The dashboard used in
Change provides an overview of what the regulators are doing. Below is a slightly modified version of what it looks like in the August edition of the magazine. If you want to find out the answers to the questions the dashboard points raise, go to
Change August edition and sign in if you are a member. Non-members will need to
register to read the full PDF.
All financial sectors
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Wholesale/Capital markets
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- Are we entering a new – possibly less harsh – stage of UK and international regulation (see feature article)?
Q. What do you think?
- Many market practice changes under the Fair and Effective Markets Review and extending the Senior Markets regime to the Fixed Income, Currency and Commodities markets.
Q. Have you read it?
- The multiple competition inquiries into retail, SME and investment banking and payment systems.
Q. Which regulators make competition inquiries?
- This year’s FCA thematic reviews into cultural change in firms, dark pools, benchmarks and asset managers’ charges.
Q. How do you prepare for a thematic visit?
- Conduct risk is a high priority.
Q. Can you answer the five questions in the article?
- Extending the Remuneration Code to smaller CRD IV firms, role allowances and extending the deferral period.
Q. What is the new deferral period, and for which staff?
- Important detailed rules under MiFID II.
Q. Do you know when these start?
- Important changes to market abuse rules under MAR II.
Q. Do you know what these are?
- More changes to money laundering rules under MLD4.
Q. Do you know what changes you need to make?
- The eurozone financial transaction tax.
Q. Do you know what is planned?
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- The EU’s Capital Markets Union.
Q. How will it affect your firm’s activities?
- The FEMR.
Q. What happens next?
- The SMR.
Q. Can you identify the ‘Senior Management Function’ holders in your firm?
- EMIR and CCP clearing.
Q. Do you know how the EU/US talks on reciprocity are developing? And when mandatory clearing may start? And if the buy-side will obtain more concessions?
- Securities lending.
Q. Are you getting ready to transaction report?
- The regulators’ approach to algorithmic trading.
Q. Do you know their latest thinking, including about ‘barriers’ to digital solutions, and the use of ‘blockchain’ methods?
- Securitisation.
Q. Have you caught up with the regulators’ change of heart?
- Large asset managers as global systemic risks.
Q. What has been decided?
- Unbundling research.
Q. Will the sell-side or independents provide future research?
- Joint sponsors.
Q. Who is responsible under the Listing Rules?
- Commodities.
Q. How will smaller firms be affected by the removal of the CRR exemption?
- Energy.
Q. Are you ready for transaction reporting?
- Private equity.
Q. Do you know where you can market?
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Private wealth management/Retail banking
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Banking |
- Those FCA fees and FSCS levies.
Q. How do you express your concerns?
- Suitability.
Q. How do you deal with insistent clients?
- Execution-only.
Q. What is your responsibility for alternative products?
- Communications with clients.
Q. Have you read the FCA’s recent paper on this?
- Longstop liability.
Q. Do you know when the FCA will publish their approach?
- Retail banking/SME Reviews.
Q. Have you followed the CMA’s latest thinking?
- Mortgages.
Q. What are the PRA and FCA’s thoughts on leverage and interest only loans?
- Consumer credit.
Q. How easy is it to become authorised?
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- An end to ‘banker bashing’.
Q. What do you think?
- Extending the SMR to wholesale.
Q. Have you thought which staff will be within scope?
- Bank separation.
Q. Are you up to date with the different countries’ rules?
- Board responsibilities.
Q. Have you read the important PRA statement?
- Bank levy/tax.
Q. Do you know how this will work?
- Interest rate swap reviews.
Q. Are you following the court challenge?
- Prudential capital.
Q. Have you kept up with recent developments in stress testing, liquidity, own capital, leverage?
- Liquidity and branch returns.
Q. Have you seen the timetable?
- Payment systems.
Q. Do you know what the Payments Regulator is considering?
- The Bank Resolution Directive.
Q. Have you kept oversight of the paper flood?
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