Latest Articles

Jacqui Hatfield and Melanie Shone have recently published an article in Finance Monthly, examining the performance of the FCA’s Project Innovate.  The authors caution that “any new rules, specific to a particular technology, may quickly become obsolete as the pace of development in the FinTech space outstrips the speed of regulatory response.  It is therefore essential that regulatory rules are as technologically neutral and forward thinking as possible – and that these are combined with…
The Government has confirmed that it will be pushing forward with extending the Senior Managers and Certification Regime to all financial services firms (including investment firms and fund managers), following the Fair and Effective Markets Review (FEMR) report’s recommendation (and Mark Carney’s Mansion House speech indication) of the extension of the SMR to fixed income, commodity and currency markets.  The new regime (for insurers, the Senior Insurance Managers and Certification Regime, or SIMR) will come…
Jacqui Hatfield and Melanie Shone have recently published an article in Finance Monthly, examining the performance of the FCA’s Project Innovate. The authors caution that “any new rules, specific to a particular technology, may quickly become obsolete as the pace of development in the FinTech space outstrips the speed of regulatory response.  It is therefore essential that regulatory rules are as technologically neutral and forward thinking as possible – and that these are combined with…
The Government has confirmed that it will be pushing forward with extending the Senior Managers and Certification Regime to all financial services firms (including investment firms and fund managers), following the Fair and Effective Markets Review (FEMR) report’s recommendation (and Mark Carney’s Mansion House speech indication) of the extension of the SMR to fixed income, commodity and currency markets.  The new regime (for insurers, the Senior Insurance Managers and Certification Regime, or SIMR) will come…
Attestations are part of the FCA supervisory toolkit used to ensure accountability from senior management in all regulated firms. They are a means by which the FCA can gain personal commitment from an approved person that specific action has been taken or will be taken, often without requiring ongoing regulatory involvement.  We have seen attestations commonly used in conjunction with other FCA supervisory powers, such as following the conclusion of a Skilled Person Review under…
Jacqui Hatfield and Melanie Shone have recently written an article titled The FCA and FinTech: playing by the rules to support FinTech disruption, examining the role of the UK Financial Conduct Authority (FCA) in supporting the disruptive innovation of FinTech. The UK has one of the largest concentrations of emergent FinTech companies in the world and there is strong political will for the UK to become the “premier location for financial technology businesses by 2020”.…
For Jersey and Guernsey, the ESMA Advice was positive: no obstacles exist to the extension of the AIFMD passport to these jurisdictions.  AIFMD Article 67 envisages that a delegated act will follow within three months to implement this advice.  However, the time-frame for this now appears to be uncertain. The Advice notes that the Commission are obliged to adopt a delegated act extending the EU passport to non-EU AIFs and non-EU AIFMs within three months…
For Jersey and Guernsey, the ESMA Advice was positive: no obstacles exist to the extension of the AIFMD passport to these jurisdictions.  AIFMD Article 67 envisages that a delegated act will follow within three months to implement this advice.  However, the time-frame for this now appears to be uncertain. The Advice notes that the Commission are obliged to adopt a delegated act extending the EU passport to non-EU AIFs and non-EU AIFMs within three months…