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Outsourcing and Delegation – EU Commission Proposes Powers of Intervention

Aware of the risks of regulatory arbitrage developing post-Brexit, a key feature of the Commission’s proposals allows ESAs to monitor the practices of EU27 regulators....more

Senior Managers and Certification Regime 2018 Extension: FCA Consults

The Financial Conduct Authority has published a Consultation Paper containing its proposals to expand the Senior Managers and Certification Regime to all FSMA-authorised firms; the window for providing comments to the FCA...more

UK Meets Its Obligation to Transpose MiFID II into UK Law on Time

Brexit notwithstanding, the United Kingdom implemented MiFID II locally, on time; however, FCA deferred the opportunity to assist industry by clarifying the implications of the new research payment regime for global asset...more

Brexit Update: ESMA Issues Brexit Opinion to EU Regulators

The European Securities and Markets Authority foresees regulatory and arbitrage risks in Brexit and has issued an opinion as a practical tool to help achieve supervisory convergence among EU regulators—Brexit negotiations...more

EU's New Regime on Payments for Research, Use of Dealing Commissions

The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more

UK Financial Conduct Authority Clamps Down on Retail CFD Products

FCA proposes enhanced disclosure requirements for derivatives being marketed to retail investors who may not be aware of the risks. Concerned that more and more retail customers are offering and trading...more

FCA to Impose Remedies in Asset Management Sector

On 18 November 2016, the UK’s Financial Conduct Authority (FCA) published interim findings from its year-long study of the country’s asset management sector—concluding that price competition is weak in several areas, and...more

Update On Securities Financing Transactions Regulation

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

'Breality Check'—Brexit Update and Third Country Passporting Implications

While the swirl of day-by-day posturing, partisan commentary, and reluctance of the UK and EU authorities to reveal their negotiating hands make it challenging to discern probable routes forward and plan accordingly, there is...more

UK Market Abuse Regime Extends Its Reach: Implications for Issuers

Companies trading on either the London Stock Exchange’s Main Market or AIM should ensure that their systems and procedures reflect changes to their disclosure and other obligations arising from the implementation of the new...more

UK Market Abuse Regime Extends Its Reach: Implications for Market Participants

The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more

Inducement Rules: FCA Reminds Firms of Its Expectations

The FCA has found that client hospitality events do not always enhance the quality of service to clients in line with its inducement rules....more

Financial Services Sector Implications of ‘Brexit’

Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London is Europe’s key financial...more

New UK Regime to Strengthen Senior Management Accountability

On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more

UK Financial Conduct Authority Signals Significant Changes to the FCA Handbook arising from EU Market Abuse Regulation

Removal of the Model Code and Disclosure Rules are among the important modifications. On 5 November 2015, the UK Financial Conduct Authority (FCA) published its consultation paper addressing the changes it proposes to...more

UK Financial Institutions Strengthen Accountability

UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more

UK Financial Institutions: Proposals for New Senior Managers and Certification Regimes

With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more

FCA Brings Greater Clarity and Rigour to UK’s “Soft Commission” Regime

Changes to the use of dealing commission rules, including a ban on “softing” of corporate access services, reflect the FCA’s continuing objective to ensure that investment managers control the costs that they pass on to their...more

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