Financial Conduct Authority (FCA)

News & Analysis as of

UK Financial Conduct Authority Discusses Open-Ended Funds Holding Illiquid Funds

The Financial Conduct Authority published a Discussion Paper on open-ended investment funds investing in illiquid assets. The FCA is seeking feedback on whether its rules and regulatory approach to open-ended funds that hold...more

UK Policing and Crime Act Receives Royal Assent

The Policing and Crime Act 2017 was enacted. The Act has wide reaching implications, including for the financial services industry. Among other things, the Act creates new civil monetary penalties and increases the maximum...more

Financial Services Regulation - Exchange International Newsletter - Issue 31 - February 2017

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirty first edition of “Exchange – International” – our newsletter designed to keep you informed of international regulatory developments in...more

UK Regulator Fines Deutsche Bank for AML Control Failings Related to Mirror Trading

The Financial Conduct Authority published a final notice issued to Deutsche Bank AG and fined the bank £163 million for failing to maintain an adequate anti-money laundering control framework between January 1, 2012 and...more

UK Financial Conduct Authority Clamps Down on Retail CFD Products

FCA proposes enhanced disclosure requirements for derivatives being marketed to retail investors who may not be aware of the risks. Concerned that more and more retail customers are offering and trading...more

UK Regulators Finalize Changes to Enhance Their Enforcement Decision-Making Processes

The Financial Conduct Authority and Prudential Regulation Authority published a joint Policy Statement on changes to their enforcement decision-making processes. The changes are in response to the recommendations set out in...more

Bridging the Week - February 2017

Making Regulation Great Again: President Trump Requires Loss of Two Regulations for Every New One and Orders Review of All Financial Services Laws and Rules: Last week, through the issuance of two executive orders, President...more

Financial Conduct Authority and Prudential Regulation Authority Publish Final Changes to Enforcement Decision-Making Processes

On 1 February 2017, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a policy statement which outlines the changes that will be made to the regulators’ enforcement policies and...more

Prohibition on 'right of first refusal' clauses in financing transactions

In May 2015 the Financial Conduct Authority (FCA) launched a market study to assess, among other matters, the effects of cross-selling and cross-subsidising of investment and corporate banking services in the UK by investment...more

UK PSD2 implementation gathers pace - draft regulations published

HM Treasury has today published a consultation paper and draft Payment Services Regulations 2017 for a short 6 week consultation period ending on 16 March 2017. The consultation paper states that the Government aims to...more

Changes in regulatory landscape for corporate finance service providers

Investment firms engaged in the provision of corporate finance services to issuer clients are facing some significant changes to their regulatory landscape. With the entry of MiFID II into effect from 3 January 2018,...more

UK Financial Services Whistleblowing Regulation Survey: Assessing The Impact Of The FCA/PRA Senior Managers Regime Whistleblowing...

NAVEX Global partnered with an independent research firm to survey compliance professionals from the UK Financial Services industry about their approach to whistleblowing and incident reporting. Our findings provide insight...more

UK Regulation Round Up - January 2017

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers. The start of 2017 saw a number of regulatory developments including...more

The Senior Managers and Certification Regime: An Introduction for Private Equity Firms

The Senior Managers and Certification Regime (SMCR) is a regime which governs the appointment and conduct of senior and key personnel at impacted firms. For banks, building societies and PRA-authorised investment firms, the...more

In Principle: 10 Things You Need to Know for 2017 – The World of Financial Regulation After the UK Referendum

On 23 June 2016, the UK shocked the world, and perhaps itself, when it voted in favour of a “Brexit” from the European Union. While the referendum result has brought significant uncertainty to the financial services sector,...more

UK: Consultation on New Regulatory Framework for Insurance Linked Securities Opens

The FCA have opened a consultation on proposals to amend the FCA Handbook to incorporate a new regulated activity of “insurance risk transformation”. The consultation documentation can be found on the FCA’s site....more

MiFID II/MiFIR Update

This update provides a snapshot of events in 2016 which has led to the current status of MiFID II and MiFIR. MiFID II/MiFIR Delayed - 17 June 2016: Council adopted legislation extending the deadline for the...more

UK Regulator Proposals to Amend Client Money Distribution Rules

The FCA published a consultation paper on proposed changes to the client money distribution rules in the Client Assets Sourcebook of the FCA Handbook - CASS 7A - as a result of the special administration regime review. The...more

UK FCA to Extend AIFMD Annex IV Reporting to Master Funds

Non-EU Alternative Investment Fund Managers (AIFMs) that currently complete “Annex IV” regulatory reporting with the FCA in respect of feeder funds are not required to complete the Annex IV report in respect of the master...more

UK Financial Conduct Authority Publishes Guide on Applications and Notifications for MiFID II

The Financial Conduct Authority published a guide on applications and notifications under the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation, together the MiFID II package....more

HSBC to Provide Voluntary Redress for Historical Debt Collection Practices

The Financial Conduct Authority announced that HSBC Bank Plc has voluntarily agreed to set up a redress scheme of approximately £4m for customers who suffered detriment by paying unreasonable debt collection charges imposed...more

FCA v Macris

The Supreme Court is soon expected to publish its judgment in the case of FCA v Macris (Macris), the appeal having been heard back in October 2016. The judgment could have a significant impact on the way in which the...more

Investigations: notes of employee interviews not privileged

Lawyers' notes of interviews with a bank's employees conducted as part of two investigations were not privileged since the employees were not the "client" and the notes were not lawyers' working papers, according to the...more

What is worth remembering from the second half of 2016?

Court decisions/impacts - In the first half of 2016, there were a number of interesting judgments in relation to agreements concluded on standard terms which are likely to be of relevance to those using such documents in...more

UK Regulators Consult on the Management Expenses Levy Limit for 2017/18

The Prudential Regulation Authority and the Financial Conduct Authority published a joint consultation paper on the management expenses levy limit for the Financial Services Compensation Scheme in 2017/2018. The MELL proposed...more

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