Financial Conduct Authority (FCA)

News & Analysis as of

This Week In Securities Litigation

The Commission filed a series of actions this week which included: three cases based on insider trading; an accounting action against a company and its employees; an audit failure; the unregistered sale of securities; and the...more

Blog: Lloyd’s CRO Urges Insurers To Contingency Plan Against The Risk Of #Brexit. Was He Right To Do So?

Lloyd’s Chief Risk Officer, Sean McGovern, spoke to the Insurance Institute of London yesterday about the impact of a possible Brexit on insurers, reinsurers and brokers. The speech was delivered at a sensitive time, and with...more

Blog: #FCA Call For Input On Its Approach To Payment Services

The FCA has published a brief call for input on its approach to payment services regulation. The FCA’s existing Payment Services guidance can be found in: “The FCA’s role under the Payment Services Regulations...more

FCA Publishes “Dear CEO” Letter in Relation to Client Take-On Procedures for CFD Products

On February 2, the Financial Conduct Authority (FCA) published a “Dear CEO” letter (Letter) setting out the FCA’s findings from a review of client take-on procedures for firms that offer contract for difference (CFD) products...more

UK Regulator Publishes Final Rules on Implementing the Undertakings for Collective Investment in Transferable Securities Directive...

The Financial Conduct Authority published a Policy Statement and final rules on the Implementation of the Undertakings for Collective Investment in Transferable Securities Directive V. The Policy Statement sets out final...more

UK Regulator Extends the Senior Manager and Certification Regime

The Financial Conduct Authority published a Policy Statement and final rules on the application of the Senior Manager and Certification Regimes to wholesale market activities, such as algorithmic and high-frequency trading....more

Was An Individual "Identified" In A Decision Notice?

The Upper Tribunal in Christian Bittar v The Financial Conduct Authority [2015] UKUT 602 (TCC), 10 November 2015 considered a claim by a former employee of Deutsche Bank (the Bank), Mr Bittar, who argued that he had been...more

Blog: The UK’s National Private Placement Regime For Non-EU PE / VC Fund Managers – “Financial Promotions”

If you’re planning to raise a non-EU PE / VC fund, and some of your investors will be in the UK when you talk or write to them, the UK’s financial promotions rules will apply. Get this wrong, and you’ll commit an offence. Get...more

UK Financial Regulatory Developments - February 2016 #4

ESRB approves expansion of macroprudential policy framework - ESRB has published two recommendations relating to expanding the European macroprudential policy framework. The first concerns the counter-cyclical buffer...more

Financial Services Regulation - Exchange International Newsletter - Issue 28 - January 2016

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-eighth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

UK Financial Regulatory Developments - February 2016 #2

FCA writes to CEOs on CFD compliance - FCA has written a Dear CEO letter following its review of new client procedures for firms offering contracts for difference (CFD) products on a non-advised basis. FCA carried out...more

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

UK Financial Regulatory Developments - February 2016 #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

Your daily dose of financial news The Brief – 2.5.16

Jobs report Friday again. Here are the 5 Things the Journal told you to watch – WSJ (and NYTimes)... The Upshot’s not saying that a 2016 recession is inevitable, but if it does happen, this may be the path that takes us...more

UK Regulators Take Action against Three Firms and Five Individuals for Insurance Scheme Failures

The Financial Conduct Authority banned Mr. Shay Reches from performing any function in relation to a regulated activity and fined him £1,050,000. Mr. Reches also agreed to pay £13,130,000 to three insurers, which amount, if...more

FCA Clarifies Senior Managers Regime Expectations for Individuals With Overall Responsibility for a Firm’s Legal Function

On January 27, the Financial Conduct Authority (FCA) announced plans to consult on the application of the Senior Managers Regime (Regime) to individuals with overall responsibility for a firm’s legal function....more

UK Financial Regulatory Developments - January 2016 #14

Treasury Committee publishes banking IT failure correspondence - The Treasury Committee has published correspondence between Andrew Tyrie, PRA, FCA and between him and RBS, HSBC and Barclays, relating to IT failures at...more

UK Financial Regulatory Developments - January 2016 #13

FCA reinstates unfair contract terms library - FCA has reinstated its unfair contract terms library, which it has reorganised in the light of the Consumer Rights Act (CRA) and CMA guidance. FCA does not intend to publish...more

UK Financial Regulatory Developments - January 2016 #12

PRA has published a policy statement setting out: - feedback and links to final rules on engagement between external auditors and supervisors and giving PRA disciplinary powers over external auditors and actuaries...more

Governance & Securities Law Focus: Europe Edition, January 2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Financial Services Weekly News - January 2016 #4

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

UK Financial Regulatory Developments - January 2016 #9

FCA updates IPRU-INV, FC and EG - FCA is updating its Handbook on its website to convert the Interim Prudential sourcebook for Investment Businesses (IPRU-INV), the Financial Crime Guide (FC) and the Enforcement Guide...more

Identification of Third Parties in FCA Notices

Several recent UK cases have considered the extent to which third parties may be identified in public disciplinary notices issued by the Financial Conduct Authority to financial institutions. UK financial services...more

UK Financial Regulatory Developments - January 2016 #8

PRA bans former Co-op Bank individuals - PRA has prohibited Barry Tootell, former Chief Financial Officer and Chief Executive of the Co-operative Bank Plc (Co-op Bank) and Keith Alderson, former Managing Director of the...more

UK Financial Regulatory Developments - January 2016 #7

PERG releases 2015 annual report - PERG has published its 2015 annual report into disclosure and transparency practices for the largest private equity-backed portfolio companies in the UK. It provides a summary of the...more

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