Latest Articles

The PRA has published Policy Statement 28/17: PRA fees and levies: model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms (PS28/17). In PS28/17 the PRA provides feedback to Consultation Paper 16/17: PRA fees and levies: model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. Among other things the PRA sets out final rules intended to: introduce a new approach for determining periodic fees…
The FCA has published Handbook Notice No. 50. This Handbook Notice briefly describes the instruments that the FCA Board approved on 7 December 2017. These include: Handbook Administration (MiFID 2) Instrument 2017. The amendments are minor in nature and seek to clarify or correct existing Handbook provisions so that they accord with the original policy intent. The changes include the insertion of a new definition of ‘high-frequency algorithmic trading technique’ which copies out the relevant…
There has been published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017 amending the Capital Requirements Regulation (CRR) as regards the waiver on own funds requirements for certain covered bonds. The Delegated Regulation makes an amendment by replacing the introductory sentence in Article 496(1) of the CRR with: “Competent authorities may waive in full or in part the 10% limit for senior units issued by French…
The FCA has published a guide to completing the application process to cancel a firm’s authorisation under Part 4A of the Financial Services and Markets Act 2000. The guide is designed to assist firms to complete an application to cancel all permissions and cease regulatory activity. The FCA states that the guide is not a checklist of what firms have to do and advises firms to check the sections of the Handbook that are relevant…
The FCA has published Consultation Paper 17/38: Regulatory fees and levies: policy proposals for 2018/19 (CP17/38). In CP17/38 the FCA sets out its proposed policy changes to the way that FCA fees will be raised from 2018/19. After the summary in chapter 1 the layout of CP17/38 is as follows: chapter 2 – proposed tariff data the FCA will use to calculate insurers’ FCA periodic fees and the Financial Ombudsman Service annual levies from 2018/19;…
The FCA has published Policy Statement 17/23: Reforming the availability of the information in the UK equity IPO process (PS17/23). PS17/23 follows an FCA consultation published on 1 March 2017 (Consultation Paper 17/5) which followed an earlier Discussion Paper (Discussion Paper 16/3) that was published alongside the market study of investment and corporate banking. In PS17/32 the FCA is publishing proposed new provisions for the Conduct of Business sourcebook (COBS) which are intended to improve…
The FCA has published: Feedback Statement 17/3: Feedback Statement to DP17/2 Review of the Effectiveness of Primary Markets: the UK Primary Markets Landscape (FS17/3); and Policy Statement 17/22: Review of the Effectiveness of Primary Markets: Enhancements to the Listing Regime (PS17/22). In February 2017, the FCA published Discussion Paper 17/2: Review of the Effectiveness of Primary Markets: The UK Primary Markets Landscape (DP17/2). The purpose of DP17/2 was to prompt a broad debate about the…
The European Commission (Commission) has published a communication outlining its work programme for 2018. The focus of the work programme for 2018 is two-fold: first, the work programme sets out a limited number of targeted legislative actions to complete the Commission’s work in priority policy areas over the next months. The Commission will table all legislative proposals no later than May 2018. This will allow the European Parliament and the Council of the EU the…
The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter – Ombudsman news issue 142. This issue contains: an update on the FCA’s payment protection insurance (PPI) awareness campaign and highlights the common questions the FOS hears from people looking to complain about PPI; FAQs and case studies on PPI; complaints statistics for the second quarter of the 2017/2018 financial year; and a Q&A about the role the FOS plays with travel…