Global Financial Regulatory Blog

Tag Archives: FCA

SEC Puts LIBOR Transition Testing in Focus

In anticipation of LIBOR discontinuation, the SEC will begin examining transition progress. By Vicki E. Marmorstein, Jane Summers, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, and Deric Behar Nearly a year after the US Securities and Exchange Commission’s (SEC’s) release of a Staff Statement on LIBOR Transition, the SEC’s Office of Compliance Inspections … Continue Reading

FCA Issues a Public Censure to Redcentric PLC for Committing Market Abuse

The FCA publicly censured the IT service provider for publishing false information about its net debt and holdings of cash and cash equivalents. By Chris Horton, James Inness, David Berman and Katy Sanders On 26 June 2020, the FCA issued a final notice to Redcentric PLC (Redcentric), publicly censuring Redcentric for committing market abuse, between … Continue Reading

HM Treasury Announces Welcome Proposed Amendments to the UK Benchmarks Regulation

The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. By Nicola Higgs and Ella McGinn On 23 June 2020, the FCA published a statement welcoming HM Treasury’s announcement that the Treasury intends to bring forward legislation to amend … Continue Reading

UK Decides Against Implementing Certain Key Areas of EU Financial Services Legislation

The UK government clarifies its legislative plans for financial services regulatory reforms post-Brexit. By Rob Moulton and Anna Lewis-Martinez On 23 June 2020, the House of Commons published a written statement from Rishi Sunak, Chancellor of the Exchequer, on the UK’s approach to implementing financial services regulatory reforms before the end of the Brexit transition … Continue Reading

Staying Inside — FCA’s New Guidance on Market Conduct During COVID-19

New guidance for issuers and market participants on capital raising events and alternative working arrangements, and additional time allowed for filing half-yearly financial reports. By James Inness, Nicola Higgs, Connor Cahalane, and Anna Lewis-Martinez On 27 May 2020, the FCA published its Primary Market Bulletin 28, which provides an update for issuers on temporary relief … Continue Reading

COVID-19: FCA Delays Implementation of SCA Under PSRs 2017

By Rob Moulton and Anna Lewis-Martinez On 30 April 2020, the FCA released a statement announcing a six-month extension to the deadline for firms’ implementation of strong customer authentication (SCA) for e-commerce under the Payment Services Regulations 2017 (PSRs 2017). The FCA states that the extension is due to the COVID-19 pandemic and is set … Continue Reading

FCA to Apply for Court Declaration on Business Interruption Insurance Policies

FCA announces steps to obtain clarity for insurers and policyholders. By Victoria Sander, Martin Davies, Oliver Middleton, and Duncan Graves The Financial Conduct Authority (FCA) announced today, 1 May 2020, that it is taking steps to resolve contractual uncertainty in business interruption (BI) insurance cover in light of COVID-19 and intends to apply urgently for a … Continue Reading

FCA Announces Additional Primary Market Measures to Support Listed Companies

The package combines temporary policy interventions and existing options to help companies raise new share capital during the COVID-19 crisis. By Chris Horton, James Inness, Rob Moulton, and Anna Lewis-Martinez On 8 April 2020, the FCA published a Statement of Policy and related technical supplements aimed at helping companies to raise new share capital during … Continue Reading

FCA and PRA Statement on SM&CR and COVID-19: Expectations of Dual-Regulated Firms

UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review. By Rob Moulton and Anna Lewis-Martinez On 3 April 2020, the FCA and the PRA released a statement announcing several new governance measures for dual-regulated firms amid the COVID-19 outbreak under the Senior Managers and … Continue Reading

COVID-19: FCA Dear CEO Letter to Firms Providing Services to Retail Investors

The FCA sets out its approach on client identity verification, supervisory flexibility over best execution obligations and 10% depreciation notifications, and financial resilience. By Rob Moulton and Anna Lewis-Martinez On 31 March 2020, the FCA published a Dear CEO letter to firms providing services to retail investors about COVID-19. The FCA makes it clear that it expects … Continue Reading

COVID-19 Bank Lending Relief Measures

By Axel Schiemann, Marco Bonasso, Rob Moulton, Pia Naib Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of key headlines reflecting the current status for such debt moratoria in Germany, Italy, UK, … Continue Reading

Changes to Reporting Requirements for Issuers in Light of COVID-19

UK regulators announce a further package of measures to ease the burden on issuers. By Chris Horton, James Inness, Rob Moulton, Koushik Prasad, Connor Cahalane, and Charlotte Collins In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of information to investors and support the … Continue Reading

FCA Sets Out Its Expectations of Firms’ Response to COVID-19

The FCA expects firms to use flexibility to support consumers, has delayed new publications, and extended deadline for responses to published consultations to 1 October 2020. By Rob Moulton, Jonathan Ritson-Candler, and Anna Lewis-Martinez The Financial Conduct Authority (FCA) has published a new webpage providing information on its expectations of firms’ response to the coronavirus. … Continue Reading

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

All firms should take note of the FCA’s latest feedback on SMCR implementation. By Rob Moulton, Charlotte Collins and David Berman In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the Certification Regime and, most particularly, the Conduct Rules. While the FCA’s … Continue Reading

Latest UK Developments on the Regulation of Cryptoassets

FCA finalises guidance on cryptoassets and consults on product intervention measures. By Stuart Davis and Charlotte Collins FCA guidance on the regulation of cryptoassets As previously reported in this blog, the FCA consulted on guidance on cryptoassets in January 2019. This guidance is designed to help market participants understand how to classify different types of … Continue Reading

Market Abuse Regulation – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins The fourth post in this 10-blog series considers the latest developments in relation to the Market Abuse regime. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading

Benchmark Reform – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins This blog post explores developments relating to the EU Benchmarks Regulation and the transition away from LIBOR. This is the third blog of this series, which has been taken from our wider publication: 10 Key Regulatory Focus Areas for … Continue Reading

MiFID II – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins In the second post of this 10-blog series, we examine recent and upcoming developments relating to MiFID II. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading

Brexit Progress Report: 1 of 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019

By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton and Charlotte Collins In our January publication, we highlighted what we were seeing as the top regulatory focus areas for our clients during the year ahead, focusing on wholesale market structures and conduct risk. In a series of 10 blog posts, we will take a closer look at … Continue Reading

FCA Proposes Permanent Product Intervention Measures for Retail CFDs and Binary Options

The rules will echo ESMA’s temporary measures, however the FCA will extend the CFD restriction to capture closely substitutable products (such as turbo certificates).  By Rob Moulton, David Berman, Charlotte Collins, and Gabriel Lakeman The FCA has launched two consultations on: Banning the sale, marketing, and distribution of binary options to retail consumers (CP18/37) Restricting … Continue Reading

Findings from FCA Thematic Review on AML and CTF Systems and Controls Provide Timely Reminder for Firms

Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations. By Frida Montenius, Jonathan Ritson-Candler, and Charlotte Collins The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) systems and controls in 13 Electronic Money Institutions (EMIs). Although the … Continue Reading

FCA Sets Out Stance on Cross-Border Booking Arrangements

The “Dear CEO” letter underlines the FCA’s open and pragmatic approach in the context of Brexit. By Nicola Higgs and Charlotte Collins The FCA has published a “Dear CEO” letter to firms, advising them of its position in relation to the use of cross-border booking models in the context of Brexit. Firms commonly use remote … Continue Reading
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