Category: FCA
MiFID II FCA November Roundtable
The FCA yesterday published the minutes of its November 2015 MiFID II implementation roundtable. Unsurprisingly, the first questions concerned possible delay to the application date and the consequences upon other MiFID II dates and related legislation. The FCA believes any change of application date is not linked to Level 2 completion, that the MAR timeline […]
MIFID 2 FCA Roundtable minutiae
The FCA has published the minutes of their 22 October MiFID II Implementation Roundtable attended by FCA officials and a panoply of trade associations (TAs). Items of note as follows: Forthcoming FCA consultations. The FCA confirmed its plan to publish a draft Handbook Guide to MiFID II, focussing on the UK’s implementation. The agency will […]
FCA finds oversights in benchmark oversight
On 29 July 2015, the FCA published the Financial Benchmarks: Thematic review of oversight and controls. Based on a sample of 14 banks and broking firms, the review exposes the uneven development of internal processes in relation to benchmarks. Good, bad and ugly practices are presented for a wide range of benchmark-related activities[1]. The broad […]
FICC: no one reg to rule them all, but a Board?
On 10 June 2015, the Fair and Effective Markets Review (“FEMR”) published its Final Report on the Fixed Income, Currency and Commodities (“FICC”) markets. The Review was launched in June 2014 to cover the following areas: · Trading practices · Scope of regulation · Impact of recent and forthcoming regulation · Supervision As an interim […]
Bye-Bye Bonus
The PRA and the FCA have today issued a joint statement outlining far-reaching changes to remuneration policy. PS 15/16: Strengthening the Alignment of Risk and Reward: New Remuneration Rules aims to improve risk-reward alignment, deter the irresponsible and short-term appetite for risk, and to encourage effective risk-management. The rules will apply to FCA-regulated banks and […]
FCA Legislation Update (PDU 20)
On 9 March 2015, the FCA published its policy development update for February 2015 (PDU 20) which details forthcoming FCA publications relating to a number of areas, as detailed below: Business Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 19) Benchmarks – PS to CP14/28 Q1 2015 Q1 2015 Review of the client […]
UK benchmark regulation spreads beyond LIBOR
On 22 December 2014, HM Treasury confirmed it will follow the recommendations of the Fair and Effective Markets Review (FEMR) and extend the LIBOR regulatory and supervisory framework to seven other major benchmarks: Sterling Overnight Index Average (SONIA) Repurchase Overnight Index Average (RONIA) ISDAFix WM/Reuters (WMR) London 4pm Closing Spot Rate London Gold Fix (soon […]
FCA Legislation Update (PDU 18)
On 19 December 2014, the FCA published its Policy Development Update for December 2014 (PDU 18) which details forthcoming FCA publications relating to a number of areas, as detailed below: Prudential Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 17) Recovery and Resolution Directive – PS to CP14/15 January 2015 TBC […]
FCA clear on 2015
The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]
FCA Legislation Update (PDU 17)
On 21 November 2014, the FCA published its policy development update for October 2014 (PDU 17) which details forthcoming FCA publications relating to a number of areas, as detailed below: Prudential Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 16) Recovery and Resolution Directive – PS to CP14/15 TBC December 2014 […]