690 results for
  • Romanian Competition Council may investigate banking sector

    12/10/2017
    The head of the Romanian Competition Council, Mr. Bogdan Chiritoiu, has recently announced that if they find signs that the recent increase in the ROBOR (Romanian Interbank Offer Rate) is a result of collusion...
  • Alison McHaffie’s Financial Services Investigations and Enforcement Column: December 2016

    30/01/2017
    What a difference a year makes. A look back at FCA enforcement activity in 2016 reveals a dramatic drop both in the number and the size of financial penalties being imposed by the FCA. After the huge penalties...
  • High Court confirms the breadth of legal advice privilege

    12/11/2015
    Summary On 5 November 2015, the High Court upheld a claim to privilege asserted by The Royal Bank of Scotland plc (the “Bank”) in relation to certain documents created in the context of LIBOR...
  • Enforcement under the spotlight in 2014

    16/03/2015
    Enforcement in 2014The FCA levied 40 fines in 2014 with 27 of these being imposed on firms and 13 on individuals as well as imposing bans on 40 individuals. This compares to a total of 48 fines in 2013...
  • Wholesale financial markets review announced

    12/06/2014
    The Review will run for 12 months and is expected to make recommendations on: principles to govern the operation of fair and effective financial markets reforms to ensure standards of behaviour are in...
  • ESMA consultation paper on UCITS ETFs

    15/02/2012
    ESMA’s proposals concern both synthetic and physical UCITS ETFs, and include suggested rules for index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices....
  • The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024/1071 (C72)

    29/10/2024
    Amongst other matters, the SI gives FCA the power to suspend waivers under MiFIR; the power to make rules relating to pre- and post-trade transparency requirements for fixed income instruments and derivatives and...

    Amongst other matters, the SI gives FCA the power to suspend waivers under MiFIR; the power to make rules relating to pre- and post-trade transparency requirements for fixed income instruments and derivatives and systematic internalisers, and the power to make rules relating to position limits and position managements, and amends FSMA to give HMT the power to make regulations about unauthorised co-ownership alternative investment funds.

    Support Information:
    https://www.legislation.gov.uk/uksi/2024/1071/contents/made
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  • The Critical Benchmarks Regulations 2024/1051

    22/10/2024
    The SI specifies two benchmarks as “critical” under the UK Benchmarks Regulation.  Administrators of these benchmarks will become subject to more stringent regulatory requirements and...

    The SI specifies two benchmarks as “critical” under the UK Benchmarks Regulation.  Administrators of these benchmarks will become subject to more stringent regulatory requirements and FCA will have greater powers to intervene to address any potential market disruption.  (Date in force: 13 November 2024)

    Support Information:
    https://www.legislation.gov.uk/uksi/2024/1051/contents/made
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  • ESMA: Sanctions and measures imposed under AIFMD, BMR, CSDR, ECSPR, EMIR, MAR, MiCAR, MiFID II/MiFIR, Prospectus Regulation, SFTR and UCITS in 2023

    11/10/2024
    ESMA has published its first consolidated report on sanctions and measures imposed by the national competent authorities in Member States in 2023.  ESMA notes that the aggregated value of administrative...

    ESMA has published its first consolidated report on sanctions and measures imposed by the national competent authorities in Member States in 2023.  ESMA notes that the aggregated value of administrative fines amounted to more than €71m.

    Support Information:
    https://www.esma.europa.eu/sites/default/files/2024-10/ESMA43-1527801302-1333_Annual_Sanctions_Report.pdf
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  • BoE/FCA/Working Group on Sterling Risk-Free Reference Rates: The end of LIBOR

    01/10/2024
    This statement commemorates the end of LIBOR and encourages market participants to continue to ensure they use the most robust rates for the relevant currency.  It also reminds them that credit sensitive...

    This statement commemorates the end of LIBOR and encourages market participants to continue to ensure they use the most robust rates for the relevant currency.  It also reminds them that credit sensitive rates should not emerge as successor rates, as supported by FPC’s view that these rates are not robust or suitable for widespread use as a benchmark.

    Support Information:
    https://www.bankofengland.co.uk/news/2024/october/the-end-of-libor
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