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  • The FCA's Review of Automated Investment Services

    Following the publishing of the 2017/18 Business Plan, the FCA has undertaken reviews of innovative areas of the financial markets. In a report published 21 March, the FCA presented its findings on automated investment services and its recommendations on improving this segment of the market. Automated investment services, sometimes known ...
  • Brexit update for financial services - week ending 11 May 2018

    This was a quiet week for Brexit news in the financial services sector. Her Majesty’s Government has yet to publish any detailed information about the proposals that it has announced for EU/UK financial services after the UK leaves the single market. Detailed analysis of the impact of Brexit (by UK ...
  • Brexit update for financial services firms - week ending 4 May 2018

    Where we stand: The draft Withdrawal Agreement provides for a transition period from 29/03/19 to 31/12/20 during which the EU single market legislation, and its dual regulation coordination (DRC)/mutual recognition, would continue to apply to the UK. The UK has proposed (see Philip Hammond's speech of 7 March) that after ...
  • Brexit update for financial services firms 27 April 2018

    During this week, Andrew Bailey made a speech in support of the UK government’s financial services “mutual recognition” proposals (see the Chancellor’s speech of 7 March 2018) but these ideas were firmly rejected in speeches from the EU side. The EU position is that the future relationship will be based on the EU’s equivalence regime for third countries and not on bespoke mutual recognition arrangements....
  • Brexit update for financial services firms - week ending 20 April 2018

    BoE: Speech by Alex Brazier: Five years of macro prudential: regulating the Square Mile for all 94,000 square miles Text of this speech, given on 19 April 2018, follows. Topics include: post-crisis regulation; Brexit issues (including concerns over uncleared OTC derivative contracts) and the “unbundling” of bank services. Click here ...
  • FCA Insight Lecture: Dr Joanna Bryson - Artificial Intelligence and Machine Learning

    On 19 April 2018, the Financial Conduct Authority (FCA) held their second Insight lecture in London on Artificial Intelligence (AI) and Machine Learning. The FCA’s Insight website was launched in 2016 as a platform to exchange ideas and thinking behind regulations and to make regulators more accessible to the public. ...
  • Brexit update for financial services firms - week ending 12 April 2018

    ESAs: Joint Committee Risk Report The Joint Committee of the European Supervisory Authorities has published its Spring 2018 Report on risks and vulnerabilities in the EU financial system. The report warns against key risks for EU financial markets, Brexit, asset repricing and cyber-attacks. Click here to access report. On Brexit, ...
  • BaFin greases the chain of investment intermediaries – marketing of funds possible with 34f-license

    The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") confirmed the applicability of the exemption of section 2 para. 6 (1) n°8 German Banking Act (Kreditwesengesetz, "KWG") to investment intermediaries within the meaning of section 34f German Commercial and Industrial Regulation Code (Gewerbeordnung, "GewO") transmitting customer orders via a chain ...
  • An update on the FCA's approach to cryptocurrencies

    On 9 April 2018, the Financial Conduct Authority (FCA) published its Business Plan 2018/19 (link), in which it identified cryptocurrencies as one of its cross-sector priorities for the year ahead. Shortly before, on 6 April 2018, the FCA also published a statement on cryptocurrency derivatives and their regulatory status under ...
  • The Fifth EU Anti Money Laundering Directive is on its way

    The Fifth EU Anti Money Laundering Directive provides for the first time for the inclusion of exchange platforms for virtual currencies and digital wallet providers in the group of obliged entities under money laundering law. In addition, new requirements are imposed on the group of obliged entities. This concerns, among ...