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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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