Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK.
Key Points:
..The onshoring process is designed to preserve the status quo as much...more
The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.
Key Points:
..The Report provides an overview of crypto-assets and...more
The House of Commons Treasury Committee has published its recommendations for the regulation of crypto-assets in the UK.
Key Points:
..The House of Commons Treasury Committee has proposed that the UK government should...more
This update takes a look at the FCA’s Interim Report and its initial views relating to the review of the provisions of the Consumer Credit Act 1974 (CCA), which show early signs of a more pragmatic approach to regulation than...more
8/14/2018
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UK Brexit
GDPR and PSD2 are two legal initialisms that have both generated a great deal of press coverage in recent months, but they are seldom considered together.
There were around 122 billion non-cash payments in the European...more
FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox.
The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a...more
The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings -
The Payment Systems Regulator (PSR) has...more
UK regulators expand on plans to smooth the transition for inbound passporting firms in the event of a “no deal” Brexit.
Overview -
HM Treasury published draft legislation on 24 July 2018 to establish a temporary...more
The FCA and the PRA have published their Policy Statements, setting out final rules on the SMCR regimes for insurers and FCA solo-regulated firms.
Key Points:
..The FCA has announced that the extended SMCR will apply to...more
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive.
The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations.
The Financial Conduct Authority (FCA) has issued a statement outlining its...more
MiFID II contains a number of inducements requirements, including rules relating to conflicts of interest, research, hospitality, corporate access, and payment for order flow. This Client Alert outlines these requirements and...more
The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture.
What happened?...more
The Commission shares the results of a 2017 study into the current functioning of European markets for retail investment products.
Key Points:
..The European Commission’s Final Report is the result of examining a broad...more
Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly.
The Bank of England has announced that a regulated payment services provider (PSP) has...more
FCA publishes final rules and further consultation on outstanding remedies under its asset management market study.
Key Points:
..The FCA has published a Policy Statement (PS18/8) setting out final rules and guidance...more
The FCA is proposing to add a new chapter on insider dealing and market manipulation to its Financial Crime Guide.
Key Points:
..The FCA proposes to add a new Chapter 8 to Part 1 of its Financial Crime Guide, outlining...more
New FCA Discussion Paper demonstrates how the regulator’s thinking in relation to culture has evolved.
Introduction -
In Discussion Paper (DP) 18/2, the FCA has taken an unusual approach to a topic that has received...more
The FCA has published a report, clarifying its expectations of firms that develop or use algorithmic trading strategies.
On 12 February 2018, the FCA published a report on algorithmic trading compliance in wholesale...more