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FCA

PRIIPS and MiFID II: Cost and charges considerations

Two key pieces of regulation that impact how firms demonstrate transparency to clients when interacting with them throughout the lifecycle of a relationship, went live this week: Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the Markets in Financial Instruments Directive II (MiFID II).  

MiFID II: Loss of VAT exemption for research?

MiFID II went live on 3 January 2018. In scope, firms will have considered the impact of the regulatory changes being introduced, but may not be aware of the VAT implications of MiFID II in respect of the provision of research.

ESMA issues statement on preparatory work relating to CFDs and binary options

The European Securities and Markets Authority (ESMA) issued a statement earlier this month, providing an update on its work relating to the provision of contracts for differences (CFDs), including rolling spot forex and binary options to retail clients.

MiFID II - the final furlong

With just 36 working days remaining of 2017 and until the implementation of MiFID II, we are seeing mixed progress towards compliance, with some firms just completing the first hurdle as they progress through the gap analysis stage. While others have demonstrated strong progress towards implementing solutions and now have the finish line in sight, as we enter the final furlong.

MiFID II - what you may have missed...

With just 3 months left to achieve compliance with MiFID II implementation due on 3 January 2018, we've highlighted below 7 key areas that are pertinent to most firms across financial services.  

Regulator’s spotlight now firmly on COREP returns accuracy

Last year, the PRA issued a ‘Dear CEO letter’ setting out its intention to review the accuracy of COREP returns. Now, the Regulator has started to press ahead with their review, and has issued a wave of S166 reviews to investigate individual business’ COREP processes and procedures. We now believe that the next step will be for the FCA to take the same approach for those firms that fall under its regulation.

Countdown begins for payment services firms

On 19 September, the FCA published Policy Statement 17/19 ahead of the implementation of the second Payment Services Directive (PSD2) through the new Payment Services Regulation (PSR 2017) and revised Electronic Money Regulations (EMR).

Regulatory intervention: what next for the CFD industry?

An article discussing the concerns raised over the risks posed to retail investors from the provision of speculative products such as CFDs. It has been widely publicised, that the regulators are considering intervention, including possible measures such as leverage limits, guaranteed limits on client losses or restrictions on the marketing and distribution of these products.

Extending the Senior Managers & Certification Regime to all FCA firms – summary of Consultation Paper 17/25 on Individual Accountability

On Wednesday, the FCA issued a consultation paper (CP17/25)  on the extension of the Senior Managers & Certification Regime (‘SM&CR’) to those FSMA authorised firms that are not currently in scope of the regime. The key drivers of this reform are still the same as the original SM&CR that is currently applicable to the banking sector; Improving culture and governance in financial services firms, holding senior managers to high standards through individual accountability and increasing consumer protection remain amongst the highest priorities for the FCA.

Time to tighten your anti-money laundering defences

By 26 June 2017, all European Union member states are required to have enacted the Fourth Money Laundering Directive (4MLD) into national law. 4MLD aims to give effect to the updated Financial Action Task Force (“FATF”) standards. With this in mind Firms need to make sure their policies, procedures, systems and controls are up to scratch.