Regulatory consulting MiFID II: Loss of VAT exemption for research? 5 January 2018 Andrew Jacobs 0 comments 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. Read more MiFID II - what you may have missed... 3 October 2017 Andrew Jacobs 0 comments 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. Read more Culture may not be measurable – but it's definitely manageable! 27 September 2017 Teresa Mazur 0 comments The FCA maintains its focus on culture and conduct in the context of the Senior Managers and Certification Regime (aka the accountability regime). Read more Countdown begins for payment services firms 21 September 2017 Kelly Sheppard 0 comments 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). Read more MiFID II countdown – five months to go 3 August 2017 Giovanni Giro 0 comments On 3 July, the FCA published policy statement PS17/14 detailing their final rules on conduct of business and client assets as part of the implementation of MiFID II in the UK. In this article we focus on the new conduct requirements and provide a brief outline on the main changes being introduced on best execution, investment research and inducements. Read more Extending the Senior Managers & Certification Regime to all FCA firms – summary of Consultation Paper 17/25 on Individual Accountability 28 July 2017 Giovanni Giro 0 comments 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. Read more The future of regulation in the shadow of Brexit 7 June 2017 Andrew Jacobs 0 comments With the Prime Minister Theresa May indicating that there is insufficient time to replace European bodies with a new British regulatory regime, the implications of Brexit look to have limited short term impact on Financial Services regulation. However, beyond March 2019, what would a hard or soft Brexit look like in terms of future regulation? Read more MiFID II: common misconceptions 2 June 2017 Andrew Jacobs 0 comments With only seven months to go until its implementation date, MiFID II is one of the most talked-about topics in the financial industry. However, we are still finding that a number of firms fall victim to some misinterpretations and common misconceptions about the changes brought about by MiFID II. Read more Time to tighten your anti-money laundering defences 18 April 2017 Andrew Jacobs 0 comments 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. Read more How ready are you for MiFID II? 3 April 2017 Andrew Jacobs 0 comments With an implementation date of 3 January 2018, the deadline for readying your firm for the required changes is rapidly approaching. However, in a recent Moore survey, it was found that only 7% of firms had started their implementation plans and more than half did not even have a plan in place yet to achieve timely compliance. To aid firms in scope of MiFID II, this article highlights the key milestones you need to work towards over the coming nine months. Read more MiFID II authorisations gateway 6 February 2017 Andrew Jacobs 0 comments The FCA announced the opening of the MIFID II authorisations gateway on 30 January. It is thought that around 600 applications will be submitted over the coming months including new applications for authorisation of organised trading facilities, commodities dealers and data reporting service providers. Similarly, variations of permissions and notifications from existing firms that require a change of permission or passporting rights are expected. Read more
MiFID II: Loss of VAT exemption for research? 5 January 2018 Andrew Jacobs 0 comments 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. Read more
MiFID II - what you may have missed... 3 October 2017 Andrew Jacobs 0 comments 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. Read more
Culture may not be measurable – but it's definitely manageable! 27 September 2017 Teresa Mazur 0 comments The FCA maintains its focus on culture and conduct in the context of the Senior Managers and Certification Regime (aka the accountability regime). Read more
Countdown begins for payment services firms 21 September 2017 Kelly Sheppard 0 comments 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). Read more
MiFID II countdown – five months to go 3 August 2017 Giovanni Giro 0 comments On 3 July, the FCA published policy statement PS17/14 detailing their final rules on conduct of business and client assets as part of the implementation of MiFID II in the UK. In this article we focus on the new conduct requirements and provide a brief outline on the main changes being introduced on best execution, investment research and inducements. Read more
Extending the Senior Managers & Certification Regime to all FCA firms – summary of Consultation Paper 17/25 on Individual Accountability 28 July 2017 Giovanni Giro 0 comments 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. Read more
The future of regulation in the shadow of Brexit 7 June 2017 Andrew Jacobs 0 comments With the Prime Minister Theresa May indicating that there is insufficient time to replace European bodies with a new British regulatory regime, the implications of Brexit look to have limited short term impact on Financial Services regulation. However, beyond March 2019, what would a hard or soft Brexit look like in terms of future regulation? Read more
MiFID II: common misconceptions 2 June 2017 Andrew Jacobs 0 comments With only seven months to go until its implementation date, MiFID II is one of the most talked-about topics in the financial industry. However, we are still finding that a number of firms fall victim to some misinterpretations and common misconceptions about the changes brought about by MiFID II. Read more
Time to tighten your anti-money laundering defences 18 April 2017 Andrew Jacobs 0 comments 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. Read more
How ready are you for MiFID II? 3 April 2017 Andrew Jacobs 0 comments With an implementation date of 3 January 2018, the deadline for readying your firm for the required changes is rapidly approaching. However, in a recent Moore survey, it was found that only 7% of firms had started their implementation plans and more than half did not even have a plan in place yet to achieve timely compliance. To aid firms in scope of MiFID II, this article highlights the key milestones you need to work towards over the coming nine months. Read more
MiFID II authorisations gateway 6 February 2017 Andrew Jacobs 0 comments The FCA announced the opening of the MIFID II authorisations gateway on 30 January. It is thought that around 600 applications will be submitted over the coming months including new applications for authorisation of organised trading facilities, commodities dealers and data reporting service providers. Similarly, variations of permissions and notifications from existing firms that require a change of permission or passporting rights are expected. Read more