Regulatory Spotlight: December 2018
Operational resilience, weathering the Brexit storm, simplified prospectus, financial promotions and much more
In the usual pre-Christmas flurry there have been a number of regulatory developments to put on your radar. Here's our monthly selection of interesting publications and changes.
Operational Resilience
Operational resilience was the theme of 2018 so in many ways it was appropriate that the year ends with a report on the subject. The themes arising from a cross-sector survey of almost 300 firms across 2017 and 2018 have been published, which gives useful insight into the foundations for the FCA's concerns.
Responses highlight weaknesses in 3 key areas:
The FCA reiterates that firms have an obligation under Principle 11, to report major technology outages and cyber-attacks to the FCA, particularly in light of its findings regarding under reporting.
Weathering the Brexit storm
Following on from their call to firms to prepare for a no-deal Brexit, the FCA has highlighted four key areas for firms to consider when making preparations:
Simplified prospectus for companies and investors in Europe
The European Commission requested views on draft legislation aimed at finalising rules on a simplified prospectus for investors and companies. The draft regulation states that the minimum information should be included:
Draft regulation also includes information on the format of the prospectus, the information categories and details about the prospectus summary and criteria for the approval of information contained in the document.
Other regulatory sparks
Any questions?
We are constantly keeping up-to-date with the regulatory changes within the financial services industry. If you need assistance to keep up with these regulatory changes please feel free to contact the team.
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