Podcast: ESMA Report: Undue Pressure on Companies
HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and...more
ANTITRUST AND COMPETITION - The Court Of Justice Of The EU Rules Provides Clarity On The Assessment Of Pay-For-Delay Agreements - The Court of Justice of the EU (CJEU) has backed the UK Competition and Markets Authority...more
CONDUCT - GXFC announce priorities for updating the FX Global Code - On 4 December, the Global Foreign Exchange Committee (GFXC) announced its areas of focus for updating the FX Global Code. The GFXC discussed the feedback...more
BREXIT - FCA steps up efforts to ensure that firms are ready for a no-deal Brexit - On 11 September, the FCA issued a press release providing additional information for firms on preparations for a no-deal Brexit. To...more
BREXIT - PRA Rulebook: (EU Exit) (Amendment) Instrument 2019 - On 13 June, the PRA published an updated version of its April policy statement (PS5/19). PS5/19 has been updated to include a new Appendix B.2A, which sets...more
1 April - The Financial Conduct Authority ("FCA") published a statement announcing that it is commissioning an investigation by an independent person into the issues raised by the failure of London Capital & Finance....more
BREXIT - On 7 February, ordinance no. 2019-75 relating to the preparatory measures in connection with the United-Kingdom’s withdrawal from the European Union in respect of financial services (the Ordinance) was published. ...more
BREXIT- Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 made On 28 February, the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 were...more
BREXIT - Please see the Consumer/Retail and Markets and Markets Infrastructure section for updates on various draft SIs published this week in anticipation of a hard Brexit and Trade associations' letter on temporary...more
1 October - The Competition and Markets Authority ("CMA") published a paper that was prepared jointly with the Financial Conduct Authority ("FCA") setting out the lessons that have been learned from the programme of work...more
BREXIT - Please refer to the Insurance section for an update on LMA model clauses on Brexit and placing of risks after 1 January 2019. Please refer to the Other Developments section for an update regarding the FCA Chair...more
1 August - The Financial Conduct Authority ("FCA") published a statement on selling high-risk speculative investment products to retail clients, following the publication of the European Securities and Markets Authority's...more
BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more
1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more
3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more
3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more
1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more
CMA issues statement on investment consultancy market investigation - On 21 September, the CMA published its issues statement to set out the scope of the market investigation into the supply and acquisition of investment...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on Brexit: Impact on cross-border financial services contracts; cryptocurrency: initial...more
2 August - The UK Competition and Markets Authority announced a consultation on proposed revisions to its published guidance on penalty setting in Competition Act 1998 cases....more
Brexit - Brexit – ISDA position paper on, CCP location and legal uncertainty - On 21 August, ISDA published a position paper on Brexit, CCP location and legal uncertainty. The paper focuses on a possible location...more
SCM Direct ("SCM"), an investment manager based in the UK, has recently called for the Competition and Markets Authority ("CMA") and Financial Conduct Authority ("FCA") to investigate actively managed funds sector for alleged...more
First director disqualification: UK focus on pursuing individuals as well as companies for breach of competition law - The UK's Competition and Markets Authority has secured its first disqualification of a director of a...more