Tag Archives: FCA

FCA publishes proposals to extend the Senior Managers and Certification Regime

The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading

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Filed under Asset management, Banking, Funds, Investment banking, Investment Funds, UK

Supreme Court clarifies what is required for “identification” in respect of third party rights under s393 FSMA

In a judgment highly anticipated by firms and their senior managers as well as the regulators, the Supreme Court has overturned decisions of the Court of Appeal and Upper Tribunal, holding in FCA v Macris [2017] UKSC 19 that Achilles … Continue reading

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Filed under UK

FCA orders listed company to compensate investors following market abuse

The Financial Conduct Authority (FCA) has ordered that Tesco plc and Tesco Stores Limited (together, Tesco) pay compensation to certain Tesco shareholders and bondholders following the FCA's finding that they committed market abuse in relation to a trading update published … Continue reading

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Filed under UK, UK Regulations

#MAR_bitesize

Managers' Transactions – Restrictions and Notification Requirements As was the case under the previous market abuse regime, MAR imposes various obligations on persons discharging managerial responsibility (PDMRs) in listed companies and their dealings in the securities of the company which … Continue reading

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Filed under European Regulation, FCA

#MAR_bitesize

New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left … Continue reading

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Filed under Estonia, EU, Europe, European Regulation, FCA, France, Germany, Italy, Liechtenstein, UK Regulations, Uncategorized

Market Abuse update – August 2015

The second quarter of 2015 saw continued regulatory focus on market and benchmark misconduct: the FCA and the US regulators imposed a series of record-breaking fines.  The FCA’s latest Board minutes refer to a strong pipeline of expected cases, and … Continue reading

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Filed under Americas, Asia, France, Hong Kong, Italy, UK

FCA expresses concern over use of delegated authorities in general insurance

A recent FCA report on the use of delegated authorities in general insurance serves as a warning to insurers, in particular, to look carefully at whether current arrangements are “fit for purpose”.  Where they are not, changes must be made.  The FCA … Continue reading

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Filed under UK

UK: Proposed FCA Technical Notes on closed-ended investment companies

You would be forgiven if the Financial Conduct Authority (“FCA”)’s rather plainly titled ‘Primary Market Bulletin No. 11‘ passed you by in the lead up to our, now distant, Easter break.  If that is so, and you have even a … Continue reading

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Filed under FCA, Funds, UK, UK Regulations

Market abuse update – April 2015

2014 was marked by record fines for benchmark manipulation globally, criminal prosecutions for insider trading and market manipulation, and the first publication of warning notices.  The start of 2015 has seen some notable cases in the UK, US and Australia, … Continue reading

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Filed under Americas, Asia, EU, Europe, European Regulation, FCA, France, Hong Kong, Singapore, UK, US

UK: Concurrent competition powers for the Financial Conduct Authority and Payment Systems Regulator

On 1 April 2015 the Financial Conduct Authority (FCA) obtained new concurrent competition powers under the Competition Act 1998 (CA98) and the Enterprise Act 2002 (EA02) for financial services in the UK. The Payment Systems Regulator (PSR) has also obtained … Continue reading

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Filed under FCA