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 [...]

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ESMA updated Q&As on Markets in Financial Instruments Directive and Regulation, Market Abuse Regulation, 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 [...]

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Advice: Amending the 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 [...]

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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), [...]

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MiFID II

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 [...]

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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 [...]

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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 [...]

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