Imogen Garner (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

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London 40 minute briefing series – new dates for September to November

By Jonathan Herbst (UK), Hannah Meakin (UK) & Imogen Garner (UK) on August 15, 2019

The Norton Rose Fulbright LLP financial services team invite you to their latest breakfast briefings. Our latest series of briefings cover some of the key regulatory developments facing financial services firms: 4 September 2019: The clock is ticking on SMCR compliance. In this practical workshop conducted under Chatham House rules the Norton Rose Fulbright SMCR implementation team look at some of the last minute thorny issues that FCA solo regulated firms are dealing with as…

Financial services: Regulation tomorrow

FCA letter on UK specific UCITS liquidity standards

By Imogen Garner (UK) & Iona Wright (UK) on August 8, 2019

On 7 August 2019, the FCA published a letter (dated 6 August 2019) from Andrew Bailey, FCA Chief Executive, in response to Lord Myners’ written question asking if the Government has ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for UCITS at higher levels than specified in EU Directives or whether the UK is bound by EU rules and cannot introduce higher standards. Mr Bailey explains that the…

Financial services: Regulation tomorrow

FCA publishes SM&CR banking review

By Hannah Meakin (UK) & Imogen Garner (UK) on August 6, 2019

On 5 August 2019, the FCA published a new webpage containing the findings of its review into the embedding of the Senior Managers and Certification Regime (SM&CR) in the banking sector. Generally, the FCA found that the banking industry had made a concerted effort to implement the SM&CR finding that most firms have taken actions to move away from basic rules-based compliance towards embedding the regime in the organisation. Points of interest include the following:…

Financial services: Regulation tomorrow

FCA publishes final guidance on cryptoassets regulation

By Hannah Meakin (UK), Imogen Garner (UK) & Albert Weatherill (UK) on August 1, 2019

On 31 July 2019, the FCA published Policy Statement 19/22: Guidance on cryptoassets – feedback and final guidance to CP19/3 (PS19/22). In PS19/22 the FCA responds to the feedback it received to Consultation Paper 19/3: Guidance on cryptoassets (CP19/3) (our blog is here) and sets out the final guidance. The purpose of CP19/3 was to provide clarity on the FCA’s regulatory perimeter for market participants carrying on activities in the cryptoasset market. The FCA…

Financial services: Regulation tomorrow

AFME updates model equity selling restrictions

By Imogen Garner (UK) & Iona Wright (UK) on July 29, 2019

On 26 July 2019, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the application in full of the Prospectus Regulation that came into force on 21 July 2019. The updated version of the equity selling restrictions replaces references to the Prospective Directive with the new Prospectus Regulation and reflects that the Regulation is directly applicable in all EEA Member States and that no…

Financial services: Regulation tomorrow

A conversation on the Green Finance Strategy

By Imogen Garner (UK), Glenn Hall & Rosa Mottershead on July 29, 2019

On July 2, 2019, the Government published its policy paper on the Green Finance Strategy – a strategy that “recognises the role of the financial sector in delivering global and domestic climate and environmental objectives.” Imogen Garner, partner in the Financial Services team, Glenn Hall, partner and head of the Government Relations and Public Policy team, and Rosa Mottershead, counsel in the Energy, Infrastructure and Natural Resources team, at Norton Rose Fulbright discuss, amongst…

Financial services: Regulation tomorrow

FCA Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4

By Imogen Garner (UK) & Hannah Meakin (UK) on July 26, 2019

On 26 July 2019, the FCA published Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4 (PS19/20). In January 2019, the FCA consulted on changes to optimise the Senior Managers and Certification Regime (SM&CR). In PS19/20 the FCA summarises the feedback it received to the consultation, its response to the feedback and sets out final rules. In general, the FCA has implemented the proposed changes to the SM&CR as consulted…

Financial services: Regulation tomorrow

NGFS technical supplement to report on climate change as a source of financial risk

By Imogen Garner (UK) & Simon Lovegrove (UK) on July 26, 2019

On 23 July 2019, the Network for Greening the Financial System (NGFS) published a technical supplement to its first comprehensive report on climate change as a source of financial risk which is aimed at central banks and financial supervisors. The paper provides an analysis of two types of risks that arise from climate change: physical and transitional, both of which could manifest as risks to the financial system if there is a disorderly transition to…

Financial services: Regulation tomorrow

SM&CR extension – Commencement Regulations

By Hannah Meakin (UK) & Imogen Garner (UK) on July 19, 2019

There was published on the legislation.gov.uk website, the Bank of England and Financial Services Act 2016 (Commencement No.6 and Transitional Provisions) Regulations 2019. The Senior Managers and Certification Regime (SM&CR) comes into force for solo regulated firms from 9 December 2019. However, these Regulations provide for two exceptions to the commencement date, for newer categories of solo regulated firms: benchmark administrators. These firms have until the end of 2019 to become FCA authorised and…

Financial services: Regulation tomorrow

EBA report on approaches relating to FinTech activities

By Imogen Garner (UK) & Albert Weatherill (UK) on July 19, 2019

On 18 July 2019, the European Banking Authority (EBA) published a report illustrating the findings of an analysis on issues relating to access to the market for FinTech firms. The analysis focused on the monitoring of national developments on the regulatory perimeter; the national regulatory status of FinTech firms; and the approaches followed by Member State national competent authorities (NCAs) when granting authorisation under CRD IV, PSD2 and EMD2. The results of the monitoring exercise…

Imogen Garner (UK)

London 40 minute briefing series – new dates for September to November

FCA letter on UK specific UCITS liquidity standards

FCA publishes SM&CR banking review

FCA publishes final guidance on cryptoassets regulation

AFME updates model equity selling restrictions

A conversation on the Green Finance Strategy

FCA Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4

NGFS technical supplement to report on climate change as a source of financial risk

SM&CR extension – Commencement Regulations

EBA report on approaches relating to FinTech activities

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