Financial Conduct Authority (FCA)

News & Analysis as of

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

Pensions Ombudsman Round-Up - October 2016 (UK)

Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at...more

Bridging the Week - November 2016 #3

Federal District Court Approves Flash Crash Spoofer’s US $38 Million Settlement; Federal Appeals Court Appears Sympathetic to Michael Coscia’s Claim That Spoofing Prohibition Is Too Vague - The US federal court handling...more

Financial Regulatory Developments Focus - November 2016

In this 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 managers and...more

FCA’S Response to CMA’S Recommendations on Retail Banking

Originally published in Practical Law, November 2016. On 3 November 2016, the FCA published its response to recommendations proposed by the Competition and Markets Authority (CMA) in its final report into the...more

French Competition Authority imposes a record fine on Altice Luxembourg and SFR Group for implementing the acquisition of SFR and...

In a decision dated 8 November 2016, the French Competition Authority (FCA) has sanctioned jointly Altice Luxembourg and SFR Group and imposed a record fine of 80 million euros for what is known as "gun jumping" practices ie...more

Anti-money laundering bulletin - Autumn 2016

DLA piper’s financial Services regulatory team welcomes you to the autumn 2016 edition of our anti-money laundering (AML) bulletin. In this issue, we provide updates on AML news and enforcement action in the UK and...more

Update On Securities Financing Transactions Regulation

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Former Investment Portfolio Manager Admits Insider Dealing

The Financial Conduct Authority announced that Mark Alexander Lyttleton had pleaded guilty to two counts of insider dealing at Southwark Crown Court. The FCA charged Mr. Lyttleton with three counts of insider dealing pursuant...more

Money talks: should the UK introduce financial incentives for whistleblowers?

In the years since the financial crisis, the topic of whistleblowing has been high on the public agenda. At the 2016 Anti-Corruption Summit earlier this year, the UK government committed to “providing effective protections...more

Smarter Consumer Communications

The FCA state that: Use of Standard DocumentationSince taking over regulation, the FCA have attempted to introduce or build on the existing standard documentation which lenders must use to communicate messages to customers....more

Blog: UK Treasury interpretation of article 36 of PSD2 – a welcome surprise?

Article 36 of the second Payment Services Directive (PSD2) will require the Member States of the European Union to “ensure that payment institutions have access to [bank] payment accounts services on an objective,...more

FCA fines and makes restriction order against investor for market abuse

In this decision report we review the FCA's final notice issued to Gavin Duncan Paul Breeze on 15 July 2016. Mr Breeze was an investor in, and a former non-executive director (NED) of, a mobile payment software...more

UK Prudential Regulation Authority Confirms Rules on Passporting and Algorithmic Trading under MiFID II

The Prudential Regulation Authority published its final rules for transposing passporting and algorithmic trading aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial...more

Blog: #Brexit: “passporting”, “3rd-country equivalence”, and related issues

The UK’s Treasury Committee has published an FCA letter, and the European Parliament has published a briefing paper, about “passporting”, “third-country equivalence”, and a range of related issues....more

UK Financial Conduct Authority Takes Action Against Sonali Bank for Money Laundering Failings

The Financial Conduct Authority published the final notices issued to Sonali Bank (UK) Limited and its former Money Laundering Reporting Officer, Mr. Steven Smith for anti-money laundering failings. SBUK was fined £3,250,600...more

Roundup of upcoming cases and anticipated UK regulatory developments

Cases to watch - Taberna Europe CDO II plc v Selskabet AF1 (in bankruptcy) – can a party who purchases subordinated loan notes in the secondary market from a third party claim directly against the issuer for...more

A spotlight on financial crime

The Financial Conduct Authority's (FCA) new mission statement has expressed a renewed intent to focus on financial crime, detecting insider dealing, market manipulation and anti-money laundering (AML). As a result, firms and...more

UK Legislation Implements Financial Services and Markets Act 2000 Updates to Secondary Legislation

The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016 was made...more

Final Report on Investment and Corporate Banking Market Study Published by UK Regulator 

The Financial Conduct Authority published its final report on the investment and corporate banking market study. The focus of the study was on primary market activities in the UK, including equity capital markets, debt...more

US Commodity Futures Trading Commission Signs Memorandum of Understanding with UK Financial Conduct Authority to Improve...

The CFTC announced that CFTC Chairman Timothy Massad and Andrew Bailey, Chief Executive of the FCA, signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and...more

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