Dealers in principal under the regulatory spotlight

On the 4th August 2023 the UK Financial Conduct Authority (“FCA”) published its latest “Dear CEO” letter, this time setting out its supervisory priorities vis-a-vis Principal Trading Firms (“PTTs”, also known as “Dealers in principal”). As the name of the category suggests, PTTs are firms that generate much of their revenue from dealing as principal, […]

FCA publishes important MiFIR transaction reporting updates

“…issues persist, and some firms are not paying sufficient attention to our warnings on the importance of reporting transactions to us in a complete, accurate and timely manner.” In the week commencing 24th July 2023 the UK Financial Conduct Authority (“FCA”) published two important updates concerning Markets in Financial Instrument Regulation (“MiFIR”) transaction reporting in […]

Shorts: key regulatory developments from Q2, 2023

In this article we provide a round up of key Financial Conduct Authority (“FCA”) related regulatory developments that are particularly relevant to investment firms.   FCA publishes new guidance on the regulatory perimeter for trading venues (5th July 2023) On 5th July the FCA released Policy Statement PS23/11 to issue new guidance on the regulatory perimeter […]

The Role of Compliance Consultants in London: Ensuring Regulatory Adherence for Business Success

In today’s rapidly evolving business landscape, regulatory compliance has emerged as a crucial factor for businesses in London. With the Financial Conduct Authority (FCA) serving as the regulatory body overseeing financial services, companies must navigate a complex network of rules and regulations to uphold legal and ethical operations. This is where compliance consultants in London […]

The Importance of Regulatory Compliance in Today’s Business World

Regulatory compliance is crucial for any business operating in today’s world. With an increasing number of regulations and laws governing various industries, it has become more important than ever for companies to ensure compliance to avoid legal and financial penalties, maintain their reputation, and stay competitive in the market. In this article, we will explore […]

Consumer Duty: do your products and services represent fair value?

“Many firms are on course to meeting it [the Consumer Duty implementation deadline], according to our own research” Sheldon Mills, Executive Director, Consumers and Competition, Financial Conduct Authority (“FCA”), 10th May 2023 On 10th May 2023 the FCA published the latest in a raft of communications concerning the impending implementation of the Consumer Duty. The […]

Amended UK EMIR Reporting: final Validation Rules and XML Schemas

Further to our previous briefing entitled: “IN BRIEF: FCA/BoE finalise changes to UK EMIR trade reporting requirements“,  the Financial Conduct Authority (“FCA”) has now published the final validation rules and XML schemas for the revised United Kingdom (“UK”) EMIR reporting regime which is set to go live on 30th September 2024. Who is this relevant […]

Beware the “data-led regulator”: the FCA publishes its Business Plan 2023/24

On 5th April 2023 the UK Financial Conduct Authority (“FCA”) published its Business Plan outlining its priorities for 2023/24. In this article we provide a summary of the key takeaways with implications for practice that are relevant to firms operating in the investments and payments sectors.  The FCA is looking for an early opportunity to […]

Review of fast-growing (“FGF”) firms: FCA publishes findings

On 10th March 2023 the UK Financial Conduct Authority (“FCA”) published the findings from its reviews of fast growing (“FGF”) firms. The FGF reviews examined firms’ financial and non-financial resourcing. The review was conducted in 2021-22 and studied the activities of 25 solo regulated firms that were identified by the FCA as experiencing “very fast […]

ICARA process: FCA publishes initial observations

The Investment Firms Prudential Regime (“IFPR”) entered into force in the UK on 1st January 2022. On 27th February 2023 the Financial Conduct Authority (“FCA”) published its initial observations into investment firms’ efforts to implement the new internal capital adequacy and risk assessment (“ICARA”) process and undertake related reporting. The purpose of this article is […]