On 23 June 2020, the FCA published its long-awaited Discussion Paper on a new prudential regime for MiFID investment firms, to be based on the EU Investment Firms Directive and Regulation (“IFD” and “IFR” respectively), which are due to be implemented in June 2021 (see our blog post).
On the same date, HM Treasury published a related Policy Statement on prudential standards in the Financial Services Bill, which complements and sets the parameters for the FCA's approach as outlined in the Discussion Paper. Read more
On 16 June 2020, Charles Randell, Chair of the FCA and PSR, delivered a speech addressing a virtual roundtable of bank chairs, hosted by UK Finance. Mr Randell considered the immediate impact of Covid-19 on the financial services sector in the UK and the FCA’s role in the recovery of the industry. Read more
Following Covid-19, the message from the UK financial regulators regarding payments firms and payments innovation has stepped up. Recently, the Bank of England published a speech given by Christina Segal-Knowles (Executive Director, Financial Market Infrastructure Directorate) on 11 June in which she discussed the emerging themes and challenges for payments firms and payments innovation. Read more
The FCA has announced that it will be surveying the financial resilience of around 13,000 firms from across 15 sectors. Between the 4 and 8 June 2020, firms will be sent a short survey by email to complete. The survey is intended to help the FCA better understand the effects that the Covid-19 pandemic is having on the finances of the firms it regulates and better guide its supervisory actions. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for June 2020. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for May 2020. Read more
On 1 April 2019 the European Securities and Markets Authority (ESMA) published its final report to the European Commission (EC) setting out its technical advice on the impact of the inducements and costs and charges disclosure requirements under MiFID II (Directive 2014/65/EU). ESMA expresses some concerns over the efficacy of the current inducements disclosure regime … Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for April 2020. Read more
The Chancellor of the Exchequer delivered the 2020 Budget to Parliament on 11 March 2020. This includes a package of related policy documents, many of which highlight planned reforms to the financial services sector. Of particular note for banks and investment firms is the policy statement on prudential standards published by HM Treasury, which confirms … Read more
