Financial Conduct Authority (FCA)

News & Analysis as of

UK Regulator Policy Statement on Implementation of the Payment Accounts Regulations

The Financial Conduct Authority published a policy statement on changes to the FCA Handbook to implement the Payment Accounts Regulations 2015 (PAR). The policy statement summarizes feedback from its consultation on the...more

UK Regulator Publishes Second Consultation Paper on Implementation of MiFID II

The Financial Conduct Authority published a second consultation paper on implementation of the Markets in Financial Instruments Directive II and the associated proposed changes to the FCA Handbook...more

UK Regulator Introduces Financial Crime Reporting Obligations

The Financial Conduct Authority published final rules on financial crime reporting, which will introduce obligations for banks, large investment firms, building societies, mortgage lenders, large electronic money...more

Corporate and Financial Weekly Digest - Volume XI, Issue 32

SEC/CORPORATE - 2016 Amendments to Delaware General Corporation Law Highlight Two-Step Mergers and Appraisal Rights - On August 1, a number of amendments to the Delaware General Corporation Law (DGCL) went into...more

Blog: Treasury Select Committee criticizes the way the FCA treats whistleblowers

The Treasury Select Committee (TSC) and the Financial Conduct Authority (FCA) have been exchanging letters about the FCA’s treatment of whistleblowers in general, and the SME Alliance, in particular. Like the Parliamentary...more

UK Financial Conduct Authority—Regulated Firms Can Go to the Cloud

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more

FCA considers promotion, conflicts of interest and governance of dark pools in thematic review

On 21 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review, in which they examined 'dark pools' - trading venues with no pre-trade transparency, where the price and volume of all orders...more

Blog: FCA tries to encourage consumers to shop around before renewing a general insurance policy

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider....more

Translating the success of UK fintech measures to the US

The successful growth of fintech within a region depends on myriad factors, but an unquestionably material one is the regulatory environment. Regulatory regimes that foster innovation and exercise oversight in a purposeful,...more

Open-ended property funds: a fund-amental mismatch?

On 4 July 2016, Standard Life Investments suspended trading as a result of investors flooding the gates for redemptions. Several other funds such as M&G and Aviva Investments followed suit throughout the same week. The...more

Dark Pools - The FCA’s Thematic Review

Last month the Financial Conduct Authority (“FCA”) released a report (“the Report”) detailing the findings of its thematic review into the use of UK equity market dark pools (“the Review”). To date, the use of dark pools, and...more

Whistleblowing Toolkit

In October last year, the FCA and PRA published policy statements containing new rules on whistleblowing. These are designed to encourage a culture in which individuals can safely raise concerns and challenge poor practice...more

Blog: FCA introduces new Annual Financial Crime Report – first reports due March 2017

The UK Financial Conduct Authority’s new Annual Financial Crime Report rules will come into force on 31 December 2016. PRA and FCA authorised firms will have to submit an Annual Financial Crime Report within 60 business days...more

Blog: TSC publishes crowdfunding correspondence with PRA & FCA. “Tax incentives” now at risk?

The UK’s Treasury Select Committee (TSC) has published an exchange of letters with each of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In the covering press release, TSC Chair, Andrew...more

FCA thematic review finds failures in oversight of authorised representatives in insurance industry

On 22 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review in which the FCA found significant shortcomings in the control and oversight of appointed representatives (ARs) by their...more

Blog: FCA warns authorised firms about the risks of using introducers & lead generators – but fails to warn introducers about the...

The UK’s Financial Conduct Authority has warned UK authorised firms about the significant legal and regulatory risks associated with accepting business from or through (un)authorised introducers and lead generators. The...more

Blog: FCA publishes final guidance on the Payment Accounts Directive & Regulations

The UK’s Financial Conduct Authority has published its Final Guidance on the Definition of a “payment account“ under, and the application of the “Packaged Accounts” rules in, the UK’s Payment Accounts Regulations. The...more

FCA MiFID II Consultation Paper: How FCA plans to implement parts of MiFID II

On 29 July 2016, the FCA released consultation paper 16/19: MiFID II Implementation. The FCA is seeking stakeholders' views on its proposals for changes to the Handbook to implement the requirements of MiFID II and...more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

Anti-money laundering bulletin - Summer 2016

In this issue, we provide updates on anti-money laundering news and enforcement action, both in the UK and internationally, including - - FCA publishes consultant’s findings from research into bank de-risking -...more

New guidance for outsourcing to the cloud published

The FCA have now published their guidance on outsourcing to the cloud for financial services organisations in the UK. This guidance, which follows on from a consultation exercise which took place at the start of the year,...more

Why is On-boarding and Off-boarding Bank Clients Important?

After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more

Call for Input on the Post-Implementation Review of the FCA’s Crowdfunding Rules

The Financial Conduct Authority (the “FCA”) published a post-implementation review of its crowdfunding rules on 8 July 2016 (the “Paper”). The Paper is a “call for input” to invite readers to engage with the review, to offer...more

The FCA Peers Into Dark Pools

On July 21, 2016, the Financial Conduct Authority (FCA) of the United Kingdom (UK) published a thematic review: UK equity market dark pools - Role, promotion and oversight in wholesale markets. Background - The...more

Global Government Solutions® 2016 Mid-Year Outlook

This newest edition of the Global Government Solutions® series highlights increased government involvement in global commerce and provides the latest regulatory information corporate leaders need to navigate the intersection...more

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