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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

The PRA has published a “final warning” regarding the imminent  LEI deadline: The PRA’s LEI “recommendation” requires a firm/group to obtain an LEI code/codes by 31 December 2014 at the latest The PRA requests that any inability to comply by the year end should be notified to them by Friday 5 December 2014. Notification may be […]

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   […]