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On 13 February 2019, the FCA published a speech by Julia Hogett (JH) (Director of Market Oversight at the FCA) on the implementation of the Market Abuse Regulation (MAR). Highlights of the speech include the following: compliance with MAR requires a whole series of situational judgements to be made; a regulatory system that relies on controls that work by detecting when an event has happened, will never be as effective as a system that also…
On 13 February 2019, the PRA published Policy Statement 3/19: PRA fees and levies – changes to periodic and transaction fees (PS3/19). In PS3/19 the PRA provides feedback to the responses to Consultation Paper 28/18: PRA fees and levies: Changes to periodic and transaction fees (CP28/18). It also sets out the PRA’s final policy on: a revised approach to periodic fees for designated investment firms; amending the approach to periodic fees for life insurers; updating…
On 12 February 2019, the City of London Law Society (CLLS) published its response to FCA Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38) (our blog on CP18/28 is here). The CLLS notes that given the significant impact of the product intervention proposals in respect of CFD-like options, it is important that the proposed definition of “restricted options” is as certain…
Introduction In November 2015, the FCA published the terms of reference for an asset management market study (AMMS). The intention behind the AMMS was to understand how asset managers compete to deliver value to both retail and institutional investors. The FCA published an interim report in November 2016 which was followed up by a final report in June 2017. In the final report the regulator proposed a package of remedies which were intended to make…
The webex recording of our February 40 minute briefing, Buy-side focus, is now available. To access the recording, please click here. To register for or access our Asset Management Regulation Hub referenced in the briefing, please click here. The Asset Management Regulation Hub is a free service in which you will find resources to help monitor the regulatory developments surrounding the AIFMD and UCITS Directive, including our new cross-border surveys. On the same…
On 8 February 2019, the Council of the EU published three notes (dated 4 February 2019)  to delegations setting out compromise proposals relating to the European Commission’s proposed legislative reforms to the European System of Financial Supervision (ESFS): Omnibus Regulation on reforms to the ESFS; Omnibus Directive amending MiFID II; and Regulation amending the Regulation establishing the European Systemic Risk Board. The Presidency has invited the Council to agree on a general approach for the…
On 8 February 2019, the FCA published the 20th edition of Primary Market Bulletin (the PMB). The PMB provides general news and developments within the FCA’s regulatory sphere, as well as changes the FCA has, or is going to make, to its Knowledge Base. The Knowledge Base is the FCA’s source of technical guidance on the Listing Rules, Prospectus Rules and Disclosure and Transparency Rules. The information is designed to help issuers and practitioners interpret…
On 7 February 2019, the European Securities and Markets Authority (ESMA) published its risk assessment work programme for 2019. The work programme provides an overview of ESMA’s analytical, research, data and statistical activities for 2019. The headlights from the work programme are: as data collected under the Alternative Investment Fund Managers Directive, the Markets in Financial Instruments Directive (recast) and the European Markets Infrastructure Regulation becomes available, ESMA is: completing the necessary technical infrastructure for…
On 6 February 2019, the European Commission issued a call for advice to each of the European Supervisory Authorities (ESAs) to develop a report presenting evidence and possible advice on potential undue short-term pressure on corporations. The ESAs are asked to investigate potential sources of such pressure on corporates stemming from the financial sector. If evidence reveals significant issues, the Commission invites the ESAs to also assess whether these issues could be addressed by regulators…
On 5 February 2019, the Council of the EU announced that political agreement on simpler and quicker cross-border distribution of investment funds had been reached between the Council of the EU and the European Parliament. The proposal, which consists of a draft Regulation and draft Directive, is designed to improve transparency and harmonises diverging national rules: the draft Regulation improves transparency by aligning national marketing requirements and regulatory fees. It introduces more consistency in the…