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The new prudential regime for MiFID investment firms

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

The latest regulatory update – August 2020

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

Is your Management Information good enough?

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

REP008: Conduct Rules reporting for solo-regulated firms

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

The latest regulatory update – July 2020

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

CEO Letter: Inappropriate use of title transfer collateral arrangements

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 Framework – what the FCA expects

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

The Latest Regulatory Update – June 2020

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

FCA Assessing adequate financial resources

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

Regulatory references & the Senior Managers & Certification Regime

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

ESMA guidance on the compliance function under MiFiD ii

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

Expectations of Market Conduct during the Coronavirus Crisis

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

Building a workable Risk Register – Technology (Part 3)

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

This month’s Latest regulatory developments

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

What Good Governance looks like in regulated firms

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

Building a workable risk register – Control Framework (Part 2)

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

Firms handling of complaints during the coronavirus

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

Covid-19: new FCA client assets webpage

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

Building a workable Risk Register (Part 1)

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

Latest on Operational Risk and Resilience

  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

FCA expectations for solo-regulated firms applying SMCR during 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

FCA “Dear CEO” Letter for Wholesale Firms

  18.04.2019   FINANCIAL CRIME, SM&CR

On 18 April, the Financial Conduct Authority (FCA) published a Dear CEO letter explaining its view on the key harms that brokerage firms operating in wholesale financial markets pose to their clients

Financial Conduct Authority Business plan 2019-2020

  17.04.2019   FINANCIAL CRIME, SM&CR

On 17 April, the Financial Conduct Authority (FCA) has published its Business Plan 2019/20, which sets out the FCA’s main areas of regulatory focus for the year ahead. The FCA states

Financial Conduct Authority Updates on SM&CR

  11.03.2019   SM&CR

On Friday 8 March, the Financial Conduct Authority (FCA) issued two important updates forthe implementation of the Senior Managers and Certification Regime (SM&CR): Policy Statement (PS19/7) – The Directory Finalised

SMCR – FCA Proposed Guidance on Statements of Responsibilities

The FCA has published a Guidance Consultation (GC 18/4) to provide practical assistance and information to firms in preparation for the extension of the Senior Managers and Certification Regime (SMCR).

Sensible and Proportionate Approaches to SMCR and MiFID II

It is without doubt that the Senior Managers Regime and MiFID II are front of mind for the majority of Exec and Non-Exec directors in Financial Services companies. As the