Industry News

CPMI & IOSCO’s assessment methodology for financial market infrastructure (FMI) oversight expectations regarding critical service providers

by Emma Cleveland|4 February 2015|Industry News

Financial market infrastructures often contract out a number of their operations, such as IT and telecommunications, to third-party service providers. Their reliance on these third-party service providers makes the contracted services critical for the smooth functioning of the financial markets and hence they are often called ‘critical service providers’.

Focus of the FCA (MiFID II)

by Emma Cleveland|2 February 2015|Industry News

On 13 January 2015 the FCA issued an update regarding the actions the FCA and HM Treasury will be taking for the implementation of MiFID II. Three main workstreams were discussed:

Financial Stability Board – G20 Brisbane Summit

by Emma Cleveland|2 February 2015|Industry News

The Financial Stability Board (“FSB”) has recently published the following documents that were delivered to G20 leaders attending the Brisbane Summit (the G20 Leaders’ Summit is the principal forum for international economic cooperation and decision-making. As an annual event, the G20 gives world leaders the chance to share ideas and outline visions regarding key international […]

Financial Stability Board – Standards and processes for global securities financing data

by Emma Cleveland|28 January 2015|Industry News

The Financial Stability Board (“FSB”) has recently published its Standards and Processes for Global Securities Financing Data Collection and Aggregation report. The proposed standards are based on the policy recommendations in the FSB report Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos.

The FCA’s TR14/19 Review on conflicts of interest arising out of the use of IHPs

by Emma Cleveland|10 December 2014|Industry News

The FCA have issued a report on their findings of a review of conflicts of interest arising from wealth management and private banking firms’ use of in-house investment products (“IHPs”) in retail discretionary and advisory investment portfolios. The regulator’s review was based on a sample of 18 wealth management and private banking firms with a […]

FCA issues regulatory fees and levies policy proposals for 2015/2016

by Emma Cleveland|2 December 2014|Industry News

On 27 November 2014 the FCA issued their regulatory fees and levies policy proposals for 2015/16 (CP14/26 Regulatory fees and levies: policy proposals for 2015/16). In the paper they have set out the proposed policy changes to the regulator’s fee and levy regimes. The fees policy directly affects all regulated firms and this is reflected […]

FCA Thematic Review 14/13 – best execution and payment for order flow

by Emma Cleveland|5 November 2014|Industry News

The FCA has recently completed its thematic review on best execution and payment for order flow (“PFOF”). The TR14/13 report expresses the regulator’s growing concern with PFOF arrangements and their popularity amongst firms. Firms owe a regulatory duty to their clients as agents to obtain the best possible execution (take all reasonable steps to obtain) […]

IOSCO Consultation Report on Principles regarding the custody of CIS Assets

by Emma Cleveland|4 November 2014|Industry News

On 10 October the International Organization of Securities Commissions (IOSCO) published a consultation report on principles regarding the Custody of Collective Investment Schemes’ Assets. The aim of the report is to gather views of investment managers, custodians, institutional investors and other interested parties on the development of a set of principles for the custody of Collective […]

The FCA’s Innovation Hub – Open for Business

by Emma Cleveland|30 October 2014|Industry News

The FCA has opened its Innovation Hub as part of Project Innovate. Project Innovate is aimed at supporting innovators to foster competition and growth of both large and small businesses, which offer an innovative product or service to consumers. The Innovation Hub will consist of a team of dedicated FCA staff who will offer direct […]

Patrick Spens – Speech on Market Abuse

by Emma Cleveland|29 October 2014|Industry News

In a speech at the British Bankers’ Association’s (“BBA”) Market Abuse Conference on the 7th of October, Patrick Spens, the FCA’s Head of Market Monitoring, addressed the regulator’s concern with, and ongoing pursuit of, market abuse. Mr Spens outlined that market abuse remains a high priority for the FCA as it is integral to maintaining […]