The Coronavirus (COVID-19) Pandemic: A Summary of FCA Guidance & Regulatory Developments in the EU’s 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 [...]

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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 [...]

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Firm Change in 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 [...]

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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 [...]

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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 [...]

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UCITS Share Classes

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, [...]

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