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European Regulator fines Scandinavian Banks for €2.5m for unauthorised Credit Ratings

The European Financial Regulator ESMA (European Securities and Markets Authority) has today fined five Scandinavian banks for violations of the Credit Rating Agencies Regulation (CRAR). Each of the five banks was fined €495,000 and received a public notice for negligently breaching the CRAR by by issuing credit ratings without being authorised by ESMA to do …

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EU advises on obtaining brokerage and research services from non-EU brokers under MiFID II

Today, the European Commission has issued guidance in the form of Frequently Asked Questions to clarify how EU investment firms should interact when they seek out brokerage and research services from broker-dealers in non-EU countries. Valdis Dombrovskis, Vice-President in charge of Financial Stability, Financial Services and Capital Markets Union, said “With the issued guidance EU …

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FCA publishes MiFID II consultation paper

The Financial Conduct Authority (FCA) has today (29 September 2016) published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive (MiFID II). MiFID II, which comes into effect on 3 January 2018, updates and improves rules governing the way capital markets function, contributes to the reform of derivatives markets …

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The AMF reiterates the rules governing investment recommendations

The AMF issued a statement today regarding the rules governing investment recommendations. According to the statement, the AMF is regularly asked about the rules that apply to investment recommendations concerning securities listed on a French market. The Authority has noted an increase in the number of investment recommendations issued, including from outside France, online and via …

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In a nutshell – The FCA and information in the IPO process

What’s the news? The FCA has published a consultation paper on the availability of information in the UK Equity IPO process (DP 16/3). What is it about? An Initial Public Offering (IPO) occurs when shares in a private company are sold to the public. The details of the proposed offering are disclosed to potential purchasers …

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FCA consults on availability of information in the IPO process

The FCA has published today a consultation paper on the availability of information in the UK Equity IPO process (DP 16/3). As part of the FCA’s market study into investment and corporate banking the regulator examined the availability of information during the UK IPO process. The evidence showed that, in the typical UK IPO process, the blackout …

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FCA issues findings on research and due diligence of products and services

The FCA has published its review TR16/1: Assessing suitability: Research and due diligence of products and services, where it sets out the high level findings of our thematic review of the research and due diligence processes carried out by advisory firms on the products and services they recommend to retail clients. The regulator considered how they review …

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