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by Emma Cleveland|25 May 2017|Industry News
On 16 May 2017, the Council of the European Union adopted the proposed regulation that repeals and replaces the Prospectus Directive and the Prospectus Regulation (the “New Regulation”). The first prospectus directive was adopted in 2003 and revised in 2009. The updated prospectus rules are in the form of an EU regulation. The Commission issued the proposal […]
Read moreby Emma Cleveland|10 May 2017|Industry News
The FCA released its Mission Statement and Business Plan for 2017/18 on 18 April 2017, revealing that the FCA will conduct a market study to explore how ‘direct to consumer’ and intermediated investment platforms compete to win new clients and retain existing customers. Improving competition in the platform space was placed as one of the FCA’s priorities […]
Read moreby Emma Cleveland|4 May 2017|Industry News
In his recent speech at the Innovate Finance Global Summit, Christopher Woolard, Executive Director of Strategy and Competition at the FCA, was very positive about the direction of travel the FCA’s Project Innovate is taking. Mr Woolard highlighted that the demand from firms looking for support from the FCA is higher than ever and that […]
Read moreby Emma Cleveland|27 April 2017|Industry News
On 31 March 2017, The European Securities and Markets Authority (“ESMA”) published an update of its Questions and Answers (“Q&As”) regarding the implementation of the Central Securities Depository Regulation (“CSDR”). The first version of the Q&As was published on 13 March 2017. The Q&As document has been adopted as part of ESMA’s role in building […]
Read moreby Emma Cleveland|12 April 2017|Industry News
The Investment Association (which represents Investment Managers) and the Association for Financial Markets in Europe (the trade body that represents banks and brokers) (together, the “Associations”) have published a new code of conduct for the communication of indications of interest (“IOIs”) which marks a milestone in the relationship between the investment and broking industries. IOIs are […]
Read moreby Emma Cleveland|4 April 2017|Industry News
The Basel Committee (the “Committee”) has recently published a second consultation on guidelines for identification and management of step-in risk, which follows on from a previous consultation issued in December 2015. The previous consultation set out a framework for banks to deal with “step-in risks” (defined as a risk that a bank decides to provide […]
Read moreby Emma Cleveland|22 March 2017|Industry News
In 2015/2016 The Financial Services Compensation Scheme (“FSCS”) paid out £271m in compensation to consumers and received over 46,000 new claims. Firms from across the financial services industry pay levies to fund both the FSCS’s operating costs and the compensation it pays out. The FCA’s Consultation Paper 16/42 sets out for discussion a range of […]
Read moreby Emma Cleveland|16 March 2017|Industry News
The FCA is expected to consult in early Q2 2017 on guidance and Handbook rule changes to implement the PSD2. The original Payment Services Directive (“PSD”) was introduced in 2007 and was implemented in the UK in 2009 through the Payment Services Regulations (“PSRs”). Its aims were to: create a single market for payments in the European […]
Read moreby Emma Cleveland|10 March 2017|Industry News
The FCA has recently published a letter that applies to firms that operate loan-based crowdfunding platforms, to warn them that their lending activities could be a breach of FSMA and may be a criminal offence. Applicable firms It warns that any firm who lends money that has been borrowed from crowdfunding activities, is ‘accepting deposits’ […]
Read moreby Emma Cleveland|8 March 2017|Industry News
One of the FCA’s many objectives is to ensure that markets function well and subsequently that the UK’s primary markets remain effective. This consultation paper (the “CP”) sets out the FCA’s proposals to enhance certain aspects of the Listing Rules sourcebook (the “Listing Rules”). This CP was published alongside a discussion paper which considers the […]
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