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FCA publishes its “package of proposals” for transitioning firms and individuals to the Senior Managers and Certification Regime



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The FCA has appear three CPs [13.12.17] in itsconsultation on transitioning firms and individuals to the Senior Managers and Certifcation Regime(SMCR). These are:

The FCA has consulted ahead on extending the new administration to about all adapted firms (read more here). The FCA has said that for best of the firms it regulates individuals “automatically convert” from the Approved Bodies Administration to the SMCR. So, for best FCA adapted firms there will be no claim to administer to catechumen their currently Approved Bodies to Senior Managers. This agency they will be able to focus their absorption on ensuring the new SMCR ability is properly anchored at their abutting and their agents accept the new requirements. Jonathan Davidson, Executive Director of administration – Retail and Authorisations, at the FCA has said “Extending the Senior Managers and Certification Administration will drive advanced ability change in cyberbanking casework firms.”

The appointment on the Assignment of Responsibility is bare because of the FCA’s angle to extend the assignment to insurers and to FCA solo-regulated firms: it applies currently alone to coffer Senior Managers. The FCA is additionally assessing the aftereffect of the new SMCR on the Cyberbanking Casework Register.



The FCA asks for acknowledgment on its proposals adage it expects to finalise its access in the summer of 2018. Acknowledgment to these three CPs is appropriate by 21 February 2018.

There is no accomplishing date yet for these new rules, it charcoal to be set and appear by HM Treasury although, for the purposes of the FCA abstract rules in the CPs, the FCA assumes the rules to administer to insurers in backward 2018 and to FCA solo-regulated firms in mid-to-late 2019.

The UK Government publishes its Advance Management Action II

TheInvestment Administration Strategy II[06.12.17] is the Government’s “long term access to acceptable the UK’s position as a centre for asset management.” The action focuses on six areas including: “strengthening the UK’s advance administration talent action by acknowledging the industry to authorize Asset Management Centres of Excellence at UK universities beyond the country”; developing Fintech solutions “such as a blockchain enabled agenda fund”; acceptable chat amid Government, regulators and industry via the new Asset Administration Taskforce; and by acknowledging armamentarium managers to be all-around leaders “in developing avant-garde advance strategies – such as green accounts and amusing appulse advance – to accommodated the changing broker demands.” For added information, click here. This area of the Advance Administration Brief contains accessible area admonition accountant beneath theOpen Government Licence v3.0.

FCA publishes Action Account on FAMR Implementation Allotment II

The FCA has publishedfinal Handbook Rules and Guidance[08.12.2017] arising out of its appointment beforehand this year on a cardinal of the Financial Admonition Bazaar Review (FAMR) recommendations and on assertive audience (read more here). The Handbook will be afflicted to reflect amendments to the RAO demography aftereffect on 3 January 2018, apropos the acceptation of adapted advice. New Handbook admonition is alien resulting from the Admonition Unit’s adventures to date and on insistent clients. The changes will appear into force on 3 January 2018.

The Action Account additionally consults on backward admonition relating to inducements and conflicts of absorption (FG14/1) and independent and belted admonition (FG12/15) in ablaze of it actuality abolished by new requirements, including MiFID II requirements. Responses are approved by 19 January 2018.

Guidance on claimed recommendations will be appear in a abstracted action account in aboriginal 2018.

FCA publishes two new access documents: Access to Authorisation and Access to Competition

The FCA has appear [11.12.2017] the nexttwo access documentsin the alternation it flagged in “Our Mission 2017” area the FCA committed to actuality “more accessible and transparent” about how it regulates and about its accommodation making. These abutting two approach abstracts chase on from its Access to Consumersdocument [November 2017] and are: its proposed Access to Authorisation and its Access to Competition.

The Access to Authorisation explains the FCA’s purpose with and access to authorisation. On this the FCA quotes Andrew Bailey, FCA Chief Executive, as adage “It’s basic that we get it appropriate to accumulate out firms that are not up to blemish and allow the appropriate ones through”. The Access to Authorisation asks a cardinal of questions about the way the FCA approaches authorisations, on a cardinal of areas including: Threshold Conditions; minimum standards; if commitments the FCA has suggested to firms applying for authorisation are actual and if any others could be made; and on the FCA’s cardinal goals – whether the appropriate ones are prioritised and if others would be useful.

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The Access to Antagonism certificate questions how the FCA approaches its antagonism responsibilities. The questions include: whether the FCA’s antagonism address is able-bodied understood; the break of abuse the FCA should accede in a preliminary antagonism assessment; whether there are added accoutrement it could use in remedies area antagonism is lacking; and if added clarification is bare about the FCA’s access to competition. These two access abstracts are accessible for appointment until 12 March 2018.

FCA reminds consumers of risks of alimony transfer scams

The FCA has appear areminderto consumers alerting them about appointment their alimony into chancy investments and of pension alteration scams. It additionally reminds consumers and firms of the FCA’s antecedent customer alive in 2014 onpension transfersor switches into able articles appliance SIPPs.

The FCA sets out a account of questions for consumers to consider afore appointment their alimony monies to a new arrangement that could be invested in actual risky, able investments or which could alike be a scam. “Professional alimony admonition is not free” says the FCA and able admiral are absurd to algid call customers. Accordingly, if consumers accept been algid alleged or are because affective their alimony monies into a new arrangement they accept been approached about or apparent in an advert, the FCA reminds consumers to seek admonition aboriginal from an authorised impartial able adviser who is alone to the abutting that contacted them. Cyberbanking admiral should be able to accomplish the consumer acquainted of any apropos they analyze that the advance is riskier than the customer was initially fabricated aware, or if it is “simply absurd to assignment out as promised.”

Investing their pensions’ accumulation in able investments is absurd to be in consumers’ best interests. The FCA reminds consumers to accede “all advance alternatives and abrogation your alimony pot area it is may be the best decision.”

FCA announces acknowledged firms for third regulatory sandbox

The FCA hasrevealed the 18 acknowledged firmswho will advance to testing in the authoritative head [06.12.2017]. “Cohort 3” contains firms such as Barclays testing a regtech proposition, Economic Abstracts Sciences testing a “technology band-aid that utilises bogus intelligence to accommodate armamentarium managers with a mathematically-defined optimal accommodation amid a cardinal of risks and objectives during the advance alternative process”, and Solidi testing a “blockchain based payments belvedere that uses cryptocurrencies to facilitate money remittance at a faster acceleration and with lower transaction costs”. Applications are now actuality accustomed for the fourth head phase. Apprehend added on the regulatory sandbox here.

FCA accent on bogus intelligence and criminal funds

Rob Gruppetta, Head of the Cyberbanking Crime Department at the FCA, delivered aspeechto the FinTech Innovation in AML and Agenda ID bounded accident [06.12.2017] on the use of artificial intelligence to accumulate bent funds out of the cyberbanking system. In the speech, Mr. Gruppetta questioned whether software could be accomplished animal intuition “that senses commodity is not quite right” or to “pick out apprehensive behaviour that even bodies ability not notice”. He appropriate that AI could admonition in the action adjoin money bed-making through transaction monitoring, anti-impersonation checks and anecdotic college accident customers, referencing a contempo address by the FSB on bogus intelligence and apparatus acquirements in cyberbanking services.

Mr. Gruppetta antiseptic that the FCA would apprehend to see new technologies actuality implemented “in a way you would any other – testing, babyminding and able management.” The FCA does not apprehend apparatus acquirements to alter animal judgement, but rather to accompaniment it – “the software will accord in probabilities, not absolutes, and a actuality will charge to accomplish the final accommodation about whether intelligence is anesthetized to the authorities.” The accent articular in accession to the big abeyant benefits, the key challenges of appliance apparatus acquirements in anti-money bed-making as: abstracts affection (can be “patchy”) and abridgement of badge acknowledgment on apprehensive action letters filed; and that alone institutions will not see the accomplished account of a transaction as “the allotment of the transaction they handle is aloof one allotment of the jigsaw.”

The FCA’s Megan Butler speaks on alimony admonition and key MiFID II changes

In aspeechdelivered to the Personal Advance Administration and Cyberbanking Admonition Association (PIMFA) in London [14.11.2017], Megan Butler, FCA Director of Administration – Investment, Wholesale and Specialists, focused on pensions advice. She drew on the after-effects of the FCA’s Assessing Suitability Review (ASR) (read more here) to say that “we begin acceptable admonition was dispensed in 93.1% of cases in 2015”, but that “removing added baby – and accordingly beneath arresting – pockets of underperformance is not easy.” Accordingly the FCA is decidedly alive in areas “where instances of bad advice are, or are acceptable to be, abundant worse than the ASR benchmark results”. So it has been focussing on Defined Benefit (DB) to Defined Contribution (DC) alimony alteration admonition area it has begin “higher levels of barbarism and unacceptable acknowledgment than we expected”, and on high-risk investments, in affiliation to which it has issued alerts on alive with able administrator firms (read more here) and on the risks SIPP operators face from new pension scams (see aloft area on: FCA reminds consumers of risks of alimony alteration scams).

The FCA intends to administer “remaining pockets of poor advice” appliance abstracts assay as a “key means”. To administer – and claiming – the volume ofad hocrequests for information, the FCA has set up an Admonition Babyminding Board and is employing added adult analytic models to analyze high-risk firms.

As allotment of acclamation the “comparatively fewer whistle-blowers advancing advanced from the admonition bazaar than […] in added sectors”, Butler fatigued that the FCA treats the admonition aggregate with it in absolute confidence.

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Butler additionally arbitrary key MiFID II changes, suggesting amid added things that “it would be advantageous for both parties [manufacturers and distributors] to put pen to paper on acknowledged accoutrement for the barter of data” in affiliation to artefact governance, and that, although the FCA is not accouterment a standardised architecture for costs and accuse disclosure, it will appoint on any industry-led proposals for templates.

The UK PRIIPs Regulations 2017 to appear into force on 1 January 2018

ThePackaged Retail and Insurance-based Investment Articles Regulations 2017, SI 2017/1127 [05.12.2017] appear into force on 1 January 2018. Apprehend added about the PRIIPs Regulations requirements in our beforehand update. Amid added things the Regulations designate the FCA as the competent ascendancy for the purposes of the EU PRIIPs Adjustment and accommodate the FCA with assertive enforcement powers.

Risk Transformation Regulations 2017 appear into force

The Accident Transformation Regulations 2017(the “Regulations”) came into force on 8 December 2017. The Regulations anatomy a framework for arising allowance affiliated balance and actualize a new PRA adapted action beneath the Cyberbanking Casework and Markets Act 2000 (“FSMA”), the Cyberbanking Casework and Markets Act 2000 (PRA-regulated Activities) Order 2013 2013/556 and the Cyberbanking Casework and Markets Act 2000 (Regulated Activities) Order 2011 SI 2001/544. The new adapted action concerns agent cartage bold accident beneath a arrangement of insurance. The Regulations accommodate that investments may alone be offered by agent cartage to “qualified investors”, which excludes best retail clients. A new blazon of anatomy accumulated is alien by the Regulations, namely a “protected cell company” in which the “cells” are acclimated for assuming accident and accustomed out business while the “core” administers the company. The amount and the beef are absolute from anniversary added but do not accept a abstracted acknowledged personality..

HM Treasury publishes adapted Advisory Notice on money bed-making and agitator costs controls in account of higher accident jurisdictions

HM Treasury has adapted itsAdvisory Noticeon money bed-making and agitator costs controls, namely added due activity and advancing ecology of bodies accustomed in high-risk third countries, appropriate by the Money Laundering, Agitator Financing and Alteration of Funds (Information on the Payer) Regulations 2017 [04.12.2017]. The Advisory Notice contains the latest FATF statements on high-risk jurisdictions. Apprehend more here. This area of the Advance Administration Brief contains accessible area admonition accountant beneath the Accessible Government Licencev3.0.

ESMA accent on key developments in Brexit, MMFs and MiFID II

Verena Ross, Executive Director of ESMA, delivered a speech[05.12.2017] at the ICI 2017 All-around Basic Markets Conference in London. Ms. Ross discussed key developments in 2017 conspicuously ESMA’s assignment on Brexit and money bazaar funds – and its priorities for 2018.

Ms. Ross echoed comments fabricated by Stephen Maijoor, ESMA’s chair, (read more here) apropos opinions appear by ESMA on Brexit, namely that ESMA advised these opinions: to be in band with existing Akin 1 requirements, not to attenuate abandon of establishment, and that they do not “call into catechism the delegation model”. ESMA has additionally accustomed a Supervisory Coordination Network for civic competent authorities to altercate issues arising as a aftereffect of firms attractive to backpack from the UK to the EU. In the ambience of Brexit and “how altered types of the bluff aftereffect could be mitigated” Ms. Ross referred to the market’s apropos about cooperation agreements. She suggested that ESMA could “act as the facilitator of agreements” area cooperation agreements are appropriate amid regulators for assertive activities, for instance beneath the UCITS Directive or AIFMD.

Ms. Ross additionally categorical ESMA’s three basic deliverables in commendations to the MMF Regulation: (i) abstruse admonition on Akin 2 measures, (ii) implementing abstruse standards (ITS) on advertisement requirements, and (iii) guidelines on accent testing. The abstruse admonition focused on about-face repurchase agreements, decidedly on developing the clamminess requirements, and the appraisal of acclaim quality. The advertisement requirements in the ITS accept been fabricated constant with AIFMD advertisement requirements such that abstracts will be appear in the aforementioned way and architecture as beneath the AIFMD. The guidelines do not specify the advertence parameters, but ESMA aims to amend this in the abutting adaptation of the guidelines, which are to be adapted every year, and expects to affair updated guidelines by the end of 2018.

On MiFID II, Ms. Ross focussed on advance analysis and LEIs. She discussed ESMA’s admonition to date on payments for research, discussions with the SEC on affairs with third-country broker-dealers and sub-advisors, and the accent of compliance with LEI requirements.

Draft MLD4 authoritative abstruse standards appear by ESAs

The Joint Committee of the ESAs haspublished[06.12.2017]draft authoritative technical standardsunder the admission MLD4 “to strengthen group-wide administration of money bed-making and agitator financing risks”. Apprehend more here. The abstract authoritative abstruse standards administer to acclaim and cyberbanking institutions groups with branches or majority endemic subsidiaries in third countries which do not acquiesce the appliance of some or all of their group-wide behavior or procedures on AML and CFT which they are appropriate to put in place on a group-wide level; or area a competent authority’s ability to administer acquiescence with MLD4 is broken as it cannot access accordant admonition in such jurisdictions. The standards set out “minimum actions” that institutions charge take, on a risk-sensitive basis, apropos the risks created by the situation.

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In acute situations afterwards demography all accessible steps, area the accident cannot be mitigated, institutions will accept to abolish the business relationship, or not backpack out the business in catechism or abutting bottomward all or allotment of their operations in the third country in question.

The abstract authoritative abstruse standards will now be submitted to the European Commission for approval.

European Commission publishes delegated regulation adopting authoritative abstruse standards on European long-term advance funds (ELTIF)

ESMA produced abstract authoritative abstruse standards “establishing the affairs in which the use of financial acquired instruments alone serves ambiguity purposes[…], the affairs in which the activity of an ELTIF is considered acceptable in breadth to awning the life-cycle of anniversary of the alone assets of the ELTIF[…], the belief for an assessment of the bazaar for abeyant buyers and a appraisal of the assets to be bald […], accepted definitions, adding methodologies and presentation formats of the costs and all-embracing arrangement of the costs to the basic of the ELTIF […] and the types and characteristics of the accessories accessible to retail investors” beneath the ELTIF Adjustment ((EU) No 2015/760). The Commission has nowadoptedthese authoritative technical standards [04.12.2017]. The adjustment is anon applicative in all Member States and will appear into force on 24 December 2017.

FCA CEO gives affirmation to Parliament on Financial Adjustment and Administration afterward Brexit

Andrew Bailey, FCA CEO, and John McFarlane, Chairman of Barclays, gaveevidencebefore Parliament’s EU Cyberbanking Affairs Sub-Committee [29.11.2017] on Financial Adjustment and Administration afterward Brexit.

Among added matters, in acknowledgment to a catechism on the attributes of a alteration period, Bailey said “a transition period, in my apperception now, is primarily advised to accord us time to accord with the risks that we beam from a abrupt avenue […] The better one that I would point to is alleged arrangement continuity, and the after-effects of a abrupt accident of the passport.” He acicular out that “contract chain is a symmetric risk” which is an important point and is not alone a accident for the UK, because “… it charge administer on both abandon of the fence because of the attributes of the basal issue, which is the sudden accident of the passport.” Bailey additionally said: “We accept reached a point area it is all-important to accept a alteration aeon to allow us time to accord with those risks. That is the affair that needs to be sorted out PDQ, as they say.”

On a catechism apropos how to accord with acknowledged continuity, Bailey said there were three agency to deal with it, namely: in the Commodity 50 agreement; with the UK and the EU accomplishing it in alongside at UK government akin and at the EU level; or to leave firms to array it out. However, in Bailey’s view “the botheration with abrogation firms to array it out is that it is acutely confusing and there is not abundant time to do it. It agency novation of contracts, for instance. It involves court processes, and there aloof is not abundant time to accord with the volume.”

This area of the Advance Administration Brief contains Parliamentary admonition accountant beneath theOpen Parliament Licence v3.0.

EU negotiating amendments to accompany cryptocurrencies aural ambit of MLD4

The UK Government has accepted in aQ&Araised on 27 October 2017 and answered on 3 November 2017 [on its website 04.12.2017] that amendments to the 4th Anti-Money Bed-making Directive currently actuality adjourned by the UK Government would accompany babysitter wallet providers and basic bill barter platforms aural the scope of anti-money bed-making and agitator costs regulations. This agency that the activities of such firms will be supervised by civic competent authorities. The UK Government supports the amendments. This area of the Advance Administration Brief contains Parliamentary admonition accountant beneath the Open ParliamentLicence v3.0.

Apprehend the latest copy of our Allowance Briefing.

We accept afresh launched our new Banks Briefing, a newsletter produced accurately for lawyers alive for banks in the UK.Our account advertisement focuses on the key account belief affecting the cyberbanking sector.In our December copy we attending at capacity including a new case on the analogue of “financial institution” for transferability provisions, UK affairs to adjust accessible cyberbanking reforms with PSD2 and an ECB admonishing that banks’ Brexit alteration affairs are inadequate.

The agreeable of this commodity is advised to accommodate a general adviser to the accountable matter. Specialist admonition should be sought about your specific circumstances,

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