The FCA has published the results of its review into smaller asset management and alternatives businesses, as part of its drive to establish which business models pose the most risks of harm to consumers. It has found...
Author - Michael Lewis
Michael Lewis
FCA publishes latest Handbook Notice
The FCA has published its latest Handbook Notice, which confirms updates relating to its new rules on the derivatives trading obligation (DTO) and post-trade risk reduction services. The FCA has made updates to the...
FMSB publishes good practice statement for sustainability-linked products
The FMSB has released a Statement of Good Practice for the governance of sustainability-linked products: that is, product whose characteristics very depending on whether the user achieves set sustainability or ESG...
FCA consults on investment firm capital simplification
The FCA is consulting on plans to simplify its rules on the amount of capital investment firms need. It is not planning to change the fundamental requirement, but things it can reduce the volume of legal text that sets...
FCA consults on CCI and simplification of investor disclosures
The FCA is consulting on ways to simplify investor disclosures relating to Consumer Composite Investments. It says nearly a quarter of UK adults hold a product which comes within the UK’s new concept of a CCI...
PRA writes to CFOs on significant risk transfer financing
The PRA has written to CFOs of banks highlighting some concerns over whether firms are applying the right regulatory capital approach to the substance of financing transactions. It has become particularly concerned...
FCA and Treasury consult on AIFM regulation reform
HM Treasury is consulting on proposed changes to the laws affecting AIFMs and the FCA has published a call for input seeking views on its own proposals. The Treasury consultation focuses on the areas of the UK...
FCA publishes final rules on derivatives trading obligation
The FCA has published a policy statement on the derivates trading obligation (DTO) and post-trade risk reduction services. The policy statement includes the FCA’s final rules on the classes of secured overnight...
AFME updates MiFIR and MiFID implementation guide
The Association for Financial Markets in Europe (AFME) has updated its implementation guide for firms operating in secondary capital markets to take account of MiFIR and MiFID II reforms in the UK and EU. The guide...
The IA says CCIs must learn the lessons from PRIIPs
The IA’s response to the FCA’s consultation on the new product information framework for Consumer Composite Investments says it is crucial that the new framework genuinely results in a better information set...
FCA invites applications for bond consolidated tape provider
The FCA is inviting applicants for a bond consolidated tape provider. The UK bond consolidated tape will collate data such as price and volume of transactions, combining information on trades executed on trading venues...
FCA discusses approach to non-bank leverage and importance of data
Sarah Pritchard of the FCA has spoken to the Investment Association Roundtable event. She looked at the FCA’s approach to non-bank leverage. She focussed on how targeted improvements to public and private...
FCA sets out asset management and alternatives supervisory priorities
The FCA has published its portfolio supervision letter sent to the asset management and alternatives sector. It notes five priority areas: supporting confident investing in private markets: the FCA sees increasing...
FCA fines for MiFIR transaction reporting failures
The FCA has imposed its first fine for failing to report transactions as required by MiFIR. Infinox Capital Limited failed to submit transaction reports for single stock CFD trades executed through one of its corporate...
PRA speaks on prime brokerage developments
Rebecca Jackson of the PRA spoke to UK Finance about recent dynamics in the prime brokerage sector, and the results of a recent PRA thematic review. Key points included: that the core of prime brokerage is financing...
UK Finance calls for urgent review of BoE MREL proposals
UK Finance has responded to the BoE consultation on its approach to setting a minimum requirement for own funds and eligible liabilities (MREL). It says the Bank must radically change its approach to both the assets and...
AIC writes to FCA about Saba investment trust action
The Association of Investment Companies has written to the FCA to express concerns about US activist investor Saba Capital Management’s requisition of general meetings at 7 investment trusts. The AIC is concerned...
FCA looks to appoint bond consolidated tape provider
The FCA is starting a tender process to appoint a bond consolidated tape provider. It will publish all tender documents by the end of January, and invite bidders to ask questions before it issues the final tender...
Treasury makes Singapore equivalence decision
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024 take effect on 31 December 2024 and designates a list of 18 Singaporean trading venues as equivalent to the UK in terms of regulatory...
FCA updates derivatives trading obligation
The FCA has updated its direction relating to the Derivatives Trading Obligation (DTO) with effect from the end of 2024. The DTO came from MiFID, and the FCA is now modifying the UK’s DTO from the transitional...
Government makes Consumer Composite Investment Regulations
The Regulations to create the Consumer Composite Investments regime, and set the designated activities relating to them have been made effective from 22 November 2024 for the purposes of setting out the regime and...
Treasury and FCA set out next steps for MiFID
HM Treasury has set out its plans for changes to the assimilated MiFID regime, to make changes to the wholesale markets framework. Its immediate plans are: to ensure the FCA has the necessary tools to oversee off...
FRC consults on Stewardship Code updates
The FRC is consulting on significant updates to the Stewardship Code, with a view to streamlining reporting requirements while ensuring a clearer focus on the purpose of Stewardship and delivering increased transparency...
Government acts on “smarter” ring fencing regime
Following the 2023 consultation by the previous government on implementing the recommendations of the Panel led by Sir Keith Skeoch to review the workings of the ring-fencing regime for large banks that took effect in...
Market Watch looks at MiFID transaction reporting
The latest edition of Market Watch focuses on FCA’s supervision of the UK MiFID transaction reporting requirements, including the findings from skilled persons reviews commissions to look into compliance. On the...
FCA makes market rules to support growth
A new set of transparency rules for bond and derivatives trades will take effect on 1 December 2025. The FCA says the rules will both provide more information to investors and also reduce costs for firms, and will also...