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Financial Services weekly highlights—25 February 2021

The following Financial Services news provides comprehensive and up to date legal information on Financial Services weekly highlights—25 February 2021

Most urgent Solvency II fixes needed now, UK insurers urge regulators

The following Financial Services news provides comprehensive and up to date legal information on Most urgent Solvency II fixes needed now, UK insurers urge regulators

Ex-Goldman banker can’t overturn £7.3m confiscation order

The following Corporate Crime news provides comprehensive and up to date legal information on Ex-Goldman banker can’t overturn £7.3m confiscation order

EU finance MoU won’t include equivalence, UK minister says

The following Banking & Finance news provides comprehensive and up to date legal information on EU finance MoU won’t include equivalence, UK minister says

Featured Financial Services content

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...

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

Regulatory capital—purpose, quantity and quality

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 Morrison & Foerster LLP 12th Jan

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

Accepting deposits

This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...

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 12th Jan

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

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 12th Jan

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

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

Most recent Markets and trading content

Practice notes

Directive 2014/57/EU on criminal sanctions for market abuse

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Ms Alison Geary of WilmerHale 15th Jan

Practice notes

Misleading statements, misleading impressions and market manipulation

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

15th Jan

Practice notes

Approach to, and key drivers of wholesale and retail conduct risk

BackgroundOn 1 April 2013, the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all firms authorised under the...

Produced in partnership with Anne Mainwaring of Ashursts 8th Jan

Q&As

Brexit: Can UK businesses now ignore the proposed EU financial transactions tax?

There are two schools of thought on how Brexit may prevent the Financial Transactions Tax (FTT) proposals from affecting the UK. The first is a policy...

Produced in partnership with Hilary Barclay of Burges Salmon 8th Jan

Brexit

Practice notes

Special resolution regime for banks and building societies—rationale, scope, application and interpretation

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Dominic McCahill of Skadden 8th Jan

Practice notes

The Credit Institutions (Reorganisation and Winding Up) Directive and implementing Regulations

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

5th Jan

Practice notes

The European Systemic Risk Board

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

5th Jan

Q&As

Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

23rd Dec

Precedents

Market Abuse Regulation—Issuer wall—crossing script with confidentiality and no trade conditions and email confirmations

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

17th Dec

Practice notes

Part VII Transfer of Banking Business

SummaryAs noted in Practice Note: Insurance business transfer schemes, a regime for transferring portfolios of insurance business has existed in the...

29th 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...

29th Nov

Q&As

As a relevant authorised person (a regulated firm), when do you have to make a notification to the FCA regarding the conduct of approved persons?

For the purposes of this Q&A we have assumed that disciplinary action has been carried out and we have focussed on when notifications are required....

28th Nov

Practice notes