Authorisation, approval and supervision

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The Money Laundering Reporting Officer (MLRO)—duties

The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive...

What is electronic money?

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further...

The Single Rulebook

Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its...

Non-UCITS retail schemes (NURS)

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Practice notes

Public censure by the FCA

Disciplinary powers of the FCAThe disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and...

9th Nov

Practice notes

Application of the FCA's COBS 4 rules

Chapter 4 of the Financial Conduct Authority's (FCA) Conduct of Business sourcebook (COBS 4) contains the conduct of business requirements for...

9th Nov

Practice notes

Basel Accord

The Basel Committee on Banking Supervision (BCBS), consisting of the central banks of governors of the so-called G10 countries (Belgium, Canada,...

Produced in partnership with Morrison & Foerster LLP 9th Nov

Practice notes

Consumer protection—FCA and other regulatory requirements

This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure,...

9th Nov

Practice notes

Financial Conduct Authority—Principles for Businesses (PRIN)

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...

9th Nov

Practice notes

Fair and Effective Markets Review (FEMR)—one minute guide

On 10 June 2015, the Fair and Effective Markets Review (FEMR) published its final report. Running to 106 pages, the report covers a wide range of...

9th Nov

Practice notes

Recognised investment exchanges

Recognised investment exchangesA recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets...

9th Nov

In-house

Practice notes

MLD4—key provisions for financial services firms—one minute guide

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

UCITS VI

UCITS VIUCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th...

Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 9th Nov

Practice notes

European Venture Capital Funds (EuVECA) Regulation

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

Entering into a consumer hire agreement as owner

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...

9th Nov

Practice notes

Second Wire Transfer Regulation (WTR2)—essentials

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

The impact of Brexit on the MiFID II regime

This Practice Note provides information relating to the impact of Brexit on the recast Markets in Financial Instruments Directive (Directive...

9th Nov

Brexit

Practice notes

MiFID I—Transaction reporting

This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive...

9th Nov

Practice notes

Impact of Brexit: Solvency II—quick guide

This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that will be...

9th Nov

Brexit

Practice notes

What is credit and what is a regulated consumer credit agreement?

Scope of this Practice NoteThere are several factors to consider when deciding whether or not a credit agreement is regulated under the regulatory...

9th Nov

Most recent Authorisation, approval and supervision content

Q&As

How will Prudential Regulation Authority (PRA) applications for ‘approved persons’ for non-senior management functions be treated following implementation of the Senior Managers and Certification Regime change post March 2016?

In March 2016, the Approved Persons Regime (APR) was replaced by the Senior Managers and Certification Regime (SM&CR) which places individual...

27th Nov

Practice notes

FCA—Statements of Principle and Code of Practice for Approved Persons

STOP PRESS: On 16 July 2018 the Financial Reporting Council published revised versions of its UK Corporate Governance Code (UKCG Code) and Guidance on...

27th Nov

Practice notes

Prudential Regulation Authority—preparing for authorisation

This Practice Note highlights some of the issues firms need to think about and address while preparing to apply for authorisation to carry on...

27th Nov

Practice notes

SIF interviews

On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) in relation to UK banks, building...

27th Nov

Practice notes

SM&CR—Statements of Responsibility (SoRs)

Banks, building societies, credit unions, PRA-regulated investment firms and insurers are required to file a Statement of Responsibilities (SOR) with...

27th Nov

Practice notes

Prudential Regulation Authority—authorisation

Firms who wish to carry one or more PRA-regulated activities as set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order...

27th Nov

Practice notes

Threshold conditions—firms authorised by the PRA or dual regulated by the PRA and the FCA

All Prudential Regulation Authority (PRA) authorised firms are required to maintain a set of minimum standards in order to become and remain...

Produced in partnership with John Ahern 27th Nov

Practice notes

The Senior Managers and Certification Regime: key issues for employment lawyers

Coronavirus (COVID-19): The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have issued a joint statement on their...

Produced in partnership with Gillian Maclellan, Partner of CMS 26th Nov

Practice notes

Use of attestations by the FCA and the PRA

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and,...

Produced in partnership with Pan Papakyprianou, Associate of Linklaters LLP 24th Nov

Practice notes

Regulatory action against Senior Managers

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and,...

Produced in partnership with Lucy Kerr of RPC and Jonathan Cary 24th Nov

Practice notes

Reports by skilled persons

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and,...

Produced in partnership with Sophie Walden of Linklaters 24th Nov

Practice notes

A principal's responsibility for its appointed representatives

This Practice Note provides an introduction to some of the regulatory responsibilities and contractual requirements that firms authorised by the...

23rd Nov

Practice notes

Non-executive directors (NEDs) and effective corporate governance—expectations of the Financial Conduct Authority (FCA)

General role and responsibility of a non-executive director (NED)For information about the roles and responsibilities of NEDs, see Practice Note:...

19th Nov

Practice notes

FCA—APR controlled functions for benchmark administrators and appointed representatives

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more...

19th Nov

Practice notes

Training and competence—appropriate examination standards

Training and competence—appropriate examination standardsThe Financial Conduct Authority (FCA) Training and Competence Sourcebook (TC) requires...

19th Nov

Practice notes

FCA—training and competence

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

19th Nov

Practice notes

Training and competence—continuing professional development

Coronavirus (COVID-19): .Due to the exceptional circumstances of coronavirus, the Financial Conduct Authority is allowing firms to defer some...

19th Nov

Practice notes

Multiple principals and appointed representatives

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more...

18th Nov

Practice notes

SM&CR: Applications to perform SMFs, notifications, and withdrawal of approval

The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals...

17th Nov

Practice notes

Prudential Regulation Authority—supervisory approach—insurers

The PRA's strategyThe PRA and the BoEUntil 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England...

17th Nov