UK Regulation Round Up - January 2017

by Proskauer Rose LLP

Proskauer Rose LLP

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers.

The start of 2017 saw a number of regulatory developments including important updates on use by the FCA of its consumer credit powers.

Key developments in January 2017:

11 January

The FCA published a statement drawing attention to Chapter 4.3 of the Code of Market Conduct which relate to “cold-shouldering” following the statement issued by The Panel on Takeovers and Mergers on 10 January 2017.

13 January

The FCA announced details of a Warning Notice issued to an unnamed individual engaged in market abuse.

13 January

The FCA published its MiFID II: application and notification user guide to help firms decide which applications and notifications relating to MiFID II they should make and to explain how to do so.  Firms will be able to apply for authorisation and variations of permission (VoPs) from 30 January 2017, and for passport notifications from 31 July 2017.

16 January

The FCA and PRA launched a joint consultation paper on the management expenses levy limit for 2017/18 in relation to the Financial Services Compensation Scheme.

17 January

The FCA commenced its first prosecution relating to unlicensed consumer credit lending.

17 January

The third deferred prosecution agreement to be concluded in the UK (between the UK Serious Fraud Office and Rolls Royce plc) was approved by the Court.

19 January

The FCA’s Director of Enforcement used a speech to reiterate that numbers of investigations may rise.

19 January

The FCA issued finalised guidance on default notices under guarantor loans.

23 January

The FCA issued a consultation paper seeking feedback on aspects of the operation of the client assets regime, with particular reference to the client money distribution rules and the special administration regime.

24 January

The FCA published an alert highlighting its requirements for firms advising on pension transfers.

26 January

The FCA published its Handbook Notice for January 2017.  Among the changes, the FCA confirmed that from 29 June 2017, full-scope UK AIFMs will, in certain circumstances, need to provide Annex IV reports for non-EEA AIFs that it manages but does not market in the EEA.  From the same date, above-threshold non-EEA AIFMs marketing feeder AIFs into the UK will, in certain circumstances, be required to provide Annex IV reports on the master AIF as well.

30 January

Andrea Enria, chairman of the European Banking Authority, said in a speech that the EU should create a taxpayer-backed fund to buy bad loans from struggling lenders at their “real economic value” — a level to be determined by the fund after doing due diligence on the loans to enhance transparency of non-performing loans.

Further afield, on 23 January, the US Federal Reserve Chair Janet Yallen emphasised the importance of blockchain technology.  Similar comments were echoed at the London Blockchain 2-day Expo on 26 January, with a particular focus on smart contracts and digital disruption in the FIG sector.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Proskauer Rose LLP | Attorney Advertising

Written by:

Proskauer Rose LLP

Proskauer Rose LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
Privacy Policy (Updated: October 8, 2015):

JD Supra provides users with access to its legal industry publishing services (the "Service") through its website (the "Website") as well as through other sources. Our policies with regard to data collection and use of personal information of users of the Service, regardless of the manner in which users access the Service, and visitors to the Website are set forth in this statement ("Policy"). By using the Service, you signify your acceptance of this Policy.

Information Collection and Use by JD Supra

JD Supra collects users' names, companies, titles, e-mail address and industry. JD Supra also tracks the pages that users visit, logs IP addresses and aggregates non-personally identifiable user data and browser type. This data is gathered using cookies and other technologies.

The information and data collected is used to authenticate users and to send notifications relating to the Service, including email alerts to which users have subscribed; to manage the Service and Website, to improve the Service and to customize the user's experience. This information is also provided to the authors of the content to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on JD Supra.

If you prefer not to enable cookies, you may change your browser settings to disable cookies; however, please note that rejecting cookies while visiting the Website may result in certain parts of the Website not operating correctly or as efficiently as if cookies were allowed.

Email Choice/Opt-out

Users who opt in to receive emails may choose to no longer receive e-mail updates and newsletters by selecting the "opt-out of future email" option in the email they receive from JD Supra or in their JD Supra account management screen.


JD Supra takes reasonable precautions to insure that user information is kept private. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. However, please note that no method of transmitting or storing data is completely secure and we cannot guarantee the security of user information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time.

If you have reason to believe that your interaction with us is no longer secure, you must immediately notify us of the problem by contacting us at In the unlikely event that we believe that the security of your user information in our possession or control may have been compromised, we may seek to notify you of that development and, if so, will endeavor to do so as promptly as practicable under the circumstances.

Sharing and Disclosure of Information JD Supra Collects

Except as otherwise described in this privacy statement, JD Supra will not disclose personal information to any third party unless we believe that disclosure is necessary to: (1) comply with applicable laws; (2) respond to governmental inquiries or requests; (3) comply with valid legal process; (4) protect the rights, privacy, safety or property of JD Supra, users of the Service, Website visitors or the public; (5) permit us to pursue available remedies or limit the damages that we may sustain; and (6) enforce our Terms & Conditions of Use.

In the event there is a change in the corporate structure of JD Supra such as, but not limited to, merger, consolidation, sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information collected on and through the Service to one or more affiliated or unaffiliated third parties.

Links to Other Websites

This Website and the Service may contain links to other websites. The operator of such other websites may collect information about you, including through cookies or other technologies. If you are using the Service through the Website and link to another site, you will leave the Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We shall have no responsibility or liability for your visitation to, and the data collection and use practices of, such other sites. This Policy applies solely to the information collected in connection with your use of this Website and does not apply to any practices conducted offline or in connection with any other websites.

Changes in Our Privacy Policy

We reserve the right to change this Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our privacy policy will become effective upon posting of the revised policy on the Website. By continuing to use the Service or Website following such changes, you will be deemed to have agreed to such changes. If you do not agree with the terms of this Policy, as it may be amended from time to time, in whole or part, please do not continue using the Service or the Website.

Contacting JD Supra

If you have any questions about this privacy statement, the practices of this site, your dealings with this Web site, or if you would like to change any of the information you have provided to us, please contact us at:

- hide
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.