FCA publishes its Business Plan for 2020/21

On 7 April 2020, the FCA released its Business Plan for 2020/21. The FCA had planned to focus on the areas identified in its Sector Views published on 18 February 2020 (see our blog post here), but recognises that its work will be fundamentally reshaped by the impact of COVID-19. Aware that the current circumstances create the need for it to both respond to change and initiate it, the FCA outlined plans for transforming fundamentally the way the FCA works and regulates, with a view to becoming a more efficient and effective regulator. Read more

ESMA proposes changes to MiFID II inducements and costs and charges disclosure regimes

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

LIBOR transition: FCA sets out its expectations for asset managers

The FCA has set out its expectations for asset management firms in a recent ‘Dear CEO’ letter (the Letter), confirming that such firms should be taking proactive steps now, and should be in no doubt that they have a “responsibility to facilitate and contribute to an orderly end to LIBOR”. This letter follows on from … Read more

UK and EU set out their stalls on equivalence and the future trade deal (or no deal…?)

On 26 February 2020, the UK Government published its approach to UK’s future relationship with the EU. The sections on financial services in the UK’s approach document are set out below: Chapter 16: Financial Services The Agreement should promote financial stability, market integrity, and investor and consumer protection for financial services, providing a predictable, transparent, … Read more

FCA publishes Dear CEO letters to asset managers and alternative investment firms

The FCA this week published two template ‘Dear CEO’ letters, one to asset managers and one to alternative investment firms, highlighting the FCA’s views on the key risks posed to customers and markets, and setting out its supervision strategy for the coming months. The FCA’s asset management portfolio comprises firms that predominantly directly manage mainstream … Read more