Our Thinking · Regulatory & Compliance
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 […]
Our Thinking · Private Funds
The government has recently proposed a draft Order to amend the Limited Partnerships Act 1907 (the “Act”) to introduce a Private Fund Limited Partnership (“PFLP”) structure. It is due to come into force on 6 April 2017. The Order is part of a package of reforms that the government has committed to in relation to […]
Our Thinking · Regulatory & Compliance
John Griffith Jones, Chairman at the Financial Conduct Authority, (“FCA”) has recently given a speech about good conduct regulation. We set out below a summary of that speech, which draws out the key points: Mr Griffith Jones’ speech makes clear that: good conduct regulation is built upon government policy, clear objectives and perimeters, shared understanding […]
Our Thinking · Regulatory & Compliance
On 8 February 2017, the International Organisation of Securities Commissions (“IOSCO”) released a report which describes the evolution of innovative business models, based on FinTech, which are transforming the financial services industry. This report looks to various FinTech products/services and their perceived benefits, for example, financing platforms (e.g. peer-to-peer lending (“P2P”) and equity crowdfunding (“ECF”)), […]
Our Thinking · Investments & Capital Markets · Regulatory & Compliance
The Financial Stability Board (“FSB”) have recently published two reports on the re-hypothecation of client assets (defined as any use of client assets by a financial intermediary) and non-cash collateral re-use. The reports broadly conclude that there is no immediate need for the FSB to harmonise its regulatory approach to re-hypothecation, but for collateral re-use […]
Our Thinking · Regulatory & Compliance
House of Commons Treasury Select Committee – EU exit and transitional arrangements As part of its inquiry into the UK’s future economic relationship with the EU, the Treasury Committee has recently issued a call for written submissions on transitional arrangements. Transitional arrangements refer to any arrangement that takes effect between the point at which the […]
Our Thinking · Regulatory & Compliance
The FCA published Policy Statement PS14/4 relating to new rules to protect investors on loan-based and investment-based crowdfunding platforms in February 2014, which generally came into force on 1 April 2014. Loan-based crowdfunding platforms are those through which people and institutions lend money in the expectation of a financial return through interest payments and repayment […]
Our Thinking · Regulatory & Compliance
On 25 October 2016, the European Commission (“EC”) produced a communication on their work programme (the “Work Programme”) which set out their priorities for 2017, and was published for the European Parliament, the Council, the European Economic and Social Committee and the Committee of the regions. We have summarised the EC’s Work Programme and set […]
Our Thinking · Regulatory & Compliance
Introduction The European Securities and Markets Authority (“ESMA”) has published a new set of Q&As on transparency topics under MiFID II and MiFIR. The purpose of the Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to transparency topics. The four Q&As relate to the […]
Our Thinking · Regulatory & Compliance
Introduction The European Securities and Markets Authority (ESMA) has published a consultation paper on the draft regulatory technical standards (RTS) that it is required to draft under Article 65(8)(c) of MiFID II with regard to the consolidated tape for non-equity instruments. ESMA has already submitted its RTS specifying the scope of the equity tape. However, […]
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