Financial Conduct Authority (FCA)

News & Analysis as of

UK Regulator Publishes Final Rules Implementing the Market Abuse Regulation

The Financial Conduct Authority published a Policy Statement, including final rules on changes to the FCA Handbook required to implement the Market Abuse Regulation. MAR will apply directly across the EU from July 3, 2016,...more

UK Regulator Proposes Improvements to UK’s Wholesale Debt Listing Regime

The Financial Conduct Authority, in its capacity as securities listing authority, published a report on proposed changes to improve the UK’s wholesale debt listing regime. The report comes following an initiative launched by...more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

UK Financial Conduct Authority Consults on Changes to Implement the Market Abuse Regulation

The Financial Conduct Authority published its proposed changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for implementation of the Market Abuse Regulation. The MAR will apply directly across the...more

UK Regulator Consults on Regulation of Secondary Annuity Market

The Financial Conduct Authority published a consultation paper on its proposed rules and guidance for the secondary annuity market due to start in April 2017. The consultation is aimed at parties interested in pensions and...more

Serious Fraud Office Closes Forex Investigation

The Serious Fraud Office (SFO) recently announced that it had closed its criminal investigation into allegations of fraudulent conduct in the foreign exchange (FX) market. The SFO began its investigation in July 2014...more

UK Financial Regulatory Developments - April 2016 #23

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 17

BROKER-DEALER - SEC Modifies and Extends Pilot Program for NMS Plan to Address Extraordinary Market Volatility - The Securities and Exchange Commission has issued an order that modifies and extends the National...more

Has your business appointed a whistleblowers' champion?

If your firm is a UK deposit-taker with assets greater than £250 million, a Prudential Regulation Authority (PRA) designated investment firm or a firm within the scope of Solvency II, you should have appointed a...more

UK Financial Regulatory Developments - April 2016 #20

Treasury Committee publishes systemic risk buffer dispute - Andrew Tyrie MP, Chairman of the Treasury Committee, has published correspondence from BoE’s Governor, Mark Carney, in relation to a disagreement between Sir...more

Blog: Virtual Currency Regulation: The European Parliament’s Box Of Frogs

On 26 April 2016, the European Parliament’s Internal Market & Consumer Protection (IM&CP) Committee published an Opinion about virtual currencies. The Opinion was prepared by Ulrike Trebesius (MEP) and it calls on the...more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

Concerns on the New UK Whistleblower Rules

The U.K.’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently began rolling out new whistleblower rules, with which financial organisations will be required to comply. These rules have not...more

UK Financial Regulatory Developments - April 2016 #18

PRA consults on Solvency 2’s MA - PRA is consulting on its proposed statement setting out its expectations on firms in relation to the application of the matching adjustment (MA). This is for the purposes of calculating...more

The New FCA Whistleblower Rules: What You Need to Know

In October 2015 the Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA), published new rules in relation to whistleblowing channels in banks and other financial institutions to encourage a...more

Interim Report on Investment and Corporate Banking Market Study Published by Financial Conduct Authority

The Financial Conduct Authority published its interim report on the investment and corporate banking market study, which includes proposed remedies to the deficiencies identified. The FCA proposals include removing the...more

UK Regulators Proposals to Enhance Their Enforcement Decision-Making Processes

The Financial Conduct Authority and Prudential Regulation Authority published a joint consultation paper on proposals to implement certain aspects of the recommendations set out in HM Treasury's Review of Enforcement...more

UK Regulator Bans Former LIBOR Trader from UK Financial Services Industry

The Financial Conduct Authority published a decision notice banning Mr Arif Hussein from the UK financial services industry. The FCA found Mr Hussein not to be a fit and proper person to carry out the functions of a trader or...more

Financial Conduct Authority Publishes Results of Assessment of Behaviour of High Frequency Traders

The Financial Conduct Authority published an Occasional Paper which assesses whether high frequency traders, on a systematic basis, foresee when trading orders are going to arrive at different trading venues and trade in...more

UK 'regulatory sandbox' to foster FinTech innovation

The UK's Financial Conduct Authority ("FCA") will launch a 'regulatory sandbox' on 9 May 2016 to foster innovation in the UK financial services market. Unauthorised firms that successfully apply to the FCA will be able to...more

Financial Regulatory Developments Focus - April 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Are Concerns About the UK’s New Whistleblower Rules Misplaced?

In early April, the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) began rolling out new whistleblower rules, with which financial organisations will be required to comply. These rules have...more

Blog: UK Supreme Court Decision In Asset Land Investment Plc -V- The FCA: The Meaning Of “Collective Investment Scheme”

The UK’s Supreme Court has handed down its judgment in Asset Land Investment Plc -v- the FCA. The judgment, which upholds the decisions of the lower Courts, is consistent with the FCA’s long-held position on the meaning and...more

Tracey McDermott to Leave the Financial Conduct Authority

The Financial Conduct Authority announced that acting Chief Executive Officer, Tracey McDermott, would leave the regulator on July 1, 2016. Andrew Bailey, currently Deputy Governor for Prudential Regulation at the Bank of...more

Former LIBOR Trader Banned and Censured by UK Conduct Regulator

The Financial Conduct Authority announced that it had banned former LIBOR trader Paul White from performing any financial regulated activity and publicly censured him. The FCA found that Mr. White was "knowingly concerned" in...more

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