TheCityUK sets out key priorities for financial services firms in Brexit negotiations

TheCityUK has published a paper setting out its key priorities for the UK financial services industry in the forthcoming Brexit negotiations, which focuses on a bespoke deal with the EU, based on regulatory co-operation and mutual recognition, rather than specifying retention of EU passports for regulated firms and credit institutions.

TheCityUK, 12 January 2017

FCA statement on Takeover Panel cold-shouldering

The FCA have published a statement on cold-shouldering, reminding firms of their obligations under section 4.3 of the Market Conduct sourcebook (MAR), and that if a cold-shouldering decision is found by a Panel concerning specified individuals that no FCA-regulated firm can act for these individuals on any transaction subject to the Takeover Code.

FCA, 11 January 2017


New Treasury Select Committee webpage on submissions to its inquiry into EU insurance regulation

The House of Commons Treasury Select Committee has published a webpage with the written submissions it has received on the inquiry into the new Solvency II Directive regime for insurance regulation.

New Treasury Select Committee, 12 January 2017


ESMA opinion on impact of exclusion of fund managers from scope of MiFIR intervention powers

ESMA published an opinion on the impact of the exclusion of fund management companies from the scope of the Markets in Financial Instruments Regulation. Articles 40 and 42 of MiFIR give power to temporarily prohibit or restrict the marketing, distribution or sale of certain financial instruments or shares in UCITS and Alternative Investment Funds (AIFs), to ESMA and national competent authorities (NCAs). The powers apply only to MiFID firms and credit institutions, and do not apply to alternative investment fund managers (AIFMs) authorised under the Alternative Investment Fund Managers Directive or to UCITS management companies authorised under the UCITS IV Directive.

ESMA, 12 January 2017

FSB publishes Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities

The Financial Stability Board published Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities. The document sets out final policy recommendations to address structural vulnerabilities from asset management activities.

FSB, 12 January 2017