Systems and Controls - Complyport UK Consultancy Service

GDPR Compliance is now a 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”) […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

Market Abuse

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

Tag: Systems and Controls

Redundancy, dear Watson

Ransomware and Extortion

In The Clouds

Market Abuse

Whistleblowing

UCITS V Developments

Client Money and Custody Rules

Bank of New York Custody Enforcement Action

Transaction Reporting Failure

FCA Restructure and Supervisory Model

Allocation, Allocation, Allocation

CASS changes

New Remuneration Code

CASS Proposals

CASS Update

CASS Resolution Pack

CASS & a New Operational Oversight Function

CASS Consultation Paper

Fine start to the year (1)

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