ComplianceServe Updates for December 2017: What’s New?

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We are pleased to confirm that the pathways below have been reviewed in line with recent regulatory changes and updated where required. These changes are summarised below together with the date when the updated pathways were published.

The updated versions overwrite the existing versions so learners will automatically see the latest content without intervention.

Complaint Handling

  • Included certain Buy to Let mortgage borrowers as eligible complainants
  • Added an example for limiting the cost of calls
  • Clarified record keeping for complaints in relation to MiFID II business
  • Added supplementary information to the maximum amount the FOS can award for complaints
  • Last reviewed 30/09/2017

Conduct Risk and TCF

  • Added supplementary content around the FCA’s thinking on Culture and Governance
  • Amended three questions to reflect and map to the training material
  • Last reviewed 30/09/2017

Risk Management

  • Updated the desk risk policy to more relevant external devices e.g. memory sticks and added supplementary content regarding the processes and guidance on computer use and only using devices supplied by your company
  • Added Supplementary content to the operational risk examples
  • Last reviewed 30/09/2017

Vulnerable Customers

  • No changes required
  • Last reviewed 30/09/2017

Money laundering & how you can prevent it (offshore versions)

  • Added references to The Proceeds of Crime Act 2015 (POCA) which repealed and replaced The Crime (Money Laundering and Proceeds) Act 2007
  • Minor amends to the UAE and Gibraltar question-banks
  • No changes required to the Jersey and Guernsey versions
  • Last reviewed 22/09/2017

COBS essentials

  • Updates to the Inducements section for the MiFID II requirements on minor non-monetary benefits which apply to Gifts & Benefits
  • Added more emphasis on the capacity for loss under MiFID II
  • Explanation of the extra step MiFID II introduces in relation to appropriateness warnings
  • Explanation of the MiFID II extension of ‘clear, fair and not misleading to clients’
  • OTFs added to the list of regulated market types now required under MiFID II
  • Explanation of why the financial promotions example would be considered unbalanced
  • Explanation of the MiFID II enhancements to best execution
  • Updates to the question bank in relation to gifts and benefits
  • Last reviewed 24/11/2017

COBS Appropriateness

  • Confirmation that Unregulated Collective Investment Schemes are complex products
  • Confirmation that a written warning needs to be sent to clients, and the inclusion of a reference to insistent clients
  • References made to the new MiFID II requirement to assess that a bundled product is appropriate
  • Question bank updated to reflect the MiFID II requirements
  • Last reviewed 24/11/2017

COBS Best Execution

  • Updates to the reporting requirements i.e. the Top 5 venue report
  • Updates to the financial instrument types and "all sufficient steps" for MiFID II
  • References added to MiFID II COBS and Organised Trading Facilities
  • Clarification of the OTC requirement and the requirement to publish a monitoring report
  • Updates to the question bank in the light of MiFID II
  • Last reviewed 27/11/2017

COBS Client Categorisation

  • Clarification of the additional protections which Eligible Counter Parties have under MiFID II, i.e. retail clients are no longer allowed to be double opted up to elective ECP status, whilst a per se professional client can
  • Updates to the record keeping requirements for everyone apart from life or pensions contracts etc
  • Amendments to reflect the limited types of public bodies that can be treated as per se professional clients under MiFID II
  • Explanation of the quantitative tests for opting up to elective professional client status available to local authorities
  • Updates to the question bank in the light of MiFID II
  • Last reviewed 27/11/2017

COBS Dealing and Managing

  • Clarification of the amount of information that needs to be recorded both pre and post trade, to fall into line with transaction reporting requirements under MiFID II
  • A high-level explanation of the new rules around accepting dealing commission and inducements under MiFID II
  • Addition of a short overview of Research to provide basic awareness, the new disclosure requirements and the costs and charges associated with a transaction
  • The question bank has been updated to reflect the MiFID II changes
  • Last reviewed 24/11/2017

COBS Suitability

  • Reinforcement that clear suitability assessments are the responsibility of the firm under MiFID II
  • Updates to the requirements for record keeping and insistent clients under MiFID II
  • Confirmation that local authorities now fall within the definition of a retail client under MiFID II
  • Clarification of when suitability should be assessed and detail on the Cost Benefit Analysis required for switching investments
  • Explanation of the procedures for KYC for joint accounts, groups of individuals and legal entities
  • Amendments to the question bank in relation to MiFID II
  • Last reviewed 24/11/2017

The Regulatory Framework in Banking

  • Changes to the Transitional section to reflect the latest requirements.
  • Updates to the list of Significant Harm Functions
  • Last reviewed 30/09/2017

Transaction Reporting

  • New definitions for MTFs and OTFs, a new example of a major transaction reporting fine and the additional types of financial instruments under MiFIR
  • Replaced SUP 17 with SUP 17A and signposting to the ESMA RTS and Guidance
  • Added a new explanation for some of the main fields
  • Amended ARMs and TREM and highlighted the differences in record keeping for transaction reporting to the rest of MiFID II
  • Added the increased activities a firm must undertake and the updated reporting which must be submitted if errors are found
  • Added content around the regulation governing transaction reporting
  • Added the ESMA RTS and Guidance links
  • Updated the list of financial instruments now covered
  • Replaced the FCA TRUP with the ESMA Guidance
  • Updates to the question bank to reflect the changes
  • Last reviewed 22/09/2017

Certification regime

  • Added supplementary material regarding Material Risk Takers
  • Added a reference to the regulatory reference requirements
  • Last reviewed 30/09/2017

Senior Managers Regime

  • Clarified the spread of Senior Management Functions across different types of firms
  • Added the responsibilities of the Chair of Nominations Committee
  • Linked the information on Shared Responsibilities to the requirement to explain why they are shared in relation to the Responsibilities Map
  • Last reviewed 30/09/2017

Conduct Rules

  • Amended to show the conduct rules also apply to NEDs
  • Last reviewed 30/09/2017


  • Mentioned the increase in fines for data breaches following the implementation of GDPR and signposted the learner to the GDPR essentials pathway
  • Last reviewed 30/09/2017

Basics of CASS

  • Content amended to reflect Title Transfer Collateral Exemption which is not permitted for retail clients and updates to the requirements for non-retail clients under MiFID II
  • New content added regarding the requirements of the person appointed to the CASS oversight role and the requirements to justify other responsibilities being allocated to the CF10a or equivalent which will become applicable under MiFID II
  • Clarification of the requirements around breaches
  • Question bank updated in line with the changes
  • Last reviewed 24/11/2017


Simon Mercer

Simon Mercer

Head of Business Development

Since arriving in the eLearning industry in 2002, Simon has helped to conceive, develop and deliver…

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