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Tag Archives: financial regulation

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

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

Outsource Service Providers to the Financial Services Industry — A Growth Sector for Buyout Firms

By Nicola Higgs, Fiona MacLean, Brett Carr, and Catherine Campbell Technology outsourcing by financial institutions (FIs) has increased in recent years as FIs look to the latest innovations to improve their day-to-day business processes and to reduce costs. FIs outsource key functions to a host of regulated and unregulated third-party service providers, and the sector is … 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

Italy to Complete Implementation of the Market Abuse Regulation

Legislative Decree 107/2018 clarifies new reporting obligations, disclosure obligations, and sanctions, effective September 29. By Antonio Coletti and Isabella Porchia Italy has published in the Italian Official Gazette Legislative Decree no. 107 of August 10, 2018, amending the Italian legislative provisions (Legislative Decree no. 58/1998) to transpose the Market Abuse Regulation no. 596/2014 (MAR). The … Continue Reading

European Banking Authority’s Draft Guidelines on Outsourcing: Discussion of Key Themes

The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. By Fiona Maclean, Charlotte Collins, and Terese Saplys On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing (Public Consultation) to listen to what the European Banking Authority (EBA) had to say in relation … Continue Reading

Private Equity and Blockchain: New Infrastructure or New Asset Class?

By Andrew Moyle and Stuart Davis Growth in applications for blockchain and tokenisation, combined with an increasing number of initial coin offerings (ICOs), mean that buyout firms should note developments in this sector. Why Should PE Be Interested in Blockchain? A shared blockchain ledger could drive a single interface between a PE fund and its investors, … Continue Reading

FCA to Create Global Financial Innovation Network

FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox. By Stuart Davis, Gabriel Lakeman, Sam Maxson, Brett Carr and Charlotte Collins The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a Global Financial Innovation Network (GFIN). This is an evolution … Continue Reading

Payment Systems Regulator to Review Card Acquiring Market on Competition Concerns

The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings By Brett Carr, Stuart Davis and Christian McDermott The Payment Systems Regulator (PSR) has issued Draft Terms of Reference for a market review into the supply … Continue Reading

FCA Speaks Out on the Ethics of Big Data

FCA Chair hints that new regulation addressing data ethics in the FinTech space may be on the horizon. By Nicola Higgs, Fiona Maclean and Terese Saplys Will societies of the future be ruled by algocracy, in which algorithms decide how humans are governed? Charles Randell, Chair of the Financial Conduct Authority (FCA) and Payment Systems … Continue Reading

FCA Supports Guidelines on the Open Banking Fall-Back Provisions Exemption

The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading

UK Financial Services Regulators Warn Firms About Risks of Exposure to Crypto-assets

Both the FCA and the PRA have written to firms to warn about certain risks associated with exposures to crypto-assets, and to advise firms of the measures they should consider implementing to mitigate such risks. By Stuart Davis and Charlotte Collins The FCA and the PRA have each written a “Dear CEO” letter to firms, … Continue Reading

MiFID II Research Unbundling 6 Months on – what are we seeing in the market?

The FCA has recently announced that it will begin a review of how firms have implemented the unbundling rules “within weeks”. By Beatrice Lo and Jonathan Ritson-Candler At its recent asset management conference, the FCA announced that it will imminently launch a review of how asset managers have implemented the new MiFID II obligation to … Continue Reading

Swiss Regulator Publishes ICO Guidelines

Swiss regulator offers assistance in navigating the regulatory framework. By Andrew Moyle, Stuart Davis and Charlotte Collins The Swiss Financial Market Supervisory Authority (FINMA) has published a set of guidelines, setting out how it intends to apply its financial markets legislation in the context of initial coin offerings (ICOs). Despite the growing trend for ICOs … Continue Reading

Global Ambitions for the FCA’s Sandbox

The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. By Stuart Davis and Charlotte Collins The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can test innovative products, services, business models, and delivery mechanisms without immediately incurring all the … Continue Reading
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