Charlotte Henry (UK)

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On 7 December 2018, the FCA published Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary product intervention measure which temporarily restricts how contracts for differences (CFDs) are sold to retail consumers because of the significant investor protection risks they pose. In CP18/38 the FCA is proposing rules making ESMA’s…
On 7 December 2018, the FCA published Consultation Paper 18/37: Product intervention measures for retail binary options (CP18/37). Earlier this year the European Securities and Markets Authority (ESMA) introduced a temporary EU-wide product intervention measure to ban investment firms from marketing, distributing or selling binary options to retail consumers. The ban applied from 2 July 2018 for an initial 3-month period and has since been renewed twice but has been amended to exclude securitised binary…
On 22 November 2018, the FCA published Consultation Paper 18/35: Rent-to-own (RTO) and alternatives to high-cost credit – feedback on CP18/12 and consultation on a price cap (CP18/35). Our earlier blog on Consultation Paper 18/12: High-cost Credit Review: Consultation on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit, discussion on rent-to-own pricing (CP18/12) can be found here In chapter 4 of CP18/35 the FCA sets out proposals for a price…
On 20 November 2018, the FCA published a webpage summarising its research into designing effective current account prompts, together with the full report (the Report). The research was conducted following banks and building societies committing to deliver a package of prompts to their customers. These prompts aim to: increase consumers’ engagement with their current account, raise awareness of the current account switching service, and highlight developments in the retail banking market. The Report assists firms…
On 15 November 2018, the PRA updated its strengthening accountability webpage to inform firms that the language within the Level 1 RPS template and data tables had been updated. These are available under the ‘Self-assessment templates and tables’ area of the strengthening accountability webpage. The changes were made in line with the PRA’s recent Letter to Level One firms’ Chairs of the Remuneration Committees ‘Change to supervising remuneration compliance for Level One firms’.…
On 15 November 2018, the Financial Stability Board (FSB) published its seventh progress report on the implementation of resolution reforms (the Report). The Report provides an overview of the progress in implementing the FSB’s resolution policies in the banking (Section I) and insurance (Section II) sectors and for CCPs (Section III). Section IV sets out the FSB’s plan for monitoring the implementation of reforms. Upcoming FSB activities include a thematic peer review on bank resolution…
On 13 November 2018, the European Securities and Markets Authority (ESMA) published an updated MiFID II supervisory briefing on suitability requirements. The purpose of the briefing is to promote common supervisory approaches and practices. It summarises the key elements of the rules and explains the associated objectives and outcomes. It also includes indicative questions that supervisors could ask themselves, or a firm, when assessing firms’ approaches to the application of the MiFID II rules. The…
On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Market Abuse Regulation (MAR). The updated Q&As inserts one new question on the application of the prohibition contained in Article 19(11) MAR to issuers. Specifically, the new question asks whether the prohibition encompasses transactions of the issuer relating to its own financial instruments even if it is the person discharging managerial responsibilities taking the decision…
On 9 November 2018, the European Securities and Markets Authority (ESMA) agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients for a further three month period. The renewal measure will be published in the Official Journal of the EU (OJ) and will start to apply from 2 January 2019 for a period of three months.…