulation/) - Of relevance to: All firms affected by MiFID/MiFIR, MAR, BMR and/or CSDR Key date: Applicable from 23 March 2018 The European Securities and Markets Authority (“ESMA”) has updated its Questions and Answers (“Q&As”) on the implementation of the Market Abuse Regulation (“MAR”), the Markets in Financial Instruments Directive and Regulation (“MiFID II”/“MiFIR”), the Benchmarks Regulation
- [GDPR - Are you ready?](https://complyport.com/gdpr-are-you-ready/) - 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, go through, or end up
- [ESMA prohibits binary options and restricts CFDs to protect retail investors](https://complyport.com/esma-agrees-prohibit-binary-options-restrict-cfds-protect-retail-investors/) - 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”) has announced temporary product intervention
- [FCA introduces new rules and guidance on how advice should be provided to consumers on pension transfers](https://complyport.com/fca-introduces-new-rules-and-guidance-on-how-advice-should-be-provided-to-consumers-on-pension-transfers/) - 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 1 October 2018 PS18/6: Part
- [ESMA Technical Advice simplifying prospectuses format and content](https://complyport.com/esma-technical-advice-simplifying-prospectuses-format-and-content/) - Of relevance to: All firms involved in the production of prospectuses when securities are offered to the public or admitted to trading on a regulated market Key date: 21 January 2019 The European Securities and Markets Authority (“ESMA”) has published the first part of its Technical Advice (“TA”) under the new Prospectus Regulation (“PR”), covering
- [FCA warns general insurance firms failing to clearly show last year’s insurance premium at renewal time](https://complyport.com/fca-warns-general-insurance-firms-failing-to-clearly-show-last-years-insurance-premium-at-renewal-time/) - Of relevance to: All general insurance firms Key date: Immediate action required The Financial Conduct Authority (“FCA”) has warned it will take action against general insurance firms which are failing to properly implement rules introduced to increase transparency and encourage shopping around at renewal time. Rules introduced in April 2017 require firms to clearly show
- [FCA publishes its Business Plan for 2018/19](https://complyport.com/fca-publishes-its-business-plan-for-2018-19/) - 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 Union withdrawal (“Brexit”). Additionally, seven
- [FCA Financial Crime Guide to have new chapter on insider dealing and market manipulation](https://complyport.com/fca-financial-crime-guide-to-have-new-chapter-on-insider-dealing-and-market-manipulation/) - 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 changes to the Financial Crime
- [5th revision of the MLD will bring greater transparency of beneficial ownership and enhance other areas](https://complyport.com/5th-revision-of-the-mld-will-bring-greater-transparency-of-beneficial-ownership-and-enhance-other-areas/) - Of relevance to: All firms Key date: Adoption by July 2020 A fifth revision of the Money Laundering Directive (“5MLD”) – the current European Directive 2015/849 is the fourth revision, which took into account the Financial Action Task Force recommendations of 2012 – was initially proposed in July 2016, adopted by the European Parliament
- [ICO: Data Protection registration and fees](https://complyport.com/ico-data-protection-registration-and-fees-after-25-may-2018/) - 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 25 May 2018, require all
- [ESMA provides one-stop company portal](https://complyport.com/esma-provides-one-stop-company-portal/) - Of relevance to: All financial service providers authorised within the EU Investors seeking information on whether a financial service provider is authorised within the European Union (“EU”) will now be able to do so on the new companies' portal provided by the European Securities and Markets Authority (“ESMA”). The ESMA portal provides investors with a
- [FCA retires Finalised Guidance 12/15 and 14/1 on describing advice services and inducements](https://complyport.com/fca-retires-finalised-guidance-12-15-and-14-1-on-describing-advice-services-and-inducements/) - Of relevance to: All firms providing advice on or distributing retail investment products and financial instruments to retail clients Key date: With immediate effect Two Finalised Guidance publications (FG12/15: Retail Distribution Review: independent and restricted advice and FG14/1: Supervising retail investment advice: inducements and conflicts of interest) and a factsheet (Using platform-based investments and the
- [Sanctions and Anti-Money Laundering Act 2018](https://complyport.com/sanctions-and-anti-money-laundering-act-2018/) - 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 to date. The European Union
- [Data Protection Act 2018](https://complyport.com/data-protection-act-2018/) - 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 Union ("EU"). The four main
- [FCA Data on UK Financial Crime](https://complyport.com/fca-data-on-uk-financial-crime/) - 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 insurers, had responded to the
- [Further amendments to the JMLSG Guidance](https://complyport.com/further-amendments-to-the-jmlsg-guidance/) - 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 for the UK financial services
- [London Stock Exchange consultation on the International Order Book trading service](https://complyport.com/london-stock-exchange-consultation-on-the-international-order-book-trading-service/) - The London Stock Exchange (“LSE”) is conducting a consultation on the market structure and trading hours for the International Order Book (“IOB”). IOB allows direct access to securities from 44 countries from across the globe, and is the largest market in Russian instruments outside of Moscow. The proposal is to align IOB with the Stock
- [Alternative Finance Investment Bonds to be permitted to trade on MTFs & OTFs](https://complyport.com/alternative-finance-investment-bonds-to-be-permitted-to-trade-on-mtfs-otfs/) - 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 to the conventional instruments that
- [FCA publishes draft rules on how it will regulate Claims Management Companies](https://complyport.com/fca-publishes-draft-rules-on-how-it-will-regulate-claims-management-companies/) - 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 since the Claims Management Regulation
- [FCA to regulate pre-paid funeral plans](https://complyport.com/fca-to-regulate-pre-paid-funeral-plans/) - 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 role of the FCA. A
- [ESMA Guidelines on aspects of MiFID II suitability requirements](https://complyport.com/esma-guidelines-on-aspects-of-mifid-ii-suitability-requirements/) - 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 to the provision of any
- [FCA Asset Management Conference - Insights](https://complyport.com/fca-asset-management-conference-insights/) - On 12 June, London's Queen Elizabeth II Centre was home to the FCA Asset Management Conference 2018. The conference began with a keynote speech by Andrew Bailey, the Chief Executive of the Financial Conduct Authority ("FCA"), in which, among setting the regulatory agenda for the coming year for asset managers, he made a promise that
- [Money Market Funds Regulations 2018](https://complyport.com/money-market-funds-regulations-2018/) - The Money Market Funds Regulations 2018 (the “UK MMF Regulations”) are made in relation to EU Regulation 2017/1131 on money market funds (“MMF Regulation”) which will apply in the UK from 21 July 2018. They make amendments to ensure that the Financial Conduct Authority (“FCA”) is able to authorise money market funds (“MMFs”) and enforce
- [Financial services legislation after Brexit – announcements from HMT and FCA](https://complyport.com/financial-services-legislation-after-brexit-announcements-from-hmt-and-fca/) - The government have set out their approach to financial services legislation after Brexit under the European Union (Withdrawal) Act (“EUWA”), which forms part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU (“Brexit”), with an implementation period that will start on 29 March 2019 and last until
- [FCA releases near final rules on SM&CR for FCA regulated firms.](https://complyport.com/fca-releases-near-final-rules-on-smcr-for-fca-regulated-firms/) - On 4 July 2018, the Financial Conduct Authority (“FCA”) released ‘The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms’ on the extension of the Senior Managers and Certification Regime (“SM&CR”) to the all FCA solo-regulated firms authorised under FSMA, as well as EEA and third country branches. Additionally, to deliver the cultural, operational
- [FCA's approach to Brexit – Speech 19 July 2018](https://complyport.com/the-fcas-approach-to-brexit-our-preparations-and-our-vision-for-the-future-speech-published-19-07-2018/) - The Financial Conduct Authority (“FCA”) has been steadily building up their International Division to ensure they can drive forward the policy and deliver the work that is required, after Brexit, once the United Kingdom withdraws from the European Union (“EU”). As the UK is due to leave the EU in March 2019, the FCA are
- [Partnerships under the spotlight](https://complyport.com/partnerships-under-the-spotlight/) - Following the release of the Panama Papers in 2016, the mis-use of partnership structures by certain individuals is still an on-going subject. A consultation paper, published in April 2018 by the Department for Business, Energy and Industrial Strategy (“BEIS”), reported that there was a significant increase in the formation of LLPs and SLPs between 2011
- [EU Commission proposes changes to UCITS V and AIFMD safekeeping regimes.](https://complyport.com/eu-commission-proposes-changes-to-ucits-v-and-aifmd-safekeeping-regimes/) - In an attempt to implement the European Securities and Markets Authority (“ESMA”)’s recent opinion on asset segregation and depositary delegation, the EU Commission published two draft Delegated Regulations with the aim of amending UCITS V Delegated Regulation (Ares(2018)2778673) and AIFMD Delegated Regulation (Ares(2018)2778659) relating to the safe-keeping duties of depositaries. A list of the key
- [CP18/19: Introducing the Directory](https://complyport.com/cp18-19-introducing-the-directory/) - With the release of Consultation Paper CP18/19 in July 2018, it was announced by the Financial Conduct Authority (“FCA”) that they intend to set up the ‘Directory’, a new public register and user interface which will in essence be an expansion of the existing FS Register (or FCA Register as it is more commonly known).
- [Pension Scams - Regulators urge caution](https://complyport.com/pension-scams-regulators-urge-caution/) - The Financial Conduct Authority (“FCA”) and The Pensions Regulator (“TPR”) have launched a joint television campaign to raise awareness of pension scams (“ScamSmart”). The campaign aims to educate individuals on some of the most common tactics used by fraudsters. The ScamSmart campaign is targeted at pension holders between 45 and 65 years of age. In
- [FCA consults on its approach ahead of UK’s exit from the EU](https://complyport.com/fca-consults-on-its-approach-ahead-of-uks-exit-from-the-eu/) - On 10th October 2018, the FCA published two consultation papers setting out is proposals in the event the UK leaves the EU on 29 March 2019 without an implementation period. The first consultation paper focuses on “Amendments to the FCA Handbook and Binding Technical Standards” resulting from leaving the EU, and the FCA’s approach after
- [Brexit — HM Treasury publishes draft Statutory Instrument — MiFID](https://complyport.com/brexit-hm-treasury-publishes-draft-statutory-instrument-mifid/) - The European Union (Withdrawal) Act 2018 (EUWA) repeals the European Communities Act 1972 on the day the UK leaves the EU and converts into UK domestic law the existing body of directly applicable EU law. The purpose of the EUWA is to provide a functioning statute book on the day the UK leaves the EU.
- [FCA consults on new rules to improve the approach to open-ended funds investing in illiquid assets](https://complyport.com/fca-consults-on-new-rules-to-improve-the-approach-to-open-ended-funds-investing-in-illiquid-assets/) - The FCA is consulting on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions. These measures will also support the FCA’s market integrity objective and help address financial stability concerns. Open-ended funds that invest in illiquid assets can encounter difficulties if
- [SM&CR — Insurers Conversion Forms Open](https://complyport.com/smcr-insurers-conversion-forms-open/) - Insurers can now access and submit the draft forms for converting Approved Persons Regime (APR) approvals to Senior Management Functions (SMFs). The deadline submitting forms is midnight on 2 December 2018.
- [Pakistan added to High Risk Jurisdictional List](https://complyport.com/pakistan-added-to-high-risk-jurisdictional-list/) - On 22nd August, the European Commission (EC) published a delegated regulation it adopted in July, which amended the list of high-risk third countries set out in Delegated Regulation 2016/1675, which supplements the Fourth Money Laundering Directive (AMLD4). Article 9(2) of AMLD4 gives the EC power to adopt delegated acts identifying high-risk third countries. These are
- [FCA confirms final rules on pension transfer advice](https://complyport.com/fca-confirms-final-rules-on-pension-transfer-advice/) - The Financial Conduct Authority (“FCA”) has published feedback and final rules and guidance following its consultation on improving the quality of pension transfer advice. The FCA Policy Statement, (PS18/20) contains the new rules aimed at improving the advice people receive when considering transferring their pension. PS18/20 confirms that the FCA is taking forward most of
- [Update and clarifications of the AIFMD Notifications](https://complyport.com/update-and-clarifications-of-the-aifmd-notifications/) - ESMA has added a new Q&A clarifying the application of the Alternative Investment Fund Managers Directive (“AIFMD”) notification requirements with regard to AIFMs managing umbrella Alternative Investment Funds (“AIFs”) on a cross border basis. In the updated Q&A document, ESMA has confirmed that an AIFM that intends to manage an EU umbrella AIF on a
- [ESMA renews CFD Restrictions](https://complyport.com/esma-renews-cfd-restrictions/) - The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 November 2018 for a further three-month period. The renewal was agreed by ESMA’s Board of Supervisors on 26 September 2018 and
- [A Partnership of Experts! The European Institute of Management and Finance (EIMF) and Complyport Announce their Collaboration!](https://complyport.com/a-partnership-of-experts-the-european-institute-of-management-and-finance-eimf-and-complyport-announce-their-collaboration/) - The European Institute of Management and Finance (EIMF) and Complyport join forces in professional education! The European Institute of Management and Finance (EIMF), a highly accredited European education provider specialising in finance, governance, risk and compliance for the professional services sector, and Complyport, a leading consulting London-based firm in governance, risk and compliance services, have
- [Senior Managers and Certification Regime – Proposed Guidance on Statements of Responsibilities for FCA firms](https://complyport.com/senior-managers-and-certification-regime-proposed-guidance-on-statements-of-responsibilities-for-fca-firms/) - The Financial Conduct Authority (“FCA”) is extending the Senior Managers and Certification Regime (“SM&CR”) to all FSMA authorised firms on 9 December 2019. Under the new regime, all senior managers must have a Statement of Responsibilities and additionally, firms that qualify as ‘enhanced firms’ under SM&CR must have a Statements of Responsibilities Map. The FCA
- [Amendment to Level 2 requirements on depsoitaries of AIFS and UCITS](https://complyport.com/amendment-to-level-2-requirements-on-depsoitaries-of-aifs-and-ucits/) - Two new regulations have been published amending the current Level 2 requirements on depositaries of Alternative Investment Funds (“AIFs”) and Undertakings for Collective Investments in Transferable Securities (“UCITS”) schemes. The amendments will take effect from 1 April 2020. The changes brought about by the two new regulations apply to depositaries of AIFs and UCITS when
- [Maintaining Market Confidence - An Update on Brexit](https://complyport.com/maintaining-market-confidence-an-update-on-brexit/) - Nausicca Delfas, Executive Director delivered a speech concerning the preparations being taken by the FCA prior to Brexit. Key points to note from the speech include: In line with the Government approach, with regards to the proposed changes to the FCA Handbook and Binding Technical Standards, the FCA does not propose substantive policy changes. The
- [Brexit: The Temporary Permissions Regime](https://complyport.com/brexit-the-temporary-permissions-regime/) - The Temporary Permissions Regime (“TPR”) will enable relevant firms and funds which passport into the UK to continue operating in the UK if the passporting regime comes to an end when the UK leaves the EU. If there is no transition period, when the UK withdraws from the EU, the UK will become a ‘third-country’
- [Notice of ESMA’s Product Intervention Renewal Decision in Relation to CFDs](https://complyport.com/notice-of-esmas-product-intervention-renewal-decision-in-relation-to-cfds/) - On 23 October 2018, the European Securities and Markets Authority (“ESMA”) adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to restrict the marketing, distribution or sale of Contracts for Difference (“CFDs”) to retail clients. The Decision renews and amends ESMA Decision (EU) 2018/796. Under Article 2 of the above, the marketing, distribution
- [FCA statement on the launch of the Cost Transparency Initiative](https://complyport.com/fca-statement-on-the-launch-of-the-cost-transparency-initiative/) - The Cost Transparency Initiative (“CTI”) was launched on 7 November 2018. The CTI is an independent group aiming to improve cost transparency for institutional investors with the responsibility for progressing the work already undertaken by the Institutional Disclosure Working Group (“IDWG”) which was set up by the FCA as part of its Asset Management Market
- [ESMA Temporary Product Intervention Measures on the marketing, distribution or sale of CFDs](https://complyport.com/esma-temporary-product-intervention-measures-on-the-marketing-distribution-or-sale-of-cfds/) - ESMA has updated its Q&As in this area and has included a new section relating to the prominence of risk warnings. Guidance given by ESMA states that “The risk warning shall be in a layout ensuring its prominence, in a font size at least equal to the predominant font size and in the same language
- [Complyport Brexit Update](https://complyport.com/complyport-brexit-update/) - On 25 November 2018, the EU Council of Ministers met in Brussels and agreed to the draft UK Withdrawal Agreement. The draft Withdrawal Agreement must now be ratified by the UK Parliament and assuming it does so, subsequently by the European Parliament. The UK Parliament will debate the Withdrawal Agreement and vote on it. The
- [FCA Unhappy With The Current Standard Of Pension Transfer Advice](https://complyport.com/fca-unhappy-with-the-current-standard-of-pension-transfer-advice/) - Pension Transfers in the Headlines Again... What is the issue? The FCA has issued the results of its recent work on the standards of pension transfer advice and has concluded that in less than 50% of cases reviewed was the advice given suitable. The levels of unclear (23%) and unsuitable (29%) were up on the
- [The Financial Services Contracts Regime](https://complyport.com/the-financial-services-contracts-regime/) - The UK Government has published draft legislation for the Financial Services Contracts Regime (“FSCR”). If the UK leaves the EU without a withdrawal agreement, the FSCR will enable firms who do not enter the temporary permissions regime to wind down their UK business in an orderly fashion. The temporary permissions regime will enable relevant firms
- [FCA Policy Statement (PS18/21) — Updated December 2018: Small and Medium Sized Enterprises access to Financial Ombudsman Service](https://complyport.com/fca-policy-statement-ps18-21-updated-december-2018-small-and-medium-sized-enterprises-access-to-financial-ombudsman-service/) - In January 2018, the FCA published a Consultation Paper (CP18/3) proposing that Small and Medium Sized Enterprises (SMEs) with fewer than 50 employees, annual turnover of under £6.5m and an annual balance sheet total of under £5m should be able to access the Financial Ombudsman Service (“FOS”) on the same terms as individual consumers and
- [Securitisation Regulation: PRA and FCA joint statement on reporting of private securitisations](https://complyport.com/securitisation-regulation-pra-and-fca-joint-statement-on-reporting-of-private-securitisations/) - The Prudential Regulation Authority and Financial Conduct Authority have issued a joint statement setting out how they propose to direct the manner in which firms must make information regarding ‘private’ securitisations available to the UK competent authorities. This direction is intended to apply to all UK established originators, sponsors and Securitisation Special Purpose Entities (SSPEs)
- [FCA proposes permanent measures for retail CFDs and Binary Options](https://complyport.com/fca-proposes-permanent-measures-for-retail-cfds-and-binary-options/) - The FCA published two consultation papers in December 2018 concerning Contracts for Difference (“CFDs”) and Binary Options. With regard to Binary Options, the FCA is proposing permanent rules to prohibit the sale, marketing and distribution of binary options to retail clients by firms that carry out the activity in, or from, the United Kingdom. https://www.fca.org.uk/publication/consultation/cp18-37.pdf
- [ESMA to renew restrictions on CFDs for a further three months from 1 February 2019](https://complyport.com/esma-to-renew-restrictions-on-cfds-for-a-further-three-months-from-1-february-2019/) - The European Securities and Markets Authority (“ESMA”) has agreed to renew the restriction on the marketing, distribution or sale of Contracts for Difference (“CFDs”) to retail clients, in effect since 1 August, from 1 February 2019 for a further three-month period. The renewal was agreed by ESMA’s Board of Supervisors on 18 December 2018 and
- [ESMA is ready to review UK CCPs and CSDs recognition applications for a No-Deal Brexit scenario](https://complyport.com/esma-is-ready-to-review-uk-ccps-and-csds-recognition-applications-for-a-no-deal-brexit-scenario/) - ESMA published a Public Statement on 19 December 2018 to clarify its plans for the recognition of Central Counterparties established in the United Kingdom (“UK CCPs”) as Third Country CCPs (“TC-CCPs”) under Regulation (EU) No 648/2012 (European Markets Infrastructure Regulation - EMIR) for a No-Deal Brexit scenario, where UK CCPs will become TC-CCPs as of
- [ESMA tells firms to provide clients with information on the implications of Brexit](https://complyport.com/esma-tells-firms-to-provide-clients-with-information-on-the-implications-of-brexit/) - ESMA issued a statement on 19 December 2018 to remind firms providing investment services of their obligations to provide clients with information on the implications of the United Kingdom’s withdrawal from the European Union on their relationship with clients and on the impact of Brexit-related measures that a firm has taken or intends to take.
- [Financial Promotions — FCA's Concerns](https://complyport.com/financial-promotions-fcas-concerns/) - The FCA has recently published a “Dear CEO” letter relating to “clear, fair and not misleading” standards in financial promotions (fca.org.uk/publication/correspondence/dear-ceo-letter-promotions-regulated-unregulated-business.pdf). This letter is relevant to all regulated firms. What Is the FCA Saying? The FCA has recently identified a trend in financial promotions issued by firms that identify both regulated and unregulated business activities.
- [Brexit — FCA's expectations of firms](https://complyport.com/brexit-fcas-expectations-of-firms/) - The Treasury has published legislation to give the UK financial regulators the power to make transitional provisions connected to changes to financial services legislation. If the UK leaves the EU without an agreement, the FCA intends to use this power to ensure that firms and other regulated entities can generally continue to comply with their
- [FCA FIRDS and Transaction Reporting](https://complyport.com/fca-firds-and-transaction-reporting/) - Should the UK leave the EU without a transition period, the FCA expects firms, trading venues and ARMs (Approved Reporting Mechanisms) to take reasonable steps to comply with their requirements under the Transaction Reporting Regime by exit day and any requirements they have to submit instrument reference data. The FCA is replacing the European Securities
- [FCA agrees Memorandums of Understanding (“MoUs”) with ESMA and EU regulators to allow co-operation and exchange of information](https://complyport.com/fca-agrees-memorandums-of-understanding-mous-with-esma-and-eu-regulators-to-allow-co-operation-and-exchange-of-information/) - The FCA has agreed MoUs with ESMA and EU regulators. The MoUs cover co-operation and exchange of information in the event the UK leaves the EU without a withdrawal agreement and transition period. Until an agreement is reached the FCA will continue to plan for a range of scenarios, including if the UK leaves the
- [FCA publishes its second set of rules following its Asset Management Market Study](https://complyport.com/fca-publishes-its-second-set-of-rules-following-its-asset-management-market-study/) - In relation to UK Authorised Fund Managers, in respect of their management of authorised funds, the FCA has published new rules and guidance to improve the quality of information available to consumers about the funds they invest in. The new rules and guidance: set out how fund managers should describe fund objectives and investment policies
- [FCA Consults on crypto-assets guidance](https://complyport.com/fca-consults-on-crypto-assets-guidance/) - The FCA is consulting on Guidance for crypto-assets in order to provide regulatory clarity for market participants carrying on activities in this space. The Final Guidance will help market participants to understand whether the crypto-assets they use are within the regulatory perimeter. This will alert market participants to pertinent issues and should help them better
- [ESMA sets out use of UK Data in ESMA databases under a No-Deal Brexit](https://complyport.com/esma-sets-out-use-of-uk-data-in-esma-databases-under-a-no-deal-brexit/) - On 5 February 2019, ESMA published a statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit. ESMA’s statement aims to set out its approach it will take on all ESMA IT applications and databases. The statement sets out details on the following calculations
- [FCA approach to MiFID Transparency calculations](https://complyport.com/fca-approach-to-mifid-transparency-calculations/) - The FCA has released a statement in response to the ESMA statement concerning the use of UK data in ESMA databases and the performance of MiFID II calculations in the EU 27 if the UK leaves the EU without a withdrawal agreement. The FCA has confirmed that in such a scenario, it will no longer
- [Notice of ESMA’s Product Intervention Renewal Decision on Contracts for Differences](https://complyport.com/notice-of-esmas-product-intervention-renewal-decision-on-contracts-for-differences/) - On 23 January 2019, ESMA adopted a Decision under Article 40 of Regulation (EU) No 600/20141 to restrict the marketing, distribution or sale of contracts for differences (“CFDs”) to retail clients. The Decision renews and amends ESMA Decision (EU) 2018/7962 on the same terms as the previous renewal decision, ESMA Decision (EU) 2018/16363. https://www.esma.europa.eu/press-news/esma-news/notice-esma’s-product-intervention-renewal-decision-in-relation-contracts-0
- [ESMA Report finds Investment Product performance highly impacted by charges](https://complyport.com/esma-report-finds-investment-product-performance-highly-impacted-by-charges/) - ESMA has published its first Annual Statistical Report (“Report”) on the cost and performance of retail investment products. The report covers Undertakings for Collective Investment in Transferable Securities (“UCITS”), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (“SRPs”). The Report provides National Competent Authorities with useful information to support the
- [FCA proposes new measures to encourage effective stewardship](https://complyport.com/fca-proposes-new-measures-to-encourage-effective-stewardship/) - The FCA is proposing new measures and gathering views on how to encourage effective stewardship in the interests of investors. Most UK consumers hold investments, for example through their pensions, which are looked after by asset managers. Asset managers have a duty to oversee these investments in their clients’ interests. The FCA, in conjunction with
- [Is the UK’s Financial Services sector set for an upswing in complaints, claims and legal action?](https://complyport.com/is-the-uks-financial-services-sector-set-for-an-upswing-in-complaints-claims-and-legal-action/) - by Simon Chapman — Associate Director, Head of Retail Services As the UK seemingly stumbles towards its exit from the EU, questions are being raised about how this will impact the financial services industry and, more importantly, how it will affect the relationship between customer and adviser or product provider. What will the regulatory landscape
- [FCA Statements of Policy on the operation of the MiFID transparency regime](https://complyport.com/fca-statements-of-policy-on-the-operation-of-the-mifid-transparency-regime/) - The MiFID transparency regime uses trading data from the UK and the EU. It currently operates by ESMA validating data on trading across the EU and performing various calculations to set assorted thresholds and make various determinations. If the UK leaves the EU without an implementation period agreed, the FCA will be solely responsible for
- [Bank of England and FCA agree Memoranda of Understanding with EIOPA and EU insurance supervisors](https://complyport.com/bank-of-england-and-financial-conduct-authority-agree-memoranda-of-understanding-with-eiopa-and-eu-insurance-supervisors/) - The Prudential Regulatory Authority, the FCA and European Insurance and Occupational Pensions Authority (EIOPA) have announced that they have agreed Memoranda of Understanding (MoUs) regarding supervisory cooperation and information-sharing arrangements with respect to UK and EU insurance companies. The MoUs cover supervisory cooperation and exchange of information between the UK authorities and EU insurance supervisors
- [Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit](https://complyport.com/joint-statement-by-uk-and-us-authorities-on-continuity-of-derivatives-trading-and-clearing-post-brexit/) - UK and US authorities are taking measures to ensure that the UK’s withdrawal from the EU will not create regulatory uncertainty regarding the derivatives market activity between the UK and US. A joint statement by the Bank of England including the Prudential Regulatory Authority, the Financial Conduct Authority and the US Commodity Futures Trading Commission
- [FCA issues a decision notice under competition law](https://complyport.com/fca-issues-a-decision-notice-under-competition-law/) - The FCA has issued a decision notice which found that three asset management firms breached competition law. This was the first formal decision made by the FCA under its competition enforcement powers. The firms subject to the Decision Notice were: Hargreave Hale Ltd; Newton Investment Management Limited; and River and Mercantile Asset Management LLP (RAMAM).
- [FCA statement on onshoring ESMA’s temporary product intervention measures on Retail CFDs and Binary Options](https://complyport.com/fca-statement-on-onshoring-esmas-temporary-product-intervention-measures-on-retail-cfds-and-binary-options/) - The FCA has announced that ESMA’s temporary intervention measures prohibiting binary options and restricting CFDs being sold to retail clients will become part of UK domestic law when the UK leaves the EU as part of the EU (Withdrawal) Act. UK firms are required to comply with ESMA’s measures until they expire in April 2019.
- [FCA review of costs and charges disclosure in the investment sector](https://complyport.com/fca-review-of-costs-and-charges-disclosure-in-the-investment-sector/) - The FCA has published key findings of supervisory work to assess the effectiveness of disclosure by asset managers and intermediaries, such as wealth managers, to their retail customers. The supervisory work was prompted by new disclosure requirements introduced by both MiFID II and PRIIPs which came into force in January 2018. The review has been
- [FCA Brexit Policy Statement and Transitional Directions](https://complyport.com/fca-brexit-policy-statement-and-transitional-directions/) - The FCA has agreed MoUs with ESMA and EU regulators. The FCA has published Policy Statement 19/5 (PS19/5) in which it gives feedback to various consultation papers in relation to Brexit, and publishes near final rules and Binding Technical Standards. Of particular note is that PS19/5 sets out the FCA’s proposals to establish a temporary
- [FCA Brexit Briefings](https://complyport.com/fca-brexit-briefings/) - The FCA is hosting two briefings for regulated firms in preparation for Brexit. These are taking place in London and Edinburgh with live webcasts being shown. Details of how to register for the webcasts are contained within the link: https://www.fca.org.uk/news/news-stories/brexit-briefings
- [FCA releases updated guidance on EU departure preparations](https://complyport.com/fca-releases-updated-guidance-on-eu-departure-preparations/) - The FCA has published updated information to help support regulated firms in finalising their preparations for the UK leaving the EU. The FCA is urging firms to ensure they are making any necessary changes to protect customers from negative impacts of leaving the EU, whatever the outcome of negotiations, for example, in the event of
- [FCA Policy Statement 19/7 — Finalising the Directory](https://complyport.com/fca-policy-statement-19-7-finalising-the-directory/) - The FCA has published Policy Statement 19/7 which sets out the final rules on the Directory, a new public register for checking the details of certain individuals working in financial services. Whilst the FCA’s Financial Services Register (“FS Register”) will continue following the extension of the Senior Managers and Certification Regime (“SM&CR”) it will contain
- [Brexit — FCA to introduce UK Benchmarks Register](https://complyport.com/brexit-fca-to-introduce-uk-benchmarks-register/) - The FCA has said that in its plans to prepare for a range of outcomes in relation to Brexit, including the UK leaving the EU without a transition period, it has developed a new UK Benchmarks Register. This new Register will replace the ESMA Register for UK supervised users, and UK and third-country based benchmark
- [Brexit — FCA statement on various MiFID obligations and benchmarks regulation if the UK leaves the EU without a transition period](https://complyport.com/brexit-fca-statement-on-various-mifid-obligations-and-benchmarks-regulation-if-the-uk-leaves-the-eu-without-a-transition-period/) - Following ESMA’s statement clarifying its approach to aspects of the MiFID position limits regime, post-trade transparency requirements, derivatives trading obligations and benchmarks regulation, the FCA has published a statement setting out its position on these issues. It should be noted that these opinions are relevant for a no-deal scenario and may change depending on the
- [Brexit — PRA and FCA agree Memorandum of Understanding with the European Banking Authority](https://complyport.com/brexit-pra-and-fca-agree-memorandum-of-understanding-with-the-european-banking-authority/) - The Prudential Regulation Authority, the Financial Conduct Authority (FCA) and European Banking Authority (EBA) have announced that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities. Following agreement on the template, the UK authorities and EU/EEA national
- [Brexit — FCA Statement on share trading obligations](https://complyport.com/brexit-fca-statement-on-share-trading-obligations/) - The FCA has issued the following statement in response to ESMA’s statement of share trading obligations under MiFID II: “The EU MiFID II and on-shored UK MiFID regimes both have share trading obligations (“STOs”) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed
- [Brexit — The Temporary Permissions Regime (“TPR”) — A Reminder](https://complyport.com/brexit-the-temporary-permissions-regime-tpr-a-reminder/) - In the event of a no-deal Brexit, reciprocal market access would no longer be available through the passporting arrangements between the EU and the UK for firms and investment funds. The UK would become a ‘third-country’ and EEA-based firms might need to seek authorisation in the UK to continue to access the UK market. Additionally,
- [FCA begins a review of the Financial Advice Market](https://complyport.com/fca-begins-a-review-of-the-financial-advice-market/) - The FCA has launched a Call for Input asking for feedback on its proposed approach to reviewing the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR). The FCA’s review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market
- [FCA Statement on delay to publication of final rules for CFD products and CFD-like options](https://complyport.com/fca-statement-on-delay-to-publication-of-final-rules-for-cfd-products-and-cfd-like-options/) - The FCA has provided a statement update on permanent product intervention measures to restrict the sale, marketing and distribution of contracts for differences (CFDs) and CFD-like options sold to retail clients. The FCA is still considering feedback to its earlier consultation and ESMA’s temporary restrictions continue to apply to FCA authorised firms and intends to
- [EMIR Refit](https://complyport.com/emir-refit/) - The EU have agreed changes to EMIR which applies to the over-the-counter (“OTC”) derivative transactions. These changes, agreed under the EU’s Refit agenda, aim to preserve all the core elements of EMIR, whilst addressing disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. The legislation introduces a new category of Small
- [European Parliament adopts IFD and IFR revising the prudential framework for EU investment firms](https://complyport.com/european-parliament-adopts-ifd-and-ifr-revising-the-prudential-framework-for-eu-investment-firms/) - The European Parliament has now passed the new regulation on prudential requirements for MiFID investment firms, the Investment Firms Regulation (IFR) and the accompanying Directive, the Investment Firms Directive (IFD). Following adoption by the European Council, these will become law with the new regime expected to come into force in either late 2020 or early
- [FCA Business Plan 2019/2020](https://complyport.com/fca-business-plan-2019-2020/) - The FCA has published its Business Plan for 2019/20 which outlines its key priorities for the year. The statement from the FCA accompanying the Business Plan outlines four ongoing cross-sector priorities: Work on firms’ culture and governance, including extending the Senior Managers and Certification Regime to all firms; Ensuring the fair treatment of firms’ existing
- [ESMA updates EMIR Q&As](https://complyport.com/esma-updates-emir-qas/) - ESMA has updated its Questions and Answers (Q&As”) on the implementation of the European Markets Infrastructure Regulation (EMIR). The updated Q&As provide clarifications on the new framework introduced by Regulation 2019/834 amending EMIR (so-called EMIR Refit) and amends an existing Q&A on novation. The overall update mainly provides new answers on the implementation of the
- [ESMA updates Q&As on MiFID II and MiFIR Investor Protection and Intermediaries](https://complyport.com/esma-updates-qas-on-mifid-ii-and-mifir-investor-protection-and-intermediaries/) - ESMA has updated in Questions and Answers (“Q&As”) on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). The updated Q&As provides new answers on best execution and information on costs and charges. The updates to the Q&As concern: Best execution Reporting for venues on the
- [FCA confirms extension of the Temporary Permissions Regime deadline](https://complyport.com/fca-confirms-extension-of-the-temporary-permissions-regime-deadline/) - The FCA has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. The TPR allows EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while
- [FCA update on Share Trading Obligations](https://complyport.com/fca-update-on-share-trading-obligations/) - ESMA has published a statement on the revised scope of the EU’s share trading obligation under a no-deal Brexit scenario following its initial announcement on 19 March 2019. According to ESMA, the revised approach proposed would mean that EU banks and investment firms will be able to trade all UK shares in the UK, where
- [FCA and PRA jointly fine Raphaels Bank £1.89m for outsourcing failings](https://complyport.com/fca-and-pra-jointly-fine-raphaels-bank-1-89m-for-outsourcing-failings/) - Raphaels Bank (“Raphaels”) has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of failures in the systems and controls supporting the oversight and governance of its outsourcing arrangements. Raphaels is a retail bank providing banking and related financial services. Its Payment Services Division (PSD) operates prepaid card and
- [Financial Times — FCA investigations into City Directors rises sharply](https://complyport.com/financial-times-fca-investigations-into-city-directors-rises-sharply/) - The Financial Times (19 May 2019) has reported that the number of directors being investigated by the FCA has more than doubled in two years with nearly half of those being investigated for failings in culture and governance. According to the Financial Times, the FCA is investigating 58 directors as at December 2018, compared with
- [Brexit — Ireland and Luxembourg Potential Fund Manager Site Inspections](https://complyport.com/brexit-ireland-and-luxembourg-potential-fund-manager-site-inspections/) - Reports were circulating during late May that both the Central Bank of Ireland (CBI) and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg are to undertake checks on asset managers’ entities to ensure that such entities are not being operated as letterbox entities. In a recent speech, Michael Hodson, Director of Asset Management
- [Shareholder Rights Directive II](https://complyport.com/shareholder-rights-directive-ii/) - On 30 May 2019, the FCA published Policy Statement 19/13 (“PS19/13”) in relation to the Shareholders Directive II (“SRD II”). As per PS19/13, SRD II requires asset owners and asset managers to make disclosures about their long term investment strategies, their arrangements with each other and their engagement with the companies they invest in. From
- [Germany - Crypto Assets to Be Regulated as Financial Instruments](https://complyport.com/germany-crypto-assets-to-be-regulated-as-financial-instruments/) - In publishing a draft bill relating to the Fifth Money Laundering Directive, the German Federal Ministry of Finance has widened the scope of the licensing requirement under the German Banking Act (Kreditwesengesetz – “KWG”) for certain financial services related to crypto assets. The draft bill introduces a broad definition of crypto assets and includes them
- [FCA Dear CEO Letter – Wealth Management and Stockbroking Supervision Strategy](https://complyport.com/fca-dear-ceo-letter-wealth-management-and-stockbroking-supervision-strategy/) - The FCA has written to Wealth Managers and Stockbrokers setting out the key risks that such firms pose to their customers or the markets in which they operate. The FCA set out four ways in which customers may be harmed in this sector: By having reduced levels of savings and investments due to fraud, investment
- [The FCA confirms new rules for P2P Platforms](https://complyport.com/the-fca-confirms-new-rules-for-p2p-platforms/) - Following consultation, the FCA is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector. When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. These new rules are designed to help better protect investors and allow firms and
- [FCA proposes ban on sale of crypto-derivatives to retail consumers](https://complyport.com/fca-proposes-ban-on-sale-of-crypto-derivatives-to-retail-consumers/) - The FCA is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (“ETNs”) referencing certain types of cryptoassets. The FCA considers these products ill-suited to retail consumers who cannot reliably assess the value and risks of derivatives or ETNs that reference certain cryptoassets (crypto derivatives). This is
- [FCA Statement on the ESMA opinion on the FCA’s final rules for CFDs and CFD-like options](https://complyport.com/fca-statement-on-the-esma-opinion-on-the-fcas-final-rules-for-cfds-and-cfd-like-options/) - The FCA has published a notice setting out the reasons for acting contrary to ESMA’s Opinion of the FCA’s national product intervention measures restricting how CFDs and CFD-like options are sold to retail consumers. On 1 July 2019, the FCA published Policy Statement 19/18 and finalised rules that restrict the sale, marketing and distribution of
- [The FCA has confirmed permanent restrictions in the sale of CFDs and CFD-like options to retail consumers](https://complyport.com/the-fca-has-confirmed-permanent-restrictions-in-the-sale-of-cfds-and-cfd-like-options-to-retail-consumers/) - The FCA has confirmed new rules restricting the sale, marketing and distribution of CFDs and CFD-like options to retail customers. The rules seek to address harm to retail consumers by making the European Securities and Market Authority’s (ESMA’s) temporary restrictions of contracts for difference (CFDs) sold to retail clients, permanent. For CFDs and CFD-like options
- [The FCA and the Dutch Authority for the Financial Markets (AFM) agree on closer partnership](https://complyport.com/the-fca-and-the-dutch-authority-for-the-financial-markets-afm-agree-on-closer-partnership/) - During a meeting on 3 June 2019 in London, the FCA and the AFM signed a joint agreement to formalise this partnership. Since the UK announced its intention to withdraw from the EU, several financial institutions currently operating in the UK and the Netherlands have applied for a licence to operate in the respective countries.
- [Fund Managers and the Pension Transfer Trap](https://complyport.com/fund-managers-and-the-pension-transfer-trap/) - Written by Ian Gibson Ever since March 2014, when George Osborne in his position as Chancellor, announced, his now famous pension reforms, there has been an ever-increasing clamour by pension scheme members to access the cash ‘tied up’ in their pension scheme. While the dash for cash has had a profound tax benefit for HM
- [The FCA provides clarity on current crypto-assets regulation](https://complyport.com/the-fca-provides-clarity-on-current-crypto-assets-regulation/) - The FCA has published final guidance which sets out the crypto-asset activities that it regulates. The Final Guidance is in response to the FCA’s consultation that was published in January 2019. The FCA has stated that the guidance will help firms understand whether their crypto-asset activities fall under FCA regulation. This will allow firms to
- [The FCA acts to protect consumers transferring out of defined benefit pension schemes](https://complyport.com/the-fca-acts-to-protect-consumers-transferring-out-of-defined-benefit-pension-schemes/) - The FCA has published a package of pension related proposals designed to improve the quality of pension transfer advice, and to help consumers get better value from their pension. The package includes a proposed ban on contingent charging for pension transfer advice, an update on the work the FCA has been doing on non-workplace pensions
- [New EU cross-border distribution rules published in the Official Journal](https://complyport.com/new-eu-cross-border-distribution-rules-published-in-the-official-journal/) - The texts of a new Directive ((EU) 2019/1160)) and a new Regulation ((EU) 2019/1156)) have been published in the Official Journal on 12th July 2019. The purpose of the Directive and the Regulation is to harmonise marketing rules across the EU and in particular, the concept of pre-marketing. The new rules will mostly apply to
- [CSSF — Mandatory Notification for UK firms in the context of Brexit](https://complyport.com/cssf-mandatory-notification-for-uk-firms-in-the-context-of-brexit/) - The Luxembourg financial regulator, the CSSF, published a press release on 15 July 2019 informing UK firms that they will be considered “third country” firms and will lose the benefits of their existing passports should the UK leave the EU without concluding a withdrawal agreement. The CSSF has said: UK firms that intend to continue
- [Senior Managers and Certification Regime: The FCA has published the final rules on the extension of the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms](https://complyport.com/senior-managers-and-certification-regime-the-fca-has-published-the-final-rules-on-the-extension-of-the-senior-managers-and-certification-regime-smcr-for-solo-regulated-firms/) - The SM&CR is being extended to FCA solo-regulated firms on 9 December 2019. The aim of the SM&CR is to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold individuals to account. As part of this, the SM&CR aims to: encourage staff to take personal
- [Complyport & Fieldfisher’s SM&CR Webinar recording](https://complyport.com/complyport-fieldfishers-smcr-webinar-recording/) - In our continual effort to help assist financial services firms with their on-going regulatory requirements, Complyport recently hosted a free webinar on the Senior Managers and Certification Regime (“SM&CR”) with Fieldfisher. We were thrilled when almost 300 individuals from different firms joined us on 10th October 2019 to listen to Robert Irvine (Senior consultant, Complyport)
- [Complyport & CalQRisk Risk Adequacy Webinar Recording](https://complyport.com/complyport-calqrisk-risk-adequacy-webinar-recording/) - The FCA is increasingly emphasising Risk Frameworks as part of its expectations of firms’ governance, systems and controls. Under proposed rules, the FCA can request any firm to submit its risk-based assessment of adequate financial resources for review. On the 31st of October 2019, Complyport held a free webinar on Risk Adequacy with CalQRisk. We
- [Risk Adequacy: Assembling the Building Blocks](https://complyport.com/risk-adequacy-assembling-the-building-blocks/) - The FCA is increasingly emphasising Risk Frameworks as part of its expectations of firms’ governance, systems and controls. Under proposed rules, the FCA can request any firm to submit its risk-based assessment of adequate financial resources for review. On the 21st of November 2019, Complyport held the second of its Risk Adequacy presentations. Richard Revill
- [Risk Adequacy - Embedding the Process](https://complyport.com/risk-adequacy-embedding-the-process/) - The FCA is increasingly emphasising Risk Frameworks as part of its expectations of firms’ governance, systems and controls. Under proposed rules, the FCA can request any firm to submit its risk-based assessment of adequate financial resources for review. On the 5th of December 2019, Complyport held the third of its Risk Adequacy presentations. Richard Revill
- [Non-UCITS Retail Schemes — Illiquid Assets](https://complyport.com/non-ucits-retail-schemes-illiquid-assets/) - The FCA has published Policy Statement PS19/24 in which it has confirmed new rules which apply to certain types of open-ended funds investing in inherently illiquid assets such as property. The new rules will apply to Non-UCITS Retail Schemes (“NURS”), but will not apply to other funds such as UCITS which are already subject to
- [FCA data shows 4.29m complaints for first half of 2019](https://complyport.com/fca-data-shows-4-29m-complaints-for-first-half-of-2019/) - The FCA has published the complaints figures for regulated firms for the first half of 2019. The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019. The increase in complaints was mainly driven by a 34% increase in the volume
- [FCA finds MiFID II research unbundling rules working well for investors](https://complyport.com/fca-finds-mifid-ii-research-unbundling-rules-working-well-for-investors/) - The FCA has published multi-firm review findings indicating the Markets in Financial Instruments Directive’s (MiFID II) research unbundling rules have improved asset managers’ accountability over costs, saving millions for investors. A key principle of the MiFID II unbundling reforms was to ensure that portfolio managers act as good agents in the best interests of their
- [The FCA fines Tullet Prebon £15.4m](https://complyport.com/the-fca-fines-tullet-prebon-15-4m/) - The FCA has fined Tullett Prebon (Europe) Limited £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA. Tullett Prebon, now part of TP ICAP, is an electronic and voice inter-dealer broker, acting
- [New form to notify FCA of management body changes for non-SMF Directors](https://complyport.com/new-form-to-notify-fca-of-management-body-changes-for-non-smf-directors/) - From 9 December 2019, MIFID investment firms and optional exempt firms need to use a new form to submit information to the FCA when appointing Non-SMF Directors to, or withdrawing them from, their management body. If a firm’s management body changes, the firm will need to download the form, complete it and email it to
- [FCA to ban promotion of speculative mini-bonds to retail consumers](https://complyport.com/fca-to-ban-promotion-of-speculative-mini-bonds-to-retail-consumers/) - The FCA has announced that it will ban the mass marketing of speculative mini-bonds to retail consumers. The FCA ban will mean that unlisted speculative mini-bonds can only be promoted to investors that firms know are sophisticated or high net worth investors. Marketing material produced or approved by an authorised firm will also have to
- [FCA extends the Senior Managers and Certification Regime to 47,000 firms](https://complyport.com/fca-extends-the-senior-managers-and-certification-regime-to-47000-firms/) - The FCA has extended the Senior Managers and Certification Regime (SM&CR) to around 47,000 additional firms as of 9 December. The FCA stated that this further extension is a key step to creating a culture across financial firms where individuals take accountability for their own actions and competence. https://www.fca.org.uk/news/news-stories/fca-extends-senior-managers-and-certification-regime-47000-firms
- [Cryptoassets: AML/CTF Regime](https://complyport.com/cryptoassets-aml-ctf-regime/) - From 10 January 2020, the FCA will be the anti-money laundering and counter terrorist financing supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the payer) Regulations 2017 (“MLR”). All UK cryptoasset businesses carrying on activities in scope of the MLRs will need to register with the
- [5ᵗʰ Money Laundering Directive — 10ᵗʰ January 2020](https://complyport.com/5ᵗʰ-money-laundering-directive-10ᵗʰ-january-2020/) - Money Laundering Regulations On 10 January 2020 changes to the UK’s Money Laundering Regulations are coming into force. The changes amend and update the UK's AML regime to incorporate international standards set by the Financial Action Task Force (FATF) and to transpose the EU’s 5th Money Laundering Directive. The FCA has published a page on
- [Are you ready for the reporting obligations under SFTR?](https://complyport.com/are-you-ready-for-the-reporting-obligations-under-sftr/) - In 2016, as a response to the many risks posed by shadow banking, the EU introduced the Securities Financing Transaction Regulation (“SFTR”), a set of new requirements aimed at improving the transparency of Securities Financing Transactions (“SFTs”). Is your firm affected by SFTR? The Regulation captures: EU entities that enter into SFTs (including all EU
- [COVID-19 (Coronavirus) Pandemic Response In Financial Services](https://complyport.com/covid-19-coronavirus-pandemic-response-in-financial-services/) - The World Health Organisation ("WHO") has now officially classified the COVID-19 outbreak as a Pandemic. This means that there is evidence of uncontrolled spread from human to human in multiple countries within a WHO region and in two or more regions. The UK Government’s emergency planning and management committee known as COBRA, met today (12
- [Coronavirus (COVID-19) Update: FCA Guidance on Key Workers in Financial Services](https://complyport.com/coronavirus-covid-19-update-fca-guidance-on-key-workers-in-financial-services/) - The FCA issued guidance on Friday 20 March 2020 regarding whether a person working in a financial services firm may be a Key Worker. The Government has imposed restrictions such as closing schools, restricting travel and enforcing social distancing. Key Workers are normally exempted from many of these restrictions. However, if challenged by school, police
- [Coronavirus (COVID-19) Update: FCA Capital Adequacy Guidance For Solo Regulated Firms](https://complyport.com/coronavirus-covid-19-update-fca-capital-adequacy-guidance-for-solo-regulated-firms/) - The FCA issued a statement this morning (26 March 2020) warning that firms must plan ahead and ensure sound management of their financial resources in the face of the threats from Coronavirus. Whilst the FCA has indicated it wishes to see firms to continue to operate and that it intends to apply flexibility, the statement
- [The Coronavirus (COVID-19) Pandemic: A Summary of FCA Guidance & Regulatory Developments in the EU’s Investment Services and Capital Markets Sectors](https://complyport.com/the-coronavirus-covid-19-pandemic-a-summary-of-fca-guidance-regulatory-developments-in-the-eus-investment-services-and-capital-markets-sectors/) - The FCA has issued the following guidance to the financial services industry regarding the response that FCA expects firms to take in response to the Coronavirus (COVID-19) pandemic. The FCA has four primary concerns: Protection of consumers; Protection of industry employees/staff; Protection of markets; Resilience of firms. The FCA guidance on responding to the
- [Coronavirus (COVID-19): Update FCA Urgent Consultation: Temporary Financial Relief For Borrowers](https://complyport.com/coronavirus-covid-19-update-fca-urgent-consultation-temporary-financial-relief-for-borrowers/) - The Financial Conduct Authority (FCA) has today issued three Guidance Consultation documents to the lending sector proposing a range of targeted temporary measures designed to help consumers during the Coronavirus Pandemic. The consultation is targeted at banks, building societies, credit card and store card issuers and other providers of consumer credit loans. The proposed measures
- [Coronavirus (COVID-19) Bulletin - PRA: No Bank Dividends, Buy-Backs Or Bonuses In 2020](https://complyport.com/coronavirus-covid-19-bulletin-pra-no-bank-dividends-buy-backs-or-bonuses-iin-2020/) - The Prudential Regulation Authority (PRA) confirmed on 31 March 2020 that following consultation with the seven largest UK banks, they will suspend dividends, share buy backs and not pay cash bonuses to senior staff until the end of 2020. The PRA consultation with the seven largest UK banks (HSBC, Nationwide, Santander, Standard Chartered Bank, Barclays,
- [Coronavirus (COVID-19) Update: FCA Statement – SM&CR And COVID-19 – Expectations On FCA Solo-Regulated Firms](https://complyport.com/coronavirus-covid-19-update-fca-statement-smcr-and-covid-19-expectations-on-fca-solo-regulated-firms/) - The FCA issued a statement on 3rd April 2020 setting out its expectations to help FCA solo-regulated firms apply the SM&CR. Separate requirements apply to dual regulated firms. The FCA statement for solo-regulated firms can be viewed at the following link: https://www.fca.org.uk/news/statements/smcr-coronavirus-our-expectations-solo-regulated-firms Statements of Responsibilities and ‘significant changes’ to Senior Manager Responsibilities The FCA recognises
- [FCA fines Kevin Gorman](https://complyport.com/fca-fines-kevin-gorman/) - The FCA has fined Kevin Gorman £45,000 for failing to notify personal trades carried out in his capacity as a person discharging managerial responsibility (PDMR). Kevin Gorman, a former Managing Director at Braemar Shipping Services Plc (Braemar), was likely to have inside information on the functioning of the company as well as the power to
- [FCA publishes the number of STORs received in 2019](https://complyport.com/fca-publishes-the-number-of-stors-received-in-2019/) - The FCA has recently published a report with figures of suspicious transaction and order reports (STORs) received in 2019, pointing out the importance of high-quality STORs in the process of identifying harm in financial markets. The FCA’s data show that while there was an increase in the number of STORs received since 2016, in 2019
- [EU Regulatory Developments in response to COVID-19](https://complyport.com/eu-regulatory-developments-in-response-to-covid-19/) - Net short position ban and lowering of notification threshold for net short positions Extreme adverse circumstances that constitute a serious threat to market confidence and financial stability have prompted a number of national competent authorities in the EU to ban net short positions for any shares or debt instruments listed on Trading Venues for which
- [FCA orders supervisory flexibility over 10% MiFID rule](https://complyport.com/fca-orders-supervisory-flexibility-over-10-mifid-rule/) - In light of the COVID-19 outbreak the FCA has announced a flexible approach on enforcing breaches of the requirement to notify clients of a 10% depreciation in value of their investments. Under COBS 16A.4.3 firms who provide portfolio management services, or maintain retail client accounts, are required to inform clients whenever the value of the
- [FCA Capital Adequacy Guidance for Solo Regulated Firms](https://complyport.com/fca-capital-adequacy-guidance-for-solo-regulated-firms/) - The FCA issued a statement warning that firms must plan ahead and ensure sound management of their financial resources in the face of the threats from Coronavirus. Whilst the FCA has indicated it wishes to see firms to continue to operate and that it intends to apply flexibility, the statement lacks clarity on exactly what
- [FCA Guidance on Key Workers in Financial Services](https://complyport.com/fca-guidance-on-key-workers-in-financial-services/) - The FCA issued guidance on Friday 20 March 2020 regarding whether a person working in a financial services firm may be a Key Worker. The government has imposed restrictions such as closing schools, restricting travel and enforcing social distancing. Key Workers are generally exempted from many of these restrictions. However, if challenged by school, police
- [Financial Services firms are expected by FCA to have carried out risk assessments and to have risk mitigation plans in place](https://complyport.com/financial-services-firms-are-expected-by-fca-to-have-carried-out-risk-assessments-and-to-have-risk-mitigation-plans-in-place/) - The FCA Senior Management Systems and Controls rules (“SYSC”) require firms to have robust plans to identify and mitigate risks, including Disaster Recovery Plans (“DRP”) and Business Continuity Plans (“BCP”). One of the key risks a firm should have risk assessed and planned for is a Pandemic. The last time a Pandemic affected the UK
- [Delay to launch of the directory for certified and assessed persons](https://complyport.com/delay-to-launch-of-the-directory-for-certified-and-assessed-persons/) - As part of the SM&CR, banks, building societies, credit unions and insurance companies had to submit their directory persons data by 9 March 2020 which was then due to be published by the FCA on the Financial Services Register by the end of March 2020. However, following the COVID-19 outbreak, the FCA has decided to
- [Delays to corporate reporting](https://complyport.com/delays-to-corporate-reporting/) - In response to the current situation, the FCA, the Financial Reporting Council (FRC), and the Prudential Regulation Authority announced a series of actions to ensure the continued functioning of capital markets and information flow. The FCA has issued a statement clarifying that publicly listed companies facing problems with corporate reporting due to Coronavirus will be
- [FCA launched a COVID-19 webpage](https://complyport.com/fca-launched-a-covid-19-webpage/) - While closely monitoring the coronavirus situation, the Financial Conduct Authority (FCA) has launched a new webpage that will be providing significant resources to UK regulated firms and FCA’s colleagues. The webpage provides information and links regarding regulatory changes, updates, guidance to firms as the coronavirus situation progresses to both facilitate and ensure consumers are protected,
- [The Coronavirus (COVID-19) Pandemic: A Summary of FCA Guidance & Regulatory Developments in the EU’s Investment Services and Capital Markets Sectors](https://complyport.com/the-coronavirus-covid-19-pandemic-a-summary-of-fca-guidance-regulatory-developments-in-the-eus-investment-services-and-capital-markets-sectors-2/) - The FCA has issued the following guidance to the financial services industry regarding the response that FCA expects firms to take in response to the Coronavirus (COVID-19) pandemic. The FCA has four primary concerns: Protection of consumers; Protection of industry employees/staff; Protection of markets; Resilience of firms. SM&CR responsibilities The FCA does not require firms
- [Coronavirus (COVID-19) Update: FCA Announces Temporary Relief For The Publishing Of Annual And Half-Year Reports And Accounts](https://complyport.com/fca-announces-temporary-relief-for-fund-managers-for-the-publishing-of-annual-half-year-reports-and-accounts/) - Considering the challenges faced by many fund managers and auditors when preparing their financial statements due to the Covid-19 pandemic, the FCA has decided to extend the deadline for submission of annual and half-year reports and accounts. The FCA statement regarding the extension of deadlines can be viewed at the following link: https://www.fca.org.uk/firms/extending-deadlines-publishing-fund-reports-and-accounts Extra 2
- [Coronavirus (COVID-19) Update: FCA Confirms Temporary Measures For Financial Relief For Customers Impacted By The Coronavirus](https://complyport.com/coronavirus-covid-19-update-fca-confirms-temporary-measures-for-financial-relief-for-customers-impacted-by-the-coronavirus/) - The FCA has approved the proposed measures, outlined in a previous consultation, designed to promptly support users of certain consumer credit products who are facing financial difficulties arising from the Covid-19 pandemic. The FCA statement on the confirmed measures can be viewed at the following link: https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus On behalf of the FCA, Christopher Woolard stated,
- [Coronavirus (COVID-19) Update: The FCA Proposed Supportive Measures For Motor Finance And High-Cost Credit Customers](https://complyport.com/coronavirus-covid-19-update-the-fca-proposed-supportive-measures-for-motor-finance-and-high-cost-credit-customers/) - The FCA has announced supportive measures for motor finance and high-cost credit customers that are intended to complement the measures already announced by the government as a response to the Covid-19 pandemic. The FCA is open to receive feedback on the proposed measures by stakeholders until 20th April 2020 and expects to finalise proposals by
- [Complyport Welcomes Alpha Capital Compliance Into Its Associate Programme](https://complyport.com/complyport-welcomes-alpha-capital-compliance-into-its-associate-programme/) - Complyport is delighted to welcome Alpha Capital Compliance as the latest member of its Associate Programme. Complyport’s Associate Programme provides the opportunity to top-quality regulatory advisory firms and governance, risk and compliance professionals to work together, share knowledge, resources, training and technology with Complyport and its expert teams. Alpha Capital Compliance has extensive experience managing
- [How Financial Services Firms Should Handle Complaints During Covid-19](https://complyport.com/how-financial-services-firms-should-handle-complaints-during-covid-19/) - The outbreak of Coronavirus (Covid-19) and the associated public health measures have posed many operational challenges to financial services firms. This includes the handling of consumer complaints and the FCA has recently set out its expectations for how financial businesses handle complaints in the following: https://www.fca.org.uk/firms/firm-handling-complaints-during-coronavirus Handling and prioritising complaints Firms should not take the
- [FATF response to COVID-19](https://complyport.com/fatf-response-to-covid-19/) - FATF extends its assessment and follow-up deadlines in response to COVID-19 The gravity of the COVID-19 situation globally and the consequent COVID-19 related measures that countries have adopted, such as confinement and travel restrictions, are making it impossible for assessed jurisdictions and assessors alike to conduct on-site visits and in-person meetings. This situation has significantly
- [LIBOR – Risk-Free Reference Rates Working Group further statement on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans](https://complyport.com/libor-risk-free-reference-rates-working-group-further-statement-on-the-impact-of-coronavirus-on-the-timeline-for-firms-libor-transition-plans/) - Further to the joint statement made on 25 March it remains the central assumption that firms cannot rely on LIBOR being published after the end of 2021. The FCA and the Bank of England have worked with members of the Working Group on Sterling Risk-Free Reference Rates (RFRWG) and its sub-groups and task forces to consider how
- [FCA Strong customer authentication and Coronavirus](https://complyport.com/fca-strong-customer-authentication-and-coronavirus/) - In the exceptional circumstances of the Covid crisis, the FCA is giving the industry an additional 6 months to implement strong customer authentication (SCA) for e-commerce, to minimise potential disruption to consumers and merchants. The new timeline of 14 September 2021 replaces the 14 March 2021 date. Firms are required to take all necessary steps
- [FCA support for motor finance and high cost credit customers](https://complyport.com/fca-support-for-motor-finance-and-high-cost-credit-customers/) - The FCA has introduced a package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The measures came into force on 27 April 2020. The range of targeted temporary measures cover: motor finance high-cost short-term credit (including payday loans) other credit products such as buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking.
- [FCA Changes to regulatory reporting during COVID-19](https://complyport.com/fca-changes-to-regulatory-reporting-during-covid-19/) - Given the impact of coronavirus (Covid-19), the FCA has introduced some temporary measures for firms submitting regulatory returns. The FCA will allow flexibility in relation to the submission deadlines for the regulatory returns listed below, provided firms submit them by the deadlines set out below. This applies for submissions that are due up to and
- [FCA Additional primary market measures to aid listed companies](https://complyport.com/fca-additional-primary-market-measures-to-aid-listed-companies/) - The events surrounding the coronavirus (Covid-19) pandemic are unprecedented. It is likely that many companies will turn to UK capital markets to raise money to support the recovery to come. The FCA announced a series of measures to help these companies to raise new funding while retaining an appropriate degree of investor protection. The package includes a
- [FCA expectations for wet-ink signatures in light of coronavirus (Covid-19) restrictions](https://complyport.com/fca-expectations-for-wet-ink-signatures-in-light-of-coronavirus-covid-19-restrictions/) - The FCA has set out its expectations of firms when dealing with the need for 'wet-ink' signatures (i.e. signing a document by hand using a pen). Agreements: the FCA rules do not explicitly require wet-ink signatures in agreements, nor do they prevent firms from using electronic signatures in agreements. The validity of electronic signatures is a
- [FCA data show 6.02m complaints in the second half of 2019](https://complyport.com/fca-data-show-6-02m-complaints-in-the-second-half-of-2019/) - The FCA has published the complaints figures for regulated firms for the second half (H2) of 2019. The data showed an increase in complaints from 4.29m in the first half (H1) of 2019 to 6.02m in H2. The increase in complaints was mainly driven by a 75% increase in the volume of PPI complaints received,
- [FCA publishes consultation on Regulated fees and levies](https://complyport.com/fca-publishes-consultation-on-regulated-fees-and-levies/) - The FCA is consulting on its proposed regulatory fees and levies for the next financial year (1 April 2020 to 31 March 2021). The FCA is also consulting on the Financial Ombudsman Service general levy, Money and Pensions Service, Devolved Authorities and illegal money-lending levies for the next financial year. Given the impact of Covid-19,
- [FCA publishes its Business Plan 2020/21](https://complyport.com/fca-publishes-its-business-plan-2020-21/) - The FCA published its annual Business Plan setting out its main areas of focus for 2020/21. It outlines the FCA’s priorities and describes its response to the problems the FCA has identified. Coronavirus has presented a huge challenge to the FCA. As a result, the FCA has delayed other activity it had planned, where it
- [Press Release - Mortgage brokers and financial advisers must ensure they comply with FCA requirements despite working from home](https://complyport.com/press-release-mortgage-brokers-and-financial-advisers-must-ensure-they-comply-with-fca-requirements-despite-working-from-home/) - Complyport a leading compliance and regulatory consultancy has warned mortgage brokers and financial advisers, they should ensure, despite the fact that most are working from home or remotely, that practitioners are compliant with current regulations put in place by the FCA during the COVID-19 crisis. These changes include the FCA accepting digital signatures on loan agreements,
- [Press Release - Automotive finance firms urged to comply with FCA requirements despite COVID-19](https://complyport.com/press-release-automotive-finance-firms-urged-to-comply-with-fca-requirements-despite-covid-19/) - Complyport, a leading compliance and regulatory consultancy has warned automotive finance lenders and motor dealerships to ensure they are complying with FCA guidelines on lending and new regulations in the wake of the COVID-19 crisis. Changes include the FCA accepting digital signatures on loan agreements; more online meetings with clients, which will require verification methods
- [Complyport In The Press - 18-22 May](https://complyport.com/complyport-in-the-press-18-22-may/) - This week the focus has been on providing analysis into the automotive and financial services trade press. The intention was that Complyport is effectively the “good prefect” and was alerting anyone who provides credit or loan agreements to ensure they know the changes that have been introduced by the FCA during the COVID-19 crisis. News
- [Press Release - Financial Services Firms Warned To Keep Within “The Rules” During The COVID-19 Crisis](https://complyport.com/press-release-financial-services-firms-warned-to-keep-within-the-rules-during-the-covid-19-crisis/) - Complyport a leading compliance and regulatory consultancy has warned, business managers, brokers and financial advisers to ensure they are compliant with current changes in regulations that cover loans, credit agreements and other agreements regulated by the FCA. Changes include the FCA accepting digital signatures on loan agreements, the FCA support for motor finance and high
- [FCA Proposes To Make Permanent Its Ban On Mini-Bond Marketing](https://complyport.com/fca-proposes-to-make-permanent-its-ban-on-mini-bond-marketing/) - Following the temporary ban that was introduced in January 2020, the Financial Conduct Authority released proposals to put a permanent ban on the mass-marketing of speculative mini-bonds and other products with similar features to retail investors. The new consultation paper introduces a set of small changes and clarifications to the temporary ban, which came into
- [Press Release - New FCA CEO Will “Have No Honeymoon Period” When He Takes Up His Post](https://complyport.com/press-release-new-fca-ceo-will-have-no-honeymoon-period-when-he-takes-up-his-post/) - Leading regulatory and compliance expert warns new FCA CEO of the need to grasp immediately the issue facing financial services firms in the UK. The appointment of Nikhil Rathi as CEO of the Financial Conduct Authority comes at a crucial time for the UK economy; with the prospects of the UK outside of the EU,
- [Compliance News - FCA Announces Further Support To Consumer Credit Customers](https://complyport.com/compliance-news-fca-announces-further-support-to-consumer-credit-customers/) - The FCA has proposed the extension of certain temporary measures that were put in place to support consumer credit customers who are facing financial difficulties due to the Coronavirus crisis. For customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500, the time to apply for one would be
- [Compliance News - Extension of SM&CR Implementation Periods For Solo-Regulated Firms](https://complyport.com/compliance-news-extension-of-smcr-implementation-periods-for-solo-regulated-firms/) - The FCA and HM Treasury has agreed to delay, from 9 December 2020 until 31 March 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons (Certification Staff). This delay has been implemented to give firms that have been significantly affected by the Coronavirus
- [Financial Services Brexit Update - Hard Brexit On The Horizon](https://complyport.com/financial-services-brexit-update-hard-brexit-on-the-horizon/) - The UK financial services industry is now headed for a “Hard Brexit” on the 31 December 2020 following the UK Government decision not to request an extension to the Transitional Period by the deadline of 30 June. Complyport's CEO, Paul Grainger, Chairs the Brexit Working group of the Association of professional Compliance Consultants (APCC). He
- [Complyport CEO, Paul Grainger, Talks On LBC News About Brexit](https://complyport.com/complyport-ceo-paul-grainger-talks-on-lbc-news-about-brexit/) - Speaking with LBC News journalist Phillip Chrysikos Paul Grainger CEO of Complyport underlined that the UK economy is facing a hard Brexit on 31 December 2020. For firms that trade in goods and services with the EU this will mean facing tariffs and penalties from 1 January 2021. Financial services account for 10% of the
- [FCA confirms guidance for insurance firms on assessing product value](https://complyport.com/fca-confirms-guidance-for-insurance-firms-on-assessing-product-value/) - The FCA confirms guidance for insurance firms to consider the impact of coronavirus (Covid-19) on the value of their insurance products. The guidance sets out what the FCA considers firms should be doing to identify any material issues that affect the value of the general insurance and protection products they offer, and their ability to
- [FCA confirms support for customers who are struggling to pay their mortgage due to coronavirus](https://complyport.com/fca-confirms-support-for-customers-who-are-struggling-to-pay-their-mortgage-due-to-coronavirus/) - The FCA confirmed the support firms should give to mortgage customers who are either coming to the end of a payment holiday or who are yet to request one. The FCA is also reminding customers that if they can afford to resume payments, they should. For customers still experiencing temporary payment difficulties due to coronavirus
- [FCA confirms further support for consumer credit customers](https://complyport.com/fca-confirms-further-support-for-consumer-credit-customers/) - The FCA confirmed the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus (Covid-19). The measures outline the options firms will provide credit card and other revolving credit (store card and catalogue credit) and personal loan customers who are coming to the end of
- [FCA proposes to make permanent its ban on mini-bond marketing](https://complyport.com/fca-proposes-to-make-permanent-its-ban-on-mini-bond-marketing-2/) - Following the temporary ban that was introduced in January 2020, the FCA released proposals to put a permanent ban on the mass-marketing of speculative mini-bonds and other products with similar features to retail investors. The new consultation paper introduces a set of small changes and clarifications to the temporary ban, which came into force following
- [FCA bars Cypriot firms that used unauthorised celebrity endorsements](https://complyport.com/fca-bars-cypriot-firms-that-used-unauthorised-celebrity-endorsements/) - The FCA has taken action to stop four Cypriot investment firms from continuing to offer high risk contracts for difference (CFDs) to UK investors. It appears that these firms used unauthorised celebrity endorsements on social media as part of their marketing. The orders require them to stop selling CFDs to UK customers, to close existing
- [FCA fines Lloyds Bank, Bank of Scotland and The Mortgage Business £64,046,800 for failures in mortgage arrears handling](https://complyport.com/fca-fines-lloyds-bank-bank-of-scotland-and-the-mortgage-business-64046800-for-failures-in-mortgage-arrears-handling/) - The FCA fined Lloyds Bank plc, Bank of Scotland plc and The Mortgage Business plc (the banks) £64,046,800 for failures in relation to their handling of mortgage customers in payment difficulties or arrears. The banks have estimated that they will have paid approximately £300 million in redress. The redress programme is nearly complete. Between April
- [FCA sets out next steps to improve defined benefit pension transfer market](https://complyport.com/fca-sets-out-next-steps-to-improve-defined-benefit-pension-transfer-market/) - The FCA has set out a package of measures designed to address weaknesses across the defined benefit (DB) transfer market. It includes steps to reduce conflicts of interest by banning contingent charging, as well as help for advisers who want to do the right thing and provide good quality advice to their customers. The package
- [High Court finds against illegal pension introducers, Avacade and others](https://complyport.com/high-court-finds-against-illegal-pension-introducers-avacade-and-others/) - The High Court ruled in favour of the FCA in a civil action against 2 firms and their directors who provided pension services to consumers without FCA authorisation. The FCA’s case concerned the activities of Avacade Limited (in liquidation) and Alexandra Associates (UK) Limited trading as Avacade Future Solutions (AA) and their directors, Craig Lummis,
- [Extension of the Senior Managers & Certification Regime (SM&CR) implementation periods for solo-regulated firms](https://complyport.com/extension-of-the-senior-managers-certification-regime-smcr-implementation-periods-for-solo-regulated-firms/) - The deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons has been delayed from 9 December 2020 until 31 March 2021. The Treasury has agreed to delay, from 9 December 2020 until 31 March 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the
- [Press Release - Regulators Are Failing To Supervise Firms Proactively And Ensuring Separation Of Client Money](https://complyport.com/press-release-regulators-are-failing-to-supervise-firms-proactively-and-ensuring-separation-of-client-money/) - Leading compliance and regulatory consultant, CEO of Complyport Paul Grainger, calls on lessons to be learnt from the collapse of Wirecard AG, “fundamental flaws” in the supervisory roles of regulators. Wirecard AG went into administration in Germany, the FCA in the UK instructed the UK arm, Wirecard Card Solutions, to freeze all payments on 26
- [FCA Dear CEO Letter: Inappropriate use of title transfer collateral arrangements and regulatory permissions for financing transactions](https://complyport.com/fca-dear-ceo-letter-inappropriate-use-of-title-transfer-collateral-arrangements-and-regulatory-permissions-for-financing-transactions/) - The FCA published a Dear CEO letter to authorised firms acting as brokers in wholesale financial markets, who currently, or may in the future, offer services (including clearing broker and prime broker services) that involve holding clients’ cash or securities as collateral. The letter addresses the inappropriate use of title transfer collateral arrangements (TTCAs) by firms, amounting
- [Consultation on the Regulatory Framework for Approval of Financial Promotions](https://complyport.com/consultation-on-the-regulatory-framework-for-approval-of-financial-promotions/) - The current requirement for an authorised firm to approve the financial promotion of an unauthorised firm may not operate as a strong enough safeguard to ensure such financial promotions are compliant with FCA rules and that they are fair, clear and not misleading. Currently, any authorised firm is able to approve any financial promotion of
- [FCA seeks industry views on a new prudential regime for UK investment firms](https://complyport.com/fca-seeks-industry-views-on-a-new-prudential-regime-for-uk-investment-firms/) - The FCA published a discussion paper on a prudential regime for UK investment firms. The discussion paper sets out the technical details and the FCA’s views on the Investment Firm Directive (“IFD”) and the Investment Firm Regulation (“IFR”) which investment firms in EU Member States will need to comply with from 26 June 2021. As the UK
- [New guidance to help firms do more for vulnerable consumers](https://complyport.com/new-guidance-to-help-firms-do-more-for-vulnerable-consumers/) - The FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers. More than 24 million people display one or more potential characteristics of vulnerability – which include physical and mental health issues, recent life events such as bereavement, capability and financial resilience. Over a million people received debt advice last
- [FCA Consultation on extending implementation deadlines for the Certification Regime and the Conduct Rules](https://complyport.com/fca-consultation-on-extending-implementation-deadlines-for-the-certification-regime-and-the-conduct-rules/) - The FCA is consulting on extending the deadlines by which FCA solo-regulated firms must have first assessed the fitness and propriety of their Certified Staff and for training staff in the Conduct Rules and reporting Directory Person data. The Treasury will lay a Statutory Instrument (SI) before Parliament to delay the deadline to the Certification
- [WEBINAR: Discussion on the latest EMiR/MiFIR transaction reporting developments and best practices](https://complyport.com/webinar-discussion-on-the-latest-emir-mifir-transaction-reporting-developments-and-best-practices/) - Complyport is pleased to have presented our webinar held on 2 September 2020 held in conjunction with MAP Fintech, a member of Complyport's Associate Programme. The webinar explored the latest EMiR and MiFIR transaction reporting developments as well as best practice firms should adopt. You can view the recording of the webinar below. Event Overview:
- [Liquidity Stress Testing — Are You Ready?](https://complyport.com/liquidity-stress-testing-are-you-ready/) - On 2nd September 2019 ESMA issued their final report on the Guidelines on Liquidity Stress Testing (LST) in UCITS and AIFs. The report and its requirements come into effect on 30th September 2020. The new guidelines aim to promote financial stability by mitigating liquidity risk across Europe and ensuring supervisory convergence through minimum standards for
- [Financial Regulators Publish Updated Regulatory Initiatives Grid](https://complyport.com/financial-regulators-publish-updated-regulatory-initiatives-grid/) - In September 2020, the Financial Services Regulatory Initiatives Forum published the second edition of the Regulatory Initiatives Grid which sets out the planned regulatory initiatives for the next 24 months. This Grid provides a very useful summary of the key activities of all the main UK regulators. It is normally published twice a year to
- [The biggest insurance claim in history](https://complyport.com/the-biggest-insurance-claim-in-history/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [The biggest insurance claim in history](https://complyport.com/the-biggest-insurance-claim-in-history-2/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [The biggest insurance claim in history](https://complyport.com/the-biggest-insurance-claim-in-history-3/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [How we help you to grow your business.](https://complyport.com/how-we-help-you-to-grow-your-business/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [Proper steps to invest in your business.](https://complyport.com/proper-steps-to-invest-in-your-business/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [How to open a bank account.](https://complyport.com/how-to-open-a-bank-account/) - A wonderful serenity has taken posseson of my entire soung like these sweet mornings spring whch enjoy with my whole heart I am alone and feel the charm of exstenceths spot whch was created For the blis of souls like mineing am so happy my dear frend so absoribed in the exquste sense of mere
- [The importance of EMIR and MiFIR reporting Data Quality](https://complyport.com/the-importance-of-emir-and-mifir-reporting-data-quality-2/) - The FCA has incorporated data quality reviews into its supervisory programme by conducting desk-based analyses and on-site inspections of counterparties. In this respect, the FCA has included in Market Watch 59 and 62 a list of common errors observed in MiFIR transaction reports and highlighted the importance of firms maintaining adequate systems and controls to ensure transaction reports are
- [The FCA’s Covid-19 Business Interruption Insurance Test Case](https://complyport.com/the-fcas-covid-19-business-interruption-insurance-test-case-2/) - In May 2020, the FCA, acting in the public interest, decided to bring a test case to resolve any contractual uncertainty arising from selected Business Interruption (BI) policies relating to the coronavirus pandemic. The FCA formally started the legal process on the 9th of June 2020, based upon which the court assessed sample policy wordings
- [The FCA seeks to expand the scope of financial crime reporting requirements](https://complyport.com/the-fca-seeks-to-expand-the-scope-of-financial-crime-reporting-requirements/) - The FCA is considering extending the scope of its annual financial crime reporting obligation to include firms that carry on regulated activities that potentially pose a higher money laundering risk. The FCA’ s annual financial crime reporting obligation shows the potential money laundering risk faced by a firm, based on its regulated activities and the
- [FCA publicly censures former Worldspreads CEO for market misconduct](https://complyport.com/fca-publicly-censures-former-worldspreads-ceo-for-market-misconduct/) - The FCA published a Final Notice in respect of Conor Foley, the former Chief Executive Officer of Worldspreads, publicly censuring him for market abuse and banning him from performing any roles linked to regulated activity. The FCA published a Decision Notice on 3 July 2020 that also imposed a financial penalty of £658,900 on Mr
- [Advisers warned of fake FCA Covid survey](https://complyport.com/advisers-warned-of-fake-fca-covid-survey/) - Advisers have been warned of a scam email purporting to be from the FCA, asking them to complete a survey on its conduct rules and the effect coronavirus is having on their business. The email was sent from fcaimpact4@fcanewsletter.org.uk but according to the FCA the email may also come from fcaimpact1, fcaimpact2 and fcaimpact3. It
- [FCA publishes rules that will apply at the end of the transition period](https://complyport.com/fca-publishes-rules-that-will-apply-at-the-end-of-the-transition-period/) - The FCA has published an updated version of the FCA Handbook to show the rules that will apply at the end of the transition period. It has also set out details on how it intends to use the Temporary Transitional Power (TTP). The TTP gives the FCA flexibility as to how and when changes to
- [Coronavirus and 10% depreciation notifications: further temporary measures for firms](https://complyport.com/coronavirus-and-10-depreciation-notifications-further-temporary-measures-for-firms/) - The FCA published a statement for firms providing portfolio management services or holding retail client accounts that include positions in leveraged financial instruments or contingent liability transactions. It outlines a further 6-month extension and amendments to a temporary coronavirus (Covid-19) measure issued in March. The original measure on 10% depreciation notifications took effect from Tuesday
- [COVID-19 “Dear CEO” Letter](https://complyport.com/covid-19-dear-ceo-letter/) - The FCA published a Dear CEO letter it has sent in the light of the COVID-19 pandemic relating to the increase in levels of client money held by firms providing non-discretionary investment services. This Dear CEO letter was issued in response to a number firms who hold client money reporting an increase (in some cases a significant increase) in client money
- [SMCR: FCA Updates Expectations on Fitness and Propriety Assessments and Conduct Rules Training](https://complyport.com/smcr-fca-updates-expectations-on-fitness-and-propriety-assessments-and-conduct-rules-training/) - The FCA updated its webpage on the Senior Managers and Certification Regime (SMCR) for solo-regulated firms with new information on good and bad practices in two key areas. The updates include tables setting out good and bad practice (using positive and negative indicators) relating to training staff on the conduct rules as well as assessing the fitness
- [The Fifth Money Laundering Directive (AMLD5) – Overview, Key dates and how it will affect financial services](https://complyport.com/the-fifth-money-laundering-directive-amld5-overview-key-dates-and-how-it-will-affect-financial-services-2/) - What is the Fifth Money Laundering Directive? The Fifth Money Laundering Directive, commonly known as ‘5MLD’, was an amendment to the Fourth Money Laundering Directive. The amendment aimed to improve transparency of financial transactions and eliminate the anonymity associated with cryptocurrencies to prevent fraudulent activity and combat terrorist financing. EU member states had to implement
- [Liquidity Stress Testing](https://complyport.com/liquidity-stress-testing/) - On 2nd September 2019 ESMA issued its final report on the Guidelines on Liquidity Stress Testing (LST) in UCITS and AIFs. The report and its requirements came into effect on 30th September 2020. The new guidelines aim to promote financial stability by mitigating liquidity risk across Europe and ensuring supervisory convergence through minimum standards for liquidity stress
- [ESMA updates statements on the impact of Brexit on MIFID II/MIFIR and the Benchmarks Regulation](https://complyport.com/esma-updates-statements-on-the-impact-of-brexit-on-mifid-ii-mifir-and-the-benchmarks-regulation/) - ESMA has updated two statements on its approach to the application of key provisions of MiFID II/MiFIR and the Benchmark Regulation (BMR). The Impact of Brexit on MiFID II/MiFIR The Impact of Brexit on the BMR These statements update previous ones issued in March 2019 and October 2019 reflecting ESMA’s approach, should the UK leave the EU under a
- [ECJ fines Ireland €2 million for failure to transpose the EU’s Fourth Anti-Money Laundering Directive on time](https://complyport.com/ecj-fines-ireland-e2-million-for-failure-to-transpose-the-eus-fourth-anti-money-laundering-directive-on-time/) - The Court of Justice of the EU (the “ECJ”) ordered Ireland to pay a fine of €2 million to the European Commission, due to Ireland’s failure to fully transpose the Fourth Anti-Money Laundering Directive (EU) 2015/849 (“MLD4”) on time. Under the EU treaties, the European Commission may take infringement proceedings against an EU country that
- [Brexit Risks In Financial Services](https://complyport.com/brexit-risks-in-financial-services/) - Written by Paul Grainger, CEO, Complyport. Many financial services firms face risks relating to Brexit that could prove costly and damaging. The larger banks, insurance companies and financial institutions have assessed Brexit risks and acted upon them where able to do so. However, this accounts for a small fraction of UK regulated firms. Many financial
- ['Final Preparations For End Of The Transition Period’ Letter To CEOs Of Insurance Firms](https://complyport.com/final-preparations-for-end-of-the-transition-period-letter-to-ceos-of-insurance-firms/) - Written by Mike Dalmiras The Bank of England together with the FCA have written a letter to CEOs of insurance firms to remind them on the importance of being prepared for the end of the Brexit transitional period, which is set to end on the 31 December 2020, to minimise disruption and ensure market stability.
- [TMPR — Key Brexit Action for Investment Funds](https://complyport.com/tmpr-key-brexit-action-for-investment-funds/) - Written by Mike Dalmiras The UK left the EU on 31 January 2020. Since then, EEA financial services firms in the UK have operated under existing regulatory rules in a Transition Period that expires on 31 December 2020. To ease the risk of a cliff edge break at 31 December, the UK Government introduced a
- [New Survey of Financial Services firms: 63% do not believe Government has done enough to resolve “equivalence issue” with EU](https://complyport.com/new-survey-of-financial-services-firms-63-do-not-believe-government-has-done-enough-to-resolve-equivalence-issue-with-eu/) - New Survey of Financial Services firms: 63% do not believe Government has done enough to resolve “equivalence issue” with EU Growing disquiet from financial services towards the Government at the failure to agree a clear regulatory framework with the EU from 2021. With weeks left before the UK leaves the European Union, financial services firms
- [Regulation in the Insurance Industry: Looking ahead to 2021](https://complyport.com/regulation-in-the-insurance-industry-looking-ahead-to-2021/) - Aim of the Webinar 2020 was a year that demanded seismic shifts in the way organisations conducted their business. Most of us had to rapidly develop and deploy new processes and procedures to ensure business continuity in an increasingly unstable market place. Many firms are still dealing complex questions raised by the events of 2020
- [Buy now, pay later (BNPL) firms will come under the supervision of the FCA ](https://complyport.com/buy-now-pay-later-bnpl-firms-will-come-under-the-supervision-of-the-fca/) - The FCA has published a report on change and innovation in the unsecured consumer credit market following a Review from its former Interim Chief Executive, Christopher Woolard, setting out a number of recommendations to the FCA, including the need to regulate the ‘buy-now-pay-later’ (BNPL) sector. According to the Woolard review, the use of BNPL products
- [Completing sterling LIBOR transition by end-2021](https://complyport.com/completing-sterling-libor-transition-by-end-2021/) - After many years of preparation, 2021 is the critical year for firms to complete their transition away from LIBOR. The LIBOR administrator, ICE Benchmark Administration, is consulting on ceasing publication of all sterling LIBOR settings at the end of 2021, leaving just one year for firms to remove their remaining reliance on these benchmarks. This issue touches numerous parts of the
- [FCA warns consumers of the risks of investments advertising high returns based on cryptoassets](https://complyport.com/fca-warns-consumers-of-the-risks-of-investments-advertising-high-returns-based-on-cryptoassets/) - The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns. Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to
- [FCA policy statement Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations](https://complyport.com/fca-policy-statement-proposals-to-enhance-climate-related-disclosures-by-listed-issuers-and-clarification-of-existing-disclosure-obligations/) - On 21 December, the FCA published a Policy Statement, final rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies. The FCA has introduced a new rule in Listing Rule (LR) 9.8 requiring that commercial companies with a UK premium listing (including sovereign-controlled commercial companies) include a statement in their annual
- [FCA publishes coronavirus financial resilience survey data](https://complyport.com/fca-publishes-coronavirus-financial-resilience-survey-data/) - On 7 January 2021, the FCA published the results of its coronavirus (Covid-19) financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA of the impact of coronavirus on firms’ financial resilience. In response to the crisis, the FCA has been monitoring the effects of the economic downturn on firms’ solvency by rapidly
- [FCA - Brexit: information for retail investment firms in the UK](https://complyport.com/fca-brexit-information-for-retail-investment-firms-in-the-uk/) - The UK retail investments sector comprises many relatively small UK firms servicing primarily UK-based customers. If these firms have EEA-based customers (including UK expats), the FCA expects these firms to have taken steps to make sure they are able to continue servicing them now that the transition period has ended. Servicing EEA customers after the
- [Brexit and UK Financial Services Compensation Scheme protection](https://complyport.com/brexit-and-uk-financial-services-compensation-scheme-protection/) - The Financial Services Compensation Scheme (FSCS) provides compensation and protection to customers of authorised financial services firms that have failed. FSCS protection for UK-based customers of UK authorised firms will not change as a result of the UK leaving the European Union (EU). This means that in most cases existing FSCS protection will continue, including
- [ESMA reminds firms of the MIFID II rules on reverse solicitation](https://complyport.com/esma-reminds-firms-of-the-mifid-ii-rules-on-reverse-solicitation/) - On 13 January 2021, ESMA issued a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU). With the end of the UK transition period on 31 December 2020, some questionable practices by firms
- [Publication of financial instruments reference data after the end of the Brexit transition period](https://complyport.com/publication-of-financial-instruments-reference-data-after-the-end-of-the-brexit-transition-period/) - On 6 January 2021, the European Securities and Markets Authority (ESMA) published its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period. ESMA states that the FIRDS delta files contain information about: Termination of all UK financial instruments: (ISIN, MIC) records for MICs in the UK and which
- [Ensuring your compliance is up to date – 6 key regulatory and compliance updates in February 2021 so far](https://complyport.com/ensuring-your-compliance-is-up-to-date-6-key-regulatory-and-compliance-updates-in-february-2021-so-far/) - 2020 brought significant changes to the regulatory landscape in the UK with Brexit and COVID 19 still causing operation issues for some firms. A lot of us had to rapidly develop and deploy new processes and procedures to ensure business continuity in an increasingly unstable market place. At Complyport, we aim to inform the financial
- [London Is Still A Global Gateway for Financial Services](https://complyport.com/london-is-still-a-global-gateway-for-financial-services/) - News that nearly 1,500 firms are in the UK’s Temporary Permissions Regime (TPR) show that London is still seen as a global gateway for financial services. That the majority of these firms are establishing new business also indicates that even post-Brexit, UK financial regulation and authorisation continues to be respected. This bolsters findings form the
- [FCA to launch new invoicing portal](https://complyport.com/fca-to-launch-new-invoicing-portal/) - The FCA have advised they are launching a new online invoicing portal on 12th April 2021 for firms to access their invoices and arrange payment of their fees. Until the new system goes live, firms should continue to use the existing invoicing online portal. The existing portal will not be available after 31st March 2021.
- [Forbearance – adopting ‘custom tailored’ customer approaches](https://complyport.com/forbearance-adopting-custom-tailored-customer-approaches/) - Now more than ever, best practice collections activity requires active and personalised customer engagement. The challenges that firms are facing due to coronavirus (Covid-19) are not insignificant, which only heightens the importance of fair and appropriate treatment for customers in financial difficulty. The FCA’s Payment Deferral Guidance (PDG) was a rapid response to this issue
- [FCA launches new online fees portal](https://complyport.com/fca-launches-new-online-fees-portal/) - On 12 April 2021, the FCA is launching a new online invoicing portal for users to access their invoices and arrange payment of their fees. Firms should continue using the existing invoicing online portal for now. The existing portal will no longer be available after 31 March 2021. There will be no portal available until
- [FCA review on Implementing Technology Change](https://complyport.com/fca-review-on-implementing-technology-change/) - On 5 February 2021, the FCA published its review on Implementing Technology Change. This review sets the FCA’s findings from its cross-Financial Services change management review which looked at how financial firms manage technology change, the impact of change failures and the practices utilised within the industry to help reduce the impact of incidents resulting from
- [FCA consultation paper on Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual](https://complyport.com/changes-to-the-sca-rts/) - On 28 January, the FCA published a consultation paper which proposed amendments to the SCA‑RTS, as well as updates and additions to its published guidance in the Regulatory Technical Standards, Perimeter Guidance Manual and the Approach Document. The FCA notes that it is proposing changes to the SCA‑RTS to support competition and innovation in the
- [FCA asks banks to reconsider branch closures during coronavirus lockdown](https://complyport.com/fca-asks-banks-to-reconsider-branch-closures-during-coronavirus-lockdown/) - The FCA has reminded firms to consider the impact of national restrictions on compliance with the Principles, given their existing guidance on branch closures. In September 2020, the FCA published guidance on branch closures and ATM closures and conversions. The guidance supports the FCA’s consumer protection objective and is designed to protect consumers by setting expectation
- [Bank of England Key elements of the 2021 stress test](https://complyport.com/bank-of-england-key-elements-of-the-2021-stress-test/) - The 2021 solvency stress test will assess the major UK banks and building societies against a UK and global scenario that reflects a severe path for the current macroeconomic outlook. The Bank of England’s approach to concurrent solvency stress testing aims to use periods when the economy is growing to build up banks’ buffers of
- [PRA consultation on its approach to supervision of branches and subsidiaries of international banks](https://complyport.com/pra-consultation-on-its-approach-to-supervision-of-branches-and-subsidiaries-of-international-banks/) - On 11 January 2021, the Prudential Regulation Authority (PRA) published a consultation on its proposed approach to supervising the UK activities of PRA-authorised banks and designated investment firms that are headquartered outside the UK, or are part of a group based outside the UK. The PRA also proposes expectations for receiving information concerning risks in
- [The Kalifa Review of UK FinTech](https://complyport.com/the-kalifa-review-of-uk-fintech/) - On 26 February 2021, HM Treasury published an independent report on the UK Fintech sector by Ron Kalifa OBE. At the Budget 2020, the Chancellor asked Ron Kalifa OBE to conduct an independent review to identify priority areas to support the UK’s fintech sector. The Review formally launched in July 2020 with objectives for supporting

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- [News](https://complyport.com/news-3/) - insights & articles Search Dr. Stelios Platis: Defining Contribution to Compliance Globally 05 March 2026 Dr. Platis does not just manage compliance; he reconstructs it. As the Executive Chairman of ComplyMAP Group, he saw complexity as an invitation to innovate. His story starts long before Read More » ComplyMAP Group Global Operations Come Under the
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- [Complyport - Financial Crime Business Wide Risk Assessment (BWRA) Support](https://complyport.com/financial-crime-service/bwra-support/) - Financial Crime Business Wide Risk Assessment (BWRA) Support Speak to an Expert Business Wide Risk Assessment (BWRA) SupportA Business Wide Risk Assessment (BWRA) is the cornerstone of an effective, risk-based approach to compliance. It is the primary document regulators scrutinise to determine if a firm truly understands its exposure to financial crime. Complyport provides practitioner-led
- [FATF & MONEYVAL PREPARATION - EVALUATION READINESS](https://complyport.com/fatf-moneyval-preparation-evaluation-readiness/) - FATF & MONEYVAL Preparation - Evaluation Readiness Speak to an Expert Maintaining jurisdictional credibility in the global financial system requires a robust AML/CFT framework that stands up to international scrutiny. Complyport provides specialist support to jurisdictions and competent authorities before, during and after FATF and MONEYVAL evaluations. We translate complex technical standards into practical remediation,
- [DBS Checks](https://complyport.com/dbs-checks/) - DBS Checks Speak to an Expert A DBS (Disclosure and Barring Service) certificate is required to be held within certain roles and situations where the law, regulations, licences, or safer-recruitment practice demands it. WHAT A DBS CERTIFICATE ISA DBS certificate is the official document you receive after completing a DBS check — a criminal record check processed by
- [Complyport - Financial Crime Assurance Review](https://complyport.com/financial-crime-service/assurance-review-2/) - Comprehensive Financial Crime Assurance Review for Robust Risk Management In the ever-evolving landscape of financial crime, having a robust and resilient..
- [Complyport - AML Policies, Procedures and Controls](https://complyport.com/financial-crime-service/amlpolicies-procedures-controls/) - Custom AML Policies, Procedures and Controls for Financial Crime Compliance Effective Anti-Money Laundering (AML) policies, procedures and controls are the..
- [Get a Quote](https://complyport.com/get-a-quote/) - COMPLYPORT IS NOW ONE OF THE UK'S LARGEST INDEPENDENT COMPLIANCE CONSULTING BUSINESSES CONTACT US FOR ASSISTANCE Please fill out our free consultation form....
- [Trade & Transaction Reporting Advisory Support (EU & UK)](https://complyport.com/trade-transaction-reporting-advisory-support-eu-uk/) - Trade & Transaction Reporting Advisory Support (EU & UK) Speak to an Expert Trade & Transaction Reporting Advisory Support (EU & UK) Under the EU and UK regulatory frameworks of EMIR, MiFIR, and SFTR, various financial entities, including Investment Firms, Banks, and Funds, are obligated to submit detailed reports to Trade Repositories (TRs), Approved Reporting Mechanisms (ARMs), or their respective regulators. The complexity and specificity
- [Complyport - Authorisations and Applications](https://complyport.com/authorisations-applications/) - Navigating the complexities of authorisations and applications in the financial services industry can be challenging. Ensuring your firm meets regulatory..
- [Retail Financial Services Compliance](https://complyport.com/retail-financial-services-compliance/) - Firms now embarking on implementation of the Duty will have to navigate and interpret complicated regulations to ensure they deliver on the FCA’s standards.....
- [Ongoing Support](https://complyport.com/ongoing-support/) - Ongoing Regulatory Support and Advisory Speak to an Expert Managed Compliance & Governance SolutionsIn an era of rapid regulatory change, maintaining a robust culture of compliance is a strategic necessity. Complyport provides practitioner-led, ongoing support that transcends traditional consultancy. We deliver an integrated Governance, Risk, Compliance and Technology ecosystem that is technically robust, commercially practical
- [UAE Regulatory Authorisations](https://complyport.com/dfsa-sca-dubai-licenses/) - UAE Regulatory Authorisations Speak to an Expert Your Partner in Compliance Across the UAEThe UAE’s financial sector is governed by stringent regulatory standards to ensure stability, transparency and investor confidence. Businesses seeking to operate in the Dubai International Financial Centre (DIFC) or the broader UAE financial market must obtain a license from either the Dubai
- [Complyport - EU and International Authorisations](https://complyport.com/authorisations-applications/eu-international-authorisations/) - Expanding your business beyond the UK requires navigating international regulatory landscapes. Complyport provides tailored support to obtain the necessary authorisations in the EU and other global markets
- [Risk Management and Prudential](https://complyport.com/risk-management-and-prudential/) - Risk Management and Prudential Speak to an Expert Strengthening Resilience Across EU, UK and Global Regulatory Landscapes Financial institutions today operate in an environment defined by heightened supervisory scrutiny, evolving prudential standards and increasingly complex risk expectations. Ensuring financial resilience is no longer a compliance exercise, it is a strategic imperative. Our Global Risk Management & Prudential services support firms across the EU, UK and international markets with integrated, practitionerled solutions
- [Safeguarding Arrangements Advice](https://complyport.com/safeguarding-arrangements-advice/) - Safeguarding Arrangements Advice Speak to an Expert Safeguarding Arrangements Advice Firms that hold client money or client assets are expected to maintain safeguarding arrangements that are robust, transparent and fully aligned with supervisory expectations across the EU, UK and global markets. Regulators increasingly view safeguarding as a core element of operational resilience, placing significant emphasis on governance, reconciliation processes, recordkeeping, oversight and the ability
- [Financial Projections and Business Planning Support](https://complyport.com/financial-projections-and-business-planning-support/) - Financial Projections and Business Planning Support Speak to an Expert Financial Projections and Business Planning Support Forwardlooking financial planning is a core component of prudential resilience. Supervisors across the EU, UK and global markets expect firms to demonstrate that their business model is viable, sustainable and supported by adequate financial resources under both normal and stressed conditions. Highquality financial projections and business planning are therefore essential, not
- [Recovery and Resolution Planning](https://complyport.com/recovery-and-resolution-planning/) - Recovery and Resolution Planning Speak to an Expert Recovery and Resolution Planning Here is the fully updated Recovery and Resolution Planning subsection, aligned with the tone, structure and global positioning of the other revised sections. It blends EU/UK expectations, removes rulebookspecific references, and positions the service as a core prudential capability. Recovery and Resolution Planning Supervisors across the EU, UK and global markets increasingly
- [Prudential Reporting Services](https://complyport.com/prudential-reporting-services/) - Prudential Reporting Services Speak to an Expert Prudential Reporting ServicesAccurate, timely and wellgoverned prudential reporting is a core expectation of supervisors across the EU, UK and global regulatory landscape. Regulators increasingly rely on datadriven supervision, meaning that firms must demonstrate strong reporting controls, consistent methodologies and highquality submissions across all capital, liquidity, financial and operational returns. Weaknesses in reporting are often interpreted as weaknesses in governance—making prudential reporting a
- [ICARA / ICAAP / ILAAP Support Services](https://complyport.com/icara-icaap-ilaap-support-services/) - ICARA / ICAAP / ILAAP Support Services Speak to an Expert ICARA / ICAAP / ILAAP Support Services Robust internal assessments of capital and liquidity adequacy are central to supervisory expectations across the EU, UK and global regulatory landscape. Whether operating under the ICARA framework or ICAAP and ILAAP regimes, firms must demonstrate a clear understanding of their risks, financial resource needs,
- [Disclosures Requirement Support](https://complyport.com/disclosures-requirement-support/) - Disclosures Requirement Support Speak to an Expert Disclosures Requirement Support Transparent, accurate and timely disclosures are a core expectation of supervisors across the EU, UK and global regulatory landscape. Firms are required to publish clear information on governance, risk management, capital adequacy, remuneration and other prudential metrics—ensuring that stakeholders, investors and regulators can assess the firm’s financial and operational soundness. Highquality disclosures are not only a compliance obligation; they are
- [Capital and Liquidity Advice and Support](https://complyport.com/capital-and-liquidity-advice-and-support/) - Capital and Liquidity Advice and Support Speak to an Expert Capital and Liquidity Advice and Support Capital and liquidity adequacy remain the foundation of a firm’s financial resilience. In a regulatory environment where supervisors across the EU, UK and global markets place increasing emphasis on forwardlooking financial strength, firms must demonstrate that their resources are sufficient, sustainable and aligned with their risk
- [AIFMD Reporting](https://complyport.com/aifmd-reporting/) - AIFMD Reporting Speak to an Expert AIFMD Reporting Simplify Your AIFMD Reporting with Expert Support Accurate and timely reporting under the Alternative Investment Fund Managers Directive (AIFMD) is essential for regulatory compliance. At Complyport we offer specialised AIFMD Reporting Services to streamline your reporting processes. Our ServicesRegulatory Filings: Assisting with the preparation and submission of AIFMD reports to regulatory authorities in XML format. Data Management: Collecting, managing and validating the
- [Risk Management Consulting](https://complyport.com/risk-management-consulting/) - Risk Management Consulting Speak to an Expert Risk Management Consulting A firm’s risk management framework is one of the clearest indicators of its institutional maturity and longterm resilience. In an environment shaped by market volatility, supervisory scrutiny and evolving prudential expectations across the EU, UK and global markets, effective risk management is no longer about avoiding losses—it is
- [Complyport - HRMC Registrations](https://complyport.com/authorisations-applications/hmrc-registrations/) - Ensuring your business complies with HMRC registration requirements is essential for smooth operation and avoiding penalties. Complyport provides expert..
- [FCA Sandbox](https://complyport.com/fca-sandbox/) - FCA Sandbox Speak to an Expert The FCA Sandbox is an initiative created by the UK Financial Conduct Authority (FCA) to support innovation in the financial services sector. It allows businesses to test new products, services, business models and delivery mechanisms in a controlled and supervised regulatory environment. This enables firms to experiment with their
- [Complyport - FCA Perimeter Guidance](https://complyport.com/authorisations-applications/fca-perimeter-guidance/) - Understanding the regulatory perimeter is essential for ensuring your business activities are compliant. Complyport offers specialised perimeter guidance..
- [Complyport - Change in Control](https://complyport.com/authorisations-applications/change-in-control/) - Change in control Speak to an Expert Navigating Change in Control to Ensure Smooth Transitions When ownership or control of your regulated firm changes, timely and accurate notifications to the relevant authorities are crucial. ComplyPort offers specialised support for managing changes in control, ensuring compliance and smooth transitions. Our aim is to bring your ideas
- [Complyport - FCA Interview Preparation](https://complyport.com/authorisations-applications/fca-interview-preparation/) - Preparing for an FCA interview is necessary in order for your senior candidate to obtain the regulatory authorisation and crucial for demonstrating your firm’s..
- [ESG Advisory](https://complyport.com/esg-advisory/) - At Complyport, we understand the importance of Environmental, Social, and Governance (ESG) factors in today’s business landscape. Our ESG services are designed
- [Complyport - HMRC Supervision – Registration and Compliance Support](https://complyport.com/financial-crime-service/hmrcsupervision-registrationandcompliancesupport/) - Navigating HMRC supervision for Anti-Money Laundering (AML) purposes can be challenging, particularly for firms in specific industries such as estate agents..
- [Complyport - AML Health Checks](https://complyport.com/financial-crime-service/aml-healthchecks/) - AML Health Checks Speak to an Expert AML & CTF Health ChecksEffective Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) controls are the foundation of a resilient financial institution. As global regulators intensify their focus on financial crime, a periodic independent assessment of your framework is essential. Complyport provides practitioner-led AML Health Checks that are technically
- [Complyport - Financial Crime Services](https://complyport.com/uk-financial-crime-consultants-2/) - If your operations are governed by UK Money Laundering regulations or regulated by the FCA or HMRC, our services can provide the expertise and tools necessary
- [Remediation Solutions](https://complyport.com/remediation-solutions/) - Remediation Solutions Speak to an Expert Strategic Remediation & Regulatory RecoveryRemediation projects are often high-pressure, time-sensitive, and critical to the survival of a firm’s regulatory standing. Whether triggered by a Section 166 review, an internal audit finding, or a direct regulatory intervention, these projects require more than just extra hands, they require strategic oversight. Complyport
- [Outsourced Solutions](https://complyport.com/outsourced-solutions/) - Outsourced Solutions Speak to an Expert Outsourced Solutions Get In Touch Global Outsourced Compliance & AML SolutionsIn an increasingly complex regulatory environment, outsourcing core AML and operational functions provides a significant strategic advantage. It allows firms to scale rapidly, reduce overhead, and improve compliance outcomes without the burden of increased headcount. At Complyport, we offer
- [Compliance Staff Solutions](https://complyport.com/compliance-staff-solutions/) - Compliance Staff Solutions Speak to an Expert Global Compliance Resourcing & Staffing SolutionsNavigating the complexities of global regulation demands more than just expertise; it requires a consistent, high-calibre presence within your team. As personal liability for senior compliance and AML staff increases, finding and retaining qualified talent has become a significant commercial challenge. Complyport provides
- [KYC/AML: Managed Services](https://complyport.com/kyc-aml-managed-services/) - KYC requires you establish customer’s identity, understand the nature of their activities and assess the money laundering risks associated with such a customer.
- [Safeguarding Services](https://complyport.com/safeguarding-services/) - SAFEGUARDING Speak to an Expert Safeguarding & Asset ProtectionFor Electronic Money Institutions (EMIs) and Payment Institutions (PIs), the protection of customer funds is a non-negotiable regulatory priority. Regulators globally are increasingly focused on ensuring that safeguarding arrangements are resilient enough to return customer funds quickly and in full in the event of insolvency. At Complyport,
- [Home](https://complyport.com/home-3-2/) - Your Trusted Partner in Governance, Risk, Compliance & Technology A global RegTech and GRC advisory with 25+ years’ experience and 200+ specialists across the UK, EU, UAE, Mauritius and India. Secured 1,500+ authorisations and supporting 700+ clients worldwide. Speak to an Expert Explore Solutions FCA & EU Authorisations Consumer Duty Operational Resilience Internal Audit s166
- [Pension Switching and DB Pension Transfers](https://complyport.com/pension-switching-and-db-pension-transfers-2/) - The impact of unsuitable pension transfer advice on consumers is significant. Consequently, for firms operating in this area, it is subject to regular scrutiny
- [Investment Firm Prudential Regime Support](https://complyport.com/investment-firm-prudential-regime-support/) - Investment Firm Prudential Regime Support Speak to an Expert Prudential Management & IFPR ComplianceThe Investment Firm Prudential Regime (IFPR) represents a significant shift in the regulatory landscape, requiring investment firms to adopt a more sophisticated, risk-based approach to capital and liquidity. At Complyport, we provide the practitioner-led expertise required to navigate these complexities, delivering solutions
- [Financial Promotion Compliance Support](https://complyport.com/financial-promotion-compliance-support/) - Financial Promotion Compliance Support Speak to an Expert Financial Promotions & Communications ComplianceIn a global regulatory environment where transparency and fairness are non-negotiable, financial promotions must be clear, accurate and meticulously compliant. Complyport provides practitioner-led support to help firms navigate the increasing scrutiny of regulators, such as the FCA and other international authorities, ensuring your
- [SMCR Support Services](https://complyport.com/smcr-support-services/) - SMCR Support Services Speak to an Expert Enhanced Accountability and Governance under SMCRThe Senior Managers and Certification Regime (SMCR), introduced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) is designed to strengthen accountability, governance and standards within financial services firms across the UK. It applies to a range of financial institutions in
- [Consumer Duty](https://complyport.com/consumer-duty/) - Consumer Duty Speak to an Expert A NEW STANDARD FOR CONSUMER PROTECTIONWith the Consumer Duty regulations fully in force, a new, elevated standard for how firms in the financial services industry must interact with consumers is expected. This shift prioritises consumer protection across the entire distribution chain, ensuring that firms put the customer at the
- [AR Monitoring Services](https://complyport.com/ar-monitoring-services/) - AR Monitoring Services Speak to an Expert Reduce Risks and Ensure Compliance with Effective AR OversightAR Monitoring Services provide oversight and compliance support for firms that work with Appointed Representatives (ARs). There are many benefits to using ARs, including expanding firms’ operations, extending market reach, reducing operational costs and operating more flexibly. However, it also
- [Governance, Risk and Compliance](https://complyport.com/governance-risk-and-compliance/) - Governance, Risk and Compliance Advisory Speak to an Expert Governance, Risk and Compliance (GRC) StrategyIn today’s dynamic regulatory environment, GRC is no longer just a checkbox, it is a driver of professional integrity and long-term value. As global regulations evolve, Boards are under increasing pressure to demonstrate transparency, accountability, and a high-integrity corporate culture. At
- [Compliance Support and Advisory](https://complyport.com/compliance-support-and-advisory/) - Compliance Support and Advisory Speak to an Expert Expert Advisory & Integrated Compliance SupportComplyport provides comprehensive compliance support and advisory services designed for the complexities of the modern financial services industry. We enable firms to navigate evolving regulatory landscapes through an integrated Governance, Risk, Compliance and Technology ecosystem.Our practitioner-led approach ensures that your firm remains
- [Complyport - Variation of Permission](https://complyport.com/authorisations-applications/variation-of-permission/) - As your business evolves, you may need to adjust your regulatory permissions. Complyport assists with variations of permission, ensuring your regulatory status..
- [Legal Services](https://complyport.com/business-services/corporate-legal/legal-services/) - Legal Services Speak to an Expert Legal Services Complyport provides specialist legal support to financial services firms operating in the UK, EU, UAE and international markets. Our legal services are closely aligned with regulatory requirements, ensuring that clients receive practical, commercially focused advice that reflects the expectations of the relevant supervisory authorities. Legal Opinions We prepare independent legal opinions across a range
- [Digital Transformation](https://complyport.com/digital-transformation/) - Digital Transformation Speak to an Expert Digital & Operational TransformationIn a rapidly evolving financial landscape, operational excellence is the foundation of regulatory resilience. Complyport provides the “technical muscle” and hands-on industry experience required to modernise financial services operations. Our Digital and Operational Transformation consultancy helps firms enhance efficiency and stay ahead of global regulatory expectations
- [Test AK](https://complyport.com/test-ak/) - test
- [Corporate Social Responsibility](https://complyport.com/who-we-are/corporate-social-responsibility/) - Complyport is more than a regulatory compliance firm; we are a community that celebrates differences, serves clients with integrity, and empowers our people....
- [tesdt](https://complyport.com/tesdt/) - ComplyMAP Group Visit ComplyMAP Group ComplyMAP Group is a global RegTech, GRC, resourcing, and technology group that brought together Complyport and Gentium from the UK, MAP S.Platis, MAP FinTech, Quadprime, MAP Risk Management Services and MAPiTek form the EU, and Spinebiz from the UAE, Mauritius and India, under one global brand – Complyport.With over 25
- [Digital Transformation](https://complyport.com/technology-services/digital-transformation/) - Digital Transformation Transform your business with cutting-edge digital solutions for efficiency and growth. We help businesses adopt digital solutions to improve operations, enhance customer experiences and drive growth. Our tailored approach ensures seamless tech integration with current systems. IT Strategy & ConsultingWe create technology plans that solve business challenges and ensure smooth implementation for better
- [Complyport Graduate Training Programme](https://complyport.com/graduate-training-programme/) - The Programme lasts 30 months and on successful completion our graduates will become qualified Compliance Consultants. The Programme aptly prepares our Graduate
- [Company Registration & Administration](https://complyport.com/business-services/corporate-legal/company-registration-administration/) - Company Registration & Administration Speak to an Expert Company Registration & Administration Complyport supports the incorporation of companies and other legal entities in the UK, EU, UAE and international jurisdictions. We manage the incorporation process in line with local legal and regulatory requirements, providing clear guidance on constitutional documents, share capital structures, governance arrangements, and the appointment and composition of boards
- [Secretarial](https://complyport.com/business-services/corporate-legal/secretarial/) - Secretarial Speak to an Expert Secretarial Corporate Secretarial & Entity Governance In the modern regulatory environment, maintaining the statutory integrity of a legal entity is a non-negotiable requirement for operational success. Complyport provides practitioner-led Corporate Secretarial services designed to ensure that your firm remains in good standing across all strategic jurisdictions, including the UK, EU,
- [Trusts Setup](https://complyport.com/business-services/corporate-legal/trusts-setup/) - Trusts Setup Speak to an Expert Trusts Setup With the enactment of the International Trust Law (Law 69(I) of 1992), Cyprus trusts have become very popular for international tax planning and inheritance purposes. In order to establish an international trust, the following conditions need to be met: The settlor must not be a permanent resident of Cyprus; At least one
- [Finance & Accounting Outsourcing](https://complyport.com/business-services/finance-accounting-outsourcing/) - Finance & Accounting Outsourcing Speak to an Expert Finance & Accounting Outsourcing Reliable, efficient financial operations, handled by experts. At Complyport, we provide finance and accounting outsourcing services that help regulated firms improve efficiency, reduce overheads and meet their reporting obligations with confidence. Our experienced team delivers end-to-end support, from day-to-day bookkeeping to management accounts
- [HR & Recruitment](https://complyport.com/business-services/hr-recruitment/) - HR & Recruitment Speak to an Expert HR & Recruitment Complyport’s HR team provides clients with structured and comprehensive recruitment support, overseeing each stage of the hiring process with precision and consistency. Amongst other, this includes the development of clear and accurate job descriptions, the management of candidate sourcing, and the coordination of screening and interview
- [Professional Training](https://complyport.com/business-services/professional-training/) - Professional Training Speak to an Expert Training & Regulatory EducationStrong compliance starts with knowledge. Regulatory expectations across the UK, EU, UAE and other international jurisdictions continue to evolve, and firms are expected to ensure staff remain competent, aware and accountable.Complyport provides practical, structured training tailored to financial services firms, senior management, compliance teams and boards.
- [Complyport - FCA and PRA Authorisations](https://complyport.com/authorisations-applications/fca-pra-authorisations/) - Navigating the complexities of obtaining authorisations from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) can be daunting.
- [GRC Services](https://complyport.com/grc-services/) - Services We Provide Contact Us Today Services We Provide Contact Us Today At Complyport, we specialise in delivering comprehensive compliance solutions tailored to the financial services industry. With a deep understanding of evolving regulatory landscapes, we partner with businesses to navigate complex compliance challenges with confidence and efficiency. Our expert team offers a wide range
- [Cybersecurity & Operational Resilience](https://complyport.com/grc-services__trashed/cybersecurity-operational-resilience/) - OPERATIONAL RESILIENCE & CYBERSECURITY Speak to an Expert Cybersecurity & Operational Resilience In an increasingly digital financial landscape, the reliance on Information Communication Technology (ICT) has transformed the risk profile of every regulated firm. Cyber threats are no longer just technical issues, they are strategic risks with the potential for serious ramifications for institutions, their
- [Awards and Recognitions](https://complyport.com/awards-and-recognitions/) - Awards Speak to an Expert Company Awards Complyport has been internationally recognised as a leading regulatory consultancy and advisory firm, supporting financial services businesses across the UK, EU, UAE and international markets. For more than 25 years, we have played a pivotal role in shaping the regulatory landscape for retail and wholesale financial services across
- [Global Services](https://complyport.com/global-services/) - Global Services Speak to an Expert At Complyport, we specialise in delivering comprehensive compliance solutions tailored to the financial services industry. With a deep understanding of evolving regulatory landscapes, we partner with businesses to navigate complex compliance challenges with confidence and efficiency. Our expert team offers a wide range of services, including regulatory advisory, compliance
- [UnifyInsure](https://complyport.com/unifyinsure/) - Redefining Insurance Through Digital Synergy Transform your insurance operations with UnifyInsure – a comprehensive digital ecosystem that streamlines processes, enhances customer experience, and drives growth across all stakeholders. 360 Customer View 24/7 Accessibility 100% Digital Process Multi Currency Support Comprehensive Digital Ecosystem Built for scale, designed for impact – UnifyInsure delivers enterprise-grade features that transform
- [Complyport - Compliance Training](https://complyport.com/compliance-training/) - Training Services Learn More Learn More COMPLIANCE TRAINING SERVICES If your operations are governed by UK Money Laundering regulations or regulated by the FCA or HMRC, our services can provide the expertise and tools necessary to manage your financial crime risk.Whether you are an established firm seeking guidance, a start-up in need of advice or
- [Compliance Retainers](https://complyport.com/compliance-retainers/) - Seeking for specialised compliance consulting retainer services? Drive more responses and accelerate deals with video messaging that grows with your business. About UsComplyport is a leading UK-based compliance and regulatory consultancy, supporting financial service firms with tailored solutions to meet their FCA and PRA obligations. Since 2001, we have helped businesses navigate the complexities of
- [Compliance Leadership](https://complyport.com/welcome-complyport-compliance-regulatory-consultancy-service/) - Compliance Leadership Our job is to guide, challenge and inform. By sharing our knowledge and expertise with you, we help you grow your business to be the best that it can be. Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and
- [Compliance Resourcing-test](https://complyport.com/compliance-resourcing-test/) - Compliance Resourcing Compliance resourcing involves the strategic allocation and provision of skilled professionals to manage an organisation’s compliance obligations. As regulatory requirements become increasingly complex, businesses often need specialised talent to ensure they remain compliant with industry standards and legal frameworks. Compliance resourcing addresses this need by offering flexible staffing solutions, whether through full-time hires, interim
- [Claims Management Companies](https://complyport.com/cmcq/) - Here at Complyport we have considerable expertise and experience in FCA regulation and authorisation applications, and we have developed a self-assessment tool.
- [Claims Management Companies enquiry form](https://complyport.com/claims-management-companies-enquiry-form/) - Thank you for your time today. If you require assistance at any time before or after authorisation, Complyport can provide a range of competitive support.......
- [Compliance Consultant](https://complyport.com/cpt-compliance-consultant/) - Our client base includes asset and wealth managers, hedge funds, fund managers, brokers, venture capital firms, private equity, banks and insurers of varying...
- [Compliance Glossaries](https://complyport.com/compliance-glossaries/) - Compliance Glossaries: Expertise in Governance, Risk, and Compliance by Complyport Compliance Glossaries: Expertise in Governance, Risk, and Compliance by Complyport Search Senior Management Functions (SMFs) – Compliance Glossary 24 July 2024 Welcome to our Compliance Glossary section, designed to provide clarity and understanding of key terms related to Senior Management Functions (SMFs). This resource aims
- [Checklists](https://complyport.com/checklists/) - Checklists Stay ahead of regulatory requirements with Complyport’s expert-designed compliance checklists. Whether you’re navigating financial regulations, AML obligations, or governance frameworks, our checklists provide a structured approach to meeting key compliance standards. Download now to streamline your processes and ensure regulatory confidence. Download Contact us for assistance Please fill our free consultation form and a
- [Case Study - Acquiring an IFA business](https://complyport.com/case-study-acquiring-an-ifa-business/) - An International Family Office with a London base was seeking to leverage investment expertise and diversify into retail advice by acquiring an IFA Business....
- [Case Study - Governance, Risk and Compliance Review](https://complyport.com/case-study-governance-risk-and-compliance-review/) - As an expanding business the firm had acquired overseas branches. The board of directors wanted to ensure its Governance, Risk and Compliance infrastructure....
- [Case Study - Complex Opinion](https://complyport.com/case-study-complex-opinion/) - A regulated firm and tax planning specialist with structures that used second hand single premium bonds which it bought and sold as principal. Business issue...
- [Case Study - Developing an Investment Proposition](https://complyport.com/case-study-developing-an-investment-proposition/) - An IFA looking after the financial affairs of individuals and families to help them achieve financial security. Ongoing service being central to business offer
- [Case Study - Expert Witness](https://complyport.com/case-study-expert-witness/) - An IFA had failed to pay consideration following an acquisition of a smaller IFA business. It argued the vendor had breached warranties in that client files....
- [Case Study - Supporting a Vertically Integrated Firm](https://complyport.com/case-study-supporting-a-vertically-integrated-firm/) - A Wealth Management Firm based in London but with overseas offices providing highly personalised tax and financial advice services. Its clients include wealthy
- [Business Development Manager](https://complyport.com/careers/business-development-manager/) - We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive..........
- [Capital Markets - Complyport UK Consultancy Service](https://complyport.com/capitalmarkets/) - CAPITAL MARKETS CAPITAL MARKETS Get in touch The legal and regulatory landscape that governs capital markets firms has seen unprecedented reform in recent years. Changes include the enactment of the Financial Services and Markets Act 2023 following Brexit, the introduction of ESG, the Consumer Duty, and a complete overhaul of the UK capital markets framework
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- [Business Continuity Planning](https://complyport.com/business-continuity-planning/) - A Business Continuity Plan is a document that sets out very practical guidance on how a firm will act in adversity to protect the business, its customers/client
- [Brexit Survey — How Will It Affect Your Firm?](https://complyport.com/brexit-survey-how-will-it-affect-your-firm/) - We want to help the UK financial services sector better prepare for this next challenge by collating and sharing some of the key steps you and others have taken
- [Brexit Report: Financial Services 2020](https://complyport.com/brexit-report-financial-services-2020/) - We are proud to announce today that the Complyport Financial Services Brexit Report 2020 is available on the link below, ready to be downloaded, read and shared
- [Become authorised with the FCA as a financial services firm](https://complyport.com/becoming-fca-and-eu-authorised/) - If you are seeking FCA or EU authorisation, our team at Complyport can provide you with valuable guidance and support throughout your application process.
- [Blockchain, Cryptocurrency and ICO services](https://complyport.com/blockchain-cryptocurrency-and-ico-services/) - Setup of Crypto Exchange. We can assist with the incorporation, jurisdiction guidance, legal support and regulatory licensing of Crypto Exchanges worldwide.....
- [Become FCA Authorised](https://complyport.com/become-fca-authorised/) - Enquire Now: This only applies to the first 20 FCA Authorisations from 2 February 2021 Our expert team of compliance specialists have extensive experience......
- [Banks and Building Societies​ - Complyport UK Consultancy Service](https://complyport.com/banksandbuildingsocieties/) - One of the largest contributors to and often acknowledged as the backbone of the UK economy, the banking sector plays a crucial role in world-wide economic..
- [Becoming a Complyport Introducer](https://complyport.com/becoming-a-complyport-introducer/) - 🏢 Complyport Introducer Programme Partner with a Leading Governance, Risk and Compliance Consultancy Become a Compliance Introducer Join the Complyport Introducer Programme, a simple, transparent and rewarding way to collaborate with one of the UK’s leading Governance, Risk and Compliance (GRC) consultancies. By becoming an Introducer, you will be able to refer clients to Complyport’s trusted compliance services and earn commission for every successful referral. No delivery, no admin – just partnership, professionalism and shared success. Why the GRC Market? The demand for Governance, Risk and Compliance solutions is
- [Authorisations and Applications](https://complyport.com/authorisations-and-applications-2/) - AUTHORISATIONS AND APPLICATIONS Navigating the complexities of authorisations and applications in the financial services industry can be challenging. Ensuring your firm meets regulatory requirements and secures the necessary approvals is essential for your operations and growth. With our extensive expertise in regulatory compliance, we guide you through every step of the process. Our dedicated team
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- [Ashlie Queyrel](https://complyport.com/ashlie-queyrel-business-card/) - Ashlie Queyrel - Associate Consultant CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Tailored
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- [Achilleas Savvides](https://complyport.com/achilleas-savvides-business-card/) - Achilleas Savvides - Associate Consultant CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Tailored
- [Privacy Policy](https://complyport.com/privacy-policy/) - 2.1 This privacy notice aims to give you information on how Complyport Limited collects and processes personal data: 2.1.1 through your use of our website......
- [EMIR, MiFIR, SFTR Advisory Support”](https://complyport.com/emir-reporting/emir-mifir-sftr-advisory-support/) - Many organisations, including Investment Firms, Banks, Funds and other entities are obliged to submit various reports to Trade Repositories, ARMS, or their.....
- [EMIR, MiFIR & SFTR Transaction Reporting](https://complyport.com/trade-and-reporting-transaction-solutions__trashed/emir-mifir-sftr-transaction-reporting/) - The FCA has incorporated data quality reviews into its supervisory programme by conducting desk-based analyses and on-site inspections of counterparties........
- [Complyport - AIFMD Reporting](https://complyport.com/prudential-and-regulatory-reporting/aifmd-reporting/) - Accurate and timely reporting under the Alternative Investment Fund Managers Directive (AIFMD) is essential for regulatory compliance. At Complyport we offer..
- [Complyport - MIFIDPRU 8 Disclosures Support](https://complyport.com/prudential-and-regulatory-reporting/mifidpru8-disclosures-support/) - Transparency is a cornerstone of regulatory compliance. We offer specialised MIFIDPRU 8 Disclosures Support to help you meet your disclosure obligations with..
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- [Complyport - Prudential and Regulatory Reporting](https://complyport.com/prudential-and-regulatory-reporting/) - Complyport provides extensive Prudential and Regulatory Reporting services, ensuring that financial institutions comply with regulatory requirements and..
- [Complyport - Financial Crime Services](https://complyport.com/uk-financial-crime-consultants/) - Financial crime Services Speak to an Expert Speak to an Expert Get In Touch Financial crime Services If your operations are governed by UK Money Laundering regulations or regulated by the FCA or HMRC, our services can provide the expertise and tools necessary to manage your financial crime risk.Whether you are an established firm seeking
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- [Operational Resilience & Cyber Security](https://complyport.com/operational-resilience-support-old/) - At Complyport, we prioritise your organisation’s operational resilience, recognising its criticality in today’s increasingly interconnected and digital world...
- [Management](https://complyport.com/management/) - EXECUTIVE LEADERSHIP Our ManagementTeam With over 25 years of experience, Complyport is a leading international Governance, Risk, Compliance and RegTech advisory firm. Our senior leadership team includes former regulators and experienced industry practitioners, supported by a global team of over 100 multidisciplinary consultants and advisers. We support more than 700 clients worldwide and have secured over
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- [Digital Assets](https://complyport.com/uk-sectors/cryptoasset-compliance-services/) - At Complyport we have been able to utilise our specialist knowledge of compliance, regulation, and due diligence to offer our support to cryptoasset firms......
- [Luis Parra](https://complyport.com/luis-parra-business-card/) - Luis Parra - Director of RegTech Solutions CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving
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- [Alex Ferguson](https://complyport.com/who-we-are/our-management-team/alex-ferguson/) - Alex Ferguson Alex Ferguson is a lawyer with 21 years of experience in financial crime and asset recovery both in the UK and internationally. He spent two decades as a prosecutor with the Crown Prosecution Service, later transitioning to an asset recovery lawyer role in the Channel Islands. From 2012 to 2017, Alex was an asset
- [Digvijay Dhariwal - CEO, Complyport UAE​](https://complyport.com/digvijay-complyport-uae/) - Digvijay Dhariwal - CEO, Complyport UAE Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory Expertise With over 25 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Comprehensive
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- [Skilled Person s166 and Expert Witness-test](https://complyport.com/skilled-person-s166-and-expert-witness-test/) - Skilled Person s166 and Expert Witness Complyport offers comprehensive support through its Skilled Person s166 and Expert Witness services. These services provide independent, thorough analysis and expert testimony, ensuring financial services firms can meet regulatory requirements and resolve disputes effectively. By combining detailed regulatory investigations with compliance and legal expertise, Complyport delivers a robust framework
- [INTERNAL AUDIT SERVICES-test](https://complyport.com/internal-audit-services-test/) - INTERNAL AUDIT SERVICES With over 22 years of experience and a proven track record of conducting more than 600 internal audits and compliance health checks, we offer expertise in ensuring your business meets all regulatory requirements. As one of the companies included on the FCA/PRA Skilled Persons Panel, we go beyond standard internal audit services
- [Financial crime Services-test](https://complyport.com/financial-crime-services-test/) - Financial crime Services If your operations are governed by UK Money Laundering regulations or regulated by the FCA or HMRC, our services can provide the expertise and tools necessary to manage your financial crime risk.Whether you are an established firm seeking guidance, a start-up in need of advice or you simply require temporary assistance, our
- [KYC/AML Managed services-test](https://complyport.com/kyc-aml-managed-services-test/) - KYC/AML Managed services In today’s regulatory environment, maintaining and delivering Anti-Money Laundering (AML) and Know Your Client (KYC) programs is costly and time consuming. As financial crime risks continue to rise, ensuring your organisation remains compliant with stringent AML regulations requires specialised expertise and a proactive approach. Complyport’s KYC/AML Compliance Managed Services provides comprehensive support,
- [test-AUTHORISATIONS AND APPLICATIONS](https://complyport.com/test-authorisations-and-applications/) - AUTHORISATIONS AND APPLICATIONS Navigating the complexities of authorisations and applications in the financial services industry can be challenging. Ensuring your firm meets regulatory requirements and secures the necessary approvals is essential for your operations and growth. With our extensive expertise in regulatory compliance, we guide you through every step of the process. Our dedicated team
- [Andy Tennant](https://complyport.com/who-we-are/our-management-team/andy-tennant/) - Andy Tennant Andy Tennant is a highly respected lead financial investigator who serves as an expert for the National Crime Agency. Recognised internationally for his expertise in money laundering and cryptocurrency, Andy plays a significant role as a member of the UK Proceeds of Crime Lawyer’s Association. His career is marked by substantial experience in training, mentoring, and
- [Richard Strike](https://complyport.com/who-we-are/our-management-team/richard-strike/) - Richard Strike Richard Strike is a former police officer and financial investigator with 15 years of experience in UK law enforcement, specializing in complex fraud, money laundering, and asset recovery. His expertise lies in virtual asset (VA) training and investigations, and he frequently delivers training to international law enforcement and investigative agencies. As a Certified Training and Investigation Partner of Chainalysis,
- [News Test](https://complyport.com/news-2/) - insights & articles Dropdown Search Webinar On Demand: KYC Backlogs and Remediation – Clearing at Scale and Cost 06 March 2026 Webinar On Demand: KYC Backlogs and Remediation – Clearing at Scale and Cost this webinar is now available to view on demand Our webinar ‘KYC Backlogs and Remediation – Clearing Read More » Dr.
- [TEST NEWS](https://complyport.com/test-news/) - Webinar On Demand: KYC Backlogs and Remediation – Clearing at Scale and Cost 06 March 2026 No Comments Read More » Dr. Stelios Platis: Defining Contribution to Compliance Globally 05 March 2026 No Comments Read More » ComplyMAP Group Global Operations Come Under the Complyport Brand 02 March 2026 No Comments Read More » FCA
- [E-Money and Payment Services - Complyport UK Consultancy Service](https://complyport.com/emoney-paymentservices/) - E-MONEY AND PAYMENT SERVICES Speak to an Expert E-MONEY AND PAYMENT SERVICES Contact us for assistance The e-money and payment services sector is home to some of the largest and most innovative names in financial services. In recent years, this industry has seen exponential growth due to the variety of different business models, all competing with traditional banks, for consumers’ business, whether it is sending money abroad, operating a
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- [James Borley](https://complyport.com/james-borley-business-card/) - JAMES BORLEY - Director, Payment Services CONTACT ME Email Save to contacts Phone Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations.
- [James Borley](https://complyport.com/who-we-are/our-management-team/james-borley/) - James Borley James is Director for Payment Services and Digital Assets at Complyport, supporting clients across the wide range of payment services for over seven years.Before becoming a consultant, James spent 23 years as a regulator at the Financial Conduct Authority (FCA). During his time with the FCA, James held a number of significant roles
- [How to Prepare for FCA Authorisation in 5 Steps](https://complyport.com/how-to-prepare-for-fca-authorisation-in-5-steps-ebook/) - How to Prepare for FCA Authorisation in 5 Steps Download the eBook Complimentary eBook and Complimentary Consultation with a Compliance Expert Preparing for FCA authorisation can feel overwhelming, but it does not have to be. Complyport’s Authorisation eBook breaks the process down into five clear, actionable steps to help you prepare with confidence and avoid
- [Datadeletion](https://complyport.com/datadeletion/) - Overview Under UK GDPR/GDPR and similar data protection laws, you may have the right to request deletion of your personal data that we process. This page explains what “data deletion” means, what is in scope, common exceptions, and how to submit a request to Complyport Ltd (“Complyport”). Quick summary: You can ask us to delete your personal data. We will verify your identity, assess the request,
- [The KYC File That Wins: Building Documentation FCA Case Officers Want to See](https://complyport.com/the-kyc-file-that-wins-building-documentation-fca-case-officers-want-to-see/) - The KYC File That Wins: Building Documentation FCA Case Officers Want to See Download the eBook Build KYC Documentation That Stands Up to FCA Scrutiny When it comes to FCA supervision, your Know Your Customer (KYC) files tell the real story of your firm’s compliance culture. Weak or inconsistent documentation can raise red flags, even when
- [The All-In-One Compliance Solution](https://complyport.com/the-all-in-one-compliance-solution/) - Book a Demo The All-In-One Compliance Solution Manage your compliance monitoring, approval workflows and annual training – all with the help of your own AI-based compliance assistant Book a Demo COMPLYPORTALAutomate monitoring and reporting. All-in-one intuitive platform VICAViCA instantly answers your regulatory questions & streamlines your workflow using up-to-date AI TRAININGOn-demand 40+ eLearning courses built
- [Simon Chapman](https://complyport.com/simon-chapman-business-card/) - Simon Chapman - Senior Director CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Tailored
- [Panayiotis Theodoulou - Marketing Manager](https://complyport.com/panayiotis-theodoulou-business-card/) - Panayiotis Theodoulou - Marketing Manager CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Tailored
- [Lucas McNally](https://complyport.com/lucas-mcnally-business-card/) - Lucas McNally - Solutions Executive CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations. Tailored
- [Konstantina Pastellidou - Head of Authorisations](https://complyport.com/konstantina-pastellidou-business-card/) - Konstantina Pastellidou - Head of Authorisations CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of evolving regulations.
- [Howard Baxter - Head of KYC Managed Services](https://complyport.com/howard-baxter-business-card/) - HOWARD BAXTER - HEAD OF KYC MANAGED SERVICES CONTACT ME Email Save to contacts Mobile Website LinkedIn Email Save to contacts Mobile Website LinkedIn CONTACT ME Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead of
- [Diversity Equity, and Inclusion in Financial services Webinar by Complyport](https://complyport.com/webinar-on-demand-diversityequityinclusion/) - Diversity Equity, and Inclusion in Financial services Webinar by Complyport..
- [Consumer Duty – Are You Prepared? Webinar by Complyport](https://complyport.com/webinar-on-demand-consumerduty-are-you-prepared/) - Webinar: Consumer Duty – Are You Prepared? Webinar: Consumer Duty – Are You Prepared? View The Webinar Webinar On Demand: Consumer Duty – Are You Prepared? view the webinar with ViCA Access This webinar is now available to view on demandOur webinar on Consumer Duty – Are You Prepared? was held on July 17th, 2024.
- [Complyport - Newsletter](https://complyport.com/newsletter-signup/) - Get Ahead with Our Regulatory News and Insights Join Complyport's mailing list for the latest compliance news, updates and expert opinions Name Email Telephone Job Title HP Why choose Complyport? Extensive Regulatory ExpertiseWith over 22 years of experience in the financial services industry, Complyport offers unparalleled expertise in regulatory compliance, ensuring your firm stays ahead
- [Emailprivacy](https://complyport.com/emailprivacy/) - Complyport Ltd Email Privacy Statement Your personal data – How is it governed? The processing of personal data is governed by the General Data Protection Regulation 2016/679 (the “GDPR”). Complyport Ltd and any of our chosen outsourced third party service providers who are involved in the processing and control of your information, are referred to in
- [The All-In-One Compliance Solution](https://complyport.com/the-all-in-one-compliance-solution-john-ring/) - Book a Demo The All-In-One Compliance Solution Manage your compliance monitoring, approval workflows and annual training – all with the help of your own AI-based compliance assistant Book a Demo COMPLYPORTALAutomate monitoring and reporting. All-in-one intuitive platform VICAViCA instantly answers your regulatory questions & streamlines your workflow using up-to-date AI TRAININGOn-demand 40+ eLearning courses built
- [Consumer Duty Checklist: Are You Ready for Full Implementation?](https://complyport.com/consumer-duty-checklist-fca-july-2025-deadline/) - Consumer Duty Checklist Download the checklist Download Your Free Checklist to Ensure Compliance with FCA’s Consumer Duty Requirements With the FCA’s Consumer Duty regulation now in full effect, regulated firms are under pressure to demonstrate a higher standard of care for retail customers across all touchpoints. To help your firm assess and evidence compliance, we’ve created a
- [The SOC 2 compliance checklist](https://complyport.com/the-soc-2-compliance-checklist/) - The SOC 2 Compliance Checklist A Practical Guide for Financial Institutions In today’s digital economy, financial institutions play a central role in delivering essential services and managing highly sensitive customer data. With increasing regulatory scrutiny and rising client expectations around data protection, demonstrating your firm’s commitment to robust internal controls is no longer optional, it
- [Consumer Duty Compliance Guide: What Your Firm Must Know](https://complyport.com/consumer-duty-compliance-guide-what-your-firm-must-know/) - Consumer Duty Guide Download the checklist Download Your Free Consumer Duty Guide to Stay Compliant with FCA ExpectationsWith the FCA’s Consumer Duty regulation now fully in effect, regulated firms must demonstrate a higher standard of care for retail customers at every stage of the client journey.To support your firm, we’ve created a comprehensive Consumer Duty
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- [Panayiotis Theodoulou](https://complyport.com/who-we-are/our-management-team/panayiotis-theodoulou/) - Panayiotis Theodoulou Panayiotis Theodoulou is the Digital Marketing Manager at Complyport, responsible for developing and executing integrated digital campaigns across the UK, EU, and UAE markets. He holds a BSc in Information Technology and an MBA from the University of Derby, combining a technical foundation with strategic marketing insight.His previous roles in the education and
- [Future of Payments Forum 2025](https://complyport.com/future-of-payments-forum-2025/) - Free All-Day Pass! Forum: The Future of Payments Join the Future of Payments Forum 2025Be part of the conversation shaping the next frontier of innovation, regulation, and security in payments. Connect with industry leaders, explore cutting-edge trends, and navigate the evolving financial landscape. Free All-Day Pass! Join the Future of Payments Forum 2025Be part of
- [International Reach](https://complyport.com/who-we-are/international-reach/) - The Complyport International Network addresses international regulatory issues in Europe, Switzerland, the Middle East, the US and Asia. Using our global.......
- [Alla Konnikov](https://complyport.com/who-we-are/our-management-team/alla-konnikov/) - diverse range of academic, training and leadership roles working with senior, global leadership teams to create and deliver practical solutions to implement....
- [Simon Chapman](https://complyport.com/who-we-are/our-management-team/simon-chapman-senior-director/) - Directly involved in regulatory compliance for 30+ years, both as practitioner and consultant, and has dealt with a wide range of Financial Services regulators.
- [Demetris Taxitaris](https://complyport.com/who-we-are/our-management-team/demetris-taxitaris/) - leading consulting Group in the provision of licensing, regulatory compliance, internal audit, risk management, human resource consulting, regulatory technology
- [Operational Resilience Checklist FCA March 2025 Deadline](https://complyport.com/operational-resilience-checklist-fca-march-2025-deadline/) - Operational Resilience Checklist Download the checklist Financial services firms in scope of the FCA’s operational resilience rules have until 31st March 2025 to operate within their impact tolerances. With this date swiftly approaching our team of experts have created a checklist to help you assess whether you have implemented the requirements and are in compliance. Key
- [Nicola Christofides](https://complyport.com/who-we-are/our-management-team/nicola-christofides/) - Barclays where she was a Senior Director in Compliance and Financial Crime leading large global teams specialising on Senior Managers Regime, Risk, Reporting...
- [IFPR - Implementing the new Prudential Regime](https://complyport.com/ifpr-implementing-prudential-regime/) - The IFPR implementation changed the funds requirements firms should hold at all times based on the MiFID investment services and activities they have permission
- [Retail Financial Services - Complyport UK Consultancy Service](https://complyport.com/retail-financialservices/) - Retail financial services represent an important sector in the UK financial industry and large institutions now share the market with small and medium-size firms..
- [Product Manufacturers - Complyport UK Consultancy Service](https://complyport.com/productmanufacturers/) - PRODUCT MANUFACTURERS​ PRODUCT MANUFACTURERS​ Get In Touch Product manufacturers, are increasingly required to meet new regulatory obligations in relation to the products they produce. The development of the Consumer Duty and new considerations regarding Sustainability, such as the Sustainability Disclosure Regulations, has meant that the list of requirements placed on product manufactures is ever increasing. These
- [Lending - Complyport UK Consultancy Service](https://complyport.com/lending/) - Lending lending Get In Touch In recent years, there has been an unparalleled rise in retail and professional consumers seeking or being offered products or services from lending firms. This increase in demand has resulted in a surge in the number of FCA regulated firms offering these services, alongside those seeking authorisation. This sector is
- [Digital Assets - Complyport UK Consultancy Service](https://complyport.com/digital-assets/) - Digital assets, cryptocurrencies and crypto exchanges are becoming subject to heightened regulatory attention and scrutiny. While the FCA increases its focus..
- [Subject Matter Experts](https://complyport.com/subject-matter-experts/) - EXECUTIVE LEADERSHIP Our Subject Matter Experts Team Established in 2001, Complyport is one of the UK’s largest independent compliance consulting businesses, combining former regulators and industry practitioners. Our Executive Team is supported by a dedicated global team of over 75 multidisciplinary, qualified consultants and advisors available to support Complyport’s clients. We support our clients with
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- [Howard Baxter](https://complyport.com/who-we-are/our-management-team/howard-baxter/) - Howard Baxter Howard Baxter, Head of KYC Managed Services, is an internationally experienced leader in financial services and compliance consulting sectors with over 20 years of expertise spanning compliance risk management, shared services, operational risk and KYC remediation and shared services delivery.With a demonstrated track record of navigating and delivering into large multi-jurisdictional programs of
- [Complyport Building a Fortress KYC Whitepaper](https://complyport.com/complyport-building-a-fortress-kyc-whitepaper/) - Let’s Build a Fortress: Leveraging KYC for a 360° Customer Risk Assessment (Whitepaper) As compliance professionals face increasingly complex threats in today’s globalised and digital world, the paper highlights that Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) alone are no longer sufficient to mitigate financial crimes, fraud, and other risks. Instead, organisations are
- [Complyport CLMS Ebook](https://complyport.com/complyport-clms-ebook/) - 7 Benefits of Adopting a Compliance Monitoring & Learning Solution The Complyport CLMS ebook provides an in-depth look into the importance of automating compliance monitoring and learning for FCA-regulated firms. It details the compliance challenges businesses face due to evolving regulations and highlights the staggering financial consequences of non-compliance. The eBook explores how firms can
- [Paul Grainger](https://complyport.com/who-we-are/our-management-team/paul-grainger-non-executive-chairman/) - years financial services experience including over thirty years in financial services regulatory and compliance consultancy in wholesale and retail markets.....
- [Marcin Grabiszewski](https://complyport.com/who-we-are/our-management-team/marcin-grabiszewski/) - Marcin has been working in the Fintech, Digital Assets and Neo-Banking sector, advising and supporting UK and EU firms to get authorised as well as activate....
- [Joseph Burke](https://complyport.com/who-we-are/our-management-team/joseph-burke/) - Joseph Burke is a highly qualified compliance professional with extensive training and certifications from The Chartered Institute for Securities & Investment (CISI) and the European Institute of Management and Finance (EIMF).
- [Steve Fairclough](https://complyport.com/who-we-are/our-management-team/steve-fairclough/) - Steve’s detailed understanding of the financial crime typologies (AML/CTF, Sanctions, Bribery and Corruption, Fraud and Market Abuse) is backed up by his focus
- [Panayiotis Antoniou](https://complyport.com/who-we-are/our-management-team/panayiotis-antoniou/) - AML/CTF Certificates as well as Advance EU Compliance Certificates, a Certified Anti-Money Laundering Specialist (CAMS), a Chartered MCSI at the Chartered......
- [Faith Mafullul](https://complyport.com/who-we-are/our-management-team/faith-mafullul/) - Faith is also responsible for the execution of running campaigns across all Complyport’s marketing channels. Faith works closely with the sales team to provide
- [Pantelis Angelides](https://complyport.com/who-we-are/our-management-team/pantelis-angelides/) - He is the trusted security advisor for top executives of many organisations across a wide range of sectors such as financial, healthcare, legal, manufacturing..
- [Kyriakos Christofidis](https://complyport.com/who-we-are/our-management-team/kyriakos-christofidis/) - Kyriakos’ experience covers multinational Law Firms, Regtech and Fintech, alternative investment funds (AIFs), MiFID firms and other EU-regulated entities......
- [Yiola Charalambous](https://complyport.com/who-we-are/our-management-team/yiola-charalambous/) - She excels in all aspects of HR including operations, management, and consulting. Her expertise includes recruitment, selection, learning & development.........
- [Andreas Shakallis](https://complyport.com/who-we-are/our-management-team/andreas-shakallis/) - affiliate member of the Institute and Faculty of Actuaries in the UK and a Fellow member of the Cyprus Association of Actuaries, having served as the President
- [Luis Parra](https://complyport.com/who-we-are/our-management-team/luis-parra/) - assist firms with include compliance & risk monitoring, keeping track of important documents, policies, and procedures that are the heart of a good Governance..
- [Stelios Platis](https://complyport.com/who-we-are/our-management-team/stelios-platis/) - Certified to provide a number of investment services, and served as Internal Auditor / Compliance Officer / Risk Manager for a significant number of Investment
- [Richard Corbyn](https://complyport.com/who-we-are/our-management-team/richard-corbyn/) - Director of Authorisations, ensuring delivery of first class service and support to clients seeking FCA approval for Authorisation, Variation of Permission.....
- [Consumer Duty Implementation Support and Advice](https://complyport.com/consumer-duty-implementation-support-and-advice/) - As of the 31 July 2023, the rules relating to the Consumer Duty (“the Duty”) came fully into force, along with all the expectations, processes and requirements.
- [Contact](https://complyport.com/vica-talk-to-human/) - REQUEST CONSULTING Please fill our form and a Complyport Consultant will be in touch. Complyport (UK) 34 Lime Street, London, EC3M 7AT, United KingdomT: +44 (0)20 7399 4980E: info@complyport.co.uk Complyport (EU) 2 Diagorou, ERA House,Ground Floor, 1097, Nicosia, CyprusE: info@cy.complyport.com Complyport (UAE) Emirates Financial Towers – South TowerLevel 3, Office 308DIFC, Dubai, United Arab EmiratesE: info@ae.complyport.com
- [ViCA Registration Request](https://complyport.com/vica-support/) - request for registration Please fill ViCA’s New User Registration Request Form and our Support Team will Get in Touch with you!
- [Thank You!](https://complyport.com/thank-you/) - Thank you! A member of the Complyport team will be in contact with you shortly. www.stage.complyport.com
- [Thematic Review – Suitability or not of Investment Portfolios](https://complyport.com/thematic-review-suitability-or-not-of-investment-portfolios/) - In its latest report (TR15/12) resulting from a review of suitability of retail investment portfolios provided by wealth management and private banking firms..
- [Pillar 3](https://complyport.com/pillar-3/) - Pillar 3 sits alongside Pillar 1 (minimum capital requirements) and Pillar 2 (review process) which, together, provide firms with a group of disclosure require
- [GDPR Implementation and On-Going Maintenance](https://complyport.com/gdpr-implementation-and-on-going-maintenance/) - the General Data Protection Regulation (“GDPR”) came into effect for all firms operating within Europe as well as firms outside of Europe which have data come..
- [Regulatory Applications](https://complyport.com/regulatory-applications/) - Complyport Specialises in providing governance, risk and compliance services COMPLYPORT SPECIALISES IN PROVIDING GOVERNANCE, RISK AND COMPLIANCE SERVICES Regulatory Applications In addition to our all-encompassing FCA authorisation service, our team have extensive experience in dealing with changes to licenses and other regulatory applications including, Variation of Permission (VoP), Changes in Control and, Change in Legal
- [Welcome to Complyport Website](https://complyport.com/home-draft/) - Our consultants have experience dealing with firms across the spectrum of financial services, from consumer credit to banks, asset managers to broker dealers...
- [Welcome to Complyport Website](https://complyport.com/home/) - Our consultants have experience dealing with firms across the spectrum of financial services, from consumer credit to banks, asset managers to broker dealers...
- [Webinar: Whistleblowing – A Practical Guide For Compliance Teams](https://complyport.com/webinar-whistleblowing-practical-guide-compliance-teams/) - Much has been talked about whistleblowing recently with the introduction of the Senior Managers Regime (SMR) and the soon to be live Market Abuse Regulation....
- [WEBINAR: Discussion on the latest EMiR/MiFIR transaction reporting developments and best practices](https://complyport.com/webinar-discussion-on-the-latest-emir-mifir-transaction-reporting-developments-and-best-practices/) - Complyport is pleased to have presented our webinar held on 2 September 2020 held in conjunction with MAP Fintech, a member of Complyport’s Associate Programme.
- [Upcoming Events](https://complyport.com/upcoming-events/) - COMPLYPORT SPECIALISES IN PROVIDING GOVERNANCE, RISK AND COMPLIANCE SERVICES Upcoming and Past Events Proactive monitoring and assessment of international reg..
- [UK Stewardship Code](https://complyport.com/uk-stewardship-code/) - Oversight and operation of the UK Stewardship Code falls upon the FRC; the FCA will not require commitment to form part of its periodic reporting requirements..
- [Training](https://complyport.com/training/) - Professional Training Complyport works exclusively with the London Governance and Compliance Academy (LGCA), a leading and accredited professional training.....
- [The Senior Managers and Certification Regime](https://complyport.com/the-senior-managers-and-certification-regime/) - Our experienced team will guide you through the new rules and regulations and provide practical solutions to ensure that you meet the regulator’s expectations..
- [Terms and Conditions Regulatory Disclosures Web-Hosting Facility](https://complyport.com/terms-conditions-regulatory-disclosures-web-hosting-facility/) - The User agrees to provide Complyport with Regulatory Disclosures to be hosted on the Site. The User agrees that Complyport will publish the User’s Regulatory..
- [Support Resource during COVID-19](https://complyport.com/support-resource-during-covid-19/) - Please complete your information below for a FREE consultation on business continuity plans, regulatory updates and remote working methods. Type of consultation
- [Senior RegTech Business Development Manager (London, UK)](https://complyport.com/senior-regtech-business-development-manager-london-uk/) - As the Senior RegTech Business Development Manager, the successful candidate will be responsible for improving and growing the regulatory technology business...
- [Senior Compliance Consultant](https://complyport.com/senior-compliance-consultant/) - Complyport is a consulting firm supporting the UK financial services industry for over 22 years. Established in 2001, Complyport is now one of the UK’s largest
- [Senior Accountant](https://complyport.com/senior-accountant/) - To assist the Finance Director and support team with ongoing accounting tasks and in particular the preparation of month end accounts. This role is a full time
- [SendOwl Demo Page successful purchase](https://complyport.com/sendowl-demo-page-successful-purchase/) - This content is password protected. To view it please enter your password below: Password: Proactive monitoring and assessment of international regulatory......
- [SendOwl Demo Page](https://complyport.com/sendowl-demo-page/) - This content is password protected. To view it please enter your password below: Password: Proactive monitoring and assessment of international regulatory......
- [Robo Advisers Present a New Set of Risks](https://complyport.com/robo-advisers-present-a-new-set-of-risks/) - The danger of using separate mini robots rather than a joined up machine, is that users address one need in isolation to others. Invest rather than pay down....
- [Risk adequacy – what if the FCA comes knocking?](https://complyport.com/risk-adequacy/) - Delivered jointly by Complyport, a leading GRC consultancy, and award-winning risk management solutions provider, CalQRisk, this 40 minute webinar will discuss
- [Regulatory Roundup](https://complyport.com/regulatory-roundup/) - Regulatory News & Updates During the course of the year, we publish a number of periodical newsletters in which we discuss regulatory issues directly relevant..
- [Project and Change Management](https://complyport.com/project-and-change-management/) - In a constantly evolving financial services sector, our clients are presented with new challenges arising from regulatory change that require additional expert
- [Portal](https://complyport.com/portal/) - ComplyPortal is designed by compliance specialists to simplify your Regulatory Compliance Management on an easy-to-use cloud-based platform. Get Started........
- [Migrate from CME and Abide with the support of Complyport](https://complyport.com/migrate-from-cme-and-abide-with-the-support-of-complyport/) - MAP FinTech’s solution allows clients to enjoy a cost-efficient, integrated solution delivered via a single platform, together with the rest of Polaris’ offer..
- [Meeting the FCA’s New Operational Resilience Requirements – Webinar Recording](https://complyport.com/fca-new-operational-resilience-2022/) - Watch Operational Resilience Webinar Recording To watch a recording of our webinar, please complete the form below. Once completed, you will be re-directed.....
- [Manchester SMCR Forum](https://complyport.com/manchester-smcr-forum/) - Thursday 21st September 2017 3:30pm – 5:30pm Peter House, Oxford Street, Manchester, M1 5AN Please complete details below to register
- [Manchester Brexit Briefing & Book Launch](https://complyport.com/manchester-brexit-briefing-book-launch/) - Thursday 5th October 2017 4:00pm – 5:30pm Peter House, 1 Oxford Street, Manchester, M1 5AN Please complete details below to register
- [IFPR Impact Assessment](https://complyport.com/ifpr-impact-assessment/) - Complete the form below to request a FREE consultation prior to booking in an IFPR Impact Assessment and gap analysis. Interested in seeing how we can help you
- [How will Brexit affect financial services firms like yours?](https://complyport.com/how-will-brexit-affect-financial-services-firms-like-yours/) - Brexit will be affecting all UK based financial services firms looking to do work in the EU. The reverse is also true for EU based firms looking to do work.....
- [GDPR Webinar – Implementation challenges and on-going maintenance from a practical compliance and legal point of view](https://complyport.com/gdpr-webinar/) - We tried to aim to answer all questions during the GDPR webinar. If you have any pressing questions after watching the recording above, please email your query
- [Anti-Bribery and Corruption](https://complyport.com/financial-crime/anti-bribery-corruption/) - This can present a considerable challenge to firms who operate in multiple jurisdictions and have a number individuals or firms acting on their behalf..........
- [Market Abuse Regime](https://complyport.com/financial-crime/market-abuse/) - Complyport consultants include qualified lawyers who can help you navigate through the market abuse regime. We regularly assist with market abuse issues........
- [Data Protection](https://complyport.com/financial-crime/data-protection/) - Breaches can attract large fines and criminal prosecutions, as well as negative publicity that can lead to a great deal of commercial embarrassment. The UK's...
- [Anti-Money Laundering & Counter Terrorist Financing](https://complyport.com/financial-crime/anti-money-laundering-counter-terrorist-financing/) - Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) continue to be a focal point for regulators across the globe. The risks of getting it wrong...
- [Financial Crime](https://complyport.com/financial-crime/) - The changing landscape of financial crime regulation presents new challenges to businesses to guard against being used as a conduit for financial crime.........
- [FCA Remuneration Code](https://complyport.com/remuneration/) - The final rules and guidance for the FCA’s remuneration code came into effect on 1 January 2011 and appear in SYSC 19A. In addition to meeting the requirements
- [EMIR & MiFIR Transaction Reporting: The Importance of Data Quality](https://complyport.com/emir-mifir-transaction-reporting-the-importance-of-data-quality-compliance-reviews/) - Moreover, the FCA repeatedly highlighted the importance of firms having systems and controls in place to ensure their transaction reports are complete..........
- [FCA Authorisations](https://complyport.com/fca-authorisations/) - Services FCA Authorisations The FCA Authorisation process can be time consuming and challenging.Complyport has extensive experience in assisting a wide range of firms to obtain their FCA authorisation (Part 4A permission). Our team have a wealth of experience dealing with the regulator and their approach to authorisations which we will use to best advise and

## Event Page Template

- [Single Page Template](https://complyport.com/?epta=single-page-template)

## Services

- [Savings & job pension.](https://complyport.com/service/savings-job-pension/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,
- [Project contract advisor.](https://complyport.com/service/project-contract-advisor/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,
- [Home & car loan advisor.](https://complyport.com/service/home-car-loan-advisor/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,
- [Financial global survey.](https://complyport.com/service/financial-global-survey/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,
- [Financial & loan support.](https://complyport.com/service/financial-loan-support/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,
- [Business loan advisor.](https://complyport.com/service/business-loan-advisor/) - Finance Digital Marketing Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor sit amet, consectetur adipisicing elit,

## Projects

- [Project Details](https://complyport.com/project/project-details/) - Project Overview Marketing and technology Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmodLorem ipsum dolor sit amet, consect etur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Uet enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex Lorem ipsum dolor site amet, consectetur

## Events

- [Webinar: The 2026 Digital Asset Compliance Masterclass - Module I: The First Mile: Wallets, Transfers and the "Travel Rule"](https://complyport.com/event/webinar-the-2026-digital-asset-compliance-masterclass-module-i-the-first-mile-wallets-transfers-and-the-travel-rule/) - The "Travel Rule" has moved from a theoretical concept to a hard operational requirement. With the full enforcement of the Transfer of Funds Regulation (TFR), the era of anonymous transfers has ended. Service providers must now ensure that identity data "travels" with every transaction. This session examines the technical and regulatory hurdles of the "First Mile," moving beyond basic collection to the mandatory data exchange required between CASPs.
- [In-Person Training Course: Your MLRO Training Day](https://complyport.com/event/inperson-training-course-your-mlro-training-day-2/) - In-Person Training Course in London With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: Consumer Duty Board Reports - Year Two](https://complyport.com/event/webinar-consumer-duty-board-reports-year-two/) - On-demand | OnlineWatch this webinar to learn more about:What the FCA is now expecting in year two Consumer Duty board reportsCommon issues identified in year one (e.g. ineffective MI, limited board challenge, poor linkage to outcomes)What “effective oversight and challenge” looks likeHow to improve your MI to support meaningful reportingHow Skillcast tools can help evidence
- [Webinar: Payments Orchestration – Automation of Compliance and Risk Decisions](https://complyport.com/event/webinar-payments-orchestration-automation-of-compliance-and-risk-decisions/) - As we enter 2026, the KYC landscape is undergoing rapid transformation driven by new technologies, shifting geopolitical risks, and evolving regulatory priorities. For compliance teams, staying ahead of these changes is essential to maintaining robust customer due diligence, delivering effective onboarding, and meeting regulatory expectations.
- [Webinar: Decoding the FCA’s 2025–2030 Strategy - What It Means for Firms](https://complyport.com/event/webinar-decodign-the-fcas-2025-2030-strategy-what-it-means-for-firms/) - Description:On 25 March 2025, the FCA unveiled its five-year vision focused on deepening trust, rebalancing risk, supporting growth, and improving lives. As firms navigate evolving regulatory expectations, this strategic shift represents a critical turning point for compliance, supervision, and innovation.Join our expert speaker Nicola Christofides as she breaks down the strategy’s four core pillars and
- [Webinar: Outsourcing Compliance for Smaller Firms: A Strategic Advantage](https://complyport.com/event/webinar-outsourcing-compliance-for-smaller-firms-a-strategic-advantage/) - Description:Small and medium-sized firms often face skill gaps and resource constraints when navigating complex regulatory environments. Outsourcing compliance functions isn’t just a cost-efficiency strategy, it can be a game-changer that delivers specialist expertise, scalability, and stronger regulatory alignment.Join our expert as he delves into how smaller firms can benefit from managed compliance services without losing
- [Webinar: KYC Remediation: Do It Right the First Time](https://complyport.com/event/webinar-kyc-remediation-do-it-right-the-first-time/) - Description:An ineffective remediation process can leave firms exposed to evolving AML/CFT regulations and costly penalties. Properly executed KYC remediation ensures customer data stays accurate, risk is managed effectively, and regulatory expectations are fully met. In this 30-minute session, we’ll explore how to get remediation right—first time—by combining practical workflows, automation, and risk-based strategiesIn this session
- [Webinar: Compliance Resourcing: Building the Right Team for Regulatory Success](https://complyport.com/event/webinar-compliance-resourcing-building-the-right-team-for-regulatory-success/) - Description:Regulatory demands continue to grow, yet compliance functions often run up against limitations in budget, expertise, and bandwidth. Effective resourcing isn’t just about hiring more, it’s about structuring your compliance department to deliver strategic value and resilience.In this focused session, our compliance leader, Alla Konnikov, will explore how to design and scale your team intelligently,
- [Webinar: KYC as a Service: How Firms Are Benefiting from Outsourcing Compliance](https://complyport.com/event/webinar-kyc-as-a-service-how-firms-are-benefiting-from-outsourcing-compliance/) - Description:Know Your Customer (KYC) obligations are becoming more complex and resource-intensive, stretching compliance teams thin and creating bottlenecks in onboarding and monitoring. Increasingly, firms are turning to KYC as a Service to reduce costs, increase efficiency, and improve customer experience while staying aligned with regulatory expectations. This 30-minute session will showcase real-world examples of how firms
- [Webinar: How Technology Can Save the Day for Compliance Teams](https://complyport.com/event/webinar-how-technology-can-save-the-day-for-compliance-teams/) - Description:Compliance teams are under increasing pressure to deliver more with fewer resources. Manual processes, fragmented systems, and mounting regulatory obligations can make compliance feel overwhelming. The good news? The right technology can simplify complexity, save time, and give compliance professionals the confidence to focus on what really matters. In this 30-minute session, we’ll explore how Technology Can
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-3-2-2-3/) - Your MLRO Training DayWith regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: Rebuilding ICARA: Practical Steps for a More Effective Capital, Liquidity and Risk Assessment Process](https://complyport.com/event/webinar-rebuilding-icara-practical-steps-for-a-more-effective-captial-liquidity-and-risk-assessment-process/) - This session will provide FCA-regulated firms with practical, actionable steps to enhance their ICARA process, not only to meet MIFIDPRU 7 obligations, but also to strengthen strategic decision-making, increase risk resilience, and embed ICARA into day-to-day operations.
- [Webinar: KYC and Outsourcing – The Case Studies](https://complyport.com/event/webinar-kyc-and-outsourcing-the-case-studies/) - As regulatory expectations continue to evolve, firms across the financial sector are under pressure to maintain robust Know Your Customer (KYC) frameworks while managing rising operational costs and growing compliance workloads. For many, outsourcing KYC functions has emerged as a strategic way to ensure efficiency, scalability and regulatory alignment.
- [Webinar: The All-in-One Compliance Solution](https://complyport.com/event/webinar-the-all-in-one-compliance-solution/) - In a regulatory environment where efficiency, accountability and agility are paramount, compliance teams are expected to do more with less. The challenge? Managing complex obligations, multiple systems and growing workloads, all while maintaining oversight and control.
- [Webinar: Safeguarding: Key Changes Ahead of the 2026 Deadline](https://complyport.com/event/webinar-safeguarding-key-changes-ahead-of-the-2026-deadline/) - Major safeguarding changes are coming into force in May 2026, and payment and e-money firms must act now to ensure their frameworks meet both current requirements and the upcoming enhanced expectations. Join Complyport’s specialists for a focused 30-minute session outlining what’s changing, what firms must prioritise, and how to prepare your safeguarding controls for the future regulatory landscape.
- [Webinar: KYC in 2026 – Trends, Risks & Regulatory Expectations to Watch](https://complyport.com/event/webinar-kyc-in-2026-trends-risks-regulatory-expectations-to-watch/) - As we enter 2026, the KYC landscape is undergoing rapid transformation driven by new technologies, shifting geopolitical risks, and evolving regulatory priorities. For compliance teams, staying ahead of these changes is essential to maintaining robust customer due diligence, delivering effective onboarding, and meeting regulatory expectations.
- [Webinar: Anatomy of a Failure – Learning from 2025’s Biggest Financial Crime Fines](https://complyport.com/event/webinar-anatomy-of-a-failure-learning-from-2025s-biggest-financial-crome-fines/) - As we enter 2026, the KYC landscape is undergoing rapid transformation driven by new technologies, shifting geopolitical risks, and evolving regulatory priorities. For compliance teams, staying ahead of these changes is essential to maintaining robust customer due diligence, delivering effective onboarding, and meeting regulatory expectations.
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-3-2-2-2/) - Your MLRO Training DayWith regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: KYC Backlogs and Remediation - Clearing at Scale and Cost](https://complyport.com/event/webinar-kyc-backlogs-and-remediation-clearing-at-scale-and-cost/) - As we enter 2026, the KYC landscape is undergoing rapid transformation driven by new technologies, shifting geopolitical risks, and evolving regulatory priorities. For compliance teams, staying ahead of these changes is essential to maintaining robust customer due diligence, delivering effective onboarding, and meeting regulatory expectations.
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-3-2-2/) - Your MLRO Training DayWith regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: Beyond Compliance: Operationalising Consumer Duty Across Your Firm](https://complyport.com/event/webinar-beyond-compliance-what-the-2025-consumer-duty-report-tells-us/) - Description: With the FCA’s Consumer Duty now in full effect, firms across the financial services sector are under increasing pressure to demonstrate how they’re delivering good outcomes for consumers. The latest Consumer Duty Report provides valuable insight into regulator expectations, industry challenges, and areas of ongoing scrutiny. In this focused 30-minute session, join Simon Chapman
- [Webinar: The Future of Managed KYC & AML Services](https://complyport.com/event/webinar-the-future-of-managed-kyc-aml-services/) - Description: As regulatory expectations around Know Your Customer (KYC) and Anti-Money Laundering (AML) continue to evolve, many firms are turning to managed services to help meet their obligations efficiently, consistently and at a scale. With increasing scrunity from regulators and mouting internal resource pressures, outsourcing KYC/AML functions has become a strategic advantage. In this 30-minute
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-3-2/) - Your MLRO Training DayWith regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: Section 166 File Remediation & Backlog Clearing: A Practical Approach](https://complyport.com/event/webinar-s166-file-remediation-backlog-clearing/) - Description:Managing a Section 166 remediation while tackling backlog clearing requires a structured, risk-based approach to ensure regulatory compliance and operational efficiency. In this expert-led session, Howard Baxter, Head of KYC Managed Services, will share practical strategies to help firms navigate these challenges effectively. Topics include:In this session we will dive into the topic by:Developing a
- [Webinar: Navigating the IFPR Impact: Good and Poor Practices Observed](https://complyport.com/event/webinar-navigating-the-ifpr-impact-good-and-poor-practices-observed/) - Description: Since its implementation, the Investment Firms Prudential Regime (IFPR) has introduced a transformative framework for investment firms in the UK. While many firms have successfully adapted, others have faced challenges in meeting compliance requirements. This webinar aims to explore the impact of the IFPR to UK Investment Firms, the good practices that have emerged,
- [Webinar: Unlocking the Power of ViCA, Your AI-Powered Virtual Compliance Assistant](https://complyport.com/event/webinar-unlocking-the-power-of-vica-your-ai-powered-virtual-compliance-assistant/) - Description: As regulatory requirements continue to intensify, professionals across compliance functions, including Compliance Officers, MLROs and Heads of Compliance, are under increasing pressure to stay ahead. ViCA, Complyport’s AI-powered virtual compliance assistant, has been developed to meet this need by delivering quick, reliable and expert-backed regulatory support. Powered by artificial intelligence and enriched by over
- [In-Person Training Course: Your MLRO Training Day](https://complyport.com/event/in-person-training-course-your-mlro-training-day-30-04-25/) - In-Person Training Course With regulatory fines exceeding £600 million in the past two years dueto failures in AML systems and controls, can you or your team ever beovertrained or too prepared on everything AML?Whether you are a recently appointed MLRO or someone looking for arefresher course, the London Governance & Compliance Academy (LGCA) andComplyport MLRO Training Day will equip
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-3/) - Your MLRO Training DayWith regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: EI in the Age of AI](https://complyport.com/event/emotional-intelligence-in-the-age-of-artificial-intelligence/) - Description:In today’s rapidly evolving landscape, Emotional Intelligence (EI) and Artificial Intelligence (AI) are becoming increasingly integrated into both our professional and personal lives. While AI excels in processing vast amounts of data, automating tasks, and identifying patterns, it lacks the human qualities of emotional awareness, context understanding, and complex decision-making. On the other hand, EI—comprising
- [Fireside Chat: Operational Resilience – Have You Prepared?](https://complyport.com/event/fireside-chat-operational-resilience-have-you-prepared/) - Description: Join us for an exclusive fireside chat on the critical topic of Operational Resilience in the UK financial services sector. As firms across banking, insurance and payments prepare for the upcoming deadline of 31 March 2025, they face new regulatory requirements outlined by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In
- [Webinar: The FCA’s Greenwashing Regulations are Now in Effect – What Does this Mean?](https://complyport.com/event/the-fcas-greenwashing-regulations-are-now-in-effect-what-does-this-mean/) - Description: With the FCA’s new ESG ‘naming and marketing’ rules in effect as of December 2, 2024, the financial landscape has shifted significantly. Firms are now fully accountable for ensuring that all sustainability-related claims in their product naming, marketing and communications are clear, accurate and not misleading. Not to mention, the FCA’s four-month deadline is
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day-2/) - Online Training Course With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance Academy (LGCA)
- [In-Person Training Course: Your MLRO Training Day](https://complyport.com/event/online-training-course-your-mlro-training-day/) - In-Person Training Course in London With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls, can you or your team ever be overtrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for a refresher course, the London Governance & Compliance
- [Webinar: Cutting Compliance Costs - The Case for Strategic Outsourcing](https://complyport.com/event/cutting-compliance-costs-the-case-for-strategic-outsourcing/) - Description:The strategic outsourcing of compliance operations has become a compelling approach for businesses grappling with the complexities of regulatory requirements and compliance challenges. Outsourcing presents numerous advantages, including cost savings, access to expertise, enhanced scalability and improved risk management. By delegating compliance tasks to specialised providers, organisations can ensure regulatory compliance and enhance their overall
- [Women in Compliance: Navigating Challenges & Embracing Opportunities](https://complyport.com/event/women-in-compliance-navigating-challenges-embracing-opportunities/) - DetailsNicola Christofides, Assistant Director at Complyport, will join a panel discussion for an insightful and empowering webinar focused on the evolving role of women in compliance within the financial services sector. This event will delve into critical topics that shape the experiences and careers of women in this field.Key Discussion Points1. Equality:How the push for
- [Webinar: Consumer Duty - The Aftermath](https://complyport.com/event/webinar-consumer-duty-the-aftermath/) - Description:Since the introduction of the Consumer Duty regulations, businesses across financial services have had to reassess their practices to ensure they meet higher standards of customer protection and transparency. The new framework focuses on delivering fair value, supporting informed decision-making and improving outcomes for consumers. Organisations now face heightened scrutiny to ensure they are prioritising
- [Webinar: Is Your AML Compliance Robust Enough?](https://complyport.com/event/is-your-aml-compliance-robust-enough/) - Description:In the constantly shifting landscape of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations, businesses must continually update their operations, systems, and procedures. This is to ensure that organisations are fully compliant with all relevant laws and regulations and avoid severe penalties, including fines, legal action, and reputational damage.An AML Health Check is a comprehensive review
- [Online Training Course: Your MLRO Training Day](https://complyport.com/event/25th-september-2024-your-mlro-training-day-2/) - Online Training Course in London With regulatory fines exceeding £600 million in the past two years dueto failures in AML systems and controls, can you or your team ever beovertrained or too prepared on everything AML? Whether you are a recently appointed MLRO or someone looking for arefresher course, the London Governance & Compliance Academy (LGCA)
- [AML Check-Up: Is Your Firm in Good Health?](https://complyport.com/event/aml-check-up-is-your-firm-in-good-health/) - Description:In the constantly shifting landscape of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations, businesses must continually update their operations, systems, and procedures. This is to ensure that organisations are fully compliant with all relevant laws and regulations and avoid severe penalties, including fines, legal action, and reputational damage.An AML healthcheck is a
- [Webinar: Expert Witness Services in Compliance](https://complyport.com/event/leveraging-expert-services-in-compliance/) - Description:In the complex and ever-evolving landscape of regulatory compliance, expert services are crucial for ensuring that organisations meet their legal obligations effectively. These services include advisory roles, strategic planning, documentation support, and in-depth audits, provided by professionals with specialised knowledge in compliance regulations and industry standards. Engaging with experts helps organisations mitigate risks, avoid penalties,
- [Forum: 3rd Annual Financial Innovation Forum Payments & Regtech](https://complyport.com/event/3rd-annual-financial-innovation-forum-payments-regtech/) - The 3rd Financial Innovation Forum is an elite platform of international industry experts gathered for engaging discussions on the latest developments, trends, best practices, compliance and regulatory considerations in the use of technology, digital advances and innovative solutions.The forum brings together key decision makers and inspirational leaders who have successfully navigated process, product and institutional
- [Webinar: Understanding DORA](https://complyport.com/event/understanding-dora/) - Description:The Digital Operational Resilience Act (DORA) is a new regulatory framework introduced by the European Union to enhance the digital resilience of financial institutions against a growing landscape of cyber threats and Information and Communications Technology (ICT) disruptions. As financial services increasingly move online, the need for robust protection against cyberattacks, data breaches, and technology
- [London Fintech Networking Meetup](https://complyport.com/event/london-fintech-networking-meetup/) - Join us for an exclusive event with our leading clients and partners in London! We are delighted to invite you to the inaugural series of London Fintech Networking events, hosted by esteemed members of the industry: Complyport, Dukascopy Bank, Fintecor, The Association of Governance, Risk and Compliance and Sends. This invite only event is all about
- [Webinar: Diversity, Equity and Inclusion in Financial Services - How the New Regulatory Updates Affect You](https://complyport.com/event/webinar-diversity-equality-and-inclusion-in-financial-services-are-you-ready-for-the-new-regulatory-updates/) - Description:Diversity, equity and inclusion (DEI) is a crucial implementation across any and all industries ensuring ethical, fair, and sustainable practices while promoting innovation, resilience and competitiveness. It allows organisations to leverage a wide range of perspectives and talents, fostering creativity and problem solving in product development driving economic growth and stability by ensuring equal opportunities
- [25th September 2024: Your MLRO Training Day](https://complyport.com/event/25th-september-2024-your-mlro-training-day/)
- [Consumer Duty Q&A Webinar: Expert Insights and Answers](https://complyport.com/event/consumer-duty-qa-webinar-expert-insights-and-answers/) - Description:Join us on July 25th for a dedicated Q&A webinar on Consumer Duty.This session will focus on addressing your most pressing questions about the new Consumer Duty requirements. Our previous webinar on July 17th saw huge interest and numerous inquiries, prompting this follow-up event.Please submit your questions during registration or via the chat function during
- [Webinar: Consumer Duty - Are You Prepared?](https://complyport.com/event/consumer-duty-are-you-prepared/) - Description:On July 31 2023, the deadline for the new Consumer Duty requirements set by the UK’s Financial Conduct Authority (FCA) for new and existing products and services came into effect. A year on, July 31 2024 looms closer with another deadline whereby firms must once again prepare to fully comply with the new Consumer Duty
- [Webinar: Diversity, Equity and Inclusion in Financial Services - Are you ready for the new Regulatory changes?](https://complyport.com/event/webinar-diversity-equality-and-inclusion-in-financial-services-are-you-ready-for-the-new-regulatory-changes/) - Description: Diversity, equality and inclusion (DEI) are crucial in the financial services sector, ensuring ethical, fair, and sustainable practices while promoting innovation, resilience and competitiveness. Embracing diversity allows financial institutions to leverage a wide range of perspectives and talents, fostering creativity and innovation in product development and problem-solving. Inclusive practices drive economic growth and stability
- [Webinar: Green Claims to Genuine Practices: Understanding the FCA’s 2024 ESG and Greenwashing Regulations](https://complyport.com/event/webinar-green-claims-to-genuine-practices-understanding-the-fcas-2024-esg-and-greenwashing-regulations/) - Transparency, honesty, and sustainability are not just buzzwords but indispensable to the UK financial market this year. With the Financial Conduct Authority (FCA) anti-greenwashing rules coming into effect on 31st May 2024, the expectations around sustainable finance is undergoing a significant shift. Our upcoming webinar will unravel the implications of the new regulations, discuss actionable
- [28th May 2024: Consumer Duty - Live Online Course](https://complyport.com/event/28th-may-2024-consumer-duty-live-online-course/) - #post_excerptRegister for our Consumer Duty Training course: The Consumer Duty will mean that consumers should receive communications they can understand products and services that meet their needs and offer fair value, and obtain the customer support they need, when they need it.
- [1st May 2024: Financial Crime: The FCA’s 4 areas of focus Networking Breakfast](https://complyport.com/event/1st-may-2024-financial-crime-the-fcas-4-areas-of-focus-networking-breakfast/) - Financial crime remains a significant challenge and one that demands collective action and unwavering commitment. In light of recent developments and the evolving landscape, Complyport is delighted to extend an invitation to our upcoming breakfast networking event, where we will delve into the critical themes outlined in the Financial Conduct Authority’s (FCA) recent publication on

## Events Loop Item

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## Categories

- [Latest News](https://complyport.com/category/latest-news/)
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## Tags

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- [6th Money Laundering Directive](https://complyport.com/tag/6th-money-laundering-directive/)
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- [Appointed Representatives regime](https://complyport.com/tag/appointed-representatives-regime/)
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- [Cryptoassets](https://complyport.com/tag/cryptoassets/)
- [The Computer Misuse Act 1990](https://complyport.com/tag/the-computer-misuse-act-1990/)
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- [Unexplained Wealth Orders](https://complyport.com/tag/unexplained-wealth-orders/)
- [UWO](https://complyport.com/tag/uwo/)
- [Economic Crime (Transparency and Enforcement) Bill](https://complyport.com/tag/economic-crime-transparency-and-enforcement-bill/)
- [Financial Action Task Force](https://complyport.com/tag/financial-action-task-force/)
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- [JPMorgan](https://complyport.com/tag/jpmorgan/)
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- [Digital Assets](https://complyport.com/tag/digital-assets/)
- [Internal Audit Services](https://complyport.com/tag/internal-audit-services/)
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- [Authorisations](https://complyport.com/tag/authorisations/)
- [Compliance](https://complyport.com/tag/compliance/)
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- [SOC 2](https://complyport.com/tag/soc-2/)
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- [Financial Crime Support](https://complyport.com/tag/financial-crime-support/)
- [KYC](https://complyport.com/tag/kyc/)
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- [PSPs](https://complyport.com/tag/psps/)
- [Payment Service Providers](https://complyport.com/tag/payment-service-providers/)
- [Events](https://complyport.com/tag/events/)
- [Fair Value](https://complyport.com/tag/fair-value/)
- [SMF Interview Preparation](https://complyport.com/tag/smf-interview-preparation/)
- [Insurance Advisory and Actuarial Services](https://complyport.com/tag/insurance-advisory-and-actuarial-services/)
- [Internal Audit](https://complyport.com/tag/internal-audit/)
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- [CP24/9](https://complyport.com/tag/cp24-9/)
- [PS21/3](https://complyport.com/tag/ps21-3/)
- [REP018](https://complyport.com/tag/rep018/)
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- [financial resources](https://complyport.com/tag/financial-resources/)
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- [Cryptoasset Regulatory Framework](https://complyport.com/tag/cryptoasset-regulatory-framework/)
- [DE&I](https://complyport.com/tag/dei/)
- [Primary Markets](https://complyport.com/tag/primary-markets/)
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- [Payment Service Provider Providers](https://complyport.com/tag/payment-service-provider-providers/)
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- [MIF007](https://complyport.com/tag/mif007/)
- [COBS 18](https://complyport.com/tag/cobs-18/)
- [Operating Service Metrics](https://complyport.com/tag/operating-service-metrics/)
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- [Threshold Conditions](https://complyport.com/tag/threshold-conditions/)
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- [Digital Engagement Practices](https://complyport.com/tag/digital-engagement-practices/)
- [SMF3](https://complyport.com/tag/smf3/)
- [Principal Firms](https://complyport.com/tag/principal-firms/)
- [Claims Management](https://complyport.com/tag/claims-management/)
- [webinars on demand](https://complyport.com/tag/webinars-on-demand/)
- [Part 4A Permissions](https://complyport.com/tag/part-4a-permissions/)
- [it audit](https://complyport.com/tag/it-audit/)
- [AMLA](https://complyport.com/tag/amla/)
- [Alternative Investment Fund Managers](https://complyport.com/tag/alternative-investment-fund-managers/)
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- [NPPR](https://complyport.com/tag/nppr/)
- [Controlled Function](https://complyport.com/tag/controlled-function/)
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- [SMF4](https://complyport.com/tag/smf4/)
- [SMF9](https://complyport.com/tag/smf9/)
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- [SMF10](https://complyport.com/tag/smf10/)
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- [SMF18](https://complyport.com/tag/smf18/)
- [SMF21](https://complyport.com/tag/smf21/)
- [SMF22](https://complyport.com/tag/smf22/)
- [SMF23B](https://complyport.com/tag/smf23b/)
- [SMF24](https://complyport.com/tag/smf24/)
- [SMF27](https://complyport.com/tag/smf27/)
- [SMF29](https://complyport.com/tag/smf29/)
- [AML Health Check](https://complyport.com/tag/aml-health-check/)
- [AML Audit](https://complyport.com/tag/aml-audit/)
- [DORA](https://complyport.com/tag/dora/)
- [Expert Witness](https://complyport.com/tag/expert-witness/)
- [payments](https://complyport.com/tag/payments/)
- [Digital Securities Sandbox](https://complyport.com/tag/digital-securities-sandbox/)
- [retail disclosure](https://complyport.com/tag/retail-disclosure/)
- [corporate finance](https://complyport.com/tag/corporate-finance/)
- [corporate finance authorisation](https://complyport.com/tag/corporate-finance-authorisation/)
- [financial services](https://complyport.com/tag/financial-services/)
- [financial advisors](https://complyport.com/tag/financial-advisors/)
- [regulated services](https://complyport.com/tag/regulated-services/)
- [cyber resilience](https://complyport.com/tag/cyber-resilience/)
- [SIPP](https://complyport.com/tag/sipp/)
- [transaction monitoring](https://complyport.com/tag/transaction-monitoring/)
- [final notice](https://complyport.com/tag/final-notice/)
- [sustainable finance](https://complyport.com/tag/sustainable-finance/)
- [PrudentialRegulation](https://complyport.com/tag/prudentialregulation/)
- [managed services](https://complyport.com/tag/managed-services/)
- [gambling sector](https://complyport.com/tag/gambling-sector/)
- [ei](https://complyport.com/tag/ei/)
- [ICR](https://complyport.com/tag/icr/)
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- [finance future](https://complyport.com/tag/finance-future/)
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- [next gen payments](https://complyport.com/tag/next-gen-payments/)
- [section 165](https://complyport.com/tag/section-165/)
- [policies](https://complyport.com/tag/policies/)
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- [REGULATORY](https://complyport.com/tag/regulatory/)
- [liquidity risk](https://complyport.com/tag/liquidity-risk/)
- [customer service](https://complyport.com/tag/customer-service/)
- [Economic Blackout](https://complyport.com/tag/economic-blackout/)
- [dfsa](https://complyport.com/tag/dfsa/)
- [uk market](https://complyport.com/tag/uk-market/)
- [dsit](https://complyport.com/tag/dsit/)
- [sca](https://complyport.com/tag/sca/)
- [vara](https://complyport.com/tag/vara/)
- [dubai](https://complyport.com/tag/dubai/)
- [cp25/10](https://complyport.com/tag/cp25-10/)
- [Skilled Persons Report](https://complyport.com/tag/skilled-persons-report/)
- [primary market bulletin](https://complyport.com/tag/primary-market-bulletin/)
- [COMPLIANCE SERVICES](https://complyport.com/tag/compliance-services/)
- [REGULATORY CONSULTANTS](https://complyport.com/tag/regulatory-consultants/)
- [fintech](https://complyport.com/tag/fintech/)
- [crypto firms](https://complyport.com/tag/crypto-firms/)
- [financial sector](https://complyport.com/tag/financial-sector/)
- [phishing attack](https://complyport.com/tag/phishing-attack/)
- [ViCA](https://complyport.com/tag/vica/)
- [foc](https://complyport.com/tag/foc/)
- [assessment tool](https://complyport.com/tag/assessment-tool/)
- [monzo bank](https://complyport.com/tag/monzo-bank/)
- [retirement income](https://complyport.com/tag/retirement-income/)
- [Barclays](https://complyport.com/tag/barclays/)
- [applications](https://complyport.com/tag/applications/)
- [CP25/16](https://complyport.com/tag/cp25-16/)
- [Consultation](https://complyport.com/tag/consultation/)
- [technology](https://complyport.com/tag/technology/)
- [risk assessment](https://complyport.com/tag/risk-assessment/)
- [cp25/21](https://complyport.com/tag/cp25-21/)
- [awards](https://complyport.com/tag/awards/)
- [regulatory awards](https://complyport.com/tag/regulatory-awards/)
- [regtech](https://complyport.com/tag/regtech/)
- [audits](https://complyport.com/tag/audits/)
- [safeguarding](https://complyport.com/tag/safeguarding/)
- [support](https://complyport.com/tag/support/)
- [regulatory guidance](https://complyport.com/tag/regulatory-guidance/)
- [climate change](https://complyport.com/tag/climate-change/)
- [compliance awards](https://complyport.com/tag/compliance-awards/)
- [cp25/23](https://complyport.com/tag/cp25-23/)
- [scams](https://complyport.com/tag/scams/)
- [audit](https://complyport.com/tag/audit/)
- [banking](https://complyport.com/tag/banking/)
- [complymap](https://complyport.com/tag/complymap/)
- [crypto regulations](https://complyport.com/tag/crypto-regulations/)
- [regulatory risks](https://complyport.com/tag/regulatory-risks/)
- [etns](https://complyport.com/tag/etns/)
- [travel insurance](https://complyport.com/tag/travel-insurance/)
- [regulatory support](https://complyport.com/tag/regulatory-support/)
- [remediation](https://complyport.com/tag/remediation/)
- [regulatory changes](https://complyport.com/tag/regulatory-changes/)
- [CP25/29](https://complyport.com/tag/cp25-29/)
- [compliance monitoring](https://complyport.com/tag/compliance-monitoring/)
- [compliance support](https://complyport.com/tag/compliance-support/)
- [health check](https://complyport.com/tag/health-check/)
- [mica](https://complyport.com/tag/mica/)
- [traning](https://complyport.com/tag/traning/)
- [regulatory advisory](https://complyport.com/tag/regulatory-advisory/)
- [regulatory reporting](https://complyport.com/tag/regulatory-reporting/)
- [compliance advisory](https://complyport.com/tag/compliance-advisory/)
- [CPF](https://complyport.com/tag/cpf/)
- [PSCs](https://complyport.com/tag/pscs/)
- [ACSP](https://complyport.com/tag/acsp/)
- [Compliance Management](https://complyport.com/tag/compliance-management/)
- [complaint framework reviews](https://complyport.com/tag/complaint-framework-reviews/)
- [operational planning](https://complyport.com/tag/operational-planning/)
- [compliance strategy](https://complyport.com/tag/compliance-strategy/)
- [FCA Authorisation Support](https://complyport.com/tag/fca-authorisation-support/)
- [Policy](https://complyport.com/tag/policy/)
- [health checks](https://complyport.com/tag/health-checks/)
- [AEOI](https://complyport.com/tag/aeoi/)
- [Regulatory Gap Analysis](https://complyport.com/tag/regulatory-gap-analysis/)
- [Policy and Document Development](https://complyport.com/tag/policy-and-document-development/)
- [Regulatory Monitoring](https://complyport.com/tag/regulatory-monitoring/)
- [PS25/18](https://complyport.com/tag/ps25-18/)
- [fair treatment](https://complyport.com/tag/fair-treatment/)
- [PS25/21](https://complyport.com/tag/ps25-21/)
- [Documentation](https://complyport.com/tag/documentation/)
- [Advisory Support](https://complyport.com/tag/advisory-support/)
- [mapping and evidence](https://complyport.com/tag/mapping-and-evidence/)
- [CP25/34](https://complyport.com/tag/cp25-34/)
- [Training and Advisory Support](https://complyport.com/tag/training-and-advisory-support/)
- [payment services](https://complyport.com/tag/payment-services/)
- [BFSA](https://complyport.com/tag/bfsa/)
- [Regulatory Frameworks](https://complyport.com/tag/regulatory-frameworks/)
- [Gap Analysis](https://complyport.com/tag/gap-analysis/)
- [Strategic Advisory](https://complyport.com/tag/strategic-advisory/)
- [Roundtable Preparation](https://complyport.com/tag/roundtable-preparation/)
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- [FCA Registrations](https://complyport.com/tag/fca-registrations/)
- [Compyport](https://complyport.com/tag/compyport/)
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- [Authorisatinos](https://complyport.com/tag/authorisatinos/)
- [Authorisation Support](https://complyport.com/tag/authorisation-support/)
- [PASS Support](https://complyport.com/tag/pass-support/)
- [EMIs](https://complyport.com/tag/emis/)
- [AI Governance](https://complyport.com/tag/ai-governance/)
- [Redress](https://complyport.com/tag/redress/)
- [merge](https://complyport.com/tag/merge/)
- [rebrand](https://complyport.com/tag/rebrand/)
- [global brand](https://complyport.com/tag/global-brand/)