News & Analysis as of

Financial Conduct Authority (FCA)

UK Conduct Regulator Bans RBS Trader for Manipulation of Japanese Yen LIBOR

by Shearman & Sterling LLP on

The Financial Conduct Authority published a Final Notice in relation to Neil Danziger, a former RBS interest rate derivatives trader, in connection with his involvement in the manipulation of Japanese Yen LIBOR. The FCA...more

UK Financial Conduct Authority New Chair - Charles Randell CBE

by Shearman & Sterling LLP on

HM Treasury has announced that Charles Randell CBE will become chair of the Financial Conduct Authority...more

Underwriting or Placing Fees, Corporate Finance Contacts and MiFID II

by Shearman & Sterling LLP on

MiFID II is Europe’s new financial regulation for investment business which came into effect on 3 January 2018. The banking and legal industries seem to be unsure about whether or not MiFID II treats both issuers and buy-side...more

Financial Markets Disputes and Regulatory Update - January 2018 - What can we learn from the second half of 2017

by Dentons on

Court decisions/impacts - Cases which consider the construction and use of standard form financial agreements almost always deserve reading. Most notable in this category is the judgment of the Court of Appeal in Dexia v....more

Financial Markets Disputes and Regulatory Update - January 2018 - Regulatory developments

by Dentons on

Senior managers regime, certification regime and conduct rules (SMCR) - Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms, and extending the SMCR to Insurers - Consultation...more

Corporate and Financial Weekly Digest, Featuring Topics on Broker-Dealer, Derivatives, CFTC and UK/Brexit/EU DevelopmentsCorporate...

BROKER-DEALER - FINRA Releases 2018 Regulatory and Examination Priority Letter - On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing...more

UK Financial Conduct Authority Publishes Near-Final Rules for Implementation of the EU Benchmarks Regulation

by Shearman & Sterling LLP on

The UK Financial Conduct Authority has published a Policy Statement setting out responses to its earlier consultation in June 2017 on proposed Handbook changes to ensure that the Handbook is consistent with the provisions of...more

Key Regulatory Topics: Weekly Update - 22 December 2017 – 4 January 2018

by Allen & Overy LLP on

BREXIT - FMLC paper on Brexit and impact of WTO rules on financial services - On 22 December 2017, the FMLC published a paper on the potential impact of Brexit and WTO rules on financial services. The paper focuses on...more

MiFID II and commissions: Implications for technology costs

New MiFID II rules around which services buy-side firms may pay for through commission payments with brokers makes an important distinction....more

UK Regulators Consult Further on Extension of Individual Accountability Regime to All Financial Services Firms

by Shearman & Sterling LLP on

The UK Financial Conduct Authority and Prudential Regulation Authority have issued further consultations on aspects of the extension of the Senior Managers and Certification Regime to all firms authorized under the Financial...more

Preparing Borrowers For The LIBOR Phase-Out: Some Practical Advice

by Cole Schotz on

As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China has put the kibosh on micro-lending, a move that has cut short not just the consumer loans themselves but the giant asset-backed securities market—a $37 billion industry in China last year alone. The new curbs have had...more

UK Financial Conduct Authority Rules Out New Rules for Distributed Ledger Technology

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a feedback statement on Distributed Ledger Technology, following the discussion paper it issued in April 2017....more

UK Financial Conduct Authority Will Follow European Banking Authority Guidelines Under the Revised Payment Services Directive

by Shearman & Sterling LLP on

The UK Financial Conduct Authority has issued a statement confirming that it will comply with the Guidelines published by the European Banking Authority on December 12, 2017 on security measures for operational and security...more

Regulation Round Up - December 2017

by Proskauer Rose LLP on

1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more

Update: Creation of the National Economic Crime Centre

by WilmerHale on

On 11 December 2017 the Government announced the creation of the National Economic Crime Centre (NECC). The NECC will be based within the National Crime Agency (NCA) and will act as a multi-agency organisation, tasked with...more

Replacing LIBOR in Derivatives Agreements

In July 2017, the CEO of the U.K. Financial Conduct Authority (FCA), Andrew Bailey, announced that the FCA will discontinue the London interbank offered rate (LIBOR) at the end of 2021. LIBOR is an interest rate index that is...more

Equity Capital Markets - Which Market?

by Hogan Lovells on

Hogan Lovells Guide to the eligibility requirements and continuing obligations of admitting securities to the Premium, Standard and High Growth segments of the Main Market and AIM – (updated as at 1 January 2018). Please...more

Corporate Insurance Newsletter – December 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for December has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please...more

Key Regulatory Topics: Weekly Update - 15 December 2017 – 21 December 2017

by Allen & Overy LLP on

BREXIT - CBI Brexit guide to EU bodies and regulators: financial services aspects - On 21 December, the CBI published a guide to the EU bodies and regulators that matter to business in the Brexit negotiations, including...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 9

Structured Product Red Herrings: Rule 433 and Rule 424(b) - Red herrings for most offerings of structured products registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as...more

UK Financial Conduct Authority Publishes Measures to Improve the UK Financial Advice Market

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement setting out new Handbook rules and guidance to implement some of the recommendations arising from the Financial Advice Market Review launched by the FCA jointly...more

Proposals Announced to Extend Senior Management Responsibilities in UK Financial Services

by Morgan Lewis on

Firms should establish implementation teams, create project plans, design procedures, and take several other measures to prepare for the new rules. The UK Financial Conduct Authority (FCA) has published three more...more

Second FCA Consultation Paper Published On Accountability 2

by DLA Piper on

On 13 December 2017, the FCA has published a technical Consultation Paper 17/40 (CP 17/40) on the extension of the Senior Managers and Certification Regime (SMCR) to the entire financial services industry. CPI 7/40 contains...more

What Next for Distributed Ledger Technology?

by Latham & Watkins LLP on

The FCA has published a Feedback Statement on Distributed Ledger Technology, setting out its views and proposed next steps. Key Points: ..Respondents to the FCA’s initial Discussion Paper were supportive of the FCA...more

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