Financial Conduct Authority

News & Analysis as of

An Eerie Silence

There’s an eerie silence in the world of fraud prosecutions in the UK. A Libor trial is about to start, a FCA land banking prosecution is on trial at Southwark, but with reporting restrictions, and a couple of weeks ago David...more

Markets in Financial Instruments Directive II and Markets in Financial Instruments Regulation

The FCA published an updated timetable relating to the implementation of the Markets in Financial Instruments Directive II (MiFID II”) and Markets in Financial Instruments Regulation (“MiFIR”). The timetable sets out the key...more

Financial Regulatory Developments Focus - March 2015 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulations on Methodology for Calculation of Fixed Costs by Investment Firms - UK Bank of England Announces Details of 2015 Stress...more

Status Updates - March 2015 #2

Out with the inbox? The overwhelming popularity of workplace-specific platforms that facilitate coworker communication—commonly referred to as “enterprise social media”—is undeniable. But are these platforms poised to someday...more

UK Treasury releases Consultation Paper under MiFID II

Following the Financial Conduct Authority’s (“FCA”) release of its discussion paper on implementation of the revised Markets in Financial Instruments Directive (“MiFID II”) on 26 March 2015, the UK Treasury released on 27...more

FCA Releases Discussion Paper Under MiFID II

The revised Markets in Financial Instruments Directive (“MiFID II”) came into force on 2 July 2014. It will have effect on 3 January 2017, reflecting the period required for European Union member states to transpose its...more

UK Regulator Announces Its Approach to Financial Promotions in Social Media

On March 13, the UK regulator, the Financial Conduct Authority (FCA) published finalized guidance on its supervisory approach to financial promotions in social media (the “Guidance”). The range of social media within the...more

UK’s Financial Services Regulator: No Hashtags in Financial Promotions

Earlier this month the UK’s financial services regulator, the Financial Conduct Authority (FCA), issued its final guidance on financial promotions made via social media channels. As we reported last year, the FCA...more

Alert: Financial Promotions in Social Media for the UK

The FCA published its Finalised Guidance (FG15/4) on Social media and customer communications: The FCA's supervisory approach to financial promotions in social media on 13 March 2015 (Finalised Guidance). ...more

Plenty for firms to think about as the FCA publishes its 2015/2016 Business Plan

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2015/2016, setting out the areas on which it intends to focus over the coming year....more

FCA Publishes Structured Products Review

The UK Financial Conduct Authority (“FCA”) has published a review of structured product governance, in which it has criticized the ways in which instruments are developed and sold. The review contained six key points...more

MiFID II – UK Regulator Announces Dates For New UK Rules

On March 10, the UK Financial Conduct Authority (FCA) updated its webpage relating to the review of and forthcoming changes to the European Union’s Markets in Financial Instruments Directive (MiFID). MiFID sets forth the...more

FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

FCA Fines Bank, Compliance Officer And Internal Auditor For Providing Misleading Information To The FCA

A decision report and comment on the FCA's decision in March 2015 to fine and publicly censure a bank, its compliance officer and its internal auditor for providing misleading information to the FCA. Originally...more

Avoiding ‘white noise’ in communications with consumers

The UK’s Financial Conduct Authority (‘FCA’) has published its report into the impact of various methods used by banks to help their customers manage their current accounts....more

FCA raises concerns over structured products

The UK’s Financial Conduct Authority (FCA) has published its Occasional Paper No. 9, setting out the results of the FCA’s research into how well customers understood structured products. The answer, according to the report,...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...more

FCA Imposes £17.6 Million Fine on Investment Adviser for Mismanagement of Conflicts of Interest

On February 24, 2015, the UK Financial Conduct Authority (FCA) imposed a £17.6 million fine on a UK institutional investment adviser (UK Adviser) for failing to fairly manage conflicts of interest among the UK Adviser's...more

FCA publishes Memorandum of Understanding between the FCA and ICO

On 28 January 2015, the Financial Conduct Authority (FCA) published the Memorandum of Understanding (MoU) which it entered into with the Information Commissioner’s Office (ICO) (dated 29 September 2014)....more

FCA And PRA Senior Managers And Certification Regime –March 2016 Implementation Date Announced

Rules due to come into force in March 2016 Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

AIFMD – FCA Publishes Information to Assist Alternative Investment Fund Managers with Annex IV Reporting - New FCA Q&As on GABRIEL for Annex IV reporting: On 20 January 2015, the FCA published a new Q&As document to...more

UK Financial Conduct Authority Issues Significant Financial Penalty in Respect of Management of Conflicts of Interest by Asset...

Summary - This alert sets out details of a recently published final notice issued by the UK Financial Conduct Authority (FCA) regarding the management of conflicts of interest within UK-licensed investment managers....more

Financial Conduct Authority Clarifies Its Use of Attestations for UK Authorized Firms

Further to the Corporate and Financial Weekly Digest article published on August 29, 2014, in which we described a letter (Letter) that the UK Financial Conduct Authority (FCA) had sent to the FCA Practitioner Panel the week...more

“FCA enforcement up 20%”: But what does this tell us?

During 2014, the UK’s Financial Conduct Authority (FCA) opened around 20% more investigations than in 2013, according to today’s Financial Times (subscription required). This is in line with the stricter new regime supposedly...more

Bridging the Week - February 2015 #4

CME Group Reminds Members of Regulatory Requirements for EFRPs and Block Trades Through Disciplinary Actions: The CME Group brought and resolved multiple disciplinary actions against various members and non-members related to...more

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