FCA has issued a consultation concerning the Payment Systems Regulator (PSR). The paper sets out the final approach to allocating and setting fee levels for each regulated payment system. It also includes further consultation...more
FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more
FCA has published feedback and final rules addressing:
- reforms to the Approved Persons Regime for firms to which PRA has applied the Solvency 2 regime, specifically:
- changes to the scope of the Approved Persons...more
FCA has published a consultation paper on further aspects of its accountability rules for non-directive (non-Solvency 2) firms (NDFs). The paper complements PRA’s paper discussed below but does not mirror it. The...more
FCA has banned Robert Shaw, former director of TailorMade Independent Ltd (TMI), from senior positions in the financial services sector and fined him £165,900. FCA found that Mr Shaw benefited financially from being the...more
In this case report, we consider the High Court judgment in Re Worldspreads Ltd v Re Investment Bank Special Administration Regulations 2011  EWHC 1719 (Ch) (19 June 2015).
Originally published in Practical Law on...more
New FCA Handbook and PRA Rulebook websites are set to launch on 29 August. From this date the current web address – fshandbook.info – will no longer be in use and will instead redirect users to the new Handbook or Rulebook as...more
PRA has published further feedback and rules on the Senior Insurance Managers Regime (SIMR) as it will apply to firms that fall within Solvency 2. The papers cover:
- a policy statement providing feedback on responses to...more
PRA is consulting on minor miscellaneous changes to its rules. The changes relate to:
- deleting the administrative fee for late regulatory reporting: PRA will consider late returns as part of its assessment of the...more
CMA has published its final order on the payday lending market. The order requires:
- online payday lenders to publish details of their products (including such things as loan duration, loan amount and overall loan...more
The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial...more
Tax Proposals in Summer 2015 Budget to Affect UK Asset Managers -
The UK Summer Budget was announced on 8 July 2015, and included a number of unexpected tax proposals affecting the UK asset management industry, including...more
The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager...more
US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
Many non-EU alternative investment fund managers (AIFMs) raising non-EU alternative investment funds (AIFs) will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is...more
UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance.
The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more
FCA and PRA Finalise New Remuneration Code for “Dual-Regulated” Firms -
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint policy statement (FCA PS15/16 and PRA PS12/15)...more
The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more
Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more
EU Capital Markets Union: FCA Responds to European Commission Green Paper -
The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU).
On 2 July 2015, the UK’s financial regulator, the Financial Conduct Authority (FCA), published its annual report and accounts 2014/15.
Overview The annual report highlighted a number of areas in which the FCA has been...more
Regulatory Requirements -
For businesses that operate within the financially regulated sector, there are invariably detailed and often prescriptive rules that apply to outsourcing arrangements. These rules aim to ensure...more
The new UK senior managers regime, which will come into force on 7 March 2016, is part of a major overhaul of the accountability regime for individuals working in UK banks and investment firms (firms).
UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more
In this issue:
- Delaware Amends Its Corporate Law to Prohibit Fee-Shifting, Approve Exclusive Forum Provisions and Facilitate At-The-Market Offerings
- SEC Division of Corporation Finance Issues New C&DIs Relating...more
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