PRA and FCA publish guidance on key workers in financial services

On 19 March, the UK Government published guidance requesting that schools and other educational institutions provide limited care for children whose parents have roles that are critical to the COVID-19 response. This includes parents working in certain financial services roles that are essential to the functioning of the economy (referred to as “key financial workers” … Read more

COVID-19: Short selling restrictions and other reporting developments in the EU

This post was last updated on 1 April 2020 to reflect updated guidance from the FCA. SHORT SELLING REGULATION During this unprecedented period of disruption, the European Securities and Markets Authority (ESMA) and other national regulators have taken various extraordinary steps to address the risks faced by financial markets in the EU. In the past … Read more

FCA review of outsourcing by life insurers

This post was first published on our Digital TMT and Sourcing Notes blog. On 4 March 2020 the Financial Conduct Authority published a short set of findings from its review of outsourcing in the UK life insurance sector. Despite the review’s narrow scope, the FCA’s findings are readily applicable to other outsourcing contexts, so regulated firms … Read more

FCA publishes information for firms on COVID-19

The FCA has published information for firms on COVID-19. Communication with the FCA will be key as the situation evolves, and we recommend that firms regularly monitor the FCA’s website for news and developments. Firms are expected to: take reasonable steps to ensure they are prepared to meet the challenges coronavirus could pose to customers … Read more

MiFID II/MiFIR Review

Two years after MiFID II and MiFIR started to apply, the MiFID review process has begun, with both the European Commission and the European Securities and Markets Authority (ESMA) having recently published consultations on the framework. European Commission consultation The European Commission has launched a public consultation on the review of the MiFID II/MIFIR regulatory … 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