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The FCA has published its latest Policy Development update. The update provides information on recent FCA publications and lists forthcoming publications. Forthcoming publications include: Policy Statement to Consultation Paper 16/42: Reviewing the funding of the Financial Services Compensation Scheme(expected in Q4 2017); Consultation Paper on the implementation of the Benchmarks Regulation (expected date ‘TBC’); and Consultation Paper on new rules for firms running crowdfunding platforms (expected date ‘TBC’). View FCA Policy Development update: August 2017,…
The FCA has published Handbook Notice No.46. This Handbook Notice sets out the changes the FCA Board made to the Handbook on 30 June, 6 July and 20 July 2017. On 30 June 2017, the FCA Board made changes to the Handbook in the following instruments: Glossary (MiFID 2) Instrument 2017; Fees (Data Reporting Applications) Instrument 2017; Markets and Organisation Requirements (MiFID 2) Instrument 2017; and Conduct, Perimeter Guidance and Miscellaneous Provisions (MiFID 2) Instrument…
The FCA has published a supervisory memorandum of understanding (MoU) it has entered into with the Hong Kong Securities and Futures Commission (SFC). The provisions of the MoU are intended to support communication on supervisory issues of common interest concerning particular cross-border regulated entities. The MoU covers: scope of supervisory co-operation; cross-border on-site visits; execution of requests of assistance; and permissible uses of non-public information obtained under the MoU, including the confidentiality and onward sharing…
The Financial Services Consumer Panel (FSCP) has published a position paper on consumers and competition. The FSCP notes that  firms appear to compete vigorously, but they strive to inhibit consumers’ ability to shop around, by developing complicated products, with obscure or misleading prices and terms and conditions. To remedy this, the FSCP calls for: competition authorities to take robust and effective action to tackle firms’ exploitation of consumers’ behavioural biases and over-complicated products and pricing;…
The FCA has published its latest Policy Development update. The update provides information on recent FCA publications and lists forthcoming publications. Forthcoming publications include: Policy Statement to Consultation Paper 16/42: Reviewing the funding of the Financial Services Compensation Scheme (expected in Q4 2017); Consultation Paper on the implementation of the Benchmarks Regulation (expected date ‘TBC’); Consultation Paper on new rules for firms running crowdfunding platforms (expected date ‘TBC’); and Consultation Paper on credit worthiness and…
On 22 March 2017, we blogged that the European Commission (Commission) issued a consultation on the European Supervisory Authorities – the European Banking Authority, the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (together the ESAs). The consultation was designed to gather evidence on the operations of the ESAs focusing on a number of issues in the following areas: (i) tasks and powers; (2) governance; (3) supervisory architecture; and (iv)…
The FCA has published its Annual Report and Accounts 2016/17. It shows how the regulator’s work over the last year has met its objectives and delivered against the key priorities set out in the Business Plan 2016/17. It provides an overview of the significant interventions and pieces of work that the FCA has undertaken in the past year, including: the development of the FCA’s Mission; new rules in preparation of MiFID II; the announcement of…
The FCA has published Policy Statement 17/15: FCA regulated fees and levies 2017/18: including feedback on CP17/12 and ‘made rules’ (PS17/15). In PS17/15 the FCA publishes the 2017/18 periodic regulatory fees and levies for the: FCA; Financial Ombudsman Service general levy; Money Advice Service; pensions guidance levies; and illegal money lending levy. The FCA also publishes its feedback on the responses received to its consultation on the draft fees and levies rules published in Consultation…
The International Organization of Securities Commissions (IOSCO) has published a report which describes the tools and approaches its members use to discourage, identify, prevent and sanction misconduct by individuals in the wholesale markets. The report identifies the tools used by market regulators to minimize misconduct risk arising from the particular characteristics of wholesale markets, such as a decentralized market structure, opacity, conflicts of interest involving market makers, size and organisational complexity of market participants and…