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On 7 February 2019, the FCA published a new video on its website in which senior leaders from four financial services firms talk about their experiences of adopting the Senior Managers and Certification Regime. Our SMCR toolkit is a subscription service providing access to all of the key documents that firms need to implement the new regime within their business. To gain access to the toolkit, please contact Charlotte Henry. You can also register…
Two years ago the FCA issued a statement regarding its supervisory intentions concerning whether an individual in charge of a firm’s legal function required approval under the Senior Managers’ and Certification Regime (SM&CR). Specifically, the statement was in response to firms asking the regulator how Senior Management Function 18 – Other Overall Responsibilities (SMF18) applies to the legal function. The FCA further considered this issue in September 2016 when it published Discussion Paper 16/4 (DP16/4).…
On 23 January 2019, the FCA published Consultation Paper 19/4 (CP19/4), ‘Optimising the Senior Managers & Certification Regime (SM&CR) and feedback to DP16/4 – Overall responsibility and the legal function’. CP19/4 should be read by firms subject to the banking SM&CR; insurers; FCA solo-regulated firms authorised under FSMA; and EEA and third country branches. The SM&CR was introduced for banking firms in 2016 and insurers in December 2018. It will apply to solo-regulated firms from…
On 17 January 2019, the PRA published Policy Statement 2/19: Regulatory transactions – changes to notification and application forms (PS2/19). PS2/19 provides the final rules and forms to to its earlier consultation (CP21/18) (our blog is here). The PRA received no responses to its consultation. The PRA is consequently making the changes to the rules and forms as consulted with minor amendments, these changes affect: Branch Notification Form; Cross Border Services Notification Form; Passporting…
On 10 January 2019, the European Securities and Markets Authority (ESMA) published its first annual statistical report on the performance and costs of retail investment products in the EU. The report is focused on UCITS, alternative investment funds sold to retail investors (retail AIFs) and structured retail products (SRPs). The report provides a comprehensive overview of the EU markets and, for UCITS, a country-by-country analysis covering the period from 2008 to 2017. Key points to…
On 9 January 2019, there was published on legislation.gov.uk a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft Regulations were first published by HM Treasury on 22 November 2018 (our blog is here) and have now been laid before Parliament. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources)…
On 7 January 2019, the PRA issued a note which contains FAQs which seek to clarify the interaction between its proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR) and the FCA’s equivalent proposals. The FAQs cover the following questions: How does the SM&CR currently apply to EEA and third country branches respectively? How do the PRA and FCA propose to apply the SM&CR to EEA…
On 20 December 2018, the European Securities and Markets Authority (ESMA) published an update on its assessment of third-country trading venues (TCTVs) for the purpose of post-trade transparency and position limits under MiFID II and MiFIR. However, it also states that to date it has not reviewed enough TCTVs to publish a comprehensive list. To ensure that all TCTVs receive the same treatment, and to maintain a level playing field, ESMA intends to delay publishing…
Introduction On 18 December 2018, the FCA announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts. It has also made new rules strengthening the protections for consumers using home-collected credit (doorstep lending), catalogue credit and store cards and it is consulting on further measures on buy now pay later offers. Finally, as part of its work to help consumers get…
On 17 December 2018, the FCA published Policy Statement 18/23 (PS18/23) on how it will regulate claims management companies (CMCs). In June 2018, the FCA consulted on how it intends to regulate CMCs (CP18/15) (our blog on which can be found here), ahead of the FCA becoming the regulator of CMCs on 1 April 2019. In addition to this, the FCA further consulted in August on the regulatory fees for CMCs (CP18/23)(our blog on…