This document is provided for information purposes only and does not constitute legal advice. Professional legal advice should

be obtained before taking or refraining from any action as a result of the contents of this document

1

FCA publishes policy statement on disclosure rules following application ofPRIIPs Regulation

On 02 May 2017, the FCA published policy statement PS17/6, “FCA’s disclosure rules following

application of PRIIPs Regulation Feedback to CP16/18 and final rules”. The policy statement follows

FCA CP16/18 and outlines amendments to the FCA's disclosure rules after the introduction of the

PRIIPs key information document (KID).

FCA publishes Policy Statement on remuneration rules and Final Guidance forCRD IV firms

On 03 May 2017, the FCA published policy statement PS17/10, “Remuneration in CRD IV firms: Final

guidance and changes to Handbook”. The Policy Statement outlines amendments to Handbook rules

and Final Guidance regarding the remuneration policies of firms under CRD IV.

FCA publishes Policy Statement on applying conduct rules to NEDs underSM&CR and SIMR

On 03 May 2017, the FCA published policy statement PS17/8, “Applying our conduct rules to non-

executive directors in the banking and insurance sectors”. The policy statement extends the rules

contained in its Code of Conduct sourcebook (COCON) to standard non-executive directors (NEDs)

that fall under the SM&CR and the SIMR. The objective is to improve standards in firms and reduce

the risk of wrongdoing such as mis-selling. The rules come into force on 03 July 2017.

FCA publishes policy statement on Guidance on enforcing duty ofresponsibility under SMR

On 03 May 2017, the FCA published policy statement PS17/9, “Guidance on the duty of responsibility:

final amendments (including feedback on CP16/26) to the Decision Procedure and Penalties Manual”.

The duty of responsibility came into effect on 10 May 2016 and is aimed at persons performing senior

management functions at PRA-designated investment firms, UK banks and building societies,

incoming branches of overseas firms and credit unions. The policy statement states that the duty of

responsibility will apply to senior managers at all categories of firms when the SMR is broadened

beyond the banking sector. The Guidance applies from 03 May 2017.

FinancialServicesAlerter

UK developments

2

FCA publishes MiFID2 reporting instructions for trading venues andinvestment firms submitting position reports

On 03 May 2017, the FCA published a webpage, “Commodity Position Reports Reporting instructions

for Trading Venues and Investment Firms submitting position reports”. The objective of the webpage is

to guide firms who will be submitting commodity derivative position reports to the FCA under Article 58

of MiFID2. The position limits and reporting framework is intended to promote transparency and safety

in financial markets.

Bank of England/PRA publishes MREL data for UK firms

On 05 May 2017, the Bank of England/PRA published a webpage, “MREL data for UK banks

published”, consisting of the indicative minimum amount of loss-absorbing resources that the largest

UK banks and building societies will be required to hold (MREL).

BBA publishes webpage on UK WTO profile and FTAs

On 10 May 2017, the British Bankers' Association (BBA) published a webpage, “External trade policy

and a UK exit from the EU – the UK’s WTO profile and beyond”, which provides an overview of the

UK’s current and potential future relationship with the World Trade Organisation (WTO) in the context

of Brexit.

Bank of England/PRA publishes policy statement on amendments andimprovements to SM&CR and SIMR

On 12 May 2017, the Bank of England/PRA published policy statement PS12/17, “Strengthening

individual accountability in banking and insurance: amendments and optimisations”. In the policy

statement, the Bank of England/PRA provides an overview of responses received to CP 34/16 and

outlines, among other things, the final rules amending SM&CR and SIMR.

FCA publishes updated webpage containing list of products designated asPRIIPs

On 12 May 2017, the FCA updated its webpage, “PRIIPs disclosure: Key Information Documents”.

The webpage provides an updated list of retail products that have been designated by the FCA as

Packaged Retail and Insurance-based Investment Products (PRIIPs), along with a list of products that

do not meet the PRIIPS definition.

CLLS publishes response to FCA's MiFID2 consultation

On 19 May 2017, the City of London Law Society (CLLS) published its response to FCA CP16/43,

“Markets in Financial Instruments Directive 2 Implementation – Consultation Paper IV”. In its

response, the CLLS provides criticism of the proposals on specialist regimes and tied agents that were

advanced by the FCA.

FCA publishes Handbook Notice 44

On 26 May 2017, the FCA published Handbook Notice 44, outlining amendments made to the FCA

Handbook under instruments made by the FCA Board on 25 May 2017.

This document is provided for information purposes only and does not constitute legal advice. Professional legal advice should

be obtained before taking or refraining from any action as a result of the contents of this document

elexica and other client items

02 May 2017 Financial Markets Legal Update Seminar

03 May 2017 EMIR Newsflash: RTS delaying clearing start date for Cat 3 counterparties published in

OJ

05 May 2017 EMIR Newsflash: European Commission publishes proposed amendments to EMIR

08 May 2017 Alitalia: has the Italian airline saga come to an end?

09 May 2017 TMT Sector Update 2017

10 May 2017 Supreme Court excludes investment trusts’ claims

10 May 2017 Breakfast Briefing: Update on recent developments in German regulatory law - focus on

remuneration and IT

11 May 2017 Mandatory requirement for LEIs to be introduced by FCA for regulatory announcements

12 May 2017 MIFID2 implementation in France: the pace quickens

15 May 2017 UK broadband investment - is the future ultrafast for infrastructure investors?

15 May 2017 Navigating private placement regimes around the world 2017 - London

16 May 2017 Investing in start-ups

16 May 2017 Blockchain in the real world: A demonstration

17 May 2017 Digitalisation of companies: What an in-house counsel needs to know

18 May 2017 BEPS: Implications for Funds and Asset Managers

18 May 2017 Derivatives markets - not leaving the regulatory spotlight yet

18 May 2017 Recent changes to insolvency law: thumb screws for directors and more comfortable

security for banks

18 May 2017 Bankers beware: Recent English case law

18 May 2017 Structural and contractual subordination

18 May 2017 FGR: the rising star of Dutch investment funds?

18 May 2017 A regulatory winter is coming

19 May 2017 ECJ’s Opinion on the Singapore Free Trade Agreement and the implications for

brokering the Brexit deal

19 May 2017 Navigating private placement regimes around the world in 2017

31 May 2017 ESMA considers use of blanket order cancellation policies in update of its Q&A on MAR

B_LIVE_EMEA1:4443999v2

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