ESMA issued a public statement this morning to support the smooth introduction of the Legal Entity Identifier (LEI) requirements for MiFID II implementation. This statement outlines temporary measures in respect of LEI for clients that are legal persons, and LEI for issuers. FCA's complete response to ESMA's statement can be seen below: The FCA recognises the…
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Following an application by the FCA, the High Court yesterday has made orders against a number of persons involved in carrying on an unauthorised foreign exchange investment scheme. The scheme took in at least £1.2 million from 65 investors but none of the investors’ money was ever used in foreign exchange trading or any other…
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LeapRate Exclusive... LeapRate has learned that FCA regulated broker ETX Capital is making some changes to its trading product lineup, ahead of new MiFID II regulations which come into effect early next year. In addition to January 2018 heralding the onset of MiFID II regulations across Europe, the new year will also see the transfer of…
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The Financial Conduct Authority (FCA) has today published feedback on its Discussion Paper on Distributed Ledger Technology (DLT). In April 2017 The FCA announced that it was seeking stakeholder views on the potential for future development of DLT in the markets the FCA regulates. The FCA received 47 responses from a wide range of market…
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The Financial Conduct Authority (FCA) has today published a package of proposals on how firms and individuals will move to the Senior Managers and Certification Regime. The aim of the new regime is to make individuals more accountable for their conduct and competence. Earlier this year, the FCA consulted on extending the new regime to…
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The Financial Conduct Authority (FCA) has today published final rules which will require providers of personal current accounts and business current accounts to publish information that will help customers to compare the service they could receive from different providers. The new information will help customers, comparison websites and the media to make meaningful comparisons of…
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UK financial regulator the FCA has announced that in a criminal prosecution which it initiated, three defendants have today been found guilty for their roles in a series of boiler rooms which led to the loss of more than £2.7 million of investors’ funds. A further three defendants had pleaded guilty earlier in the proceedings.…
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Rob Gruppetta, Head of the Financial Crime Department at the UK financial regulator Financial Conduct Authority (FCA) has made a speech yesterday regarding artificial intelligence keeping criminal funds out of the financial system. The speech was delivered to the FinTech Innovation in AML and Digital ID regional event, London, and included highlights such as: Criminals…
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The Bank of England and the Financial Conduct Authority (FCA) announced the next phase of work with market participants on Libor transition. From January 2018, the market-led Working Group on Sterling Risk-Free Rates will have an extended mandate and broader participation. The Working Group’s new mandate will be to catalyse a broad-based transition to SONIA over…
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The Financial Conduct Authority (FCA) has issued a statement of objections to four asset management firms: Artemis Investment Management LLP, Hargreave Hale Ltd, Newton Investment Management Limited, and River & Mercantile Asset Management LLP. The FCA believes the four firms may have broken competition law. The FCA alleges that the four firms shared information by…
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