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 [...]
Of relevance to: All firms providing contracts for differences and/or binary options to retail investors Key date: Applicable from two months, for CFDs, and one month, for binary options, after their publication in the Official Journal of the EU ‘in the coming weeks’ The European Securities and Markets Authority (“ESMA”) [...]
Of relevance to: All firms 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 – [...]
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), [...]
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 [...]
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), [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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