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On 8 March 2019 the FCA published Finalised Guidance 19/2: Senior Managers and Certification Regime: Guidance on statements of responsibilities and responsibilities maps for FCA firms (FG19/2). The purpose of FG19/2 is to give FCA solo regulated firms practical assistance and information on preparing the statement of responsibilities and responsibilities maps. FG19/2 is ‘general guidance’ as per s139B(5) of the Financial Services and Markets Act 2000, and is not binding on firms, however the guidance…
On 8 March 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a letter to the European Commission regarding amending the PRIIPs Regulation to  clarify the application of the key information document (KID) to multi-option products. The text of the draft regulatory technical standards (RTS) amending PRIIPs are annexed to the letter. In their letter, the ESAs note that a public consultation was not held on the draft RTS as it would have been…
The recording of our March webinar briefing on Brexit is now available. To access the recording, please click here. During the webinar our speakers focused on the following questions: Where are we at politically and how does the political overlay impact on firms practically? What are the possible outcomes (Deal, No Deal, Extension) and what does that mean practically for me? What if there is a deal? What do I need to do practically?…
As previously advertised, the monthly financial services breakfast briefing on Wednesday 6 March will take the form of a webinar rather than a seminar. The webinar will start at 9:00am and finish at 9:30am. The webinar will focus on Brexit, specifically our speakers will share their thoughts on the following questions: Where are we at politically and how does the political overlay impact on firms practically? What are the possible outcomes (Deal, No Deal, Extension)…
On 28 February 2019, the Authorised Push Payments (APP) Scams Steering Group (the Steering Group) published  the voluntary Contingent Reimbursement Model Code for APP Scams (the Code). APPs are made when people request their bank or building society (payment services providers (PSPs)) to make a payment from their account to another account. Scams involving APPs occur when consumers are tricked into authorising a payment to an account that they believe belongs to a legitimate payee…
On 28 February 2019, the FCA published its key findings of supervisory work to assess the effectiveness of disclosure by asset managers and intermediaries to their retail customers. The FCA’s work was prompted by new disclosure requirements on costs and charges introduced by MiFID II and PRIIPs, which came into effect in January 2018. Review of disclosure of costs by asset managers The FCA’s review identified that most asset managers calculate transaction costs in accordance…
On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit. FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2 The FCA has provided its response to the feedback to its five Brexit consultations in one Policy Statement (Policy Statement 19/5: Brexit Policy Statement: Feedback on
As the March 29 deadline looms large for the UK’s exit from the EU we are going to slightly deviate from the monthly 40 minute briefing format. The briefing on 6 March will take the form of a 30 minute webinar from 9:00am to 9:30am, in which our financial services partners will discuss what they are seeing in the market as regards firms’ preparations for Brexit and in particular focusing on: The pros and cons…
On 8 February 2019, the Presidency of the Council of the EU published a note concerning the general approach to the review of the European System of Financial Supervision (ESFS). The note mentions that the latest compromise proposal for a negotiating mandate on the European Supervisory Authorities framework, MiFID II and Solvency II, and the Regulation creating the European Systemic Risk Board, is now supported by all delegations. The Council is invited to invite the…
On 8 February  2019, the European Supervisory Authorities (ESAs)  issued final recommendations following their consultation on targeted amendments to the Delegated Regulation covering the rules for the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The ESAs have decided not to propose targeted amendments at this stage. Instead they will initiate a more comprehensive revision of the Delegated Regulation during the course of 2019 which will include a consultation on…