The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has fined S&P Global Ratings Europe Limited (S&P) a total of EUR 1,110,000, and issued a public notice for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that S&P published credit ratings before the concerned securities were issued...
Author: EMA Investments
Alliance Insurance Broking Services director charged with breach of duties and dishonest conduct involving client monies
Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd (AIBS), has appeared in the Mansfield Magistrates Court charged with criminal offences relating to the misuse of approximately $35 million of client monies. ASIC alleges that between July 2016 and April 2021, Mr De Maria used...
FCA appoints executive directors to co-lead Enforcement and Market Oversight
The Financial Conduct Authority (FCA) has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight. The expansion of the FCA’s enforcement and market oversight leadership team, following Mark Steward’s departure, reflects the vital role that enforcement work plays in delivering its 3 year strategy and its commitments to reducing...
FCA places restrictions on Independently East Ltd
On 13 February 2023, we imposed restrictions on Independently East Ltd for failing to engage with us in an open and cooperative way. Our actions mean that: the firm’s bank accounts are frozen its permissions to carry our regulated activities have been cancelled, and it is unable to carry out any regulated activities Our concerns...
Transforming how we support consumers online
Emma Stranack Head of Consumer Engagement, Content and Channels Not everyone wants to engage with a regulator, but we hope our new consumer section will help people feel comfortable and confident coming to us. When consumers contact us, they can often be in distress. They may need to report a suspected scam, check whether a...
Update on FCA Authorisations operating service metrics
In October 2022 we published an update on our operating service metrics for authorizations timelines, which included a view of operating service metrics for the period April to September 2022. The latest metrics, now show April to September 2022 as 2 separate quarters (Q1 and Q2) and include a performance for October to December 2022...
The new simplified advice regime and the advice / guidance boundary review
Speaker: Therese Chambers, Director of Consumer Investments, FCA Event: TISA Financial Advice and Guidance Conference in London Delivered: 21 March 2023 Note: this is the speech as drafted and may differ from the delivered version Highlights The FCA wants to ensure we have a healthy and successful consumer investment sector in which firms can thrive...
FCA outlines where improvements are needed in ESG benchmarks
In September 2022, we sent a portfolio letter to benchmark administrators where we highlighted the risk of poor disclosures for ESG benchmarks. High-quality ESG benchmarks are important to support trust in the market for ESG products and the transition to a net zero economy. We have now completed a preliminary review of ESG benchmarks. This...
ESMA raises concerns with the proposed changes to the insider list regime
The European Securities and Markets Authority (ESMA) the EU’s financial markets regulator and supervisor, has sent a letter to the European Parliament and Council raising concerns with proposed changes to the insider list regime in the Markets Abuse Regulation. The proposed changes, which were put forward by the European Commission in December 2022 as part...
Statement in response to an announcement by FINMA
Earlier today, the Swiss authorities announced a wide range of actions to support financial stability. The FCA has been in contact with its Swiss counterparts and other UK regulatory authorities in advance of today’s announcements. The FCA has indicated that it is minded to approve the actions announced today in relation to the entities which...
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