June 2016

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FCA updates penalties manual and enforcement guide for Market Abuse Regulation

The FCA today published PS16/18: Changes to the Decision Procedure and Penalties manual and the Enforcement Guide for the implementation of the Market Abuse Regulation. In this Policy Statement the FCA summarises the feedback it received to Consultation Paper 16/13, Changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for the implementation of the Market Abuse …

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Brexit, the future of FinTech in Europe and what firms need to do now

The UK has decided to leave the European Union, which is likely to lead to a long period of uncertainty. Immediately markets and the pound have taken a hit, and the turbulences are likely to continue for a while. The prime minister has announced he is going to step down and the fight for succession …

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BaFinTech – German regulator’s FinTech event discusses innovation and regulation

The timing could not haven been better. A week after the UK’s vote to leave the EU and the following discussion about the future of London as the world’s FinTech capital, the German financial watchdog BaFin today held an event on FinTech and regulation, the BaFin-Tech 2016. The event consisted of four workshops, which aimed …

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IOSCO reports on implementation of Principles for financial market infrastructures

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published the third update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures (PFMI). The CPMI and IOSCO continue too closely monitor the implementation of the Principles for financial market infrastructures …

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Brexit: EU legislation remains applicable UK regulators remind firms

UK regulatory authorities have released statements in respect of the result on the European Union referendum and the next steps following the UK’s decision to leave the EU, aiming to reaffirm the public that regulators will do everything to ensure stability and emphasizing that EU rules remain applicable in the UK for the time being. …

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French regulator warns FinTechs about compliance with regulation

The message to FinTechs from the financial markets watchdog in France is clear: industry regulations apply to you, too, and if you don’t play by our rules, we take our ball home. The Autorité des Marchés Financiers (AMF) regulates participants and products in France’s financial markets and recently created a FinTech, Innovation and Competitiveness division …

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US regulator warns against operational vulnerabilities in Blockchain applications and cyberattacks

The Financial Stability Oversight Council (Council) has published its 2016 annual report. The Council reports annually to Congress on a range of issues, including significant financial market and regulatory developments, potential emerging threats to the financial stability of the United States, and the activities of the Council. The report also makes recommendations to promote market …

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FSB consults on Structural Vulnerabilities from Asset Management Activities

The Financial Stability Board (FSB) today published for public consultation Proposed Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities. The document sets out 14 proposed policy recommendations to address the following structural vulnerabilities from asset management activities that could potentially present financial stability risks: liquidity mismatch between fund investments and redemption terms and conditions …

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IOSCO Outlines its Priorities Regarding Data Gaps in the Asset Management Industry

The Board of the International Organization of Securities Commissions (IOSCO) today has issued a public statement outlining its priorities regarding data gaps in the asset management industry. IOSCO considers that more needs to be done to enhance the data collected in this sector and is analyzing what data needs should be prioritised. To this end, …

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