CRS Seminar 9 th December
|
|
- Martin Jefferson
- 5 years ago
- Views:
Transcription
1 Legal and Regulatory Issues Monica Gogna Ropes & ISAs and P2P Loans: Legal and Regulatory Issues Monica Gogna, Partner LLP
2 Introduction Today s topics: Overview of the background to UK peerto-peer (P2P) regulation Status of authorisation of UK P2P firms Overview of UK ISA and P2P regulation Update on European regulatory developments in the area Background to P2P Regulation From 1 April 2014, operating a loan-based online peerto-peer platform became a regulated activity (under Article 36H of the Regulated Activity Order 2001 (the RAO)) Final rules on P2P regulation were published by the FCA in a March 2014 Policy Statement Investment-based crowdfunding was already regulated by the FCA (platforms may be caught, for example, by Article 25 of the RAO (arranging deals in investments)) Loans not specified investments under the RAO operating a loan-based online P2P platform was therefore not a regulated activity before 1 April 2014
3 Background to P2P Regulation Regulation of P2P loans by the FCA occurred at the same time as the regulation of consumer credit transferred from the Office of Fair Trading (OFT) to the FCA Article 36H(1) of the RAO states: operating an electronic system which enables the operator ( A ) to facilitate persons ( B and C ) becoming the lender and borrower under an Article 36H agreement is a specified kind of activity. Article 36H(4) of the RAO defines an article 36H agreement this is, broadly, an agreement to lend credit that is not a consumer credit agreement Background to P2P Regulation Authorisation & Interim Permission Firms holding an appropriate OFT licence and operating loan-based P2P loan platforms in March 2014 were able to apply for an interim permission to continue conducting the activity Firms entering the market after April 2014 must secure full authorisation from the FCA before they can operate an loan-based P2P platform The FCA s high-level rules took effect from 1 April 2014 for interim permission firms. More detailed conduct rules applied to such firms from 1 October 2014 Firms entering the market after 1 April 2014 are subject to all the rules from the date they become authorised
4 Background to P2P Regulation Authorisation & Interim Permission Full FCA authorisation process: Timing: 6-12 months Fee: 1,500 (if an application is straightforward) Must complete application pack, which includes the following: core details form regulatory business plan scope of permission notice (Article 36H of the RAO and any other relevant permissions (such as arranging deals in investment (Article 25 of the RAO))) controllers form application to perform controlled functions Assignment of case officer and general authorisation process currently very delayed, due to FCA workload (!) Background to P2P Regulation Authorisation & Interim Permission FCA also encourages firms seeking full authorisation for operating an online P2P platform to have the following: Adequate non-financial resources (i.e. the management board has adequate knowledge and experience of financial regulation) Adequate financial resources (i.e. not looking at future fundraising to reach the requirement) A website that is either up-and-running or at a suitably advanced stage to demonstrate how the firm will operate should it be authorised An understanding of the requirements for FCA authorisation and the permission profile for which the firm wishes to apply
5 Status of authorisation of P2P firms 50 firms operating loan-based P2P platforms in March 2014 applied to the FCA for interim permissions Current status of FCA authorisation derives from a February 2015 FCA review of the crowdfunding regulatory regime. This highlighted the following: FCA had authorised one loan-based P2P platform, which entered the market after 1 April 2014 FCA was reviewing 8 applications for full authorisation With 3 interim permissions firms leaving the market, number of firms operating in the sector, or seeking to enter it, increased from 50 in April 2014 to 56 by the end of 2014 Zopa, Funding Circle, RateSetter all have interim consumer credit permissions (none are yet fully FCAauthorised) ISA Regulations and P2P Loans Consolidated ISA Regulations 1998 lay out framework of ISA legal regime The ISA (Amendment No. 2) Regulations 2016 (the Amendment Order ), published on 8 December 2015, established a new Innovative Finance ISA (and brought this ISA within the legal remit of the consolidated ISA Regulations 1998), with effect from 6 April 2016 The Amendment Order amended Regulations 4, 8A, and 14 of the ISA Regulations The effect of the amendments is that the Innovative Finance ISA (the P2P ISA) is a separate, third type of ISA (in addition to stocks and shares and cash ISAs)
6 ISA Regulations and P2P Loans Regulation 8A of the consolidated ISA Regulations: Details the qualifying investments of the Innovative Finance ISA Principal qualifying investments of an Innovative Finance ISA is defined as payments by a borrower made under an article 36H agreement where the following conditions are met: a) The payment is a payment of interest or capital or both b) The article 36H agreement requires such payment to be made directly to the account manager c) The article 36H agreement is made on genuine commercial terms d) The article 36H agreement is not part of a scheme or arrangement one of the main purposes of which is the avoidance of tax Regulation 8A(2)(b) includes payments by an assignee for the right to exercise the rights of the lender under an article 36H agreement as another qualifying investment of an Innovative Finance ISA, provided that conditions (c) and (d) above are met ISA Regulations and P2P Loans Regulation 14 of the consolidated ISA Regulations: Amendment Order amends Regulation 14(2)(b)(i) of the consolidated ISA Regulations Effect of amendment is that an account manager of an Innovative Finance ISA may be a firm regulated under Article 36H of the RAO (a firm with an interim FCA permission, or one that is fully authorised, to operate as an online P2P platform) P2P platforms such as Zopa, Funding Circle and RateSetter may now act as an account manager of an Innovative Finance ISA under the ISA Regulations 1998
7 P2P Loans and Europe Regulation The European Commission is exploring the potential and risks of crowdfunding in order to identify whether there is value added in European level policy in this field (the Commission s work on this began in June 2013) The latest step was a European Crowdfunding Stakeholders Forum held on 17 February 2016 Future path of European regulation of P2P lending is still unclear European Commission s publication Crowdfunding: Mapping EU markets and events study (September 2015) shows that there are 510 crowdfunding platforms operating in the EU. The UK had the largest number of platforms, accounting for over a quarter of the EU total, with 143 platforms P2P Loans and Europe Regulation European Commission s initiatives relating to crowdfunding relates to three kinds of crowdfunding: Equity crowdfunding Rewards-based crowdfunding P2P lending Latest European Commission Stakeholders Forum provided an update on market mapping and market developments A new European Commission report is due to be published in spring 2016
8 Your questions Your Speaker Monica Gogna, Partner Investment Management Direct Dial: + 44 (0)
9 ISAs and P2P Loans: Legal and Regulatory Issues Monica Gogna, Partner LLP
Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013
Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013 Consultation Paper 13/10: Detailed Proposals for the FCA regime for Consumer Credit In early October
More informationPeer-to-Peer Lending in the UK. Scott Murphy February 2014
Peer-to-Peer Lending in the UK Scott Murphy February 2014 Overview Peer-to-peer lending offers a clear potential to increase competition and challenge the major banks Growth has been/is driven by a variety
More informationThe FCA Consumer Credit Regime
The FCA Consumer Credit Regime The FCA Consumer Credit Regime Introduction Responsibility for the consumer credit regime was transferred to the FCA from the OFT on 1 April 2014 and the licensing regime
More informationConsumer credit regulation: detailed proposals on the new FCA regime and implications for members
Updated: November 2013 Consumer credit regulation: detailed proposals on the new FCA regime and implications for members Summary Consumer credit regulation will move on 1 April 2014 from the Office of
More informationNavigating Regulatory Compliance Investment Management Monthly Regulatory Update. April 2016
Investment Management Monthly Regulatory Update April 2016 1. Introduction 1.1 In addition to our register of relevant regulatory developments in the past month, we note four themes this month which stand
More informationGuidance on credit-related regulated activities
Guidance on credit-related regulated activities The following provides guidance on the credit-related regulated activities that a consumer credit firm may undertake under the arrangements set out in the
More informationPeer-to-Peer lending a fad or the future?
Peer-to-Peer lending a fad or the future? Summary Much has been written over the years about the increasing disintermediation of the banks. Their traditional role as lenders and - via their investment
More informationConsumer Credit: Authorisations Data Bulletin
Financial Conduct Authority Consumer Credit: Authorisations Data Bulletin A Data Bulletin supplement June 2015 Introduction from the Editor From the outset, when the Government decided to transfer regulation
More informationPeer To Peer Borrowing
January 2018 Peer To Peer Borrowing For Income Producing Commercial Property Retail Industrial Office About Proplend Proplend was founded in 2014 and is now a team of 11 based in Richmond, London Proplend
More informationCROWDFUNDING AND THE PROMOTION OF NON-READILY REALISABLE SECURITIES INSTRUMENT 2014
CROWDFUNDING AND THE PROMOTION OF NON-READILY REALISABLE SECURITIES INSTRUMENT 2014 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of the following powers and
More informationISA qualifying investments: including peer-to-peer loans HM Treasury
ISA qualifying investments: including peer-to-peer loans HM Treasury Visualise your business future with Altus Consulting Reference HMT/P2PISA/RESP Date 09/12/2014 Issue 1.0 Author Bruce Davidson Security
More informationPeer To Peer Borrowing
Peer To Peer Borrowing For Income Producing Commercial Property Retail Industrial Office October 2017 Peer To Peer Borrowing Proplend is a Peer To Peer (P2P) Lending platform for borrowers who own income
More informationWealth Adviser Briefing
Wealth Adviser Briefing Peer-to-peer lending Understanding the risk profile of RateSetter Prepared by RateSetter, the UK s leading peer-to-peer lending platform An exclusive insight into peer-to-peer lending
More informationAppendix 1. *This text includes amendments made following CP106: Regulation of Arranging, Representative Offices and Financial Promotions.
Appendix 1 In this appendix underlining indicates new text and striking through indicates deleted text. *This text includes amendments made following CP106: Regulation of Arranging, Representative Offices
More informationTransfer of consumer credit to the Financial Conduct Authority. Sam Stoakes
Transfer of consumer credit to the Financial Conduct Authority. Sam Stoakes 1 1 April 2014 Financial Conduct Authority takes over consumer credit regulation from the Office of Fair Trading This creates
More informationPeer-to-peer lending - a fad or the future?
Acuity Volume 28 // The greatest wealth is your peace of mind... Peer-to-peer lending - a fad or the future? Peer-to-peer looks like saving, tastes like saving, but as there s no savings safety guarantee,
More informationContact details.
HM Treasury & Department for Business, Innovation & Skills A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct Response from the Association of British
More informationFCA Consumer Credit Regime Licensing and Compliance Conference
FCA Consumer Credit Regime Licensing and Compliance Conference 4 December 2013 Agenda 09:30 Registration 10:00 Welcome Gerry Keaney, Chief Executive - BVRLA 10:05 About the BVRLA Gerry Keaney, Chief Executive
More informationGood Practice Guide. An asset class growing in popularity: What advisers need to know about peer-to-peer lending. Foreword 2
1 Good Practice Guide January 2019 An asset class growing in popularity: What advisers need to know about peer-to-peer lending Foreword 2 Introduction: the search for regular returns 3 An asset class growing
More informationIntroduction from the editor
Financial Conduct Authority June 206 Issue 6 In this issue page 7 page 06 page 02 Useful links Complaints against the FCA Introduction from the editor page Update on attestations 08 page 04 page Consumer
More informationPeer-to-peer lending: an emerging shadow banking data gap 1
IFC-National Bank of Belgium Workshop on "Data needs and Statistics compilation for macroprudential analysis" Brussels, Belgium, 18-19 May 2017 Peer-to-peer lending: an emerging shadow banking data gap
More informationBSA Response to FCA Loan-based ('peer -topeer') platforms consultation. CP18/20. Restricted 25 October 2018
BSA Response to FCA Loan-based ('peer -topeer') and investmentbased crowdfunding platforms consultation. CP18/20 Restricted 25 October 2018 Introduction The Building Societies Association (BSA) represents
More informationDetails of FCA Consumer Credit Regime (13/29) 14 October 2013
CPA Audit LLP, Talbot House, 8-9 Talbot Court, London EC3V 0BP Telephone: 020 7621 9010 Facsimile: 020 7621 9011 email: info@cpaaudit.co.uk web: www.cpaaudit.co.uk Details of FCA Consumer Credit Regime
More informationTelephone: Janet Brown & Marta Alonso Financial Conduct Authority 12 Endeavour Square London E20 1JN
Telephone: 020 7066 9346 Email: enquiries@fs-cp.org.uk Janet Brown & Marta Alonso Financial Conduct Authority 12 Endeavour Square London E20 1JN 24 October 2018 By email to: cp18-20@fca.org.uk Dear Janet
More informationADVICE NOTE FIRST EDITION (NOVEMBER 2013)
Consumer Credit Act 1974 Implications for Golf Clubs across Scotland Disclaimer: The Scottish Golf Union (SGU) and Scottish Ladies' Golfing Association (SLGA) have sought advice from law firm DLA Piper
More informationConsultation Response. High-level proposals for an FCA regime for consumer credit. Response from the Money Advice Service 1 May 2013.
Consultation Response High-level proposals for an FCA regime for consumer credit Response from the Money Advice Service 1 May 2013 Colin Kinloch Debt Advice Policy Manager Colin.Kinloch@moneyadviceservice.org.uk
More informationKey Lender Information
Key Lender Information The purpose of this Key Lender Information document is to focus your attention on some of the important things you should know before deciding to lend your money on the Lending Works
More informationFINANCIAL GUIDANCE AND CLAIMS BILL: BACKGROUND APPENDIX FOR BILL COMMITTEE ON CONSIDERATION OF AMENDMENT NC12.
FINANCIAL GUIDANCE AND CLAIMS BILL: BACKGROUND APPENDIX FOR BILL COMMITTEE ON CONSIDERATION OF AMENDMENT NC12. 1. INTRODUCTION 1.1 LawWorks (the Solicitors Pro Bono Group) is a charity that brokers free
More informationConsumer credit authorisation Guidance for housing associations
Consumer credit authorisation Guidance for housing associations www.housing.org.uk Contents Introduction 3 When is authorisation required? 4 Activities requiring authorisation 6 Summary of regulated activities
More informationFCA CP 13/10 Detailed proposals for the FCA regime for consumer credit. Response from the Association of British Credit Unions Limited (ABCUL)
FCA regime for consumer credit Response from the Association of British Credit Unions Limited (ABCUL) Contact details Abbie Shelton Policy & Communications Manager abbie.shelton@abcul.org Or Matt Bland
More informationReview of Crowdfunding Regulation 2014
DISCLAIMER The content on this publication is offered only as a public service and does not constitute solicitation or provision of legal advice. This publication should not be used as a substitute for
More informationDebt & alternative finance
Debt & alternative finance Guernsey for alternatives INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING In the decade since the financial crisis, a slew of regulations have
More informationCP14/06 - Regulated fees and levies: Rates proposals 2014/15
CP14/06 - Regulated fees and levies: Rates proposals 2014/15 This response is submitted on behalf of the Association of Mortgage Intermediaries (AMI). AMI is the trade association representing over 80%
More informationADVISING ON INVESTMENTS (ARTICLE 53(1) OF THE REGULATED ACTIVITIES ORDER) (CONSEQUENTIAL AMENDMENTS) INSTRUMENT 2017
ADVISING ON INVESTMENTS (ARTICLE 53(1) OF THE REGULATED ACTIVITIES ORDER) (CONSEQUENTIAL AMENDMENTS) INSTRUMENT 2017 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise
More informationFINAL NOTICE. 4. For the reasons listed below, the Authority has refused the Application.
FINAL NOTICE Super Fast Loan Limited 18A Castle Street Kingston Upon Thames Surrey KT1 1SS 19 January 2015 ACTION 1. By way of an application dated 14 October 2013, Super Fast Loan Limited applied to the
More informationStatus quo of the US and UK s P2P lending regulation
Review Article GJEBA (2016), 1:5 Global journal of Economics and Business Administration (ISSN:2475-6350) Status quo of the US and UK s P2P lending regulation Hang Yin ABSTRACT The paper analyzes the current
More informationAssociation of Mortgage Intermediaries response to HM Treasury s consultation on the Implementation of the EU mortgage credit directive (MCD)
Association of Mortgage Intermediaries response to HM Treasury s consultation on the Implementation of the EU mortgage credit directive (MCD) This response is submitted on behalf of the Association of
More informationUKTI - Thai Business Delegation
UKTI - Thai Business Delegation June 3 rd, 2016 Level39, Canary Wharf Agenda 14.00-14.05 Welcome, introductions and agenda Julian Skan 14.05-14.15 Overview of TheCityUK Cameron Jones & Bryan Cress 14.15-14.30
More informationBriefing Sheet Consumer Credit & Debt Advice
Briefing Sheet Consumer Credit & Debt Advice In this briefing note we provide an update on changes to the regulation of consumer credit and debt advice at pro bono clinics January 2015. Overview On the
More informationThe CMA s Open Banking Remedy. Andrea Gomes da Silva, Executive Director, Markets and Mergers, Competition and Markets Authority, UK.
The CMA s Open Banking Remedy Andrea Gomes da Silva, Executive Director, Markets and Mergers, Competition and Markets Authority, UK. 19 October 2018 1 UK Market Investigation Regime Car Insurance Airports
More informationFINANCIAL SERVICES (PEER TO PEER LENDING) RULES 2017 EXPLANATORY MEMORANDUM
FINANCIAL SERVICES (PEER TO PEER LENDING) RULES 2017 EXPLANATORY MEMORANDUM 1) The proposed Financial Services (Peer to Peer) Lending Rules 2017 (or the Peer to Peer Lending Rules 2017 hereinafter) has
More informationEquity Crowdfunding: Is the process whereby people invest in companies in exchange for shares (equity) in the company.
Crowdfunding Guide Disclaimer: Crowd88 does not provide financial or investment advice. This guide has been prepared as a support document to provide a greater understanding of Crowdfunding. It is recommended
More informationBritish Business Bank
British Business Bank Grant Peggie Venture Capital Solutions New Forms of Funding: From Grants to Loans Who we are An Economic Development Bank A plc 100% owned by UK Government Working with with 90 90
More informationCountry Crowdfunding Factsheet
Country Crowdfunding Factsheet Sweden Date: June 2018 ECN Country Factsheet - Sweden - June 2018 2 European Crowdfunding Network The European Crowdfunding Network AISBL (ECN) is the professional network
More informationSession II: Shadow Banking and the Crowdfunding Market
Session II: Shadow Banking and the Crowdfunding Market Jacob Ghanty, Partner, K&L Gates London Tom Wallace, Partner, K&L Gates London Oliver Lewis, Associate, K&L Gates London Copyright 2015 by K&L Gates
More informationALERT. Market Abuse Regulation. London Asset Management. June 15, 2016
ALERT London Asset Management June 15, 2016 Market Abuse Regulation The Market Abuse Regulation ( MAR ) 1 will take effect on 3 July 2016. MAR contains the rules on insider dealing, unlawful disclosure
More informationConsumer Credit sourcebook. Chapter 7. Arrears, default and recovery (including repossessions)
Consumer Credit sourcebook Chapter Arrears, default and recovery (including CONC : Arrears, default and.18 Notice of sums in arrears under P2P agreements for runningaccount [Note: Until the end of 30 September
More informationCountry Crowdfunding Factsheet
Country Crowdfunding Factsheet Germany Date: June 2018 ECN Country Factsheet - Germany - June 2018 2 European Crowdfunding Network The European Crowdfunding Network AISBL (ECN) is the professional network
More informationREGULATING INVESTMENTAND LENDING-BASED CROWDFUNDING: BEST PRACTICES
REGULATING INVESTMENTAND LENDING-BASED CROWDFUNDING: BEST PRACTICES OCTOBER 2018 TABLE OF CONTENTS Executive Summary 3 Definitions and Scope 5 Issues, Analysis and Recommendations 8 1. Relevance of the
More informationINVESTMENT AND COMPANY REPORTING Economic analysis and evaluation. Survey with Enterprise Europe Network on SME credit information
EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union INVESTMENT AND COMPANY REPORTING Economic analysis and evaluation Ref. Ares(2015)4530032-23/10/2015
More informationCompliance Guide to the FCA Handbook Issue 3 Approved Persons regime Part 1
Compliance Guide to the FCA Handbook Issue 3 Approved Persons regime Part 1 Issue 3 August 2014 Compliance Guide to the FCA Handbook 2014 1 Important note These guidance notes are for the use of CSA Members
More informationAgenda Items and Discussion Points for Savings and Investments
Agenda Items and Discussion Points for Savings and Investments Market Factors Traditional Vanilla Savings THE CONSUMER Demographics Behaviour Technology Alternative Savings Propositions Distribution Landscape
More informationThe New Risks in Town: Adapting AML for Crowdfunding and other Online Lending Risks
The New Risks in Town: Adapting AML for Crowdfunding and other Online Lending Risks Tuesday April 4 1:30 PM Moderator: Megan Davis Hodge, Executive Compliance Director, BSA/AML Officer, Ally Financial
More informationClient Assets. Chapter 7. Client money rules
Client Assets Chapter Client money rules CASS : Client money Section.10 : Application and purpose.10 Application and purpose.10.1 This chapter applies to a firm that receives money from or holds money
More informationTemporary permission regime for inbound passporting EEA firms How to notify. January 2019
Temporary permission regime for inbound passporting EEA firms How to notify January 2019 1 Introduction In December 2017, the Government announced that, if necessary, it would introduce a temporary permissions
More informationAPPENDIX 2 REGULATORY OVERVIEW OF COUNTRIES
APPENDIX 2 REGULATORY OVERVIEW OF COUNTRIES Regulatory overview of countries Austria DIFC France Germany United Kingdom United States Overview Lending businesses are strictly regulated such that there
More informationComplaints Return (DISP 1 Ann 1R)
Complaints Return (DISP 1 Ann 1R) GROUP REPORTING 1 Does the data reported in this return cover complaints relating to more than one entity? Yes / No 34 If Yes to 1 (above) list the firm reference numbers
More informationC HAPTER B. Introduction. Capital Markets and Securities Law
77 C HAPTER B Introduction The approach to establishing an internal market in the securities sector is similar to that in other financial services areas. It consists of harmonisation of essential standards,
More informationENABLE Funding Programme
ENABLE Funding Programme an SME finance funding vehicle A Request for Proposals 21 November 2016 1. Introduction... 3 1.1 British Business Bank... 3 1.2 ENABLE Funding Programme... 3 1.3 Objectives of
More informationHow to make the most of your ISA
Your guide to ISAs How to make the most of your ISA 1 Contents Introduction 5 The Tax Benefits of ISAs 6 What is a Cash ISA? 7 What is a Stocks & Share ISA? 7 What other types of ISAs are available? 8
More informationInvestor Key Information Understanding your investment
Key Information and Investor Terms Investor Key Information Understanding your investment You should read the following information and the Investor Terms (below) carefully before making your investment.
More informationFor personal use only
Annual General Meeting 2015 ASX: DM1 Wednesday 18 November 2015 11.30am November 2015 1 Global Marketplace Lending Growth $23bn of volume via 8 of the leading US & UK Marketplace Lending (MPL) platforms
More informationGLOBAL EXPERTS LOCAL SPECIALISTS
GLOBAL EXPERTS LOCAL SPECIALISTS REGULATION OF CROWDFUNDING PUBLIC CONSULTATION Question 1 Should crowdfunding in Ireland be regulated? The lack of centralised regulation within Ireland in respect to crowdfunding
More informationPeer-to-peer lending. What do Wealth Advisers think? A UK-wide survey. Marketing and business development services to financial advisers
In association with Peer-to-peer lending What do Wealth Advisers think? A UK-wide survey Marketing and business development services to financial advisers In association with Speed Read Peer-to-peer lending
More informationSRA BOARD 21 January 2015
Regulation of Consumer Credit Activities Purpose 1 The purpose of this paper is: i) to provide the Board with an update on discussions with the Financial Conduct Authority (FCA) and the Treasury (HMT)
More informationVariation of Permission (VOP) Application
Variation of Permission (VOP) Application Consumer Credit Activities Firm Name The name displayed on the FCA register at present Firm Reference Number Your 6 digit FRN number Does the firm have an Interim
More informationHow do I raise more finance for my business?
Case Study How do I raise more finance for my business? Until recently the big banks were the first stop for businesses wanting to borrow money, but the market place is changing. Alternative funders are
More informationDraft FRS The Financial Reporting Standard applicable to the Micro-entities Regime
Draft FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime FRED 58, issued by the Financial Reporting Council in February 2015 Comments from ACCA 30 April 2015 ACCA (the Association
More informationThe Perimeter Guidance Manual. Chapter 15. Guidance on the scope of the Payment Services Regulations 2017
The Perimeter Guidance Manual Chapter Guidance on the scope of the Payment Services PERG : Guidance on the Section.1 : Introduction.1 Introduction The purpose of this chapter is to help businesses in the
More informationUK peer-to-peer (P2P) lending an independent overview
8 December 2014 UK peer-to-peer (P2P) lending an independent overview This is an overview commissioned by peer-to-peer provider Landbay, which looks at the UK P2P sector from the view of a prospective
More informationFried, Frank, Harris, Shriver & Jacobson (London) LLP. Freshfields Bruckhaus Deringer LLP Marshall Wace LLP
Financial Markets Law Committee ( FMLC ) Asset Management Scoping Forum Date: Thursday 24 May 2018 Time: 1.30pm to 3.00pm Location: Clifford Chance LLP, 4 Coleman St, London EC2R 5JJ In Attendance: Owen
More informationA Simple Guide to Tax Reliefs for Charities and Social Enterprises:
A Simple Guide to Tax Reliefs for Charities and Social Enterprises: An overview of tax reliefs for investing into charities and social enterprises July 2018 30 June 2018 Table of Contents A Simple Guide
More informationLegal Services Board Decision Notice issued under Part 3 of Schedule 4 to the Legal Services Act 2007
Legal Services Board Decision Notice issued under Part 3 of Schedule 4 to the Legal Services Act 2007 Solicitors Regulation Authority (SRA) rule change application for approval of changes to the regulatory
More informationA NEW APPROACH TO FUNDING UK BUSINESSES
A NEW APPROACH TO FUNDING UK BUSINESSES Contents Why should the UK care about finding alternatives to traditional bank funding? Why should the UK care about finding alternatives to traditional bank funding?...
More information2017 Business Loan Network Ltd 1
WARNING: THERE IS NO GUARANTEE THAT YOUR INVESTMENT WILL BE REPAID. YOUR CAPITAL IS AT RISK AND YOU MAY NOT RECEIVE YOUR BARGAINED FOR RETURNS. YOUR INVESTMENT IS NOT COVERED BY THE FINANCIAL SERVICES
More information12 January Contents Page
12 January 2016 Memorandum of Understanding between the Competition and Markets Authority and the Financial Conduct Authority on the use of concurrent powers under consumer protection legislation Contents
More informationFTSE Canada CFIF Meeting Update
FTSE Canada CFIF Meeting Update ftserussell.com 26 June 2018 FTSE Russell 1 Discussion Topics 1 FTSE Russell Updates FTSE Russell acquired minority interest to assume 100% stake ownership of FTSE TMX Global
More informationThe Perimeter Guidance manual. Chapter 4. Guidance on regulated activities connected with mortgages
The Perimeter uidance manual Chapter uidance on regulated PER : uidance on regulated Section.1 : Application and purpose.1 Application and purpose.1.1 Application This chapter applies to any person who
More informationFinancial Products, Markets & Services
Financial Products, Markets & Services Effective from 1 September 2018 Chartered Institute for Securities & Investment Objective of the Examination The objective of the examination is to provide candidates
More informationCountry Crowdfunding Factsheet
Country Crowdfunding Factsheet Ireland Date: June 2018 ECN Country Factsheet - Ireland - June 2018 2 European Crowdfunding Network The European Crowdfunding Network AISBL (ECN) is the professional network
More informationRegulatory reform. Operating twin peaks and the move towards legal cutover (LCO)
FSA Annual Report 2012/13 11 Regulatory reform Operating twin peaks and the move towards legal cutover (LCO) On 1 April 2012, the Financial Services Authority (FSA) was restructured internally into a twin
More informationOptions for trading in the UK. Driven by results
Options for trading in the UK Driven by results Introduction There are a number of ways that an overseas company can establish a trading route into the UK. The most common methods, alongside the legal
More informationJargon Buster. Everything you need to know made clear
Jargon Buster Everything you need to know made clear This Jargon Buster is designed to make everything easy to understand and explain our terms from A Z. Keep it safe inside your folder as your go-to-guide
More informationRESPONSE TO THE FINANCIAL CONDUCT AUTHORITY CONSULTATION ON CROWDFUNDING (CP 13/13) 1. Simon Deane-Johns 2 Consultant Solicitor, Keystone Law
RESPONSE TO THE FINANCIAL CONDUCT AUTHORITY CONSULTATION ON CROWDFUNDING (CP 13/13) 1 Simon Deane-Johns 2 Consultant Solicitor, Keystone Law The decision to regulate peer-to-peer lending and crowd-investing
More informationFP7: Research Infrastructures Activity 1. Integrated Infrastructure Initiatives (I3)
FP7: Research Infrastructures Activity Research Infrastructures are clearly a core component of the European Research Area. It would therefore be expected that, if the overall budget for FP7 represents
More informationRetail Finance Seminar Call for Input: Review of retained provisions of the Consumer Credit Act
Retail Finance Seminar Call for Input: Review of retained provisions of the Consumer Credit Act 10 and 17 May 2016 Jo Owens Principal Associate Call for Input What is it? What is the Call for Input? FCA
More informationCompliance Guide to the FCA Handbook. Issue 4 Senior Management Arrangements, Systems and Controls (SYSC)
Compliance Guide to the FCA Handbook Issue 4 Senior Management Arrangements, Systems and Controls (SYSC) Important note These guidance notes are for the use of CSA Members who are preparing for authorisation
More informationFSA Consultation CP 13/7: High-level proposals for an FCA regime for consumer credit
FSA Consultation CP 13/7: High-level proposals for an FCA regime for consumer credit The ABI s Response to the FSA consultation on transferring consumer credit regulation to the Financial Conduct Authority
More informationINDUSTRY CONTENT SERIES
INDUSTRY CONTENT SERIES 1 The Rise of Marketplace Lending: Finding Yield in New Places Table of Contents Introduction 2 What is Marketplace Lending 2-4 Marketplace Lending Risks 4-5 Investing Approaches
More informationCANADA. 1 Current market of Crowdfunding platforms in Canada
CANADA 1 Current market of Crowdfunding platforms in Canada Crowdfunding is divided into Non-Equity and Equity Crowdfunding platforms in Canada 1. Non-Equity platforms, as it name implies, do not involves
More informationFinance Platforms Call for Expressions of Interest
Finance Platforms Call for Expressions of Interest 11 th of August 2017 1. Introduction 1.1 Role of the British Business Bank In the March 2016 Budget, the Chancellor announced the Government s intention
More informationThe Impact of FinTech on Financial Services Businesses
The Impact of FinTech on Financial Services Businesses Jacob Ghanty, Partner, London Todd Gibson, Partner, Pittsburgh Rodney Smyth, Consultant, London Tom Wallace, Partner, London Copyright 2016 by K&L
More informationThe impact of crowdfunding on European microfinance
The impact of crowdfunding on European microfinance Abstract: Crowdfunding has grown spectacularly over the past few years and is likely to revolutionise financial service provision through innovation
More informationThe Finance Innovation Lab response to The FCA s regulatory approach to crowdfunding (and similar activities) FCA Consultation Paper CP13/13
The Finance Innovation Lab response to The FCA s regulatory approach to crowdfunding (and similar activities) FCA Consultation Paper CP13/13 1. Background The Finance Innovation Lab is a partnership between
More informationA SPECIALIST RESIDENTIAL MORTGAGE FOR THE OVER 55s BY SHAWBROOK BANK
A SPECIALIST RESIDENTIAL MORTGAGE FOR THE OVER 55s BY SHAWBROOK BANK WELCOME TO SHAWBROOK BANK SPECIALISTS IN GOOD SENSE 01 Welcome to Shawbrook Bank 03 What is the 55 Plus Interest-Only Mortgage? 04 Why
More informationCROWD-SOURCED EQUITY FUNDING WHAT SHOULD AUSTRALIA DO?
CROWD-SOURCED EQUITY FUNDING WHAT SHOULD AUSTRALIA DO? 24 June 2016 Australia, Brisbane, Melbourne, Perth, Sydney Legal Briefings By Mark Currell IN BRIEF In December 2015, the Federal Government tabled
More informationEuropean Regulatory Snapshot: The Amended Transparency Directive
CLIENT MEMORANDUM European Regulatory Snapshot: The Amended Transparency Directive October 24, 2013 Introduction On October 17, 2013, the Council of the EU adopted the proposal for a directive to amend
More informationBrexit: Licensing for UK Branches of EEA Banks
London Brexit: Licensing for UK Branches of EEA Banks A Guide to PRA Authorisation January 2018 Financial Services Regulatory Contents Introduction... 1 Which firms are affected by these proposals?...
More informationWHAT EVERY INVESTOR SHOULD KNOW ABOUT GREATER FLEXIBILITY, FREEDOM TO TRANSFER AND IMPROVED TAX EFFICIENCY
nisa14_singles.pdf M Y CM MY CY CMY K FINANCIAL GUIDE C 1 08/07/2014 09:39 NISAs A GUIDE TO WHAT EVERY INVESTOR SHOULD KNOW ABOUT GREATER FLEXIBILITY, FREEDOM TO TRANSFER AND IMPROVED TAX EFFICIENCY Hamptons
More informationClient Assets. Chapter 7. Client money rules
Client Assets Chapter Client money rules CASS : Client money Section.10 : Application and purpose.10 Application and purpose.10.1 This chapter applies to a firm that receives money from or holds money
More information