Financial Conduct Authority

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Financial Regulatory Developments Focus - July 2015 #5

In this week’s 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...more

FCA's Competition Law Concurrency Guidance

Since 1 April 2015, the UK financial services community has awaited with some trepidation the use by the FCA of its new "concurrent competition law powers". These enable the FCA to investigate and sanction companies for...more

FCA Rules May Inform Standard Of Common Law Duty Of Care Owed By Financial Adviser To Client

In this case, we consider the decision of the County Court in David Anderson v Openwork Ltd [2015] EW Misc B14 (18 June 2015) in which it dismissed an appeal against an earlier decision, finding that where a financial adviser...more

Consumer Rights Act 2015 Implementation in October 2015 - Do your consumer contracts have potentially unfair terms?

In this article, written for Compliance Monitor, Nicholas Ralph of Dentons looks at how the unfair terms provisions of the CRA may impact financial services firms. The Consumer Rights Act 2015 (CRA), which received Royal...more

FCA’s Concurrent Competition Powers – Final Guidance and Handbook Amendments Are Published

The FCA has published final guidance on use of its new competition law powers, together with amendments to its Handbook introducing a specific competition law self-reporting obligation which will have significant...more

Bridging the Week - July 2015 #2

Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze: The Commodity Futures Trading Commission filed a lawsuit in a federal court in Illinois against Yumin Li and Kering...more

FCA publishes its Annual Report and Accounts for 2014/15

On 2 July 2015, the UK’s financial regulator, the Financial Conduct Authority (FCA), published its annual report and accounts 2014/15. Overview The annual report highlighted a number of areas in which the FCA has been...more

Upper Tribunal Upholds FCA's Decision To Fine And Prohibit Financial Adviser For Poor Record Keeping And Compliance Failures

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the tribunal upheld the FCA's decision to fine and prohibit a financial adviser, Clive Rosier, for poor record keeping and compliance...more

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

FCA Publishes Decision Notices In Respect Of Three Former Members Of Keydata’s Senior Management

In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more

The Financial Report - Volume 4, No. 12 • June 2015 (Global)

Discussion and Analysis - Golf fans were captivated by the US Open played at Chambers Bay, a public course overlooking Puget Sound in Washington state, which concluded on Sunday. The Wall Street Journal’s sports...more

Final Rules Concerning the Restrictions Imposed On the Retail Distribution of CoCos and Other Regulatory Capital Instruments

In August 2014, the UK Financial Conduct Authority (FCA) used its consumer protection powers for the first time and introduced temporary product intervention rules (Temporary Rules) that restricted the distribution of...more

UK FCA Publishes Latest “Market Watch” Newsletter

The UK Financial Conduct Authority (FCA) published the 48th edition of its “Market Watch” newsletter on June 22. Market Watch is the FCA’s periodic newsletter for publishing its guidance on market conduct and transaction...more

6 Record Search Lessons From $43M Clydesdale Bank Penalty

Clydesdale Bank PLC was recently hit with a more-than-$43 million fine, largely because it failed to search for documents that should have been subject to its destruction policy, and for misleading consumers and its...more

Bridging the Week - June 2015 #5

UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more

Corporate & Financial Weekly Digest - Volume X, Issue 25

In this issue: - Delaware Amends Its Corporate Law to Prohibit Fee-Shifting, Approve Exclusive Forum Provisions and Facilitate At-The-Market Offerings - SEC Division of Corporation Finance Issues New C&DIs Relating...more

Alert: The AIFMD For Non-EU Fund Managers: It's Probably Not As Bad You Think

Many non-EU fund managers raising a non-EU alternative investment fund will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is often because the cost of complying with...more

Regulatory Risk Update: The Fair And Effective Markets Review - Recommendations To Strengthen UK Regulation Of FICC Markets And...

In the wake of a number of recent high profile LIBOR and Forex market abuses, the Chancellor of the Exchequer and the Governor of the Bank of England established the Fair and Effective Markets Review ("FEMR") in June 2014 to...more

Financial Regulatory Developments Focus - June 2015 #4

In This Issue: - Board of Governors of the Federal Reserve System Approves Final Rule Amending Regulation D - US Federal Banking Agencies Finalize Revisions to the Capital Rules Applicable to Advanced...more

The UK’s Fair and Effective Markets Review

On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more

Corporate & Financial Weekly Digest - Volume X, Issue 23

In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more

The FCA Publishes Its Bi-Annual Hedge Fund Survey

On June 2, the Financial Conduct Authority (FCA) published its bi-annual hedge fund survey (Survey) concerning the investment activities of hedge funds managed by a sample of hedge fund managers operating in the United...more

FCA Provides Comments to European Commission on Proposed EU Capital Markets Union

On May 28, the Financial Conduct Authority (FCA) published its paper, which it had provided to the European Commission (Commission) in response to the Commission’s green paper on building a capital markets union (CMU) within...more

Addressing the New U.K. Senior Managers’ Regime with Proven Compliance Solutions

It’s less than a year to go until the U.K. Senior Managers Regime (SMR) comes into effect (the official date is March 7, 2016). The regime, part of the Financial Services (Banking Reform) Act 2013, aims to counter the toxic...more

Financial Regulatory Developments Focus - June 2015 #2

In This Issue: - Federal Banking Agencies Release Statement on Annual Stress Tests at Medium-Sized Financial Companies - Extension of Transitional Provisions for Exposures to CCPs Formally Announced -...more

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