| 1 | A guide to PLC Financial Services' MiFID materials This practice note acts as an index to PLC Financial Services' resources on the Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and its implementing legislation. It links to materials on the UK's implementation of MiFID, the European Commission's review of MiFID and the Commission's legislative proposals to amend MiFID (also referred to as MiFID II or MiFID 2). | Practice note: overview | Maintained |
| 2 | A guide to PLC Financial Services' Solvency II materials A guide to PLC Financial Services' EU and UK materials on the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). Among other things, it links to materials on: Solvency II. The amendments to Solvency II that are to be made by the proposed Omnibus II Directive (also known as "Omnibus 2" or "OMDII"). UK transposition and implementation of Solvency II, including the proposed PRA and FCA regime for Solvency II firms. | Practice note: overview | Maintained |
| 3 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 4 | Conduct of Business sourcebook know-how: COBS 4 ... The purpose of this document is to provide fast access to primary source material and other know-how relating to chapter 4 of the FSA's Conduct of Business sourcebook on communicating with clients, including financial promotions (COBS 4). It is intended to aid the interpretation and understanding of the relevant COBS 4 provisions. This document follows the structure of COBS 4 and, under each COBS 4 heading, provides links to the relevant provisions and to primary source material and other know-how, such as relevant PLC Financial Services material. Short summaries of the underlying source material (or, where appropriate, relevant extracts from the source material) will help you to identify whether a particular source is likely to provide the information you are looking for. We are in the process of updating this document, including where relevant amendments to reflect the new UK regulatory structure that came into effect on 1 April 2013. | Practice note: overview | Maintained |
| 5 | Document retention toolkit A toolkit to guide users through PLC's UK, US and international content on document retention. It includes materials on retention of employment records, Companies Act 2006 requirements and electronic disclosure. | Practice note: overview | Maintained |
| 6 | FCA Banking Conduct Regime: overview An overview of the Banking Conduct Regime introduced by the FSA on 1 November 2009. | Practice note: overview | Maintained |
| 7 | FSA review of retail banking business regulation This practice note outlines the FSA's proposals to regulate retail banking conduct of business as set out in CP08/19, PS09/6, CP09/20 and Handbook Notice 92. The FSA implemented these proposals on 1 November 2009 when it introduced its new Banking Conduct Regime for retail banks. For more information on this new regime, see Practice note, FSA's Banking Conduct Regime: overview. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | 31-Oct-2009 |
| 8 | Hot topics, Proposed Regulation on key information ... This note provides an overview of the European Commission's proposed Regulation on key information documents (or KIDs) for investment products, which will introduce a new pan-European pre-contractual product disclosure document for packaged retail investment products (PRIPs). The proposed Regulation is sometimes referred to as the PRIPs Regulation. The development of the KID forms an important part of the Commission's wider package of reforms on the regulation of PRIPs. For more information on the other strands of the Commission's work and the background to its proposals, see Practice note, Hot topics: Packaged retail investment products (PRIPs). | Practice note: overview | Maintained |
| 9 | Hot topics: European Commission review of the Insurance ... This resources document outlines the European Commission's review of the Insurance Mediation Directive (2002/92/EC). It tracks expected developments in this area and also sets out the milestones for potential future development in this area. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 10 | Hot topics: Exchange traded funds (ETFs) An outline of the regulatory initiatives at an international, EU and UK level relating to exchange traded funds (ETFs). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 11 | Hot topics: MiFID II A note outlining the European Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC), which came into force on 1 November 2007. It outlines at a high level, the Commission's October 2011 legislative proposals to amend MiFID (the MiFID II legislative proposals), the Commission's December 2010 consultation which helped to inform the legislative proposals and the earlier technical advice provided to the Commission by the Committee of European Securities Regulators (CESR). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 12 | Hot topics: Packaged retail investment products (PRIPs) This practice note considers the European Commission's proposals on the regulation of packaged retail investment products (PRIPs). The Commission intends to address concerns relating to the way PRIPs are marketed and sold to retail investors and plug holes and inconsistencies in the current complex patchwork of regulation by introducing measures relating to pre-contractual product disclosures and sales practices for PRIPs. The Commission published its legislative proposal for a Regulation on key information documents (or KIDs) for PRIPs in July 2012. For an overview of the proposed Regulation, see Practice note, Hot topics, Proposed Regulation on key information documents for PRIPs. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 13 | Hot topics: Proposed Directive on residential mortgages This practice note outlines the European Commission's proposed Directive on residential mortgages and tracks both its progress and related developments. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For background to the proposed Directive and a detailed overview of the Commission's review of the EU mortgage markets, see Practice note, Review of the EU mortgage markets. | Practice note: overview | Maintained |
| 14 | Hot topics: The AIFM Directive An overview of the key regulatory developments at an EU and UK level relating to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD). The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 15 | Hot topics: UK implementation of the AIFM Directive An overview of how the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD) is being implemented in the UK by 22 July 2013. It includes details of the work carried out by the FSA, the FCA and HM Treasury, explains which firms will be affected, and contains a timeline showing future developments. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For information about PLC materials on the AIFM Directive, see Practice note, A guide to the AIFM Directive: index. | Practice note: overview | Maintained |
| 16 | Hot topics: UK transposition and implementation of Solvency II A high-level overview of the UK transposition and implementation of the Solvency II Directive (2009/138/EC) (commonly known as "Solvency II" or "Solvency 2"). Solvency II fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU. It also imposes higher standards of risk management and governance in firms, as well as a greater level of transparency for both supervisors and the public. For a guide to PLC Financial Services' EU and UK Solvency II materials, see Practice note, A guide to PLC Financial Services' Solvency II materials. | Practice note: overview | Maintained |
| 17 | Insurance conduct of business regime: an overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note: Explains the background to insurance conduct of business regulation. Helps subscribers to identify whether to apply COBS or ICOBS in any particular situation. Explains how these requirements are likely to change as a result of developments at both the UK and EU levels. Sets out a number of overarching concepts that are helpful to bear in mind when considering the intention behind these requirements. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite, both of which provide an overview of relevant FSA requirements in table format, are Practice notes, Insurance conduct of business regulation: COBS overview and Insurance conduct of business regulation: ICOBS overview. | Practice note: overview | Maintained |
| 18 | Insurance sector hot topics: resources overview An overview of the key hot topics for the UK insurance industry, which links to separate hot topics practice notes for each of the topical issues identified. Each of the separate hot topics practice notes outlines a particular topic, tracks its development and sets out the milestones for future development. In addition, each of the separate notes contains links to key primary source material and related PLC Financial Services Legal updates. For information on the hot topics affecting the financial services sector generally, see Practice note, Financial Services hot topics: resources overview. | Practice note: overview | Maintained |
| 19 | MiFID: overview In this practice note, Hugh Merritt, Senior Associate at Hogan Lovells, provides an overview of the purpose and key provisions of the Markets in Financial Instruments Directive (2004/39/EC). It covers: MiFID's structure. How MiFID was implemented in the UK. Whom MiFID affects. Key aspects of MiFID for investment firms. The regime for markets. Cross-border activities (that is, the EU passport). | Practice note: overview | Maintained |
| 20 | Overview of the FSA's reform of its conduct of business regime ... This practice note provides a brief overview of the FSA's reform of its conduct of business regime and the Conduct of Business sourcebook (COBS) that came into force on 1 November 2007. This note reflects the position at that date. | Practice note: overview | 07-Sep-2007 |
| 21 | Reform of European financial supervisory framework: key ... This resources document contains links to key primary source material and related PLC Financial Services legal updates relating to the reform of the EU financial services supervisory framework up to the 1 January 2011. This is the date that the new framework, known as the European System of Financial Supervision (ESFS), became operational. This resources document is not intended to be an exhaustive list of all relevant material. | Practice note: overview | 01-Jan-2011 |
| 22 | Solvency II resources This resources document contains links to the key source materials in relation to the Solvency II project, together with related PLC Financial Services coverage. It is not intended to be an exhaustive list of all Solvency II materials published by interested parties. The Solvency II Directive (2009/138/EC) (also known as "Solvency 2") fundamentally reforms the capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide more uniform levels of consumer protection and promote competition in the insurance market. For PLC Financial Services subscribers interested in insurance and reinsurance, the following multi-jurisdictional guide is available, Insurance and Reinsurance Handbook. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice note: overview | Maintained |
| 23 | Treating customers fairly: an overview An overview of the FSA's requirements on firms to treat their customers fairly, the FSA's expectations and what it means for firms. This note is in the process of being updated by the author, including amendments to reflect the new UK regulatory structure that comes into effect on 1 April 2013. | Practice note: overview | Maintained |
| 24 | Treating customers fairly: resources A document containing links to key primary source material published by the FCA (and its predecessor the FSA) in relation to its treating customers fairly (TCF) related work, and material published as part of the FSA's TCF initiative. It also links to industry guidance, comment and initiatives on TCF. This document is not intended to be an exhaustive list of all 'Treating Customers Fairly' materials published by interested parties. | Practice note: overview | Maintained |
| 25 | What is MiFID business? This practice note explains the circumstances in which a firm will be carrying on MiFID business as the term is defined in the FCA Glossary. | Practice note: overview | Maintained |
| 26 | Advice and suitability: FCA and FSA enforcement action A tracker providing details of FSA final notices relating to advice and suitability failings in firms that result, in whole or in part, from breaches of Principle 9 of the FSA's Principles for Businesses. The tracker also lists some of the common themes arising from thoseenforcement cases. | Practice notes | Maintained |
| 27 | Advice and suitability: FSA thematic work (2007-13) An outline of the FSA's thematic work from 2007 to March 2013 on advice and suitability, summarising and linking to review reports and non-FSA Handbook guidance (including good and poor practice guidelines) published by the FSA. A key focus of the note is the quality of advice relating to investment, mortgage, structured investment and pension products. It also summarises proposals to amend the FSA's rules in this area. Note tha | Practice notes | 25-Mar-2013 |
| 28 | Adviser charging and consultancy charging A note outlining the FCA requirements and expectations relating to adviser charging and consultancy charging that were introduced as part of the retail distribution review (RDR). | Practice notes | Maintained |
| 29 | Are you looking for EU law content on this topic? A practice note explaining where to find EU law content from a topic page. | Practice notes | Maintained |
| 30 | Ben Kingsley's banking and investment services columns Ben Kingsley is a partner in Slaughter and May's Financial Regulation Group. On a regular basis, Ben shares with PLC Financial Services subscribers his thoughts on topical developments in the banking and investment services sector. Ben's banking and investment services columns can be accessed from this practice note. | Practice notes | Maintained |
| 31 | Claims for financial misselling under English law In this practice note, Tom Hibbert, a partner at RPC, outlines the causes of action available to individual investors and corporate bodies against financial institutions for misselling under the common law, regulatory and statutory regimes. This includes complaints to the Financial Ombudsman Service (FOS), claims for breach of statutory duty, claims relating to advice in contract or tort and for misrepresentation. The note also considers possible contractual estoppel and limitation defences. | Practice notes | Maintained |
| 32 | COBS 4 rules: communicating with clients, including financial ... A outline of the FCA's conduct of business requirements that apply to a firm's promotions and other communications with clients in chapter 4 of the FCA's Conduct of Business Sourcebook (COBS 4). | Practice notes | Maintained |
| 33 | Consultation responses: FSA consultation paper on ... This tracker sets out links to the key responses to the FSA's August 2012 consultation paper on restrictions on the retail distribution of unregulated collective investment schemes (UCIS) and close substitutes (CP12/19). | Practice notes | 14-Nov-2012 |
| 34 | Consultation responses: MiFID II and MiFID review This tracker contains links to the key responses to the MiFID II legislative proposals and related consultation papers, including those pre-dating publication of the proposals. It includes links to responses from trade and consumer bodies as well as other interested stakeholders, including the FSA and UK government. | Practice notes | Maintained |
| 35 | Consultation responses: retail distribution review A responses tracker linking to key, publicly available responses to the FSA's consultations on its proposals to implement the findings of its retail distribution review (RDR). | Practice notes | 16-Apr-2012 |
| 36 | Consumer redress schemes: FCA powers This practice note considers the FCA's rule-making powers to require a firm to establish and operate a consumer redress scheme under sections 404 and 404A to 404G of the Financial Services and Markets Act 2000 (FSMA). The note outlines the scope of these powers, related FSA and FCA guidance on the use of these powers and some examples of how the power has been used. | Practice notes | Maintained |
| 37 | CP10/28: FSA's mortgage distribution and disclosure ... This practice note outlines the FSA's key proposals for reforming distribution and disclosure in the mortgage market, as set out in its consultation paper, "Mortgage Market Review: Distribution & Disclosure" (CP10/28), which was published on 16 November 2010. CP10/28 forms part of the FSA's ongoing mortgage market review (MMR). For more information on the MMR, see Practice note, Hot topics: FSA's review of its mortgage regime. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 16-Nov-2010 |
| 38 | DP09/3: FSA's mortgage market review proposals This practice note outlines the FSA's findings from its mortgage market review (MMR) and its proposals for regulatory reform, as set out in its discussion paper entitled: "Mortgage Market Review" (DP09/3), published on 19 October 2009. | Practice notes | 19-Oct-2009 |
| 39 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 40 | European Commission's EU mortgage markets review This practice note details the various public consultations, policy documents, research studies and other initiatives under the European Commission's review of the EU mortgage markets. It also identifies and considers the follow-up work carried out by the Commission in relation to the EU mortgage markets for the period June 2008 to July 2011. Among other things, the Commission's review has resulted in the publication, on 31 March 2011, of a proposed Directive on residential mortgages. For an overview of the proposed Directive and related developments, see Practice note, Hot topics: Proposed directive on residential mortgages. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 26-Jul-2011 |
| 41 | FCA appropriateness requirements: COBS 10 This note outlines the FCA's appropriateness requirements for firms carrying out non-advised investment services and, in particular, the appropriateness test that such firms have to carry out in certain circumstances. It focuses on the rules and guidance contained in chapter 10 of the FCA's Conduct of Business sourcebook (COBS 10). It also highlights non-Handbook guidance on assessing appropriateness published by the FCA's predecessor, the FSA, and further guidance published by other key UK and European bodies. | Practice notes | Maintained |
| 42 | FCA confirmed industry guidance An outlines the FCA's framework for confirming industry guidance, including: The status and significance of FCA confirmed industry guidance in the supervisory and enforcement context. The process followed by the FCA to confirm industry guidance, and the confirmation criteria. Guidance that has been confirmed. | Practice notes | Maintained |
| 43 | FCA expectations of intermediary firms that adopt and use ... This note outlines the FCA's expectations of intermediary firms that adopt and use platforms, as set out in the non-Handbook supporting materials that supplement its Principles for Businesses (Principles) and Handbook rules and guidance. It also sets out some of the main considerations that intermediary firms should take into account when adopting and using platforms. This note should be read alongside Practice note, FCA regulation of platforms, which contains more information on the FCA's approach to regulating intermediary firms that adopt and use platforms, including the Principles and conduct of business rules to which they are subject. | Practice notes | Maintained |
| 44 | FCA expectations of platform service providers: guidance and ... This note outlines the FCA's expectations of platform service providers, as set out in the supporting material and guidance that supplement its Principles for Businesses (Principles) and Handbook rules and guidance. It also sets out some of the main considerations that platform service providers should take into account when operating a platform service. | Practice notes | Maintained |
| 45 | FCA investment research requirements An overview of the rules and guidance to which authorised firms that produce and disseminate investment research are subject, under chapter 12 of the FCA's Conduct of Business Sourcebook (COBS 12). | Practice notes | Maintained |
| 46 | FCA product intervention powers An overview of the framework under which the FCA may make temporary product intervention rules (TPIR) and the circumstances in which the FCA may deploy these powers. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index. | Practice notes | Maintained |
| 47 | FCA regulation of platforms An overview of the FCA's regulation of platforms. This note considers both the firms that operate platforms (known as platform service providers) and the intermediary firms that adopt and use them in their day-to-day businesses, and focuses on the regulatory requirements that apply to them. | Practice notes | Maintained |
| 48 | FCA suitability requirements: COBS 9 This note outlines the FCA requirements applicable to firms providing investment advisory and discretionary portfolio management services, when such firms are assessing the suitability of the advice they give to clients. It focuses on the rules and guidance contained in chapter 9 of the FCA's Conduct of Business sourcebook (COBS 9), and also highlights non-Handbook guidance on assessing suitability published by the FSA, as well as further guidance published by other key UK and European bodies. | Practice notes | Maintained |
| 49 | FCA telephone taping rules An outline of the key aspects of the FCA's telephone taping rules (including the taping of mobile phones) in a set of frequently asked questions. It covers the requirement to record obligation in COBS 11.8 and explains the meaning of reasonable steps, as well as outlining retention requirements. | Practice notes | Maintained |
| 50 | FSA and European Commission 2007-2008 post ... This practice note outlines the FSA's post-implementation review of the new conduct of business sourcebook (COBS) which was introduced in November 2007, and which included rules implementing the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). It relates to the work of the FSA at that time and does not reflect later regulatory developments. The note also outlines the European Commission's work to identify MiFID transposition and implementation issues in the period following implementation of MiFID. This note does not cover the Commission's review of the impact and effectiveness of MiFID which started in 2010. For information on the MiFID review, see Practice note, Hot topics: MiFID II. | Practice notes | Maintained |
| 51 | FSA Retail Distribution Review: pre-consultation stage An outline of the pre-consultation stage of the FSA's Retail Distribution Review (RDR). It includes a summary of the following FSA policy documents: - FSA Discussion Paper: A review of retail distribution (DP 07/1). - FSA Retail Distribution Review: Interim Report. - FSA Feedback Statement: Retail Distribution Review, including feedback on DP07/1 and the Interim Report (FS08/6). In June 2009, the FSA published Consultation Paper 09/18 entitled, 'Distribution of retail investments: Delivering the RDR' (CP09/18). CP09/18 sets out the FSA's detailed proposals to implement the findings from the RDR and amend its regulatory requirements to deliver changes to the way investments are distributed to retail consumers in the UK. For more information on the proposals in CP09/18, see Practice note, Hot topics: RDR implementation proposals. | Practice notes | 15-Dec-2008 |
| 52 | FSA's Banking Conduct Regime: post-implementation issues This practice note outlines post-implementation issues arising from the FSA's banking conduct regime, which came into force on 1 November 2009. In a report published in November 2010, the Financial Services Consumer Panel (FSCP) reviewed the regulatory effectiveness of the new regime one year on and called for the FSA to address issues in a number of areas. The FSA has expressed ongoing concerns at the "widespread disengagement" with the regime among banks and building societies. | Practice notes | 31-Dec-2012 |
| 53 | FSA's review of its mortgage regime This practice note outlines the FSA's review of its mortgage regime (known as the mortgage market review or MMR) and tracks key developments up until 31 March 2013. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 31-Mar-2013 |
| 54 | FSA's supervisory enhancement programme This practice note outlines the work carried out by the FSA to review and improve its own supervisory practices in response to the financial crisis and, in particular, to the Northern Rock crisis. It looks at changes introduced under the FSA's supervisory enhancement programme (SEP), with particular focus on the FSA's adoption of a more intensive approach to supervision. This note covers historic developments. For details of the FSA's transition to the new UK regulatory structure that is due to be completed by the end of 2012, see Practice note, Hot topics: New UK financial services regulatory structure. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice notes | 31-Dec-2010 |
| 55 | Historic conduct of business practice notes This practice note contains links to PLC Financial Services' historic practice notes on conduct of business requirements. Historic practice notes relate to legislation, rules, regulations and/or guidance that are no longer applicable as they have been superseded. They may, however, be of interest if it is necessary to consider the legal or regulatory position at a previous time. | Practice notes | Maintained |
| 56 | Impact of the Consumer Protection from Unfair Trading ... A brief overview of the Consumer Protection from Unfair Trading Regulations 2008 (SI 2008/1277) (CPRs) and their impact on firms authorised under the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 57 | Insurance conduct of business regulation: COBS overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note provides an overview of key COBS requirements (as at 17 August 2012) in table format. It is not an exhaustive overview of all COBS requirements applicable to insurance business. However, it will be updated on a regular basis. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite are Practice notes, Insurance conduct of business regulation: an overview and Insurance conduct of business regulation: ICOBS overview. | Practice notes | 27-Mar-2013 |
| 58 | Insurance conduct of business regulation: ICOBS overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note provides an overview of key ICOBS requirements (as at 17 August 2012) in table format. It is not an exhaustive overview of all ICOBS requirements. However, it will be updated on a regular basis. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite are Practice notes, Insurance conduct of business regulation: an overview and Insurance conduct of business regulation: COBS overview. | Practice notes | 27-Mar-2013 |
| 59 | International Banking This Note discusses the regulation of international banking activities in the US, including: (i) the US activities of foreign banks through representative offices, branches, Edge corporations, and other forms of subsidiaries; and (ii) the foreign activities of US banks through branches, agencies, Edge corporations and other forms of foreign subsidiaries and investments. International banking facilities are also discussed. | Practice notes | Maintained |
| 60 | June 2010 Budget and Finance (No 2) Act 2010: implications ... This practice note provides an overview of the initiatives and measures announced by the government in the "emergency" Budget of 22 June 2010 that will impact specifically on the UK financial services industry. It also contains links to those sections of relevant legislation (including the Finance (No 2) Act 2010 and subsequent Finance Bills), that implement, or introduce legislation to implement, the financial services measures in the June 2010 Budget. For details of the key financial services regulatory initiatives and measures announced by the government in the pre-election March 2010 Budget, see Practice note, March 2010 Budget and Finance Act 2010: financial services regulatory initiatives. | Practice notes | 27-Jul-2010 |
| 61 | Key investor information document (KIID) This practice note explains what a key investor information document (KIID) is and how it should be prepared and disseminated. Further information about the detailed contents requirements for the KIID is set out in Checklist, key investor information content. | Practice notes | Maintained |
| 62 | MiFID II: legislative proposals This practice note outlines the European Commission's legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC), which were published on 20 October 2011 (MiFID II). For a summary of, and links to, PLC Financial Services MiFID materials, see Practice note, A guide to PLC Financial Services MiFID materials. | Practice notes | Maintained |
| 63 | MiFID Resources: post-implementation developments This document brings together key post-implementation developments relating to the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), that is, MiFID related developments since 1 November 2007. It also provides links to relevant primary sources and PLC Financial Services content. This document does not cover developments relating specifically to the European Commission's review of MiFID, which led to the publication of legislative proposals to amend MiFID in October 2011. For links to resources relating to the review and subsequent proposals, see Practice note, Hot topics: MiFID II. For source material on key MiFID related developments prior to 1 November 2007, see Practice note, MiFID resources: pre-implementation developments. | Practice notes | Maintained |
| 64 | MiFID Resources: pre-implementation developments This document brings together key pre-implementation developments relating to the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), that is, MiFID related developments prior to 1 November 2007. It also provides links to relevant primary sources and PLC Financial Services content. For key source material on MiFID-related developments since 1 November 2007, see Practice note, MiFID Resources: post-implementation developments. For developments relating specifically to the European Commission's review of MiFID and the subsequent legislative proposals to amend MiFID, see Practice note, Hot topics: European Commission's MiFID review. | Practice notes | 31-Oct-2007 |
| 65 | MiFID review consultation: investor protection and provision of ... This practice note is one of two notes summarising the European Commission's consultation proposals to amend the requirements of the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation, which were published in December 2010 following the Commission's review of the effectiveness of the Directive. This note focuses specifically on the proposals relating to the scope of MiFID (including exemptions), conduct of business issues, the provision of investment services (including authorisation and organisational requirements), the sanctions regime, member state options and discretions, and third country firm equivalence. This note does not comment on the Commission's legislative proposals to amend MiFID, which were published in October 2011. For details of the legislative proposals, see Practice note, Hot topics: MiFID II. | Practice notes | Maintained |
| 66 | MiFID review: CESR's technical advice to the European ... This practice note outlines the technical advice and information provided by the Committee of European Securities Regulators to the European Commission during 2010, which helped to inform the Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For details of the Commission's subsequent consultation on the MiFID review, including proposals to amend MiFID and its implementing legislation, see Practice note, Hot topics: MiFID II. | Practice notes | 02-Dec-2010 |
| 67 | Mortgages and charges over land An overview of mortgages and charges over land (also known as real estate or property). This note describes the types of security that can be created or arise over property, the form and contents of a typical mortgage or fixed charge over property, due diligence and pre-completion issues, potential challenges to security, how security over property is released and a lender's remedies under a mortgage or charge over property. | Practice notes | Maintained |
| 68 | Omnibus II: an overview This practice note provides an overview of the European Commission's proposed Omnibus II Directive, which was published in January 2011. In particular, it considers how Omnibus II (also known as "Omnibus 2" and "OMDII"), amends the Solvency II Directive (2009/138/EC). | Practice notes | Maintained |
| 69 | Pollyanna Deane's insurance columns Every two months, Pollyanna Deane shares her views on topical insurance issues with PLC Financial Services subscribers. Pollyanna's comments can be accessed below. Pollyanna is a partner in Simmons & Simmons LLP's Corporate & Commercial Group (she was formerly a partner at Berwin Leighton Paisner LLP), and is also a member of PLC Financial Services' Consultation Board. | Practice notes | Maintained |
| 70 | PPI misselling: FCA and FSA enforcement action A tracker providing details of key final notices issued by the FCA and the FSA relating to the sale of payment protection insurance (PPI). The tracker also identifies the relevant regulatory requirements, and outlines common themes and lessons that may be drawn from the final notices. | Practice notes | Maintained |
| 71 | Private equity and venture capital regulation This practice note outlines the FSA's supervisory work and European and international initiatives relating to the regulation of private equity and venture capital. The following multi-jurisdictional guides are also available to PLC Financial Services' subscribers: Private Equity Handbook and Venture Capital Handbook. They bring together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | 31-Dec-2012 |
| 72 | Providing independent advice and restricted advice A note on the FCA's standard for independent investment advice, which was revised as part of the retail distribution review (RDR). It explains what it means to provide independent advice or restricted advice, and the related FCA requirements investment firms must comply with, in particular regarding disclosure to clients. The note provides examples of when firms can hold themselves out as independent, and outlines how firms' use of advice tools and investment strategies interacts with the standard for independent advice. | Practice notes | Maintained |
| 73 | RDR: overview An overview of the FSA's retail distribution review (RDR), including an introduction to the rules and an explanation of how the changes brought about by the RDR impacted on other advice sectors (such as, the insurance and mortgage sectors, as well as simplified and basic advice). | Practice notes | Maintained |
| 74 | Recording telephone calls and face-to-face meetings This practice note explains when a business can record telephone calls with third parties, such as customers or employees, and also the implications of recording face-to-face meetings. | Practice notes | Maintained |
| 75 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 76 | Responsibilities of product providers and distributors for fair ... A summary of the key TCF responsibilities of product providers and distributors, as set out in the FSA's regulatory guide, Responsibilities of providers and distributors for the fair treatment of customers. This note also outlines provider responsibilities relevant to the UK authorised investment scheme managers. This note is in the process of being updated by the author, including amendments to reflect the new UK regulatory structure that comes into effect on 1 April 2013. | Practice notes | Maintained |
| 77 | Solvency II: FSA Handbook application table This practice note contains a table that indicates how the FSA proposed to apply the relevant parts of its Handbook to different categories of insurer once it had transposed the Solvency II Directive (2009/138/EC). The table is based on a table and notes set out in chapter 9 of the FSA's second consultation paper on transposing Solvency II (known as both "CP12/13 and "CP2"), which was published on 11 July 2012. The PRA and FCA will take over the majority of the FSA's functions on 1 April 2013. The FSA's Handbook will be split between the PRA and the FCA to form two new Handbooks. Most provisions of the FSA Handbook will be incorporated into the PRA Handbook, the FCA Handbook or both, in line with each new regulator's responsibilities and objectives. Insurers will be authorised and regulated for prudential purposes by the PRA, and also regulated for conduct purposes by the FCA. As a result, they will need to consider both the PRA and the FCA Handbooks. | Practice notes | 10-Jul-2012 |
| 78 | Solvency II: PRA and FCA Handbook transposition table This practice note contains a transposition table that explains how the PRA and FCA are expected to transpose the Solvency II Directive (2009/138/EC) (also known as "Solvency 2") into their respective Handbooks. The table gives a brief description of each of the Solvency II Articles and identifies the PRA or FCA Handbook provisions that are proposed to transpose each Article. | Practice notes | Maintained |
| 79 | Solvency II: the proposed PRA and FCA regime An overview of the proposed PRA and FCA regime for insurers and reinsurers falling within the scope of the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"), which also outlines the key amendments the PRA and FCA are expected to make to their respective Handbooks to transpose Solvency II. | Practice notes | Maintained |
| 80 | The European Commission's work on retail bank accounts This practice note provides an overview of the European Commission's recent work on retail bank accounts. In particular, it focuses on the Commission's May 2013 legislative proposal for a Directive on payment accounts, which followed a March 2012 consultation. | Practice notes | Maintained |
| 81 | Unfair contract terms in financial services contracts An explanation of how unfair terms in financial services contracts are enforced in the UK under the Unfair Terms in Consumer Contracts Regulations 1999 (SI 1999/2083) (UTCCRs). The note considers the interaction between the FSA's treating customer fairly (TCF) principle and the UTCCRs, issues relating to the interpretation of the UTCCRs and the FSA's expectations of firms in this area. It also looks at common themes arising from undertakings provided by firms to the FSA to amend unfair terms. This note is in the process of being updated by the author, including amendments to reflect the new UK regulatory structure that comes into effect on 1 April 2013. | Practice notes | Maintained |
| 82 | Use of inherited estates in the with-profits sector: FSA work An overview of the FSA's work, from 2007 to 2012, on the use of inherited estates in the with-profits sector. | Practice notes | 07-Mar-2012 |