SM&CR

Regulatory Update December In this issue we cover: Cloud Service Providers FCA fines and prohibits hedge fund Chief Investment Officer for market abuse FCA consults on the Investment Firm Prudential

The recently agreed UK-EU Trade and Cooperation Agreement (TCA) will allow personal data to continue to flow freely from the EU (and EEA) to the UK, until adequacy decisions have

Regulatory Update November Commission launches public consultation on criteria defining environmentally sustainable activities On 22 November 2020, the European Commission issued a consultation on a draft delegated act under the

The ruling by the Court of Justice of the EU (CJEU) on 16 July 2020 in the Schrems II case has far reaching implications for the transfer of personal data

The deadline for solo-regulated firms to submit their data via Connect to the Directory of Certified and Assessed Persons using the single entry submission form is 31 March 2021. The

Regulatory Update October 2020 FCA update on complaint handling The FCA has updated its webpage concerning firms’ handling of complaints during the COVID-19 pandemic. The FCA has updated information on Payment Protection

On 12 Oct Julia Hoggett (FCA director of Market Oversight) gave a speech at the City Financial Global event in which she highlighted the effects of the Coronavirus on market

Regulatory Update September 2020 FCA call for input on the consumer investments market The FCA has published a call for input (by 15 December 2020) to help shape its work

The FCA recently published a discussion paper (DP20/02) setting out the technical details on the EU’s Investment Firm Directive (IFD) and the Investment Firm Regulation (IFR). As the UK has

August Regulatory Update FCA Dear CEO letter: Non-discretionary investment firms to take action to prevent client harm Over recent months, the FCA has published a raft of guidance for firms

Good Management Information (MI) plays an important part in identifying, measuring, managing, and controlling risks of regulatory concern within firms. To be most effective it must be seen by the

On 14 August 2020, the FCA published a new web page relating to the annual conduct rules reporting requirement that the Senior Managers and Certification Regime (SM&CR) introduced for solo-regulated firms. The

Modification by consent: SUP 10A.5.6 On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period

On 24 July 2020, the FCA published a Dear CEO letter to authorised firms acting as brokers in wholesale financial markets, who currently, or may in the future, offer services

Conduct risk continues to be a focus for the FCA. As it is not an FCA defined term, firms need to understand what it means. The FCA expects firms to

Market trading and reporting – FCA On 27 May 2020, the FCA published Primary Market Bulletin Issue No. 28 which provides an update on temporary relief for the timing of the publication

The FCA’s “FG 20/1 Our framework: assessing adequate financial resources” was published on 11 June 2020 and will impact in the region of 45,000 FCA regulated firms. The changes represent

It has been six months since the Senior Managers and Certification Regime (SMCR) became applicable to solo regulated FCA firms and although the movement of employees is less than it

The European Securities and Markets Authority (ESMA), published on the 10 June 2020 the final guidelineson the MiFID II compliance function. These guidelines replace the ESMA guidelines on the same

The FCA published Market Watch 63 on the 27th May 2020 where they set out their expectations of market conduct in the context of increased capital raising events and alternative

In Part 1 of our Risk Register series, we looked at operational risk and resilience and the responsibilities of individuals within a firm to manage these. Part 2 took a

COVID-19 – FCA statement on how firms should handle post and paper documents The FCA published a statement on the 13th May 2020 which sets out its position on the

FCA Expectations Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. For regulated firms, the governance structure is not prescribed, although

The Control Framework is a data structure that organises and categorises a firm’s internal controls. These being practices and procedures which minimise the risks set out in the Risk Register

The FCA clarifies its current position in relation to dealing with complaints in a statement on the 1st May 2020 which will be reviewed in 3 months time. The FCA

The FCA set out its current position in relation to client assets in a statement on the 6 April 2020 as a consequence of queries that it had received from

The Risk Register is a tool for documenting operational risks and actions to manage or control them. It is generally administered by the Chief Risk Officer (CRO) or in small

  On 4 March 2020 the FCA published a statement outlining their expectations as to how firms should respond to the situation we find ourselves in due to the Covid-19

  On 3 April, the FCA published a statement alerting FCA solo-regulated firms of its expectations under the Senior Managers and Certification Regime (SMCR) during the continued COVID-19 situation. Its