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Financial Conduct Authority (FCA)

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by Robins Kaplan LLP on

It was a busy Thursday in the big pharma world, with drugmaker Shire rejecting a $60 billion takeover offer from Japan’s Takeda, while US rival Allergan disclosed that it was considering a bid of its own for Shire....more

Asset Management Regulatory Roundup - April 2018 - 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 of the FCA’s statement on the implementation period for Brexit; the requirement for firms...more

Corporate Insurance Newsletter – March 2018

by Hogan Lovells on

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

New York Fed’s New Benchmarks May Provide Further Guidance on LIBOR Phase-Out

by Ropes & Gray LLP on

As reported in a previous alert, the UK Financial Conduct Authority (FCA) announced on July 27, 2017 that, by 2021, it intends to replace the London Interbank Offered Rate (LIBOR), the key benchmark rate underlying hundreds...more

GDPR’s New Requirements: What Investment Managers, Funds, Banks, and Broker-Dealers Need to Know

by Morgan Lewis on

The European General Data Protection Regulation, which will come into force on May 25, 2018, requires companies, including investment managers, funds, banks, and broker-dealers, with operations in Europe or information about...more

Allen & Overy's weekly update on Key Regulatory Topics - 6 April 2018 – 12 April 2018

by Allen & Overy LLP on

BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more

Corporate & Financial Weekly Digest, Featuring Topics on Broker/Dealer and UK/EU Developments

BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more

Financial Regulatory Developments Focus - April 2018 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Regulator Proposes Guidance on Obligations to Counter Insider Dealing and Market Manipulation

by Shearman & Sterling LLP on

The Financial Conduct Authority has launched a consultation on adding a proposed chapter on insider dealing and market manipulation to its Financial Crime Guide. The Financial Crime Guide is not part of the FCA's rules but it...more

European Securities and Markets Authority Confirms Product Intervention for Contracts for Difference and Binary Options

by Shearman & Sterling LLP on

The European Securities and Markets Authority has confirmed that it will use its product intervention powers under the Markets in Financial Instruments Regulation to prohibit the marketing, distribution and sale of binary...more

Corporate & Financial Weekly Digest, Featuring Topics on SEC and UK/EU/Brexit Developments

SEC/CORPORATE - Delaware State Bar Association Council Releases Proposed Amendments to the Delaware General Corporation Law - The Corporate Council of the Corporation Law Section of the Delaware State Bar Association...more

Next Steps in the Asset Management Market Study

by Latham & Watkins LLP on

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

FCA Statement on Cryptocurrency Derivatives

by Latham & Watkins LLP on

FCA warns providers of cryptocurrency derivatives of their regulatory obligations. The UK Financial Conduct Authority (FCA) has issued a statement reminding businesses offering cryptocurrency derivatives of the requirement...more

Financial Services Quarterly Report - First Quarter 2018: LIBOR – Where Are We Now?

by Dechert LLP on

Discussion of LIBOR was catapulted back into the spotlight last summer when Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA), gave a speech1 on the reference rate’s future. The key take-away was...more

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

FCA Publishes a Closet Tracking Fund Webpage - The FCA published a new webpage on 14 March 2018, outlining its recent work on closet tracking funds. The FCA considers that closet tracking funds look like, and charge...more

UK Competition and Markets Authority Publishes Second Working Paper on its Investment Consultancy Investigation

by Shearman & Sterling LLP on

The U.K. Competition and Markets Authority has published the second in a series of working papers on specific aspects of its market investigation into the supply and acquisition of investment consultancy services and...more

Regulation Round Up - March 2018

by Proskauer Rose LLP on

1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more

UK Government Launches FinTech Sector Strategy

by Shearman & Sterling LLP on

HM Treasury has published a document entitled "FinTech Sector Strategy: Securing the Future of U.K. FinTech" to coincide with the U.K. government's second International Fintech Conference....more

UK and Australian Regulators Agree Enhancements to FinTech Bridge

by Shearman & Sterling LLP on

The U.K. Financial Conduct Authority and the Australian Securities and Investments Commission have signed an enhanced cooperation agreement on FinTech innovation. The new agreement supersedes the previous cooperation...more

Allen & Overy's weekly update on Key Regulatory Topics - 23 March 2018 - 28 March 2018

by Allen & Overy LLP on

BREXIT - Please see the Prudential Regulation section for updates on: (i) the record of the FPC meeting held on 12 March; and (ii) HMT’s recently published letter on the EC’s proposed package of reforms in relation to BRRD...more

UK Regulator Consults on Mission Approach Documents for Supervision and Enforcement

by Shearman & Sterling LLP on

The U.K. Financial Conduct Authority has published two consultations, seeking feedback on draft documents setting out its regulatory approach to supervision and enforcement. The two documents, once finalized, will form part...more

FCA sets out its Approach to Enforcement

by Dentons on

The FCA has published its Approach to Enforcement document, one of a series of documents seeking to articulate its "Mission"....more

First Use of ESMA Temporary Product Intervention Measures

by Latham & Watkins LLP on

ESMA to introduce measures to restrict the provision of CFDs, and prohibit the provision of binary options, to retail investors in the EU. The European Securities and Markets Authority (ESMA) has announced the first use of...more

FCA Proposes New Guidance on Financial Crime Systems and Controls

by Latham & Watkins LLP on

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

March 2018 Private Banking Newsletter: Issues Impacting the Private Bank Sector

by Latham & Watkins LLP on

On 23 February 2018, the FCA published a Policy Statement with new perimeter guidance on what amounts to a personal recommendation in relation to advising on retail investments. The guidance came into effect on the same...more

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