Regulatory AlertsCP20/4: Quarterly Consultation Paper No 27
The Financial Conduct Authority proposes miscellaneous amendments to its Handbook, including updates to implement the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and the OPBAS Regulations. The consultation also seeks feedback on adding the Institute of Financial Accountants to the high net worth list, clarifying notification procedures, and adjusting MiFID II tick size regime rules. Although an administrative error initially extended the closing date, the Authority accepted responses until 2 July 2020, excluding those related to Chapter 6 which had already been finalized.
Once a quarter, we consult on proposed miscellaneous amendments to our Handbook. These tend to be minor changes but we still want to get your feedback on our proposals.
CP20/4: Quarterly Consultation Paper No 27 (PDF)
What we are consulting on this quarter
We are proposing:
Minor amendments to the Decision Procedure and Penalties manual and the Enforcement Guide to implement the Money Laundering and Terrorist Financing (Amendment) Regulations 2019
Consequential changes to the Financial Crime Guide to reflect provisions in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019
Propose to add the Institute of Financial Accountants (IFA) to the list of bodies whose members can provide a statement of high net worth to individuals in order for certain credit and consumer hire agreements with them to be exempt from regulation
Minor amendments to the Decision Procedure and Penalties manual to reflect the OPBAS Regulations
Amendments to the notification form to amend firm details
Clarify notification procedures, include guidance, and make changes to the Directory persons report
Amendments to MiFID II relating to the tick size regime
Changes to the Glossary terms for ‘multilateral development bank’ and ‘designated multilateral development bank’
Who this applies to
This will be relevant if you or your firm has any interest in the subjects mentioned above.
Next steps
Chapters 2, 5, 7, 8 and 9 of this consultation closed on 3 April 2020. Chapters 3, 4 and 6 closed on 1 May 2020.
Further information
For more information please view the FCA Handbook .
The consultation closing date for this Quarterly Consultation Paper was, until 2 July 2020, incorrectly shown as extended to 1 October 2020. This was due to an administrative error. The consultation closing dates remain 3 April and 1 May 2020 in line with the dates reflected on page 2 of the PDF . We will take into account responses, except for those in relation to Chapter 6, submitted up to and including 2 July 2020. Feedback and final rules relating to Chapter 6 were published on 22 May 2020 and further information can be found in Handbook Notice 77 .
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