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April 8, 2020
March Regulatory Update

By Rosie Bileva | Uncategorized | 0 Comments

Outsourcing in the life insurance sector FCA Published Findings from а review of outsourcing and third-party service providers The review is of interest to: life insurers who outsource key business functions outsourced service providers (OSPs) To ensure life insurers meet the requirements in the existing rules and guidance, they are encouraged to consider whether the […]

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March 20, 2020
Business Continuity & Covid-19

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

Business Continuity & Covid-19 In light of the global coronavirus pandemic, the FCA has issued a statement reminding firms that it expects them to have contingency plans in place to deal with major events. The FCA is now actively reviewing the contingency plans of a wide range of firms, including assessments of operational risks, the […]

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March 11, 2020
February Regulatory Update

By Rosie Bileva | Uncategorized | 0 Comments

ESMA ISSUES OPINIONS ON POSITION LIMITS UNDER MIFID II The European Securities and Markets Authority (ESMA) published on 7th of February, seven opinions on position limits, regarding commodity derivatives under MiFID II/MiFIR.The opinions agree with the proposed position limits regarding: ICE Endex Dutch TTF Gas contracts; EEX Phelix DE Base Power contracts; EEX Capesize TC5 Freight contracts; […]

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February 28, 2020
New capital requirements for investment firms

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

New Capital requirements for investment firms Investment Firm Directive/Investment Firm regulation In December 2017 the European Commission adopted a proposal for a regulation and a proposal for a directive to amend the current EU prudential rules for investment firms. This review aimed to introduce more proportionate and risk-sensitive rules for investment firms. With this new […]

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February 10, 2020
January 2020 regulatory update

By Joseph Paice | Uncategorized | 0 Comments

Implementing CRD IV: capital buffers An updated version of the supervisory statement was released and took effect on 23 January 2020, following PS2/20 ‘Pillar 2 capital: Updates to the framework’. In CP5/13, the Prudential Regulation Authority (PRA) set out proposals for implementing the Capital Requirements Directive (CRD IV) provisions on capital buffers. The PRA’s rules on […]

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January 29, 2020
December Regulatory Update

By Joseph Paice | Uncategorized | 0 Comments

NCA issues tasking to improve responses to fraud On the 20th December 2019 the National Crime Agency (NCA) issued a voluntary tasking under the Crime and Courts Act 2013 to improve enforcement authorities’ responses to fraud. The tasking – only the fourth ever issued by the NCA, is focused on “improving the intelligence picture on […]

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January 3, 2020
Money Laundering Regulations 2019

By Joseph Paice | Uncategorized | 0 Comments

The FCA has published an update for the Government’s Money Laundering Regulations with new rules coming into force on 10th January 2020. The new standards update the UK’s AML regime to incorporate international standards set by the Financial Action Task Force (FATF) and to transpose the EU’s 5th Money Laundering Directive. The primary objective of […]

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December 23, 2019
November Regulatory Update

By Joseph Paice | Uncategorized | 0 Comments

Protection of whistleblowers Directive (EU) 2019/1937 of 23 October 2019, which establishes new EU-wide standards on the protection of whistleblowers, has been published in the Official Journal of the European Union. Some of the main points the Directive covers includes the following: protection for whistleblowers if they disclose information publicly in certain circumstances; safeguards to […]

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November 8, 2019
October Regulatory Update

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

Financial Services Duty of Care Bill 2019-2020 On the 29th October, the Financial Services Duty of Care Bill 2019-20 had its first reading in the House of Lords. If the Bill becomes law, it will amend FSMA 2000 to require the FCA to introduce rules to impose a duty of care owed by authorised persons […]

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October 14, 2019
September Regulatory Update

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

The FCA fines Tullett Prebon £15.4 million The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA. Tullett Prebon, now […]

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