Category: FCA
Financial services and criminal proceedings – ECJ clarifies approach
On 20 March 2018, the European Court of Justice (the “ECJ”) handed down four judgments in response to requests for preliminary rulings[1] on the interpretation under European law of the so-called ne bis in idem principle, i.e. the right not to be tried or punished twice for the same offence, also known as double jeopardy. […]
FCA on GDPR- Comply or Else
The FCA and the Information Commissioner’s Office (ICO) yesterday published a joint statement emphasising that non-compliance may result in both agencies knocking on the offending institution’s door. The update is short and worth reading in full; however, the main takeaways are summarised below for convenience: The GDPR does not conflict with the FCA Handbook GDPR […]
No LEI – No Problemo
ESMA has delivered a Christmas surprise in the shape of a six month forbearance period in respect of LEIs under MiFIR. Article 13(2) MiFIR prohibits an investment firm from transacting any reportable trade with a client, without first obtaining their LEI. The gift horse’s dentistry is not entirely flawless, the following condition must be met: […]
SM&CR- Happy Christmas from the FCA
Christmas came early yesterday with the publication of three papers by the FCA detailing the proposed transition from the Approved Persons to the Senior Managers and Certification Regime (“SM&CR“). We shall have a brief look at two of the papers: CP17/40: Individual accountability: Transitioning FCA firms and individuals to the Senior Managers & Certification Regime […]
FCA issues FFX outlook- fog confirmed
The FCA have today issued their response to the ESAs 24 November FFX announcement. It is brief and is worth reading in full as a masterclass in ironic prevarication and understatement. Highlights below (emboldening is ours): “The amendments to the RTS should become increasingly clear over time and we would expect firms to make their […]
Heads on the Block – FCA Consults on Extension of Senior Managers Regime
Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”. The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]
Notices: FCA freed to fire from the hip
The Supreme Court’s recent decision in FCA v Macris is likely to have a significant effect on the way that enforcement bodies draft, publish and craft their warnings and final enforcement notices. To begin, please consider the following scenarios: Scenario A: A notice is drafted that places blame with a particular set of individuals. The […]
Insurance Brokers Avoid CASS RP…For Now
On 16 August 2016, the Financial Conduct Authority (FCA) published a statement yesterday to update firms on its October 2012 Consultation Paper 12/20: Review of the client money rules for insurance intermediaries. Despite the ongoing issues with CASS compliance, as highlighted by Towergate only last month, in light of: increased industry focus on protecting client […]
Senior Managers Regime: Lawyers Breathe Easier as FCA Clarifies Scope, Sort Of…
Good news for all General Counsels – or at least a stay of execution. On 27 January 2016, the Financial Conduct Authority (FCA) published a statement clarifying its intentions with respect to individuals having overall responsibility for a legal function under the Senior Managers Regime (SMR). Since the publication of its final rules in July […]
FCA Art. 55 last-minute no-action
On 30 December 2015 the Central Waivers Team of the FCA published a “modification by consent” of its Article 55 BRRD transposition, which itself came into force on 1 January 2016. Although acting to disapply IFPRU 11.6.3R, the modification direction replicates the short-term waiver issued by the PRA on 25 November 2015, enabling an agreed […]