Our Thinking · Public Funds · Regulatory & Compliance
On 17 July, the FCA published the Terms of Reference (“ToR”) for their latest study on investment platform market (the “Study”). The 5 broad topics being considered to assess whether competition between investment platforms work in the interest of consumers, are set out below. The FCA is encouraging feedback on the topics by 8 September […]
Our Thinking · Regulatory & Compliance
On Monday 3 July 2017, the FCA released policy statement 17/14 (“PS 17/14”) with the final rules on the implementation of MiFID II. The impact in particular on brokers and analysts will be great due to the new regulations focused on how research can be paid for. Our Managing Director, Emma Cleveland, has been […]
Our Thinking · Regulatory & Compliance
On Monday 3 July 2017, the greatly anticipated implementation policy statement was published by the FCA. Policy statement (PS 17/14) follows from 6 previous consultation papers and discusses the implementation of MiFID II and most importantly sets out the final rules on conduct of business, client assets and final rules and guidance on certain other […]
Our Thinking · Regulatory & Compliance
The European Securities and Markets Authority (“ESMA”) is committed to monitoring follow-up actions taken by national competent authorities (“NCA’s”) to address the findings of peer reviews. The recent follow-up report published by ESMA provides an update on the actions undertaken by ten Member State NCAs further to the 2014 Peer Review on MiFID Conduct of […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Public Funds · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
On 4 April 2017, ESMA added 10 new questions and answers to its Q&A on MiFID II and MiFIR investor protection topics (the “Q&A”). The purpose of the Q&A is to provide clarity on various investor protection-related topics with the aim of promoting a common supervisory approach and practices in the application of MiFID II/MiFIR. […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
On 27 March 2017, The Investment Association (the “IA”) published a consultation (the “Consultation”) which provides a draft industry standard code (the “Code”) with respect to the reporting of charges and transactions costs. This Consultation has been published for the purposes of getting feedback on the draft Code, and the IA would be particularly interested […]
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