Fri, Aug 14, 2020

Regulatory Focus - July 2020

In this edition of Regulatory Focus, Duff & Phelps’ compliance experts round up the news from the UK and European regulatory authorities, summarize recent enforcement actions, and highlight a proposed change to the U.S. Securities and Exchange Commission (SEC) rules on Form 13f, which could lead to a significant increase in the reporting threshold for institutional investment managers.

Fake Financial Services Register 

Please note that the Financial Conduct Authority (FCA) released a statement on June 11, 2020 drawing attention to an attempt by scammers to reproduce its Financial Services Register. It confirmed it was working to have the website taken down and has alerted members of the public on its website and through social media. 

In its statement, it signposted its ‘Fake FCA emails, letters and phone calls’ page that outlines a number of fraudulent activities and how to spot them. 

A link to the FCA article can be found here.

FCA Appoints a New CEO

Nikhil Rathi has been appointed as the new Chief Executive of the FCA and is expected to take up his role in the Autumn. He is currently the CEO of the London Stock Exchange and has previously worked in HM Treasury. The announcement from the FCA can be viewed here.



ESMA Promotes Convergence in the Supervision of Costs in UCITS and AIFS

FG20/1: Assessing Adequate Financial Resources

EBA Guidelines of ICT and Security Risk Management



FCA Fines Bank Over Anti-Money Laundering Failures

FCA to Make Mini-Bond Marketing Ban Permanent

FCA Publicly Censures a Firm for Market Abuse


Other News

FCA’s Executive Director of Supervision – Investment, Wholesale and Specialists, Delivered Speech at PIMFA’s Virtual Festival

ESMA Updates

FCA Sets Out Next Steps to Improve DB Pension Transfer Market

Inside FCA Podcast – Chris Woolard Interview

Delayed Application of the Open Access Regime for the Trading and Clearing of Exchange-traded Derivatives

FCA’s New Data Collection Platform – RegData

FCA Planned Amendments to the Benchmarks Regulation

Extension of the SM&CR Implementation Periods for Solo-Regulated Firms

The SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers

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