FCA transaction reporting proposals to save firms £100 million a year
There are a few areas of regulatory compliance that, over the past 6 years, have created more frustration, angst and wasted hours than transaction reporting. Since the advent of MiFID II, buy-side firms have needed to report huge amounts of detail for each in-scope transaction on a T+1 basis. Confusion reigns over the interpretation and […]
Good news comes in threes…
Dear Clients and Friends, In recent months, the FCA has continued to remind firms to get their house in order on client categorisation. Since the advent of the Consumer Duty, the regulator now has a framework that places the onus on firms to consider outcomes, rather than disclosures. They have also provided an update on […]
IFPR Newsletter Highlights
Dear Clients and Friends, As we come into the third year of IFPR, the regulator has launched the IFPR newsletter. Perhaps not the most exciting newsletter topic, but the content is useful. Not only does it underscore the broader theme that many firms are still grappling with IFPR compliance, but it also brings together five […]
Market Watch 83: Sounding Off on Governance
Dear Clients and Friends, Market Watch 83: Sounding Off on Governance The regulator does not often direct their communications specifically to Corporate Finance firms, so when they do, it is worth taking note. The findings in the FCA’s Market Watch 83 are useful for other regulated firms as well as their Corporate Finance counterparts when […]
FCA & SEC Compliance Highlights – Summer 2025
Dear Clients and Friends, Following a summer of page turning FCA proposals, welcome to the final stretch of 2025. The FCA has not slowed its pace, pushing forward with the delivery of its competitive market agenda, diverging from the EU and following an ambitious strategy to reshape how UK financial market participants will operate; a […]
Off Channel Communications
Dear Clients and Friends, Managing electronic communication channels has been one of the most debated compliance topics over the past few years; the tension between reconciling regulatory expectations in an environment of ever evolving use of language and new technology is real. Given the rapid adoption of services such as WhatsApp and WeChat, it is […]
One Step at a Time ? The FCA’s SM&CR Reform
Dear Clients and Friends, 2025 is shaping up to be a year of the FCA balancing the need for robust regulation with the government’s commitment to a competitive financial services sector and its UK growth ambitions. As much as the rhetoric tries to convince otherwise, those demands are not natural bedfellows. But does a refresh […]
Credit Suisse Fraud Takeaways
Dear Clients and Friends, The latest enforcement action in the “Tuna Bonds” scandal was announced in May when the FCA banned Detelina Subeva from the financial services industry. The scandal and resulting enforcement actions contain several takeaways for regulated firms to consider. Case Background: Between 2012 and 2016, Credit Suisse arranged approximately $1.3 billion in […]
Opting Up isn’t Optional
Clients and Friends, Opting Up isn’t Optional In June, we reported on the FCA’s Review of Smaller Asset Management Firms and recommended a review of your firm’s process when opting up clients to elective professional status. That review should identify if the process is sufficiently robust and if your firm captures the information that would […]
Review into Smaller Asset Management Firms
Dear Clients and Friends, The FCA published its findings (with a generous use of acronyms) from its recent review of smaller asset management firms (under £1bn AuM). As ever with these reviews, there is a significant read across for firms that aren’t classified as Smaller Asset Managers. The FCA acknowledges most firms are meeting basic […]
