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Some Considerations for Hybrid Working

We have seen in previous communications related to remote working from the regulator specifically during the national lockdowns, with little leniency being granted to firms with respect to areas such

The latest regulatory update – September 2021

Regulatory Update September 2021 In this issue we cover: FCA reminds firms about financial crime risks UK GDPR PRA Dear CEO letter on reliability of regulatory reporting FCA and HMT

The latest regulatory update – August 2021

Regulatory Update August 2021 In this issue we cover: FCA RDC reforms FCA proposals for new listing guidance for cannabis-related businesses FCA proposals for listed companies to disclose gender and

The latest regulatory update – July 2021

Regulatory Update July 2021 In this issue we cover:  Diversity of listed company boards and their executive management teams Ian Hudson sentencing SPACs Crypto issues HM Treasury Wholesale Markets Review

The latest regulatory update – June 2021

Regulatory Update June 2021 PRA policy statement on Senior Management Function temporary absences  The PRA published a policy statement (PS11/21), together with updated Supervisory Statements SS28/15 and SS35/15, which confirm

The FCA’s second consultation paper on the new IFPR (MIFIDPRU)

Remuneration Last month we looked at Own Funds Requirements with respect to the consultation paper CP21/7, here we look at how the MIFIDPRU Remuneration Code will apply to all firms

The latest regulatory update – May 2021

Regulatory Update May 2021 In this issue we cover: New Consumer Duty consultation paper by FCA Speech by BoE Governor on life after LIBOR FCA guidance for insolvency practitioners on

The new Consumer Duty to be required by financial services firms

In this issue we cover the latest FCA consultation paper CP21/13, a new Consumer Duty which will be required by all financial services firms in relation to products and services

The latest regulatory update – April 2021

Regulatory Update April 2021 In this issue we cover: Remuneration Code changes FCA speech on regulating the UK as a global financial centre FCA consultation paper on new prudential regime

The FCA issues second consultation paper on the new IFPR

As we have mentioned in previous blogs, the new IFPR is due to come into effect on the 1st January 2022 and will apply to all firms authorised by the

The latest regulatory update – March 2021

Regulatory Update March 2021 In this issue we cover: Contactless payments limit to be raised to £100 EU/UK Memorandum of Understanding regarding financial services FCA publishes the number of STORs

Supervisory flexibility: RTS 27 reports & depreciation notification

In this post we discuss the temporary measures for RTS 27 reports and 10% depreciation notifications. On 19 March 2021 the FCA announced they are putting in place temporary measures

The latest regulatory update – February 2021

Regulatory Update February 2021 In this issue we cover: The Governor’s speech FCA updates on operation of the MiFID Market’s Regime FCA publishes its review of how firms implement technology

Covid-19 Vaccination Data and GDPR Implications

In this post we discuss: Collection of Covid-19 vaccination data GDPR lawful basis for collecting and retaining this data Employee confidentiality. As the vaccination programme gathers speed, many offices will

The latest regulatory update – January 2021

Regulatory Update January 2021 In this issue we cover: ·      Implications of the end of the Brexit transition period on JMLSG Guidance ·      MiFID II reverse solicitation rules ·      FCA

Environmental Social and Governance (ESG)

In this post we discuss Disclosure regulation Compliance culture Diversity Risk and reputation management Whistleblowing Conflicts of interest Organisational requirements There have been many studies showing that good corporate governance

The challenges for compliance in 2021

Brexit Having reached the end of the transitionary period, the EU did not give the UK “equivalent” status in financial services and although both sets of regulations are presently harmonised,

The latest regulatory update – December 2020

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

Data Protection & the UK and EU Trade and Cooperation Agreement

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

The latest regulatory update – November 2020

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

General Data Protection Regulation (GDPR) update

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 FCA Directory – deadline 31st March

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

The latest regulatory update – October 2020

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

Market Abuse in a time of Coronavirus

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

The latest regulatory update – September 2020

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 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