The FCA has published its final rules on introducing a third option for investment managers to purchase research services through joint research and execution payments. These largely confirm the so-called “guardrails” for...
Early and High Growth Oversight (“Early Oversight”) is a relatively new FCA initiative which has created an enhanced supervisory framework for newly authorised firms. As they get used to their regulatory status,...
The FCA used the latest edition of their regular newsletter on market abuse and transaction reporting, Market Watch 79, published in May, to highlight typical failures of market abuse surveillance arrangements caused...
It is a truism that governments are never so powerful as at their inception. Following a campaign that shied away from specific commitments, yet voted in with a record majority, the new...
Welcome to the latest edition of our compliance newsletter aimed at capital markets firms, including wholesale buy and sell-side firms, wealth managers and corporate finance firms. We are now coming to the end...
The FCA’s anti-greenwashing rule (the “Rule”) comes into force on 31 May 2024. This is a delayed date reflecting the drafting of, and consultation on, supplementary (non-Handbook) guidance on the Rule which...
The FCA has introduced a new Form A for Senior Manager Function (“SMF”) and Controlled Function (“CF”) applications (the latter applicable to appointed representatives) and has updated its webpage highlighting the changes....
The FCA has published its long-awaited Consultation Paper CP24/7 on Payment Optionality for Investment Research (”the Consultation”). This contains its proposals to give UK buyside firms, including asset managers, greater flexibility on...
At the start of March, the FCA released a Dear CEO letter (the “Letter”) to asset managers and alternative investment managers regarding their supervisory strategy of firms in these sectors. Before we...
On 27 February 2024, the FCA published Consultation “CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach“. This is a significant and unexpected consultation on what the FCA will...
This is a strange one… in the murky depths of the Chancellor’s Budget Statement released last week, there was the following amendment: 4.22 The government will also legislate to reinstate the previous...
Imagined scenario: One of your staff, originally a recreational drug user, has been tempted into supplementing their income by dealing drugs to friends and contacts in finance. At some point, they have attracted...
Regulators have long been aware of the risks posed by market soundings to the integrity of markets. By definition, market soundings involve the disclosure of confidential information to a limited circle of...
New attestation requirement for Principal Firms regarding the details of their Appointed Representatives The FCA recently introduced a new requirement for Principal Firms to confirm (and amend, if necessary) the details of...
It was hard to avoid the press coverage of the FCA’s ban of former Barclays CEO James Staley, last week. It’s certainly highly significant and the FCA will want to draw attention to...
On 23 August 2023, the SEC adopted the Private Fund Advisers Rules (the “Rules”), a series of rules and amendments under the Investment Advisers Act of 1940. This is effectively the final...
On Monday, the FCA and PRA published the consultation, CP23/20 on Diversity and Inclusion (“D&I”), to the financial sector. This is a topic that has been much discussed in FCA speeches in recent years...
Introduction Jeremy Hunt confirmed, in his Mansion House speech on 10th July 2023, the UK government’s acceptance of the recommendations of Rachel Kent’s Investment Research Review (“the Review”). This brings to a...
On 11 July 2023, HM Treasury published the Government Response on its Call for Evidence on the Short Selling Regulation (“SSR”), published last December. Also announced was a Consultation on the Short...
On 30 March 2023, the FCA and PRA jointly published DP23/3: Review of the Senior Managers and Certification Regime (“SMCR”). In parallel, the HM Treasury issued a Call for Evidence on the...
On 20 February 2023, the FCA published a discussion paper, DP23/2: Updating and improving the UK regime for asset management (the Discussion Paper). This is an important contribution to the Future Regulatory...
On 3 February 2023, the FCA published a Letter addressed to the Chief Executives of Asset Management firms, detailing its supervisory priorities in this sector. As the letter explains, Asset Managers are...
On 6 December 2022, the FCA published its Consultation CP22/27 on introducing a new regulatory gateway for firms approving financial promotions. As proposed in the Financial Services and Markets Bill, this is...
There were many standout events of 2022; the Ukraine war, the death of Queen Elizabeth and who can forget the Liz Truss premiership. In financial markets terms however, 2022 may come to...
On 9th December 2022, the Chancellor of the Exchequer, Jeremy Hunt, made a Statement on a series of proposed reforms (‘The Edinburgh Reforms’) to the regulation of the UK financial services sector....
On 1 December 2022, the FCA is introducing a new classification of investment products, together with new restrictions on issuing financial promotions on higher-risk products to retail consumers. From this date, the...