MiFID II: ESMA guidance on compliance function requirements

ESMA published, on 5 June 2020, new final guidelines on certain aspects of the compliance function requirements under the recast Markets in Financial Instruments Directive (MiFID II)[1]. The new guidelines replace those issued in 2012, and have been updated in accordance with MiFID II requirements - specifically article 16(2) of MiFID II and article 22 of the MiFID II Delegated Regulation[2]. Read more

IOSCO proposes updated Outsourcing Principles as Covid-19 drives operational resilience to the top of the agenda

This post gives a high level summary of the International Organization of Securities Commissions' (IOSCO's) consultation on proposed updates to the 2005 Outsourcing Principles for Market Intermediaries and the 2009 Outsourcing Principles for Markets, and includes a link to our briefing that focuses in more detail on: the scope of application; IOSCO’s definition of outsourcing; intragroup arrangements; concentration risk; and access and audit rights. Read more

FCA review of outsourcing by life insurers

This post was first published on our Digital TMT and Sourcing Notes blog. On 4 March 2020 the Financial Conduct Authority published a short set of findings from its review of outsourcing in the UK life insurance sector. Despite the review’s narrow scope, the FCA’s findings are readily applicable to other outsourcing contexts, so regulated firms … Read more

Building Operational Resilience: UK regulators launch consultations

On 5 December 2019, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released a number of publications on operational resilience, marking the launch of a consultation phase which will inform how the UK authorities seek to embed the consideration of operational resilience into the regulatory framework. Read more