Our Thinking · Regulatory & Compliance
On 15 September 2016 last year, the HM Treasury released a consultation on how the Fourth Anti Money Laundering Directive and the Fund Transfer Regulation would be implemented in the UK (the “Consultation”). As a result of the Consultation, the UK Government has made a number of key decisions, those of note being primarily in relation […]
Our Thinking · Investments & Capital Markets
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 […]
Our Thinking · Regulatory & Compliance
The FCA expects firms to deliver consistent best execution for their clients and have a strategy to ensure that all relevant parts of the business are compliant in ensuring best execution. The FCA expects a clear management responsibility and co-ordination between the front office and compliance to ensure a robust monitoring framework. The FCA has […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
In 2014, the FCA published a discussion paper on the use of dealing commission regime and a policy statement on the use of dealing commission rules. The discussion paper in particular sets out good and poor practices and on that basis, the FCA decided to visit 17 firms to assess their dealing commission arrangements and […]
Our Thinking · Public Funds · Regulatory & Compliance
On 30 January 2017, ESMA issued an opinion (the “Opinion”) which discusses the extent to which different types of units or shares (“Share Classes”) of the same UCITS (or its sub-fund) can differ from one another as a result of differing approaches amongst the EU countries. We have produced a glance card which summarises the […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Regulatory & Compliance
HM Treasury has published its Policy Statement (“Statement”) regarding the transposition of MiFID II. The Statement follows HM Treasury’s earlier Consultation Paper that was published in March 2015. The Statement contains a summary of the responses submitted and the government’s response to the consultation. Please click below document to access further information:
Our Thinking · Regulatory & Compliance
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’ […]
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