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In this article we look at the issues surrounding the new FCA complaints handling requirements. This is designed to achieve better outcomes for the customer and the relaxing of initial deadlines facilitates this. Whilst at first sight this eases the burden on regulated firms the enhanced record keeping obligations will prove to be a challenge for many firms.

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CCL Regulatory Update: UK Edition - February 2016

In this edition:

1.0 FCA NEWS 
1.1 Handbook Notice – 28th January
1.2 “Dear CEO” Letter on Client Take-On Review in Firms Offering CFD Products
1.3 Policy Development Update
1.4 FCA Data Bulletin – Financial Promotions and Attestations
1.5 Thematic Review on how Firms Assess Suitability of Products and Services
1.6 Handbook Notice – 26th February

2.0 MIFID II UPDATES
2.1 Commission Extends Application by One Year
2.2 ESMA Migrates MiFID and Short Selling Regulation Registers

3.0 UCITS V NEWS
3.1 ESMA Consolidated Q&As on Application
3.2 FCA Policy Statement on Implementation

4.0 SENIOR MANAGERS AND CERTIFICATION REGIME (SM&CR) DEVELOPMENTS
4.1 FCA Final Rules on Extension of Certification Regime and Interim Rules on Regulatory References

5.0 ENFORCEMENT
5.1 FCA Fines Former Senior Manager £792,900 for Failing to be Open and Co-Operative
5.2 FCA Fines and Restricts Firm for Market Abuse and Conflicts of Interest Failings

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CCL Regulatory Update: UK Edition - November 2015

This edition includes:

1.0 FCA NEWS
1.1 FCA Paper on “Regulatory Sandbox”
1.2 Terms of Reference for the FCA’s Asset Management Market Study
1.3 FCA Consults on Regulatory Fees and Levies for 2016/17
1.4 Guidance for Outsourcing to the Cloud and other Third-Party IT Services
1.5 Speech on Internal Investigations by Firms

2.0 MIFID II UPDATES
2.1 Responses to ESMAs Consultation on ITS – Data Service Providers, Derivatives Reporting
2.2 Minutes of FCA Meeting on MiFID II Implementation
2.3 Speech by Steven Maijoor and Potential Delay of Entry into Force

3.0 MARKET ABUSE REGULATION UPDATES
3.1 FCA’s Consultation on Implementation of MAR

4.0 AML/CTF NEWS
4.1 HM Treasury Advisory Notice on AML/CTF Controls in Overseas Jurisdictions

5.0 ENFORCEMENT NEWS
5.1 Barclays Bank fined £72 Million for Poor Handling of Financial Crime Risks
5.2 Former Investment Analyst Fined and Banned for ‘Cherry Picking’

#FCA   #FCAnews  

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CCL Regulatory Update: UK Edition - October 2015

This edition includes:

1.0 REGULATORY DEVELOPMENTS
1.1 FCA Policy Development Update
1.2 FCA Handbook Notice
1.3 FCA and PRA Consultation on Regulatory References under Senior Managers and Senior Insurance Managers Regimes
1.4 Whistleblowing in Deposit-Takers, PRA-Designated Investment Firms and Insurers
1.5 Bank of England and Financial Services Bill – Extension and Reforms of the Senior
Managers and Certification Regime (SM&CR)

2.0 AIFMD/UCITS V UPDATES
2.1 Updated AIFMD Q&As
2.2 AIFMD Passport and National Private Placement Regimes
2.3 Responses to Consultation on Remuneration Guidelines

#PRA   #FCA #SMCR #AIFMD

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SM&CR update - Cant is never a nice thing from a government, or a regulator, but it is a frequent enough occurrence. The U-turn over the reversal of the burden of proof under the new SM&CR announced by the Treasury on 15th October 2015 is a clear example of that. On Thursday the Treasury published the Bank of England and Financial Services Bill which had its first reading in the House of Lords the previous day.
#SMCR #FCA  

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The Big Picture - The Final Edition.
This will be the final Big Picture that we will issue. To keep you up to date with the regulatory developments that matter to you, CCL produce in-depth updates from each of our offices in London, Dubai and Mumbai. To subscribe to the most relevant updates for you, click here: http://www.pages03.net/ccl/OptIn/Consultancy

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CCL Regulatory Update: UK Edition - September 2015

This edition includes:

1.0 REGULATORY DEVELOPMENTS
1.1 FCA Changes its Supervisory Model

2.0 FCA/PRA UPDATES
2.1 New FCA Handbook and PRA Rulebook Websites
2.2 New Financial Services Register

3.0 AML/CTF NEWS
3.1 Wolfsberg Group FAQs on Risk Assessments for Money Laundering, Sanctions and Bribery and Corruption
3.2 UK Government Reviews Effectiveness of AML/CTF Rules

4.0 MiFID II UPDATES
4.1 ITS Regarding Trade Suspensions, Data Service Providers and Derivatives Reporting
4.2 ESMA Level 2 Measures
4.3 FCA Implementation Roundtable

5.0 UCITS V NEWS
5.1 UCITS V Implementation and Handbook Changes

#FCA #PRA #regulations  

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The Big Picture - Global Regulatory Update: September 2015.

A summary of the major finance stories around the globe in September that are regulatory in nature.

This edition includes:

- Wall Street banks settle CDS lawsuit.
- Bank of America shareholders vote on chairman’s dual role.
- Rigging of the US Treasury market takes the spotlight.
- Interim head at the UK’s FCA.
- US regulator decides bitcoins are commodities.
- The car industry could be facing its ‘Libor moment’.
- Indian regulators combine.
- MiFID II final standards published.
- 6 year sentence for money laundering for Beckham sister’s ex.

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The Big Picture: Global Regulatory Update - July 2015

This months edition includes:
- German regulator claims Deutsche boss lobbied for star trader’s bonus.
- BP finally reaches settlement over Deepwater Horizon oil spill.
- China’s share suspensions and support efforts.
- London hedge fund lost $1.2m in ‘Friday fraud’.
- Fed announces final rules for systemically important banks.
- Barclays invited to discuss deal with UK authorities.
- Departing FCA chief exec is disappointed.
- UK corporate tax avoiders to face ‘special measures’.

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CCL Regulatory Update: UK Edition - June 2015

1.0 REGULATORY DEVELOPMENTS
1.1 Remuneration Rules: A Policy Statement Issued by the PRA and FCA
1.2 FCA Guidance and PRA Supervisory Statements Regarding Remuneration
1.3 2015/2016 Regulated Fees and Levies: An FCA Policy Statement
1.4 Restrictions on the Distribution of Regulatory Capital Instruments to Retail Customers: Feedback Received by the FCA
1.5 An Update on FCA Policy Statement
1.6 FCA Quarterly Consultation
1.7 An FCA Notice Regarding the Handbook

2.0 MiFID II UPDATE
2.1 Minutes of the FCA’s Meeting on MiFID II Implementation

#FCA #PRA #MiFIDII
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