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RegRoundup 4 April: the pursuit of clarity
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04 Apr
2016
financial services regulation, fs regulation summary

RegRoundup 4 April: the pursuit of clarity

In the post-Easter week, regulators were busy shining a spotlight on remuneration practices in the industry.  We saw the EBA releasing a report looking at the high earners in EU banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for Read More

18 Mar
2016
mis-selling, national audit office, FCA, Financial Ombudsman

The clampdown on mis-selling practices

On 24 February, the National Audit Office of the UK published the findings of a report carried out by the Comptroller and the Auditor General which looked at financial services mis-selling.  The definition of mis-selling is currently “a failure to deliver fair outcomes for customers” and this includes providing customers with misleading information or recommending Read More

10 Mar
2016

The RegTech ecosystem: in depth analysis (part 3 of 3)

  • 10th March 2016
  • Mark Robinson

In our two previous articles, we mentioned that, despite the technology existing to enable ‘good regulatory practice’, the market has failed to overcome the four main barriers.  Why? In short, while we have a strong chorus of support from the side-lines, the regulators are only just now beginning to take on the job of making Read More

07 Mar
2016

The RegTech barriers: in depth analysis (part 2 of 3)

  • 7th March 2016
  • Mark Robinson

In our previous article, we argued that a number of next-generation technologies have the potential to dramatically disrupt the financial sector’s manual and outdated legacy infrastructure which is, as we write, fighting a losing battle with the ever-growing pile of regulatory rules. It’s curious.  With thousands of actors spending billions on hundreds of technologies – Read More

03 Mar
2016
benchmark regulation, benchmarks regulation, benchmarking, esma discussion paper benchmarks, wheatley review, LIBOR, EURIBOR,

On your marks for the Benchmarks Regulation

On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation.  This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with Read More

02 Mar
2016

The RegTech marketplace: in depth analysis (Part 1 of 3)

An EY report released this week in conjunction with the UK Treasury, declared the UK to be the highest ranking FinTech sector in the world with a market size of £6.6 billion.  The authors predominantly attributed this to the UK’s accommodative regulatory regime for startups and the associated disruptive technologies they bring to market. We Read More

23 Feb
2016

JWG asked to host RegTech roundtable by the FCA

In answering the Government’s demand for the UK to become a leader in the RegTech field, the FCA issued a call for input in November. Given that JWG have been supporting the development of RegTech – via this publication and our other activities – for a decade now, we thought it would be helpful to Read More

09 Feb
2016

ESMA launches new MAR consultation as deadline draws closer

  • 9th February 2016
  • Aisha Dudhia

On 28 January 2016, ESMA published a paper consulting on a number of draft guidelines falling under a fraction of the Market Abuse Regulation (MAR).  This consultation paper was based on a previous discussion paper, issued by ESMA on 14 November 2013. In particular, the paper covers the mandates placed on ESMA to produce guidelines Read More

25 Jan
2016

A busy month for financial services regulation

In the past month, we’ve celebrated the holiday season and brought in the new year, but there has been no rest for the wicked and regulators have been busy scrambling to meet deadlines and push out new regulatory documents.  In the period before Christmas, we witnessed a lot of developments and it’s safe to say Read More