ACA Spotlight Blog

ACA Spotlight Blog

Compliance, risk, and technology insights and alerts for financial services
 

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CSSF Brexit preparations: Action required for AIFMs, MiFID firms and UCITS firms
September 6, 2019
The Luxembourg regulator, (the CSSF) has outlined provisions to allow for contract continuity of existing relationships established and serviced via passporting rights under various EU directives for 12 months. Application deadline is 15 September 2019. What does this mean for financial services firms?
MiFID II transaction reporting
July 23, 2019
Whilst the FCA’s priorities appear, for the time being, to be on understanding the nature and scale of reporting data errors and how they are addressed, failings under MiFID I moved it to take several high-profile enforcement actions. It is imperative that firms get to grips with their MiFID II transaction reporting processes and data quality checks as soon as possible.
Market Abuse Regulation
July 3, 2019
This week marks three years since the Market Abuse Regulation (MAR) overhauled the civil market abuse regime across Europe, repealing and replacing the Market Abuse Directive (MAD) and the UK’s own domestic legislation.
EMIR REFIT
June 17, 2019
The amended European Market Infrastructure Regulation (“EMIR REFIT” or simply “REFIT”) came into force on 17 June. It’s designed to simplify a derivatives regime currently seen as burdensome to some market participants, particularly those whose risk profile is unlikely to impact macro stability. In this note, we summarise the key reforms and give some pointers about what you need to think about.
FCA puts Private Markets Firms’ Anti-Money Laundering and Financial Crime Controls under the spotlight
June 13, 2019
Given the tone of the business plan with regards to financial crime, and a reiteration of its focus on firm governance and culture, it is no surprise that the assessments by the FCSST focussed on 6 areas. If the indications from the documents requested by the FCSST, and the interviews that took place during the onsite portion of the assessment, are anything to go by, it is clear the FCA is following through on its intent to be more intrusive.
View of buildings in the city
May 22, 2019
The FCA recently published the conclusions of its review of principal firms in the investment management sector. We examine the relevance of the findings and outline how the FCA rated Mirabella in the review.
FCA: Turning Up the Heat on Market Abuse
May 13, 2019
The Financial Conduct Authority (FCA) has made no secret of its intention to crack down on firms and individuals that fail to meet their obligations under the Market Abuse Regulations (MAR) and FCA rules.
Transaction Reporting: Six common failings
May 8, 2019
Hot on the heels of two well publicised MiFID I fines for transaction reporting failings, the FCA has published Market Watch 59, the content of which is totally monopolised by transaction reporting.  This signals that the regulator is now squarely turning its attention to failings under the MiFID II regime. The FCA once more reinforces the importance of complete and accurate transaction reports. 
FCA Business Plan 2019/20
April 30, 2019
On 17 April, the FCA published its Business Plan for 2019/2020, setting out its key priorities and specific activities for the coming year. Read on for a summary of the areas of priority we believe will be of interest to firms in the wholesale arena, and a dissection of Mr Bailey’s vision.
Transaction reporting
April 25, 2019
Numerous firms who have undertaken complex, expensive and burdensome projects to build their reporting frameworks have mistaken the light at the end of the implementation tunnel as the end of the MiFID II challenge. Some firms are looking the wrong way down the tunnel, and others might well be watching the FCA enforcement train leaving the station.
Brexit and the FCA's Temporary Permissions Regime
April 2, 2019
With the UK government’s desperate attempts to achieve a Brexit settlement having reached a crescendo, the FCA continues to make preparations for the worst case no-deal scenario. There appears still to be some uncertainty about who the regime applies to. This alert updates our previous alert on the same topic, with the objective of providing certainty to our clients on the current position.
One year on: MiFID II continues to challenge
January 3, 2019
As of today, 3 January, the EU’s Markets in Financial Instruments Directive II (MiFID II) has been live for a year. However, firms – and the Financial Conduct Authority (FCA) – are continuing to encounter challenges around the implementation of this significant package of changes.