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The PRA has published its Proprietary Trading Review pursuant to section 9 of the Financial Services (Banking Reform) Act 2013. The Review assesses whether the PRA should be granted further powers in relation to, or whether further restrictions should otherwise be placed on, proprietary trading carried on by PRA authorised deposit takers and investment firms incorporated in the UK Read more
The FICC Market Standards Board (FMSB) recently published a spotlight review on the ability of FICC (fixed income, currencies and commodities) market participants to measure trade execution quality.
The Review comes amid increasing market interest in best execution and transaction cost analysis from both regulators and clients particularly in the wake of MiFID II. Read more
In this article, which first appeared in the September issue of Butterworths Journal of International Banking and Financial Law, Jon Ford considers how industry codes present risks to firms and how these risks can be mitigated.Read more
The FCA recently published the latest edition of Market Watch, which covers three topics – information handling requirements, legal privilege, and transaction reporting.Read more
As the end of the Brexit transition period approaches, the PRA has published a letter from Sam Woods, Deputy Governor for Prudential Regulation and CEO of the PRA, to CEOs of all PRA-regulated firms preparing for the end of the transition period and for entering the Temporary Permissions Regime (TPR). The letter stresses the need for firms to be operationally prepared to enter the TPR and to ensure that they are able to meet the PRA’s regulatory requirements once they are in the TPR. The transition period is due to end at 11pm on Thursday 31 December 2020 at which point the TPR will take effect.Read more
A letter to the European Commission dated 18 August 2020 from the European Securities and Markets Authority (ESMA) has been published. Ostensibly relating to the upcoming review of the Alternative Investment Fund Managers Directive (AIFMD), it is, true to recent EU legislative form, expansive in its ambition and has raised a number of questions around potential impacts on the whole of the fund management industry, including the Undertakings for Collective Investment in Transferable Securities (UCITS).Read more
The Monetary Authority of Singapore (MAS), the Singapore Exchange Regulation (SGX RegCo), and the Stock Exchange of Hong Kong Limited (SEHK) have all published consultation papers reaffirming the regulators’ continued focus on culture and conduct, and keeping ‘bad apples’ out of financial institutions (FI) and public companies.Read more
Welcome to the August 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more
The Hong Kong Monetary Authority (HKMA) has issued a circular to announce the key milestones that authorised institutions (AIs) should endeavour to achieve in the transition from LIBOR to alternative reference rates (ARRs). Read more
