Part III Financial Sectors and Activities, 17 Insurance Regulation

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Third Parties ◽  
Regulatory Regime ◽  
Eu Law ◽  
Compensation Scheme ◽  
Insurance Regulation ◽  
Eu Legislation ◽  
Regulatory Approach ◽  
European Union Legislation ◽  
The Uk

This chapter examines the statutory regime for the regulation of insurers as well as intermediaries and brokers dealing with insurance products. It first provides an overview of terminology and categorisation of insurance under European Union legislation and UK regulation before discussing the evolution of the regulatory approach to insurers. It then considers EU law and UK law on insurance and reinsurance, along with the relevant provisions of the Financial Services and Markets Act 2000, Contracts (Rights of Third Parties) Act 1999, and other applicable legislation. It also analyses insurance regulation under the Financial Ombudsman Service and the Financial Services Compensation Scheme. Finally, it assesses the influence of EU legislation on the structure and much of the detail of the UK regulatory regime for insurance.

Part B Merger, Reorganization, and Insolvency of Banks, 13 Deposit Protection Schemes

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Financial Services ◽  
Legal Aspects ◽  
Eu Law ◽  
Compensation Scheme ◽  
The Uk

This chapter reviews deposit protection arrangements which come into operation on the insolvency of a bank. It covers EU law requirements in the field of deposit protection; the implementation of those requirements in the UK by means of the Financial Services Compensation Scheme; the revisions to the powers and role of that scheme made pursuant to Part 4 of the Banking Act 2009; and the legal aspects of the recent diplomatic rift between the UK and Iceland, following from deposit protection arrangements applicable to the UK branch of an Icelandic bank.

5 The Regulatory Duties Arising from the Provision of Investment Advisory and Management Services

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Services ◽  
Public Investment ◽  
Private Investment ◽  
The United States ◽  
Fiduciary Duty ◽  
Regulatory Regime ◽  
Investment Funds ◽  
Investment Advisers ◽  
The Uk ◽  
Management Services

This chapter examines the regulatory duties of investment managers arising from the provision of investment advisory and management services. Managers of private investment funds that are authorised or regulated as investment advisers or managers can owe regulatory duties arising under the Financial Services and Markets Act 2000 (FSMA) in the UK and the Investment Advisers Act of 1940 in the United States. The chapter begins with a discussion of the UK Financial Conduct Authority’s (FCA) regulation of the conduct of firms authorised under the FSMA, including collective investment schemes, public investment funds, and fiduciary duty in the financial services regulatory regime. It then considers the FCA’s regulatory response to private investment funds as well as the U.S. Securities and Exchange Commission’s compliance programme for investment advisers and managers primarily under the Advisers Act. It concludes with an analysis of financial services regulation of fiduciary duties.

Part IV Regulatory and Other Developments in the UK 2010‒2016, 13 Financial Services Act 2012: Changes to the Regulatory Architecture

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Services ◽  
New Product ◽  
Regulatory Structure ◽  
Regulatory Architecture ◽  
Bank Of England ◽  
Regulatory Approach ◽  
Significant Change ◽  
The Uk ◽  
Business Requirements ◽  
Individual Accountability

This chapter charts the passage of the Financial Services Act 2012 (FS Act 2012), from its policy conception through its consultation phase, and to its enactment. The FS Act 2012 received royal assent on 19 December 2012 and came into effect from 1 April 2013. The Act comprised 10 parts and 21 schedules and formally amended the Bank of England Act 1998, the Financial Services and Markets Act 2000, and the Banking Act 2009, to give effect to the reforms. The enactment of the FS Act 2012 represented a significant change in not only the regulatory structure, but the regulatory approach to supervision and enforcement. The new mantra was far a more holistic and intrusive form of regulation. Whether viewed from the perspective of the prudential thresholds, conduct of business requirements and new product intervention powers, or in light of the enhanced investigatory and enforcement priorities and a focus on individual accountability, the reforms were significant.

Part II UK Securities Markets, 5 UK Listing, Prospectus, and Disclosure Regime

2021 ◽  
Author(s):  
Pearce Will
Keyword(s):  
Financial Services ◽  
Action Plan ◽  
European Economic Area ◽  
Market Manipulation ◽  
Inside Information ◽  
Market Abuse ◽  
Eu Legislation ◽  
Capital Markets Union ◽  
Insider Dealing ◽  
The Uk

This chapter talks about the current UK listing regime that stems from the EU legislation that was enacted as part of the European Commission's action plan for the Capital Markets Union (CMU) and Financial Services Action Plan (FSAP). It describes the aims of the CMU and the FSAP in order to achieve a single financial services market with no obstacles to cross—border activity and a sound supervisory structure. It also highlights the key EU legislation that governs the UK listing regime, which includes the prospectus regulation that regulates the prospectus to be published when a company's securities are to be offered to the public or admitted to trading on a regulated market in the European Economic Area (EEA). This chapter discusses the Market Abuse Regulation (MAR), which covers the disclosure and control of inside information and the offences of market manipulation and insider dealing. It also mentions the Transparency Directive that harmonizes transparency requirements for issuers whose securities are admitted to trading on a regulated market.

9 The UK Special Resolution Regime

2015 ◽  
Author(s):  
Kleftouri Nikoletta
Keyword(s):  
United Kingdom ◽  
Crisis Management ◽  
Financial Services ◽  
Bank Failure ◽  
Compensation Scheme ◽  
Management Framework ◽  
The United Kingdom ◽  
Bank Resolution ◽  
Bank Of England ◽  
The Uk

When designing a crisis management framework, a key decision for policymakers is whether to combine the deposit protection and bank resolution functions, or whether to create two separate bodies. This chapter sets out the United Kingdom’s approach to dealing with failing banks. In the United Kingdom, the deposit guarantee scheme, the Financial Services Compensation Scheme, is a separate institution from the resolution authority, the Bank of England, and the banks’ prudential supervisor, the Prudential Regulation Authority. The Banking Act 2009 provides for a framework within which the PRA, Bank of England, HM Treasury, and FSCS work closely with each other prior to and during a bank failure.

scholarly journals Brexit and the Provision of Financial Services into the EU and into the UK

2018 ◽  
Vol 15 (4) ◽  
pp. 732-771
Author(s):  
Eddy Wymeersch
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Eu Law ◽  
National Legislation ◽  
Financial Services Firms ◽  
The Uk ◽  
National Economies ◽  
The Eu ◽  
The Way

Brexit is likely to lead to the relocation of UK financial services firms to the EU in order to be able to access EU markets, mainly through the EU passport. The same applies to the EU firms intending to be active on the UK markets. The access conditions to the EU markets are numerous and complex, laid down in EU and national legislation and regulation, and applied by the national supervisory authorities. The European Supervisory Authorities or “ESAs” have published elaborate statements, called Opinions, on the detailed access conditions and the way they intend to apply these. The two main objectives are the full application of EU law, and the avoidance of authorizing EU firms that would be “empty boxes” for activity that would in fact be exercised in the UK, and this mainly by delegating activities to another firm. Underlying is a policy of competition between national economies for relocations of EU firms, or of business activities to be developed on the UK financial markets.

7 The UK Deposit Insurance Framework

2015 ◽  
Author(s):  
Kleftouri Nikoletta
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Deposit Insurance ◽  
Compensation Scheme ◽  
Prudential Regulation ◽  
Protection Scheme ◽  
The Creation ◽  
The Uk ◽  
Three Phases

The Financial Services Compensation Scheme, the UK’s deposit insurer, has been subject to a broad overhaul during the last few years. This chapter divides these regulatory developments into three phases: (a) the creation of the first explicit deposit protection scheme; (b) the series of reforms that took place in 2000 and the creation of the FSCS as a single protection scheme for financial institutions; and (c) the post-2007 era during which main changes include the creation of the Prudential Regulation Authority and Financial Conduct Authority as two separate regulators, and further strengthening of deposit insurance arrangements. The chapter concludes that key deposit insurance design reforms are still missing from the UK regime.

Part III Financial Sectors and Activities, 23 Islamic Financial Services

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
International Standards ◽  
Islamic Finance ◽  
Regulatory Regime ◽  
Financial Services Regulation ◽  
Legal Effect ◽  
Islamic Financial Institutions ◽  
The Uk ◽  
Public Offer

This chapter discusses the regulatory regime for Islamic financial services. It begins by providing a background on Islamic finance firms (IFFs), which are governed by the Shari'a, and the services they offer. It then considers the scope and limits of Islamic financial services regulation before analysing the regulation of IFFs in the UK by the Financial Conduct Authority and the Prudential Regulation Authority as well as the regulation of Islamic capital markets. It also looks at international bodies that have been established to set and develop regulatory and Shari'a standards for IFFs, focusing in particular on the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board. The chapter concludes with an assessment of Islamic finance regulation in other jurisdictions; the legal effect of international standards on IFFs; Shari'a principles, including those relevant to Islamic finance; and the listing and public offer of Shari'a-compliant securities.

Part III Financial Sectors and Activities, 22 Collective Investment Schemes

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Regulatory Regime ◽  
Investment Funds ◽  
European Directive ◽  
Investment Companies ◽  
Wide Definition ◽  
Unit Trust ◽  
Definition Of ◽  
The Uk ◽  
Almost All

This chapter focuses on the regulatory framework for collective investment schemes (CISs). The Financial Services and Markets Act 2000 (FSMA) imposes a special regulatory regime on investment funds that fall within its wide definition of CIS, which has been placed within the scope of regulation since the enactment of the Financial Services Act 1986. The definition of CIS covers almost all types of investment funds with the exception of investment companies, investment trusts, and pooled investment special purpose vehicles. The chapter first considers the European directive for ‘undertakings for collective investment in transferable securities’ (UCITS) and the introduction of open-ended investment companies (OEICs) in the UK before discussing the European Union's directive for alternative investment funds and the regulatory categorisation of CISs in the UK. It also analyses the regulation of authorised unit trust schemes and the FSMA's ‘general prohibition’ and ‘financial promotion restriction’ provisions.

UK Cryptoassets Taskforce publishes its final report

2019 ◽  
Vol 20 (2) ◽  
pp. 28-33 ◽  
Author(s):  
Sam Maxson ◽  
Stuart Davis ◽  
Rob Moulton
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Final Report ◽  
Content Type ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Regulatory Approach ◽  
Policy Direction ◽  
The Uk ◽  
Key Aspects

Purpose To analyse the final report of the UK Cryptoassets Taskforce published in October 2018 and discuss the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services. Design/methodology/approach This article considers some of the key aspects of the final report of the UK Cryptoassets Taskforce and provides a summary of the next steps the UK authorities have committed to taking in relation to regulation of crypto-assets in the UK. Findings The approach to regulation of crypto-assets in the UK is evolving and the relevant UK authorities are continuing to improve their understanding of crypto-assets in order to assess the appropriate type and level of regulation that should apply to them. Whilst risks relating to consumer detriment and anti-money laundering have been identified as needing to be addressed as a matter of priority, the UK authorities appear to be taking a measured approach to regulation of crypto-assets. They also remain supportive of the adoption of distributed ledger technology in financial services, whilst noting some potential challenges to scalability. Originality/value This article contains valuable information about current policy direction and regulatory thinking in the UK in relation to crypto-assets, and analysis from leading FinTech lawyers.

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