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Financial Conduct Authority (FCA)

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Tesla’s hoping that a manufacturing plant in China—the first in the country wholly owned by a foreign manufacturing company—will translate into big sales in the Chinese market. With the Chinese government loath to give up the...more

Consumer credit restructurings - industry on high alert

by DLA Piper on

There have been a number of smoke signals in the last few months around the increase of consumer debt in the UK and a focus on those firms providing consumer credit across the credit spectrum but particularly in the...more

The Potential Demise of LIBOR

by Reed Smith on

The potential demise of LIBOR hit the headlines in July when the CEO of the UK’s Financial Conduct Authority (FCA) announced that the rate is no longer tenable (based on a lack of transaction based data) and that the FCA will...more

Culture and conduct through the lens of the UK’s Senior Managers and Certification Regime

by WilmerHale on

Speaking on 20 September 2017, Jonathan Davidson—Director of Supervision for Retail and Authorisations at the Financial Conduct Authority (“FCA”)—addressed the issue of culture and conduct in financial services, in light of...more

Asset Management Regulatory Roundup - October 2017 - Issue 8

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more

Individual Accountability for PE Executives Continues to Increase Under Legal and Regulatory Changes

by Latham & Watkins LLP on

Corporate accountability has been a key focus for UK legislators and regulators since the credit crisis, as authorities have taken action against corporate failings. In our view, this focus is evolving to emphasise individual...more

Financial Conduct Authority Outlines Methods for Firms to Comply With MiFID II Transaction Reporting Obligations

by Shearman & Sterling LLP on

The Financial Conduct Authority has devoted the September 2017 issue of its Market Watch newsletter to a discussion of aspects of FCA reporting functionality and the means by which firms can meet their reporting obligations...more

Key Regulatory Topics: Weekly Update - 6 October 2017 – 12 October 2017

by Allen & Overy LLP on

BREXIT - Uncorrected evidence relating to Brexit from House of Lords Select Committee on European Union - On 12 October, the HoL Select Committee on the EU published an uncorrected transcript of oral evidence taken from...more

UK Financial Conduct Authority Issues Urgent Reminder on Applications for Authorization or Variation of Permission in Readiness...

by Shearman & Sterling LLP on

The Financial Conduct Authority has issued a press release informing firms that applications to the regulator for authorization or variation of permission in time for MiFID II implementation are now urgent. The FCA has...more

UK Financial Conduct Authority Makes Market Investigation Reference for Investment Consultancy and Fiduciary Management Services

by Shearman & Sterling LLP on

The Financial Conduct Authority has made a market investigation reference to the Competition and Markets Authority in relation to investment consultancy and fiduciary management services. The institutional investors who use...more

Regulation Round Up - September 2017

by Proskauer Rose LLP on

1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more

The Practical Effects of LIBOR’s Phase Out

Trillions of dollars’ worth of financial documents use the London Interbank Offered Rate, or LIBOR, to set the interest rate of a transaction. The ICE Benchmark Administration currently maintains a reference for LIBOR by...more

Planning For The End of LIBOR

by Holland & Knight LLP on

By 2021, it is likely that LIBOR will no longer exist, and even more likely that it will no longer be the leading global benchmark interest rate. This news comes from the U.K. Financial Conduct Authority’s (FCA) announcement...more

FCA Announces Discontinuation of LIBOR

by Hogan Lovells on

As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

Six changes to the SMCR for banks

by Dentons on

There might be a temptation for banks to think that the senior managers and certification regimes (SMCR) are old news, and they can just get on with the business of compliance. There are two main reasons, however, why banks...more

Anti-money laundering bulletin - Autumn 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Autumn 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments in the UK and internationally,...more

Financial Services Quarterly Report - Third Quarter 2017: Global Update: Regulators Focus on Initial Coin Offerings

by Dechert LLP on

Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more

Asset Management Regulatory Roundup - October 2017 - Issue 7

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on ESMA's updated Q&As on the Benchmark Regulation and European Commission delegated...more

Bridging the Week - September 2017 #2

SEC Begins Proactively Suggesting Some Promoters Halt ICOs; the UK Financial Conduct Authority Joins Worldwide Regulators Saying that Digital Tokens Issued as Part of ICOs May Be Securities: Following the release of the...more

Extension of the senior managers and certification regimes

by DLA Piper on

The global financial crisis highlighted the difficulties with the culture in banks and in holding individuals to account for their failings. To help prevent the reoccurrence of these failings, the Parliamentary Commission...more

Funds Talk: October 2017 - MiFID II – State of Play

On Jan. 3, 2018, the long-anticipated overhaul of European Union (EU) financial markets legislation will come into effect. The second Markets in Financial Instruments Directive (MiFID II) will broaden the scope of EU...more

The Financial Report, Vol. 6, No. 18

by DLA Piper on

Discussion and Analysis - The SEC’s recent disclosure that its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system was hacked in 2016 has been receiving a lot of attention in the press. After several years of...more

ESMA Comments on MiFID II Implementation and Brexit

On September 29, 2017, Reuters.com reported on comments by Stephen Maijoor, ESMA Chair, on the implementation of MiFID II and Brexit. Mr. Maijoor believes that while implementation of the new rules under the MiFID II...more

Key Regulatory Topics: Weekly Update - 22 September 2017 – 28 September 2017

by Allen & Overy LLP on

CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more

The Importance of Creditworthiness and Risk Assessments

by Locke Lord LLP on

The FCA consultation distinguishes between two main areas of risk when assessing consumer credit: These are credit risk and affordability risk. The FCA has launched a recent consultation to clarify the rules on assessing...more

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