Sameena Hussain (UK)

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On 6th July 2018, the FCA issued its latest Policy development update. The update provides hyperlinks to recently issued FCA publications including (among others): CP18/14: Quarterly Consultation Paper No 21 on proposed amendments to the FCA Handbook; CP18/19: Introducing the Directory. Proposals to make public information on additional individuals carrying out a range of financial roles, including FCA unapproved roles; PS18/12: PSR regulatory fees; PS18/14: Extending the Senior Managers & Certification Regime to FCA…
On 28 May 2018, the European Securities and Markets Authority (ESMA) published a final report on guidelines on certain aspects of the MiFID II suitability requirements.  The final report summarises and analyses the responses to ESMA’s July 2017 consultation paper which contained a draft version of the guidelines. The purpose of the guidelines is to clarify the application of certain aspects of the MiFID II suitability requirements in order to ensure the common, uniform and…
On 21 May 2018, the PRA published the MiFID II Passporting Amendment Instrument 2018 (the Instrument). The Instrument was made on 30 January 2018 and came into force on 5 February 2018. The Instrument amends the Passporting Part of the PRA Rulebook by requiring firms that wish to passport to use the template forms located in Commission Implementing Regulation (EU) 2017/2382. The PRA has also updated Policy Statement 31/17: Responses to CP18/17 Occasional Consultation…
On 12 April 2018, the FCA updated its webpage on Consultation Paper 18/10: FCA regulated fees and levies: rates proposals 2018/19 (CP18/10) (our earlier blog is here). The FCA states that it has updated CP18/10 to provide some additional information to be consistent with the PRA’s consultation on its fees and levies for 2018/19 (our blog is here). The additional information added to CP18/10 relates to the calculation of fees and levies for…
On 9 April 2018, the PRA published Consultation Paper 7/18: Regulated fees and levies: rates proposals 2018/19 (CP7/18). In CP7/18 the PRA sets out proposals for its fees and levies for 2018/19. CP7/18 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2018/19 fee year. The deadline for comments on CP7/18 is 21 May 2018.…
On 9 April 2018 the FCA published Consultation Paper 18/10: FCA regulated fees and levies: rates proposals 2018/19 (CP18/10).  In CP18/10 the FCA consults on its proposed 2018/19 regulatory fees and levies. All fee payers will be affected by CP18/10. The FCA has provided two tables at the end of CP18/10 to help fee payers identify which chapters relate to them: Table 1.1: Fee payers affected by the 2018/19 fees and rates proposals in CP18/10;…
On 29 March 2018, the PRA published Policy Statement 5/18: Financial Services Compensation Scheme – Management Expenses Levy Limit 2018/19 (PS5/18). The Financial Services Compensation Scheme (FSCS) is the compensation fund of last resort for customers of failed authorised financial services firms across the PRA’s and the FCA’s regulatory remit. The Management Expenses Levy Limit is the maximum amount which the FSCS may levy in a year without further consultation. It provides the FSCS with…
On 23 March 2018, the FCA published Handbook Notice No. 53. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA board under its legislative and other statutory powers on 22 February 2018 and 22 March 2018. It also describes changes made by the board of the Financial Ombudsman Service to its rules and standard terms on 7 March 2018, with the approval of the FCA board.…