FCA consults on additional benchmarks: Following Treasury's announcement on the creation of criminal offences relating to additional benchmarks, FCA is consulting on updating its current requirements to cover also the firms that administer and, where appropriate, contribute data or information to these benchmarks. It asks for comment by 30 January 2015. (Source: FCA Consults on Additional Benchmarks)

FCA updates pages on MiFID 2: Following publication of ESMA's papers on MiFID 2 (see above), FCA has updated its website. Its focus will be on implementing MiFID 2 into the Handbook but it warns it is unlikely to consult formally on this until late 2015, because it has to wait for several pieces of legislation before it can effectively consult. (Source: FCA Updates Pages on MiFID 2)

Regulators consult on banking accountability: FCA and PRA have published a joint technical consultation on implementing into their rules the changes in banking accountability. The consultation  covers proposals on transitional arrangements for implementing the regime, new forms to support the regime, and consequential changes to rules. The paper notes that Treasury will need to make legislation to clarify and implement the changes and that it has not yet announced the date on which the changes will take effect. Among other things, the consultation covers:

  • mapping of existing approvals into "grandfathered" categories;
  • treatment of references in respect of existing controlled functions; and
  • new forms for applications and notifications in respect of the new requirements.

Consultation closes on 27 February 2015. (Source: Regulators Consult on Banking Accountability)

FCA plans working group on Payments Strategy Forum: FCA has announced plans to organise a working group, chaired by Hannah Nixon, managing director of the Payment Systems Regulator (PSR), to develop the Payments Strategy Forum. Participants should register by 12 January 2015. (Source:FCA Plans Payment Strategy Group)

FCA amends DTR: FCA has confirmed that new Disclosure Rules and Transparency Rules (DTR) have now entered into force. The new rules will apply for financial years beginning on or after 1 January 2015. (Source: FCA Amends DTR)

Up next from FCA: During the first quarter of 2015, FCA expects to publish the following papers (among others):

  • consultation on implementation of the Mortgage Credit Directive (in March);
  • feedback on fee policy and consultation on rates (also in March);
  • policy statement on the Recovery and Resolution Directive (what FCA calls the BRRD) (in January);
  • policy statement on independent governance committees (also in January);
  • consultation on amendment to the consumer credit regime (in February); and
  • policy statement on client money rules for insurance intermediaries (some time during the quarter).

(Source: Policy Development Update Number 18)

FCA publishes intragroup change of control form: FCA has published a variant on the change of control form that firms should use when undergoing an intragroup reorganisation. (Source: FCA Publishes Intragroup Change of Control Form)

FCA asks for ICE Futures reliance confirmation: FCA has asked firms to let it know if they plan to rely on the ICE Futures Europe/FCA transaction feed for transaction reporting of derivatives traded on ICE Futures Europe. Firms directly executing on ICE Futures Europe have the option to rely on this feed or to report the transactions independently through their Approved Reporting Mechanism. (Source: FCA Asks for ICE Futures Reliance Confirmation)

FCA fines sponsor: FCA has used its power to fine sponsors for the first time. It has fined Execution Noble & Company Limited £231,000 for failing to inform it that two thirds of its sponsor team, including individuals in key positions, had left the firm. This meant FCA could not properly assess whether the firm was a competent sponsor. (Source: FCA Fines Sponsor)