Empowering you to connect the dots with the latest financial compliance news and updates
Empowering you to connect the dots with the latest financial compliance news and updates
Shifting sands but the beach remains intact – FCA Proposes Changes to MiFID Research and Best Execution Requirements
14th May 2021
The Second Markets in Financial Instruments Directive (‘MiFID II’) has had an interesting journey. Originating in 2010, it sought to update the European regulatory framework for investment firms, reflecting the 2008 financial crisis and industry developments, including technological advances and commercial trends. The requirements eventually took effect in 2018 – 1 year behind schedule.
Bolstering resilience and tackling harms – the role of the ICARA
10th May 2021
In January 2022, investment firms shall bid farewell to (for some) a much beloved acronym – ICAAP, or the Internal Capital Adequacy Assessment Process
RQC Group Quarterly Regulatory Newsletter April 2021
15th April 2021
Our Q1, 2021 Quarterly Newsletter is part of a series that provides a regular update of key regulatory issues affecting the UK/EU and the USA, to help you connect the dots.
Clone Wars – a warning to the public, and to financial institutions
9th April 2021
If we talk about the Attack of the Clones - for some, it may conjure up high-budget battle sequences set in a galaxy far, far away – but back here on Earth, it seems to be the virtual fight we just can’t win.
NFA Notice re outsourcing regulatory requirements to third parties
15th March 2021
At the end of February, the NFA advised of an upcoming Notice to Members titled “NFA Compliance Rules 2-9 and 2-36: Members' Use of Third-Party Service Providers” that will set out NFA expectations when outsourcing regulatory requirements to third parties.
NFA CPO Rule Submission Letter
11th March 2021
This week, the NFA sent a rule submission letter to the CFTC that will amend how CPO members notify the NFA of events affecting the pool’s ability to fulfill its obligations to investors.
SEC Division of Examinations Announces 2021 Examination Priorities
8th March 2021
Every year, the SEC’s Division of Examinations (the “Division”) publishes its examination priorities to provide insight and transparency into its risk-based approach. While the recently published 2021 Examination Priorities confirm that the SEC will continue its long-standing focus on advisers to private funds, we do, however, see some relatively new themes being addressed and we anticipate these will further evolve with time.
Turning regulatory themes into priorities: A conundrum facing firms
8th March 2021
A significant challenge for firms regulated by the UK Financial Conduct Authority (FCA) is establishing and maintaining internal mechanisms to appropriately manage the regulatory risk pertaining to their business activities.
FCA reminds firms of SMCR Directory deadline
1st March 2021
SMCR Conduct Rules Training – with great responsibility comes significant liability
8th February 2021
In the UK, a professional code setting out behavioural expectations is commonplace. Social workers have been subject to a code of ethics since 1975. A code of conduct for barristers has existed since at least the 19th Century. The Hippocratic Oath for physicians has been around for over 2,000 years!
Q4 2020 Quarterly Newsletter
11th January 2021
Our Q4, 2020 Quarterly Newsletter is part of a series that provides a regular update of key regulatory issues affecting the UK/EU and the USA, to help you connect the dots. In the UK/Europe, regulators and legislators will focus on topics such as ESG, financial resources, conduct, culture and accountability, the transition from LIBOR, cryptocurrency regulation and updating existing legislative programmes.
Brexit – uncertainties remain for financial services
30th December 2020
Just before Christmas, the EU and the UK emerged from the ‘last chance saloon’ and announced that they had agreed a trade and cooperation agreement (the “Agreement”).
UK’s Investment Firms Prudential Regime – 1 January 2022 Implementation Announced
16th November 2020
On 16 November 2020 HM Treasury plus the UK’s financial services regulators – the Prudential Regulation Authority and the Financial Conduct Authority – issued a joint statement in which they set a target date for implementation of the UK’s Investment Firms Prudential Regime (‘IFDR’) of 1 January 2022.
FCA bans three individuals over non-financial criminal convictions
6th November 2020
The UK Financial Conduct Authority (“FCA”) has banned three individuals from working in the financial services industry, following their convictions of serious non-financial criminal offences.
On October 6, 2020, FINRA issued a Regulatory Notice warning member firms of a
widespread, ongoing phishing campaign that involves fraudulent emails purporting to be
from FINRA asking member firms to complete a survey.
Quarterly Newsletter: October 2020
8th October 2020
Our Q3, 2020 Quarterly Newsletter is part of a series that provides a regular update of key regulatory issues affecting the UK/EU and the USA, to help you connect the dots.
Believe it or not, Eddie Murphy is synonymous with Market Abuse
8th September 2020
Who has committed market abuse? Michael Douglas? Eddie Murphy? Both?
Anti-money laundering - what staff need to know, and what they don’t need to know
2nd September 2020
The TV show ‘Breaking Bad’, focuses on Walter White, a high school chemistry teacher turned drug baron.
Recorded webinar: Taxing times in a Regulated industry
16th July 2020
Yesterday our CEO Robert Quinn participated in a joint webinar with Katharine Archer, Tax Partner at haysmacintyre, entitled 'Taxing times in a Regulated industry'.
FCA SMCR deadline extension: Some relief, but still much to consider
7th July 2020
The FCA has extended the deadline for fulfilling certain elements of the Senior Managers and Certification Regime (“SMCR”) from 9 December 2020 until 31 March 2021.
Quarterly Newsletter: July 2020
1st July 2020
Our Q2, 2020 Quarterly Newsletter is part of a series that provides a regular update of key regulatory issues affecting the UK/EU and the USA, to help you connect the dots.
Overview of the SEC’s Office of Compliance Inspections and Examinations (OCIE) Risk Alert:
26th June 2020
The SEC has recently issued a Risk Alert highlighting Observations from Examinations of Investment Advisers Managing Private Funds. This Risk Alert provides an overview of certain compliance issues observed by the Office of Compliance Inspections and Examinations (“OCIE”) in examinations of registered investment advisers that manage private equity funds or hedge funds (collectively, “private fund advisers”).
Post-Brexit UK regulatory environment: FCA and UK government paving the way
25th June 2020
The FCA has published a discussion paper (DP20/02) that sets out proposals regarding the new prudential regime for UK investment firms.
UK Compliance Survey Results
15th June 2020
Thanks to everyone that participated in our inaugural UK compliance survey.
Covid-19: Taking stock of regulatory priorities
8th June 2020
As the Covid-19 landscape continually evolves, so do the challenges facing firms. Enactment of business continuity plans to enable large scale remote working is being replaced with how best to return to an office environment, to cite one example.
Private equity firm Ares Management LLC charged with compliance failures
27th May 2020
The US Securities and Exchange Commission (“SEC”) announced that Ares Management LLC, a Los Angeles-based private equity firm and registered investment adviser, agreed to pay $1,000,000 to settle charges that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material non-public information (“MNPI”).
Compliance Induction and Refresher Training for a Digital Age
22nd May 2020
The year is 1997. An investment firm has a new intake of staff – graduate trainees, investment professionals, operations specialists, back-office workers. A memo goes round. The new staff members are required to attend a compliance training course.
18th May 2020
A particular aspect of the UK regulatory environment is that financial institutions can be classified in a number of different ways. For example, it’s possible for a firm to be classified as an FCA-regulated firm, an investment firm, a portfolio manager, a small CASS firm and an ‘IPFRU’ firm – amongst others!
Quarterly Newsletter: April 2020
7th April 2020
Welcome to our Q1, 2020 newsletter - part of a series that aims to provide a quarterly update of key regulatory issues affecting the UK/EU and the USA.
Securities Financing Transactions Regulation – Reporting Obligations To Take Effect In 2020
6th April 2020
After a considerable delay, a timetable for the implementation of the reporting obligations relating to the Securities Financing Transactions Regulation (“SFTR”) has now been finalised.
On 17 March 2020, the FCA published their second communication regarding the Coronavirus outbreak, “FCA information for firms on Coronavirus (Covid-19) response”. Their first was published on 4 March 2020. In this most recent update, the FCA iterates that it expects firms to be taking reasonable steps to ensure that they are prepared to meet the challenges that the coronavirus poses to customers and staff
Business Continuity Planning And Coronavirus
19th February 2020
Having business continuity arrangements in place is a long-established FCA regulatory requirement and the rapid onset of coronavirus presents a new conundrum for firms. Specifically, how to plan for something where the range of potential outcomes is so diverse.
FCA’s Asset Management Letters Should Not Be Viewed In Isolation
11th February 2020
Following a year occupied with Brexit confusion the FCA has commemorated the start of a new decade with a release of ‘Dear CEO’ letters, somewhat reminiscent of the US Securities and Exchange Commission’s ‘examinations priorities’, which set out key risks of harm that the regulator considers relevant to certain sectors, including asset management.
Regulatory Briefing January 2020
23rd January 2020
Welcome to our new-look newsletter, which is part of a series of quarterly newsletters that we have been publishing for some time. Although the look and feel is very much different, the intent is very much the same – to provide you with an update of key regulatory issues affecting the UK/EU and the USA.
Robert Quinn Consulting announces partnership with Vero Screening
12th December 2019
Robert Quinn Consulting (RQC), a market-leading provider of compliance consulting, regulatory hosting and online training, and Vero Screening, the UK’s largest independent employment screening company, have formed a partnership which harnesses the skills and experience of both firms to provide a full range of solutions for all FCA regulated firms implementing the Senior Managers and Certification Regime (SMCR).
How To Become a Compliance Lawyer
15th May 2019
Cross Border Distribution Of AIFs And UCITS
28th April 2019
In April 2019, the European Parliament approved changes to the Alternative Investment Fund Managers Directive (“AIFMD”) and the UCITS directive to facilitate cross-border marketing of funds. The changes, which take the form of a directive and a regulation, seek to improve the efficiency of cross-border marketing of funds across the EU.
Regulatory Capital Changes
16th April 2019
On 16 April 2019, the European Parliament passed the new legislation on prudential requirements for MiFID investment firms. It is anticipated that this will come into force in late 2020 or early 2021.