For several years now the FCA has been repeating its concern that the reporting of STORs (Suspicious Transaction Order Reports) is dominated by suspicious transactions in equities. More specifically what the FCA has referred to as the “poster child” of…
Rules breaches can have negative connotations after all non-compliance is never good. It can depend of course on what the breach is, whether its material, affects many clients or appears systemic. A breach that you identify yourself, in-house, perhaps through…
FCA’s Market Watch 64 is a timely reminder that the count down to the end of the Brexit Transition on 31 December 2020 is underway. What’s Changing? Back in June 2016 FCA said that EU Regulation would continue to apply…
As your firm starts doing new things and you find you have different rules and regulations to comply with where do you start? For many it begins with a Google search. The success of your Googling can come down to…
Since the outset of the Covid-19 outbreak in the UK PRA and FCA have been asking firms about their risk management and specifically looking to understand if firms are identifying any new or evolving risks. FCA especially has been concerned…
Form H is the Notification of Disciplinary Action relating to conduct rules staff (other than SMF managers) in SMCR firms. Also known as REP008 in GABRIEL. Your breach report must cover breaches from 1 September to 31 August and must…
Last week’s blog about the recent FCA CASS Dear CEO letter has prompted many questions, and particularly about the matched principal exemption. This is a brief note to address those common questions about the matched principal exemption. What is the…
On Friday (24 July 2020) the FCA sent out a Dear CEO letter to wholesale brokers. The letter was about use of title transfer collateral arrangements and the matched principal exemption. The FCA call to action is for all firms…
Actually $12.42 bn is the total FX fines paid: 24 of which were levied on 5 banks, the “cartel banks” totalling $12.270bn Most of the rest were for use of customer information to rig transactions. This led to an erosion…
The FCA has been providing more reminders to firms to treat market abuse as a sub-set of financial crime. Both insider dealing and market manipulation are criminal offences. Both offences need some form of engagement with, or access to, financial…