2020 Global Bank Review: #disruption

We are excited to launch the 2020 edition of our Global Bank Review#disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Read more

MiFID II: ESMA guidance on compliance function requirements

ESMA published, on 5 June 2020, new final guidelines on certain aspects of the compliance function requirements under the recast Markets in Financial Instruments Directive (MiFID II)[1]. The new guidelines replace those issued in 2012, and have been updated in accordance with MiFID II requirements - specifically article 16(2) of MiFID II and article 22 of the MiFID II Delegated Regulation[2]. Read more

IOSCO proposes updated Outsourcing Principles as Covid-19 drives operational resilience to the top of the agenda

This post gives a high level summary of the International Organization of Securities Commissions' (IOSCO's) consultation on proposed updates to the 2005 Outsourcing Principles for Market Intermediaries and the 2009 Outsourcing Principles for Markets, and includes a link to our briefing that focuses in more detail on: the scope of application; IOSCO’s definition of outsourcing; intragroup arrangements; concentration risk; and access and audit rights. Read more

Megan Butler on the FCA’s response to Covid-19 and expectations for 2020

On 4 June 2020, Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, delivered a speech on the FCA’s response to Covid-19 and expectations for 2020. Addressing a virtual audience at PIMFA’s Virtual Festival, Ms Butler explored the FCA’s priorities and longer-term expectations, in particular for the wealth management and advice industry. This briefing considers the key points from the speech. Read more

FCA to carry out a survey of firms’ financial resilience

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