Many companies supply goods and services through third party distributors.  When well-structured, the use of distributors can shift some of the cost and compliance risk of selling products outside of your home territory.  But distributors can also create sanctions liability for companies, especially when foreign subsidiaries or others within the company are in on the bad acts. View Full Post
The UK Finance has published the following set of guidelines designed to help firms implement some of the key requirements under MiFID II: MiFID II product governance: Guidelines on target market identification. These guidelines focus on the identification of the target market, and are intended for use by MiFID firms who are manufacturers or distributors of financial instruments, as well as those providing services to clients. View Full Post
There have been published in the FCA Handbook, the following final versions of two Financial Ombudsman Service instruments: Dispute Resolution: MiFID II Complaints (Voluntary Jurisdiction) (Financial Ombudsman Service) Instrument 2017; and Advising on Investments (Article 53(1) of the Regulated Activities Order) (Consequential Amendments) (Financial Ombudsman Service) Instrument 2017. View Full Post
In April 2017, we blogged that the FCA published Consultation Paper 17/10: Credit card market study: consultation on persistent debt and earlier intervention remedies (CP17/10). CP17/10 proposed measures to tackle persistent credit card debt and encourage earlier intervention. In particular, the FCA set out proposed new rules about the treatment of customers whose debt persists over 18 to 36 months. View Full Post
The House of Commons Treasury Committee (Committee) has published a report entitled, Transitional arrangements for exiting the European Union. The report discusses how the UK can move from its position within the EU to its end-state relationship in a smooth and orderly way, particularly when the final relationship might not be fully agreed on 30 March 2019. View Full Post
The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (Basel Committee), the Committee on Payments and Market Infrastructure (CPMI) and the International Organisation of Securities Commissions (IOSCO) have launched surveys as part of their joint work to review the effects on incentives to centrally clear over-the-counter derivatives trades following the implementation of the G20 regulatory reforms. View Full Post
There have been published in the Official Journal of the EU, the following Implementing Decisions on the equivalence of the legal and supervisory frameworks of certain third countries, in accordance with Article 25(4)(a) of MiFID II: Commission Implementing Decision of (EU) 2017/2318 of 13 December 2017 on the equivalence of the legal and supervisory framework in Australia applicable to financial markets in accordance with MiFID II; Commission Implementing Decision of (EU) 2017/2319 of 13 December 2017 on the equivalence of the legal and supervisory framework applicable to recognised exchange companies in Hong Kong Special Administrative Region in accordance with MiFID II; and Commission Implementing Decision of (EU) 2017/2320 on the equivalence of the legal and supervisory framework of the United States of America for national securities exchanges and alternative trading systems in accordance with MiFID II. View Full Post
The European Securities and Markets Authority has updated its Q&As on the Regulation on improving securities settlement and regulating central securities depositories (CSDR). The update now includes answers to the following questions: Is a direct contractual relationship between a central security depository (CSD) and a member of a user committee of a securities settlement system operated by that CSD mandatory? View Full Post