1 - 2016 - Planet Compliance

PRU update on approach to enforcement: statutory statements of policy and procedure

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The Prudential Regulation Authority has published an update to its approach to enforcement: statutory statements of policy and procedure, which can be found here along with the Statement of Policy. This Prudential Regulation Authority (PRA) Statement of Policy was first published on 1 April 2013 and included statutory statements of policy and procedure in relation …

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AML Insight: Money Laundering through the physical transportation of cash

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In times where we can almost exclusively use credit cards instead of cash and mobile payment seems to increase its market share, so that is seems that it is only a question of time when cryptocurrencies and paying with your mobile phone become mainstream, it may seem odd to look into the role of cash …

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AML publishes ELTIF guidance for fund managers

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The French regulatory authority Autorité de marchés financiers (AMF) has published guidance for fund managers on the ELTIF regulation that has come into force on 9 December 2015. The AMF aims to provide answers to the key questions on the regulation as well as to facilitate the application process. The regulator also announced that it is going to update its …

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The 7 Deadly Sins of Market Abuse: Part I – Insider Dealing

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As promised we are trying to shed some more light on the specifics of Market Abuse and have therefore started our new series of articles about the categories of behaviours that constitute Market Abuse. The series is called “The 7 Deadly Sins of Market Abuse” and in its first instalment we look at Insider Dealing …

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FCA consults on loan-based crowdfunding platforms and segregation of client money

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The FCA has published CP16/4 consulting on changing our client money rules for firms that operate electronic systems in relation to lending (P2P platforms) and hold both money for clients in relation to regulated P2P agreements under our client money rules (CASS 7) and money for clients in relation to unregulated lending. The FCA statement and …

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EBA consults on draft guidelines on implicit support for securitisation transactions

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The European Banking Authority (EBA) launched today a public consultation on draft Guidelines on implicit support for securitisation transactions. The objective of the Guidelines is to provide clarity on what constitutes arm’s length conditions and when a transaction is not structured to provide support for securitisation. The consultation runs until 20 April 2016. The Capital …

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New Bank Start-up Unit launched by the financial regulators

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The Prudential Regulation Authority (PRA) and FCA have today launched the New Bank Start-up Unit. The Unit is a joint initiative from the UK’s financial regulators giving information and support to newly authorised banks and those thinking of becoming a new bank in the United Kingdom. The joint New Bank Start-up Unit will assist new …

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ESMA publishes EC letter on AIFMD passport

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The European Securities and Markets Authority (ESMA) has published the letter it received from the European Commission (EC) in respect of its advice on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU AIFMs and AIFs, and ESMA’s opinion on the functioning of the passport for EU AIFMs and on the …

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FCA publishes proposed guidance on voluntary redress schemes under the Competition Act 1998

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The FCA has published a proposed guidance on voluntary redress schemes under the Competition Act 1998 and invites views on the proposed guidance, which explains how we will exercise our powers to approve and enforce redress schemes under CA98. Under changes made by the Consumer Rights Act 2015, we have new powers under the Competition Act …

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UK regulators lunch consultation on Financial Services Compensation Scheme

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The FCA and the PRA have published the consultation paper CP16/3: Financial Services Compensation Scheme – Management Expenses Levy Limit 2016/17. This Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) paper sets out the consultation on the management expenses levy limit for the Financial Services Compensation Scheme for 2016/17. The management expenses levy limit (MELL) ensures that the …

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January 2016

PRU update on approach to enforcement: statutory statements of policy and procedure

AML Insight: Money Laundering through the physical transportation of cash

AML publishes ELTIF guidance for fund managers

The 7 Deadly Sins of Market Abuse: Part I – Insider Dealing

FCA consults on loan-based crowdfunding platforms and segregation of client money

EBA consults on draft guidelines on implicit support for securitisation transactions

New Bank Start-up Unit launched by the financial regulators

ESMA publishes EC letter on AIFMD passport

FCA publishes proposed guidance on voluntary redress schemes under the Competition Act 1998

UK regulators lunch consultation on Financial Services Compensation Scheme

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