FCA's Dear CEO Letter Puts Focus on Personal Trading and Market Abuse

On 11 January 2023, the Financial Conduct Authority (FCA) published a "Dear CEO" letter to wholesale broker firms, highlighting key risks and drivers along with their supervisory focus for the next two years. The letter places particular emphasis on the Senior Managers and Certification Regime (SMCR), market abuse, personal account dealing-and the need for firms to have robust systems and controls in place to effectively manage and evidence these risks. 

With the end-February 2023 deadline for next steps looming, time is of the essence for senior executives and board members to review the current state of compliance in these areas and develop an action plan to fill in the gaps. 

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Europe & UK Leading Crypto Regulation

Europe has been at the forefront regarding crypto assets regulation with its recently voted Markets in Crypto Assets (MiCA) regulation, which is expected to be finalised in the first quarter of 2023.  

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FCA's 2022-2025 Strategy Focuses on Data, Conduct Risk and Outcomes

The U.K. Financial Conduct Authority (FCA) has released its three-year strategy for 2022-2025. The document sets out the FCA’s areas of focus for the next few years along with the goals of preventing serious harm, setting higher standards and promoting competition.

 What does compliance need to know about the regulator’s updated longer term plans?

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Essential Guide to SMCR for FCA-Regulated Firms

The Senior Managers Certification Regime, abbreviated to SMCR or SMR, is a regulation implemented by UK regulators in March 2016. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) introduced this legislation to ensure greater regulatory accountability for senior managers within high-profile banks.

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FCA Fines Asset Management Firm and Employee for Conflicts of Interest

The UK Financial Conduct Authority (FCA) has clearly set expectations to ensure that asset managers conduct their business with due skill, care and diligence and that they manage conflicts of interest, between the firm or its employees and its customers or between its customers, fairly. A European asset management firm was recently fined £9.1mn by the FCA for failure to adhere to these principles and effectively manage conflicts of interest.

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