Financial Conduct Authority (FCA)

News & Analysis as of

2016 half-year in review: M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Financial Conduct Authority Publishes New Consultation Paper on MiFID II

On 16 December 2016, the Financial Conduct Authority (FCA) published its final Consultation Paper on the implementation of the second Markets in Financial Instruments Directive (MiFID II) (CP16/43). This follows three...more

Improvements to the Investment Bank Special Administration Regime

The Investment Bank Special Administration Regime (SAR) was introduced in 2011 in response to difficulties faced in the Lehman Brothers administration. Following a review of the regime by Peter Bloxham in 2014, and a...more

UK Financial Conduct Authority Proposes Changes to Financial Services Compensation Scheme Levies and Rules

The Financial Conduct Authority launched a consultation on the future funding of the Financial Services Compensation Scheme as well as changes to the FSCS rules. The FSCS is the compensation scheme for customers of UK...more

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology...more

Financial Conduct Authority probes competition in the mortgage sector

On 12th December 2016 the Financial Conduct Authority (the “FCA”) launched a market study into the residential mortgage market to ascertain whether competition in that market is working as well as it could and to identify...more

Global investigations – the outlook for 2017

With the arrival of 2017, the pace of cross-border investigations is expected to continue, if not increase.  For multinational companies, the regulatory and enforcement landscape remains one which merits attention, both for...more

UK Financial Conduct Authority Publishes Fourth Consultation on Implementing MiFID II

The Financial Conduct Authority published its fourth consultation paper on the implementation of the revised Markets in Financial Instruments Directive in the UK. MiFID II regulates retail and wholesale investment business....more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more

UK Regulator Proposals to Amend the Conduct of Business Rules for Retail CfDs

The Financial Conduct Authority published a consultation paper setting out its proposals to enhance the conduct of business rules for firms providing contract for difference products to retail clients and to limit the risks...more

Guilty Pleas to Insider Dealing Charges Brought by the UK Financial Conduct Authority

The Financial Conduct Authority announced that Manjeet Mohal and Reshim Birk had pleaded guilty to three counts of insider dealing at their trial at the Central Criminal Court. Mr. Mohal pleaded guilty to two counts of...more

"'Failure to Prevent': The Implications for Global Financial Institutions"

The U.K. government is set to introduce a new corporate criminal offence, based on the strict liability of the entity in question. It almost certainly will come into force in 2017, once the Criminal Finances Bill (Bill) is...more

UK Financial Conduct Authority Consults on Changes to Rules on Delaying Disclosure of Information

The Financial Conduct Authority published a consultation paper on proposed changes to its Disclosure Guidance and Transparency Rules sourcebook in the Handbook on delaying the disclosure of inside information. The Market...more

Pensions Round-Up - December 2016

In this edition we look at key developments from November 2016 including the following - The Pensions Regulator: the publication of checklists about new information required in the 2016-17 scheme return for DB and...more

UK Regulator Launches Call for Input on Review of High-Cost Credit 

The Financial Conduct Authority launched a call for input into its review of high-cost credit, including the high-cost of short-term credit (HCSTC) price caps. The FCA took over regulation of consumer credit in April 2014....more

FCA to Impose Remedies in Asset Management Sector

On 18 November 2016, the UK’s Financial Conduct Authority (FCA) published interim findings from its year-long study of the country’s asset management sector—concluding that price competition is weak in several areas, and...more

FCA sanctions bank and its MLRO for anti-money laundering systems failings

In this decision report we review the FCA’s action against Sonali Bank (UK) Ltd (Sonali Bank) and its money laundering reporting officer (MLRO), Steven Smith, in connection with failings identified in relation to Sonali...more

Security over financial collateral – the CJEU considers the "possession or control" test

The Court of Justice of the European Union (CJEU) has given a preliminary ruling on when a security holder has "possession or…control" of financial collateral for the purposes of Directive 2002/47 on financial collateral...more

Regulatory and business challenges to fintech M&A

Fintech's wealth of opportunities is attracting interest—yet the uncertainty of its future direction means the financial services industry needs to tread carefully. As exciting as the growth of fintech has been over...more

Corporate and Financial Weekly Digest - Volume XI, Issue 46

ISS Releases 2017 Proxy Voting Guideline Updates - On November 21, ISS published its 2017 Proxy Voting Guideline Updates, which will be in effect for meetings held on or after February 1, 2017. The US 2017 updates cover...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements - The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more

Blog: UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016...more

UK Financial Conduct Authority Seeks Input in Developing its Future Strategy

The Financial Conduct Authority launched a consultation on its approach to regulation. The consultation document, entitled 'Our future mission', asks a number of questions about the FCA's approach to regulation and aims to...more

FCA to Impose Remedies in Asset Management Sector including Further Investigation into Investment Consulting

On 18 November 2016 the Financial Conduct Authority (“FCA”) published its highly anticipated interim report into competition in the asset management industry. The report finds that price competition is weak in a number of...more

Significant Swiss ruling handed down on privilege in anti-money laundering investigations

In a recent judgment, the Swiss Federal Tribunal has ruled that, where a financial institution delegates its investigation and reporting obligations under the Swiss Anti-Money Laundering Act ("AMLA") to external counsel,...more

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