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”) is now a board level responsibility, and that firms must be able to produce evidence to demonstrate the steps that [...]
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 is perfectly illustrated by recent events. On 26th of December last year, Fukoku Mutual Life Insurance Company announced 34 workers [...]
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 trends. A sobering take-home from the majority of reports is that they back up strident headlines warning of the rise [...]
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 publication of GC 15/6 ”Proposed guidance for firms outsourcing to the ‘cloud’ and other third-party IT services” this month, this [...]
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 UK market abuse regime is largely centred around the 2003 Market Abuse Directive (MAD) with UK ‘bolt-ons’ that were based [...]
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 firms to adopt internal procedures which will encourage workers with concerns to whistleblow internally about matters which are relevant to [...]
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 affecting investment funds”. As may be recalled a major change in UCITS V is the introduction of the need for [...]
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 to CASS should take on board the findings to compare them with their own internal processes. The review makes depressing [...]
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 of New York Mellon International Ltd (BNYMIL) (together ‘the Firms’) for custody failings over a period from 1 November 2007 [...]
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 Notice concerns failings between November 2007 and November 2014, although it does also reference that the firm had been subject [...]
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 to its structure. Aside from an organisation chart (see Annex 3 of the Business Plan) there is not much detail [...]
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 fairly. If it had not been for a combination of the traditional 30% ‘Stage 1’ discount and mitigating factors (the [...]
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 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 be known, SYSC 19 currently concerns the Remunerations Codes for IFPRU firms (SYSC 19A); full-scope UK AIFMs (SYSC 19B); and [...]
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 [...]
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 Regulatory Roundup 34. The purpose of such a pack is to ensure that a firm maintains information that would, in [...]
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 Roundup 11, the FSA are introducing a ‘CASS operational oversight function'(CF10a) which is the operational role of ensuring that the [...]
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 way of a summary annex (the CP refers to “… sophisticated clients’ lack of understanding …”). Additionally PBs will have [...]
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 in ‘systems and controls’ concerning marketing (although the FSA summary table refers to fraudulent mortgage applications being submitted). It is [...]
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