Client Money

EU: MiFID Review – phase two begins

The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  MiFID II and MiFIR are expected to come into application by end 2016/early 2017, and will apply across … Continue reading

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Filed under Asset management, Banking, Client Money, EU, Europe, European Regulation, Retail Banks

UK: Use of skilled persons reports in Q4 13/14, and over the year as a whole

Last week the FCA published an update on skilled person reports commissioned in Q4 2013/14.  Of the ten reports commissioned, half related to banks, including building societies, and two to investment management firms.  We have pulled together the available published data to … Continue reading

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Filed under Asset management, Banking, Client Money, FCA, Funds, Insurance, Investment banking, Investment Funds, Retail Banks, UK, Uncategorized

UK: Financial Conduct Authority (FCA)’s Risk Outlook and Business Plan for 2013 published

The FCA’s Risk Outlook (FCA RO) has been published today, setting out the regulator’s current thinking on conduct in financial markets by analysing the root causes and emergence of conduct risk, and identifying the forward-looking risks that the FCA deems pose the greatest … Continue reading

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Filed under Asset management, Banking, Client Money, Europe, FCA, Funds, Insurance, Investment Funds, Regulatory Reform, Retail Banks, UK

FSA consults on overhauled client money rules for insurance intermediaries

The FSA has issued a consultation paper on significant changes to the Client Money Rules in CASS 5 which apply to insurance intermediaries. The proposed changes will be of significant interest both to intermediaries themselves, and to insurers, whose contractual … Continue reading

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Filed under Client Money, FSA Consultations, UK

The Lehman client money judgment: Supreme Court upholds Court of Appeal decision

The Supreme Court handed down its judgment yesterday in relation to the client money application relating to Lehman Brothers International (Europe) (LBIE). The judgment has a number of implications for firms which hold client money, and for firms who hold money … Continue reading

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Filed under Client Money, Commercial Litigation, FSA Rules, Herbert Smith Freehills, JURISDICTIONS, UK