1.1 Fri 29/10/2021 - 12:00 Reference texts article 223-1 du règlement général de l’AMF Book 1 Recommendation Closing of the 2021 financial statements and financial statements examination work Closing of the 2021…

The FCA has set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the UK’s position as a world-leading financial centre. With new rules for investment product information, the FCA is playing its part to build a stronger investment culture, supporting firms to innovate and make investing more engaging for consumers. And the FCA is seeking views to make sure regulation supports consumers to invest with confidence.Proposals to enhance how firms classify their clients will give confidence to firms when they deal with professional investors, drawing a line so wholesale markets can remain agile and innovative.The regulator has worked closely with industry and consumer groups to deliver practical policy that moves the dial on risk.Simon Walls, executive director of markets at the FCA, said:'Today’s measures support investment risk culture right along the spectrum. They ensure that firms can compete to give retail customers material that informs and engages them. They also draw a brighter line for professional markets, defined by contracting parties, informed consent and regulation that is proportionate to that.'Making it easier for consumers to understand investmentsIn retail investment disclosures, the FCA will make a decisive shift away from prescriptive and complex templates that consumers don’t find useful. This gives firms more freedom to put the consumer first, innovate, and help their customers understand potential returns as well as costs and risks. The FCA is also seeking views on how longer-term regulation can keep up with the evolving retail investment landscape and help shift the dial on risk appetite, to give consumers confidence to access investments that meet their needs and benefit from the potential returns. Distinguishing between professional and retailThe FCA is setting a clearer boundary between retail and professional investors, allowing firms to deal with professional investors with confidence operating outside retail regulations. This will free up firms to innovate and offer a more diverse range of products to truly experienced clients with the resources to bear more of the risks. The threshold to qualify as a professional investor will remain high, so only those with experience, advice or the ability to bear risk are taken out of retail protections, such as the Consumer Duty, that they don’t need. High standards in classification mean that wholesale regulation remains proportionate and firms are freed from unnecessary guardrails.Proposals remove some arbitrary tests and give firms more responsibility to get it right. This includes a new way for wealthy and experienced individuals to opt out of retail protections and streamline how firms assess professional investors.Notes to editorsRules for targeted support will be set out in the coming days. Elsewhere, the FCA supports the industry-led campaign that will help to explain the benefits of investing.CP25/36: Client categorisation and conflicts of interest: these proposals would allow firms to confidently operate with professional clients who don’t need retail protections. However, the regime only works if firms can demonstrate that their clients genuinely meet the threshold of a professional client and the clients give informed consent. The FCA has recently published findings from its supervisory work to ensure firms do this well, including:A warning for investors in contracts for difference.A review of client categorisation in corporate finance firms.The FCA is also streamlining our rulebook, removing duplications and simplifying our requirements.DP25/3: Expanding consumer access to investments: this paper seeks views from industry on what else can be done to ensure regulations help consumers take informed risks.PS25/20: Consumer composite investments: new rules to replace EU-derived packaged retail investment products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements for packaged investment products with a more flexible regime for the UK built on the Consumer Duty.Statement on Consumer Duty expectations for firms working together to manufacture products or services: updated expectations to help firms interpret the Consumer Duty where they work together to create products and services. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

In this blog, Governor Gabriel Makhlouf writes about the development of the Digital Euro and how central banks foster trust and safety in the financial system and in the implementation of projects like the Digital Euro.

The European Banking Authority (EBA) today launched a public consultation on draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) concerning material acquisitions, material transfers of assets or liabilities, and mergers and divisions involving credit institutions or (mixed) financial holding companies under the Capital Requirements Directive (CRD). The standards are designed to support banking consolidation and deepen EU market integration by clarifying supervisory expectations, reducing regulatory uncertainty and ensuring consistent prudential assessment across the EU. The consultation runs until 5 March 2026.

ANNOUNCEMENT BY THE FINANCIAL SERVICES AND MARKETS AUTHORITY, PUBLISHED IN APPLICATION OF ARTICLE 78 OF THE LAW OF 21 NOVEMBER 2017Trading in the financial instruments of Wereldhave Belgium, ISIN BE0003724383, on Euronext Brussels will re-open on 03/12/2025 at 14:00 CET.

ICMA is deeply saddened to learn of the passing of Hans-Joerg Rudloff, who served as Chairman of the International Capital Market Association from June 2005 to May 2011. A defining figure in the development of the international capital markets, he was widely regarded as one of the founding fathers of the Eurobond market and a central architect of its modern form.Mr Rudloff’s contribution to global finance spanned nearly five decades. His career began at Credit Suisse in Geneva in 1965, followed by more than a decade at Kidder Peabody in New York. He returned to Credit Suisse in 1980, a period in which the Eurobond market expanded rapidly, multiplying tenfold over the decade and reshaping international funding practices.As ICMA Chairman, Mr Rudloff guided the Association through a period of exceptional change. His tenure encompassed the global financial crisis, a time that demanded clarity of purpose and firm stewardship. Under his leadership, ICMA divested its commercial operations and refocused its mission on strengthening market standards, improving efficiency in cross-border securities markets, and reinforcing the importance of sound practices across primary, secondary, and repo markets. His influence helped set the direction for the modern ICMA: a public-interest body committed to resilient, well-functioning international capital markets.Even after stepping down from ICMA in 2011 and retiring from investment banking in 2014, Mr Rudloff remained active in the industry. His impact on market structure, on generations of practitioners, and on ICMA’s evolution will be long-lasting.ICMA extends its condolences to his family, friends, and former colleagues. We honour his leadership, his vision for the international capital markets, and his significant contribution to the Association’s history.

The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has extended Beat Fellmann’s term of office by one year until the end of 2026.

November 24, Chicago – NFA has ordered Rimar Capital Limited Partnership (Rimar LP), a former NFA Member commodity pool operator located in Netanya, Israel, not to reapply for NFA membership or act as a principal of an NFA Member at any time in the future. NFA also ordered Ryan Philip Gordon, a prior associated person and principal of Rimar LP and former NFA Associate, not to reapply for NFA membership or act as a principal of an NFA Member for two years and to pay a $75,000 fine if he seeks NFA membership or principal status following the two-year period.