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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...

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to...

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

Financial Conduct Authority—objectives and principles

The role of the FCAThe Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a...

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

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

Debt sale and purchase agreements

The debt sale and purchase market in the UKThe debt sale and purchase market has for some time been very active throughout the UK. It is an important...

9th Nov

In-house

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

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 Notifications and applications content

Practice notes

E-money—passporting, outsourcing and use of distributors and agents

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. For...

29th Nov

Practice notes

Obligations of controllers—reducing or ceasing control

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial...

29th Nov

Practice notes

Prudential Regulation Authority—varying permission

Authorised people can only carry out regulated activities in the UK in accordance with their permission. Where people intend to change how they carry...

29th Nov

Practice notes

Obligations of controllers—acquiring and increasing control

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial...

29th Nov

Practice notes

The Connect system

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...

Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP 29th Nov

Practice notes

Applying for variations and waivers

From 1 April 2013, the PRA and the FCA replaced the FSA. From 1 April 2013, in addition to the need to identify which regulator is relevant to the...

29th Nov

Practice notes

Changing standing data

Chapter 16 Annex 16A of the Financial Conduct Authority (FCA) Handbook's Supervision Manual (FCA SUP 16, Annex 16A) sets out a list of standing data...

Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP 29th Nov

Practice notes

Prudential Regulation Authority—cancelling permission and requirements

Cancellation refers to the removal of a firm's Part 4A permission. Where Prudential Regulation Authority (PRA)-authorised firms cease to carry out...

29th Nov

Practice notes

Payment Services Regulations 2017—authorisation and passporting rights

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. For...

29th 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...

29th Nov

Practice notes

Authorised firms and close links

In the UK, certain relationships and close ties that firms may have are considered to have the potential to affect the way in which a firm is run and...

Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP 29th Nov

Practice notes

FSMA 2000 controllers regime—obligations for firms

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial...

29th Nov

Practice notes

FSMA 2000 controllers regime—key concepts

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial...

29th Nov

Practice notes

Financial Conduct Authority—authorisation

There are approximately 19,000 Financial Conduct Authority (FCA) regulated firms under the post-FSA regulatory structure, which has been in place...

29th Nov

Practice notes

Financial Conduct Authority—cancelling permission and requirements

Where authorised firms cease to carry out regulated activities, their Part 4A permission will be cancelled. The Financial Conduct Authority (FCA) can...

29th Nov

Practice notes

Authorisation, registration, variation and cancellation of electronic money institutions

Introduction to the authorisation process for electronic money institutionsThe recast Directive 2007/64/EC, the Electronic Money Directive (2EMD)...

29th Nov

Practice notes

Applying for passporting

What is passporting?UK authorised firms may be eligible to carry out permitted activities in another European Economic Area (EEA) state if they fulfil...

Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP 29th Nov

Practice notes

FSMA 2000 controllers regime—fund managers

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial...

29th Nov

Q&As