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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

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Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities

Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities This Practice Note provides a quick reference guide to the bodies that have anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing responsibilities in the UK. For more detailed information on enforcement, see Practice Note: Money Laundering Regulations 2017—enforcement, offences and penalties. Category Body Role(s) UK government Home Office Responsible for UK primary legislation, eg Proceeds of Crime Act 2002 (POCA 2002).Strategic planning, including:—police strategy and resourcing—asset recoveryChairs (with HM Treasury) Money Laundering Advisory Committee (MLAC), a forum for key stakeholders to coordinate the AML regime and review its efficiency and effectiveness. HM Treasury Represents UK in Financial Action Task Force (FATF).Approves industry guidance under POCA 2002, Terrorism Act 2000 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692.Responsible for the implementation and administration of the UK’s financial sanctions regime.Chairs (with the Home Office) MLAC. Foreign, Commonwealth & Development Office They pursue national interests and...

Statement of Changes in Immigration Rules, HC 309—analysis [Archived]

Statement of Changes in Immigration Rules, HC 309—analysis [Archived] This analysis considers the main changes to the Immigration Rules (the Rules) set out in HC 309. HC 309 was issued on 7 December 2017, along with an Explanatory Memorandum (EM). It covers: • the electronic issuing of entry clearance • controversial changes to the Rules relating to indefinite leave to remain (ILR) for main applicants and their dependants in work categories, in particular on how absences from the UK are to be treated • substantial amendments to the Tier 1 (Entrepreneur) sub-tier • amendments to Tier 1 (Exceptional Talent) including: ◦ increasing the Tier 1 (Exceptional Talent) limit to 2000 endorsements per year, with 1,000 of these to be allocated among the Designated Competent Bodies on a first-come first-served basis ◦ introducing provision for migrants endorsed under the exceptional talent criteria to apply for ILR after three years • amendments to Tier 2 (General), including: ◦ allowing Tier 4 (General) students to apply to switch into Tier...

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Step-in rights and SRA compliance clauses: law firm outsourcing agreement

1 Definitions for Step-in rights and SRA compliance clauses: law firm outsourcing agreement Applicable Laws means: (a) the laws of England and Wales [and [insert other specific applicable laws, eg of other jurisdictions where the Services will be performed]]; (b) any other laws or regulations; (c) any industry codes, policies or guidelines issued by a Regulator as notified to Supplier by Customer from time to time in each case, as these are applicable to the performance of the Services; Confidential Information ...

Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

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How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society.

How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society. Once registered, a co-operative or community benefit society (a registered society) is a body corporate with limited liability and its own legal personality. It is owned by its members who hold shares in the society. It may sue and be sued in its registered name, and it has power to hold land and invest funds (subject to the terms of its registered rules). A registered society is similar in a number of ways to a company limited by shares, but it is not registered via Companies House and the Companies Act 2006 (CA 2006) does not apply. The Financial Conduct Authority (FCA) is the registering authority for societies registered under the Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014). The FCA has powers to...

What are the consequences of the OFT closing?

What are the consequences of the OFT closing? The Office of Fair Trading (OFT) was set up in 1973 and closed on 1 April 2014 as part of the government's reform in this area. The Enterprise and Regulatory Reform Act 2013 established the Competition and Markets Authority (CMA) as the UK’s competition authority with a mission to 'make markets work well for consumers, businesses and the economy'. On 1 April 2014, the functions of the Competition Commission and many of the functions of the Office of Fair Trading (OFT) were transferred to the CMA and those bodies abolished. What responsibilities are moving where? The work and responsibilities of the OFT have passed to a number of bodies: • Competition: This is now dealt with by the Competition and Markets Authority (CMA). The CMA is a non-ministerial department which is tasked to promote competition for the benefit of consumers both 'within and outside the UK'. • Consumer advice and consumer education: This is now dealt with...

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FCA publishes five portfolio strategy letters

The Financial Conduct Authority (FCA) has published five Dear CEO portfolio strategy letters, covering trading venues, contracts for difference (CFD), data reporting services providers, custody and fund services, and benchmark administrators. The letters set out areas of risk in each sector, along with the FCA’s supervisory strategy and expectations. The FCA expects firms to discuss the contents of the letter with senior management, governing bodies and executive committees, and warns that it will deploy formal supervisory tools and, where appropriate, consider enforcement action where it sees firms fail to consider its feedback.

Listing Regime: FCA publishes Primary Market Bulletin 53 with associated consultation and finalised guidance

The Financial Conduct Authority (FCA) has published Primary Market Bulletin (PMB) 53, together with guidance consultation GC24/6 and finalised guidance FG24/7. This follows the implementation of the new UK Listing Rules which came into force on 29 July 2024. The FCA is therefore proposing to update several of its technical and procedural notes to reflect the most recent changes to the listing regime. It is also consulting on historical changes that are yet to be reflected such as removing references to the Prospectus Directive, reflecting Brexit-related changes and other historical changes to its processes. Some changes are also proposed to technical and procedural notes relating to the sponsor regime. Responses to the proposals on technical and procedural notes are sought by 23 January 2025.

View the latest UK Parliament Acts documents on Financial Conduct Authority

[1A The Financial Conduct Authority]

[Part 3 Penalties and Fees]

In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the FCA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.