FCA makes new rules: At FCA's June Board meeting, it made the following new rules:

  • the Handbook Administration (No 34) Instrument 2014: this makes minor changes to several parts of the Handbook on dates up to the end of the year;
  • the Fees (Consumer Credit No 3) Instrument 2014: this allows FCA to charge interim permission fees to local authorities following the Treasury's extension of the interim permission period for these entities;
  • the Client Assets Sourcebook (Amendment No 6) Instrument 2014: this implements the changes reported previously in FReD to bring the client assets rules into line with changes to Individual Savings Accounts rules from 1 July;
  • the Supervision Manual (SUP) (Performance Data Reports) (Amendment) Instrument 2014: this amends SUP in respect of the new mortgage data collection regime and takes effect from 1 January 2015;
  • the Integrated Regulatory Reporting (Amendment No 14) Instrument 2014: this also amends SUP to make changes to the requirements on reporting consultancy charges (from 1 July) and for authorised professional firms (from 1 October);
  • the Collective Investment Schemes Sourcebook (COLL) (Exchange Traded Funds) Instrument 2014: this amends COLL from 1 July to bring it into line with ESMA guidance; and
  • the AIFMD and Undertakings for Collective Investment in Transferable Securities Directive (Miscellaneous Amendments) Instruments 2014: this amends various parts of the Handbook from 1 July or 21 December to reflect the AIFMD and changes made by the Directive introducing changes to the regulation of credit rating agencies which affect risk management of investment funds.

Additionally, it made minor changes to the Financial Crime Guide when it included its new guidance on banks' control of financial crime risk in trade finance. (Source: FCA Makes New Rules)

Payday lending rules in force: FCA has reminded firms that new rules affecting payday lending took effect from 1 July. The rules relate to rollovers, continuous payment authorities and risk warnings. (Source: Payday Lending Rules in Force)

FCA updates on AIFMD: FCA has updated its information pages on the AIFMD. The latest updates include guidance on how to determine where a limited partnership that is an AIF is established for the purposes of the AIFMD, and gives updates on interim permissions and Treasury's and FCA's latest rules. (Source: FCA Updates on AIFMD)

FCA and CMA sign MoU: FCA and the Competition and Market Authority (CMA) have signed a memorandum of understanding (MoU) on cooperation on issues relating to competition, consumer protection and payment services. (Source: FCA and CMA Sign MoU)

FCA imposes temporary short-selling ban: FCA imposed a temporary restriction on short-selling in certain instruments in the Banco Espirito group following a decision by another EU authority. (Source:FCA Imposes Temporary Short-Selling Ban)

FCA reminds clearing members of hypothetical capital requirements: FCA has published a note addressed to FCA solo-regulated firms that are clearing members of EMIR-authorised central counterparties (CCPs). FCA advises these firms that they should remind their CCPs of the fact that the CCPs must send the hypothetical capital calculations to FCA, as well as to the firms themselves. The note links to the templates that CCPs must populate and the relevant Implementing Regulation.  CCPs must first submit that information within 15 working days of 30 June 2014. (Source: EMIR Reporting Advice for Clearing Member Firms)