Chair of Regulatory Law Committee
03/10/2019 - Response to FCA Consultation on prohibiting sale to retail clients of investment products that reference cryptoassets
Response to FCA Consultation on prohibiting sale to retail clients of investment products that reference cryptoassets
17/06/2019 - Regulatory Law Committee response to the Transposition of the Fifth Money Laundering Directive
CLLS Regulatory Law Committee response to HMT Consultation of the transposition of the Fifth Money Laundering Directive (cryptoassets and trusts).
04/03/2019 - FCA CP18-42 - High-Cost Credit Review - Overdrafts consultation paper and policy statement
CLLS Regulatory Law Committee's final response to FCA CP18-42 on overdrafts, which sets out the FCA’s proposals on reforming the way banks charge for overdrafts.
Regulatory Law Committee response to FCA CP 18/38 - Restricting contract for difference products sold to retail clients
CLLS Regulatory Law Committee response to the FCA's consultation on the temporary permissions regime for inbound firms and funds
Response of Regulatory Law Committee to FCA Guidance Consultation 18/1 on new chapter to the financial crime guide on insider dealing and market manipulation systems and controls
Response by Regulatory Law Committee to FCA Call for Input: Using technology to achieve smarter regulatory reporting
10/05/2018 - Draft Directive and Regulation on facilitating cross-border distribution of collective investment funds
Regulatory Law Committee Feedback on draft Directive and Regulation on facilitating cross-border distribution of collective investment funds
CP17/37 – Consultation Paper on Industry Codes of Conduct and Discussion Paper on FCA Principle 5
29/12/2017 - Regulatory Law Committee - letter to FCA - MiFID II -Outsourcing in relation to Portfolio Management Services
CLLS Regulatory Law Committee - letter to FCA - MiFID II -Outsourcing in relation to Portfolio Management Services. NB - Stephen Hanks confirmed in his response to this letter that the reference to the inducements provisions not falling away was not intended to be a comment about the obligations on the person to whom an investment firm delegates.
14/07/2016 - Joint FCA and PRA consultation on proposed implementation of the Enforcement Review and the Green Report
CP 16-10: Joint FCA and PRA consultation on proposed implementation of the Enforcement Review and the Green Report
09/10/2014 - Response to HMT consultation on the transposition of the Bank Recovery and Resolution Directive
The consultation considered some of the key issues to be addressed in the transposition of the Bank Recovery and Resolution Directive, and sought views from industry and others potentially affected by the changes. The response focussed on the proposals for removing the impediments to resolvability discussed in section 3 of the consultation document; and in particular the proposals to give enforcement powers for early intervention to the Bank of England.
The Committee’s submission responded to those sections of the ESMA paper where the Committee hoped that its comments may have a useful impact from a legal perspective.
14/07/2014 - Response to HMT Review of enforcement decision-making at the financial services regulators: call for evidence
The consultation formed part of a Government review, led by the Treasury, of the fairness, transparency, speed and efficiency of the institutional arrangements and processes for enforcement decision making at the FCA and the PRA. The submission, which focussed on disciplinary enforcement action, responded to the specific consultation questions.
The Consultation Paper set out proposals to redraft certain modules of the Prudential Regulation Authority’s (“PRA”) Handbook. The scope of the response was limited to the Committee’s views on the proposed PRA Fundamental Rules (“FRs”). (Chapter 3 of the Consultation Paper set out the PRA’s proposal to replace the six Principles for Business (the “Principles”) inherited from the FSA with the FRs) In addition to its detailed observations on the proposed FRs, the Submission also noted that, as a general observation, the Committee considered that the proposed changes to the Principles are unnecessary and risk causing legal confusion amongst dual-regulated firms.
The memorandum concerns the potential legal uncertainties which may arise as to the application of EMIR – and specifically its reporting requirements - to ordinary corporate transactions and arrangements (e.g. between companies and their shareholders, when capital raising, with share scheme arrangements for employees).
The consultation paper focussed on proposed changes to the FCA’s use of dealing commission rules in its Conduct of Business Sourcebook (COBS). The FCA stated that the proposed changes were designed to “ensure investment managers make appropriate judgements and control costs on behalf of their clients when using dealing commission to pay for goods and services”. The submission addressed the consultation questions, and noted the Committee's significant concerns in relation to: 1)“the presentation of the changes as being a “clarification” and as being consistent with the “intention behind the original regime”. These are clearly substantive changes to the rules which have a number of implications, including on the requirement for an Article 4 notification;” 2)“the introduction of a new definition relating to research; and” 3)“the definition of corporate access.”
17/02/2014 - Response to HMT Review of the Balance of Competences (Single Market: Financial Services and the Free Movement of Capital - Call for Evidence)
The Committee responded in detail to the consultation questions, and noted generally that it had “many serious concerns about the current approach to law making and implementation for the single market in financial services”. It argued that “[t]these could be addressed and it is in the interests of the UK and in particular London that they are.”
The consultation paper consulted on material changes to the rules in relation to client money, custody assets and mandates. The submission responded in detail to some of the consultation questions.
19/09/2013 - Response to JMLSG consultation on proposed amendments to its Money Laundering Guidance for the Financial Sector
Response to JMLSG consultation on proposed amendments to its Money Laundering Guidance for the Financial Sector.
Response to FSA CP13/8: Publishing information about warning notices
Response to FSA CP 13/9: Implementation of the Alternative Investment Fund Managers Directive Part 2
Response to FSA CP 12/32: Implementation of the Alternative Investment Fund Managers Directive
Response to HMT consultation: A new approach to financial regulation: draft secondary legislation
Response to FSA CP 12/26: Regulatory reform: the PRA and FCA regimes for Approved Persons
Response to FSA consultation paper: Journey to the Financial Conduct Authority
Response to ESMA document: Consultation on Guidelines on remuneration policies and practices (MiFID) (ESMA/2012/570)
Response to FSA CP 12/19: Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes
Response to ESMA Consultation on Guidelines on sound remuneration policies under the AIFMD
Submission to Arlene McCarthy, MEP regarding European Commission’s Draft Regulation on Insider Dealing and Market Manipulation
Response to the Commission’s Green Paper on Shadow Banking
Response to HM Treasury’s Informal Consultation: Policy options for implementing the Alternative Investment Fund Manager’s Directive (“AIFMD”)
Comments on FSA Consultation Paper 12/1 on Large Exposures Regime
Responses to certain of the questions in the FSA’s Discussion Paper 12/1 on the Implementation of the Alternative Investment Fund Managers Directive
Response to ESMA Discussion Paper (ESMA/2012/117) on Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM
Response from FSA regarding cleansing announcements
Response to ESMA Consultation Paper (ESMA/2011/446) on Guidelines on certain aspects of the MiFID compliance function requirements
Letter to FSA regarding cleansing announcements
Comments on CP11/27 - PMDR transactions: guidance on the role of brokers
Response to EC consultation on "Review of Markets in Financial Instruments Directive (MiFID)"
Response to EC consultation on legislative steps for Packaged Retail Investment Services Initiative
Comments on proposed Market Abuse Regulation and Market Abuse Directive
Response to Markus Ferber MEP's Questionnaire on the European Commission's proposals for MiFID/MiFIR
Response to the FSA Guidance Consultation on Simplified Advice
Response to HMT Consultation "A New Approach to Financial Regulation: The Blueprint for Reform"
Response to the HMT document "Review of the Money Laundering Regulations 2007: the Government Response"
Response to EC Consultation on a new European Regime for Venture Capital Funds
Response to FSA Quarterly Consultation (No. 29) CP11/11
Response to FSA Consultation Guidance on the Remuneration Code
Response to HMT Consultation "A New Approach to Financial Regulation - Building a Stronger System"
Response to FSA COnsultation Paper (CP10/23) Decision Procedure and Penalties Manual and Enforcement Guide Review 2010
Response to FSA CP10/22 (Chapter 6, regarding the Spector judgement)
Response to CEBS Consultation on Guidelines on Remuneration Policies and Practices
Response to FSA Consultation on the Remuneration Code
Response to HMT Consultation 7874: A new approach to financial regulation, judgement, focus and stability
Response to Consultation Paper 10/15 - Chapter 8 Client Money & Assets
Response of the Law Society of England and Wales and CLLS Regulatory and Company Law Committees to the European Commission Green Paper on Corporate Governance in Financial Institutions and Remuneration Policies
Response to FSA CP10/9 - Enhancing the Client Assets Sourcebook
Response to FSA CP10/11 Implementing Aspects of the Financial Services Act 2010
Joint CLLS and Law Society response to FSA Consultation Paper CP10/10 Chapter 10: Proposed Changes to the Controllers Regime in the Supervision Manual
Response to HMT Consultation "Establishing Resolution Arrangements for Investment Banks"
Response to FSA Consultation Paper 09/31 "Retail Distribution Review: Professionalism, Corporate Pensions and Applicability of RDR to pure protection advice"
Response to HMT Consultation on Mortgage Regulation
Response to "An EU Framework for Cross-Border Crisis Management in the Banking Sector"
Submission to the House of Commons Public Bill Committee on the Financial Services Bill 2009-10
Response to CESR Consultation Paper "Understanding the Definition of Financial Advice Under MiFID"
Response to HM Treasury's Review of the Money Laundering Regulations 2007
Covering letter regarding response to HM Treasury's Review of the Money Laundering Regulations 2007
Response to the consultation on amendments to the Tribunal Procedure (Upper Tribunal) Rules 2008 to accommodate the transfer of the Financial Services and Markets Tribunal to the Upper Tribunal
Comments on the legislative framework for the regulation of alternative finance investment bonds (sukuk)
Response to FSA CP09/21 - Transparency as a Regulatory Tool and Publication of Complaints Data
Response to FSA CP09/19 - Enforcement Financial Penalties
Response to the Walker Review - Shareholder engagement and change in control requirements under the EU Acquisitions Directive
Response to the EU Commission's Consultation Paper on the UCITS Depositary Function
Alternative Investment Fund Managers Directive - Further Comments
Comments on Alternative Investment Fund Managers Directive
Response to FSA Discussion Paper DP09/2 on the Global Banking Crisis
Response to FSA Consultation CP09/12: Quarterly Consultation
Comments on Call for Evidence on Market Abuse Directive 2003/6/EC
Response to FSA Paper 09/10 Reforming Remuneration Practices in Financial Services
Response to FSA Discussion Paper 09/1 - "Short Selling"
FSA Consultation Paper CP08/24: Stress and Scenario Testing (the Consultation Paper)
Response to CP08/25 – The Approved Persons regime: significant influence function review
Response to CP08/23 Financial Stability and Depositor Protection: FSA Responsibilities
Response to CP 08/22 Strengthening Liquidity Standards
Response to Consultation on the Legislative Framework for the Regulation of Alternative Finance Investment Bonds (sukuk)
Response to CP 08/19 ("Regulating retail banking conduct of business")
Consultation on EU proposals for a consumer rights directive
Response to EU Commission Consultation on Hedge Funds
Response to Consultation on Market Abuse Directive Level 3
Response to the Consultation Document on the Implementation of the Acquisition Directive
Response to Second Consultation on Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2008
Response to Consultation on Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
Regulatory Committee - Proposed Business Plan 2008/9
Modernising the insolvency protections for the operation of financial markets - proposals to reform Part VII Companies Act 1989
Response to Consultation Paper 08/10 and DP 08/3
Financial Stability and Depositor Protection - Special Resolution Regime
Response to FSA Consultation on Decision Procedure, Penalties Manual and Enforcement Guide Review 2008 and Transparency as a Regulatory Tool
Response to FSA CP08/6 - Review of Client Asset Sourcebook
Response to FSA Consultation DP8/02 - Transparency, Disclosure and Conflict of Interest in the Commercial Insurance Market
Response to consultation on Obligations to Report Money Laundering - The Consent Regime
Review of the Financial Regulatory Framework for Commodity and Exotic Derivatives
Letter to FSA regarding MiFID Implementation: Financial Promotions
Comments on Proposal 66 of Review of Land Registration Rules 2003
MiFID Implementations PS 07/18 Financial Promotions - Questions & Answers
Response to Consultation Paper 07/9 on Conduct of Business Regime: Non MiFID Deferred Matters
Response to CESR's Consultation on Inducements Under MiFID
Response to consultation on Suspicious Activity Reports - prescribed format
Draft Practice Note on Money Laundering
Response to consultation on amendments to the CIS Border for Property Transactions