All news by: Giovanni Giro

MiFID II countdown – five months to go

On 3 July, the FCA published policy statement PS17/14 detailing their final rules on conduct of business and client assets as part of the implementation of MiFID II in the UK. In this article we focus on the new conduct requirements and provide a brief outline on the main changes being introduced on best execution, investment research and inducements. 

Extending the Senior Managers & Certification Regime to all FCA firms – summary of Consultation Paper 17/25 on Individual Accountability

On Wednesday, the FCA issued a consultation paper (CP17/25)  on the extension of the Senior Managers & Certification Regime (‘SM&CR’) to those FSMA authorised firms that are not currently in scope of the regime.
The key drivers of this reform are still the same as the original SM&CR that is currently applicable to the banking sector; Improving culture and governance in financial services firms, holding senior managers to high standards through individual accountability and increasing consumer protection remain amongst the highest priorities for the FCA.

MiFID II : governance and organisational requirements

In addition to changes to market structure, conduct of business and transparency, MiFID II will introduce extensive requirements in respect of internal management, organisational arrangements, individual responsibilities and governance. The reform takes provisions derived from the Capital Requirement Directive (CRD IV) that were originally intended for banks and large institutions, and extends these to all MiFID firms.