Financial Conduct Authority

Has the FCA started as it means to go on?

by Neil Gerrard, Miriam Gonzalez | Dechert LLP on 5/18/2013

Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more

Financial Services – Update on UK and European Regulatory Developments - May 2013

by Richard Frase | Dechert LLP on 5/10/2013

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –...more

FCA Urges Firms to Update Status Disclosures to Reflect Creation of the FCA and PRA

by Orrick - Structured Finance Group on 5/9/2013

On May 1, the FCA published a press release stating that it expects firms to review their regulatory status disclosures as a priority and ensure that they are up to date and accurate following the creation of the FCA and PRA...more

White Collar Watch - April 2013

by Bruce D. Armon, Andrea P. Brockway, Michael Finio, Christopher R. Hall, Keith Lorenze, Nicholas J. Nastasi, Courtney L. Schultz, Brian Simons | Saul Ewing LLP on 4/23/2013

In This Issue: - Third Circuit Panel Liberalizes “Protected Activity” Immunity for Employees Claiming Whistleblower Status - Doing Time: A Requirement for White Collar Crime? - Casting a Smaller Net:...more

Orrick's Financial Industry Week in Review - April 22, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/22/2013

Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case - On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more

FCA Publishes Occasional Papers on Behavioural Economics Exploring How People Make Financial Decisions

by Orrick - Structured Finance Group on 4/18/2013

In his first speech as CEO of the FCA, Martin Wheatley vowed to crack down on unsuitable financial products by using elements of behavioural economics to better understand investor decisions. ...more

RBS to Face FCA Investigation into IT Failures

by Orrick - Structured Finance Group on 4/18/2013

The FCA announced that it will conduct a formal investigation into the IT malfunction at RBS last summer, which left 17 million of its customers unable to access their accounts for up to three weeks. The investigation could...more

Orrick's Financial Industry Week in Review - April 15, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/15/2013

Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...more

Structured Thoughts -- Volume 4, Issue 5 -- April 12, 2013

by Peter J. Green, Lloyd S. Harmetz, Jeremy C. Jennings-Mares, Lewis Gavin Lee, Anna T. Pinedo | Morrison Foerster - Structured Products on 4/15/2013

In This Issue: FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud. Excerpt from...more

Corporate Aspects of the UK Financial Services Act 2012

by Sergey Kvitkin, Iain Wright, William Yonge | Morgan Lewis on 4/12/2013

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

UK Financial Services Regulatory Handover

by Orrick - Structured Finance Group on 4/10/2013

On April 1, the long-awaited handover of power from the FSA to the “twin-peaks system,” consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), took place. The PRA, a branch of the Bank...more

New UK Financial Regulation Architecture Takes Effect

by William Yonge | Morgan Lewis on 4/8/2013

The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more

European Securities and Markets Authority Guidelines on Sound Remuneration Policies under the AIFMD

by Jason Butwick, Ed Holmes | Dechert LLP on 4/4/2013

More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative...more

FSA Consults on FCA Publication of Warning Notices

by Orrick - Structured Finance Group on 3/29/2013

On March 18, the FSA published a consultation paper (CP13/8) setting out proposals on how the Financial Conduct Authority (FCA) will use its new power under section 391(1)(c) of the Financial Services and Markets Act 2000...more

OFT Annual Plan for 2013/14: Financial Services Implications

by Orrick - Structured Finance Group on 3/29/2013

On March 21, the OFT published its annual plan setting out its priorities for 2013/14. The OFT stated that it does not intend to make any fundamental changes to the themes for 2013/14 but that the following financial...more

UK Regulators Propose Implementing Rules and Regulations on AIFMD

by Proskauer Rose LLP on 3/29/2013

On 19 March 2013, the UK Financial Services Authority (FSA) published Part II (CP2) of its three-part consultation series on Implementation of the Alternative Investment Fund Managers Directive (AIFMD). The consultation...more

The UK’s New Financial Services Act – a Guide to the Main Changes

by Carmen Reynolds, Stuart Willey | White & Case LLP on 3/28/2013

The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the...more

Orrick's Financial Industry Week in Review - March 25, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/25/2013

In This Issue: *Financial Industry Developments - Agencies Issue Updated Leveraged Lending Guidance - CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations - FHFA...more

"UK Regulators to be Given Power to Break Up UK Banks"

by Patrick Brandt, Lorenzo Corte, Scott Hopkins, Shaun Lascelles, Allan Murray-Jones, William Sweet, Jr. | Skadden, Arps, Slate, Meagher & Flom LLP on 3/19/2013

The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more

U.K. FSA Seeks Comments On New Consumer Credit Regulatory Regime

by BuckleySandler LLP on 3/15/2013

On March 6, the U.K. Financial Services Authority (FSA) issued a consultation paper (CP) to outline the regulatory regime for consumer credit markets after its regulatory powers transfer to the Financial Conduct Authority...more

UK Financial Services Authority Releases Draft Handbooks for New Regulators

by Iain Wright, William Yonge | Morgan Lewis on 3/12/2013

Handbooks for Financial Conduct Authority and Prudential Regulation Authority will replace FSA Handbook on 1 April. On 8 March, the UK Financial Services Authority (FSA) published draft handbooksfor the two new...more

FSA Updates Guide to the New PRA and FCA Handbooks

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/27/2013

On February 19, the UK Financial Services Authority (FSA) published an updated “one-minute guide” summarizing the changes to the FSA Handbook that will come into effect when the FSA’s two successor regulatory bodies, the...more

UK's FSA consults on future use of temporary product intervention rules - Baker & McKenzie

by Sam Appleton, Bill Fuggle, Astrid Raetze | Baker & McKenzie Australia on 2/19/2013

The UK's Financial Services Authority (FSA) is consulting on when and how its successor body, the Financial Conduct Authority (FCA), may make temporary product intervention rules, as part of its new approach to regulating...more

Preparing for UK Regulatory Change: An Overview of the New Framework

by Tim Aron, Edward Black, Carolyn H. Jackson, Nathaniel W. Lalone | Katten Muchin Rosenman LLP on 12/20/2012

In the aftermath of the 2008 financial crisis, all of the major political parties in the UK proposed significant change to the system of financial regulation. On election in 2010, the coalition government set out its belief...more

FSA Consults on Operation of FCA and Sets Out PRA's Approach

by Katten Muchin Rosenman LLP on 10/25/2012

On October 16, the UK Financial Services Authority (FSA) published a consultation paper entitled Journey to the FCA, regarding how its successor regulator the Financial Conduct Authority (FCA) will operate....more

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