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by Emma Cleveland|26 May 2016|Industry News
In 2015 the FCA carried out a thematic review in relation to the benefits (or inducements) provided and received by firms conducting MiFID II business and it included those firms carrying out regulated activities in relation to a retail investment product (“Firms”).
Read moreby Emma Cleveland|20 May 2016|Industry News
The latest amendments to the Financial Services Act 2016 (the “Act”) have been published with many provisions such as sections 31, 37 and 39 to 42 having already received Royal Assent on 4 May 2016. Additionally, certain provisions of section 25 of the Act came into force on 10 May 2016 and section 32 came […]
Read moreby Emma Cleveland|10 May 2016|Industry News
On 7 April 2016 the European Commission published its Delegated Act which deals in particular with the receipt of investment research under MiFID II and consequently how that will effect UK and EU Investment managers.
Read moreby Emma Cleveland|29 March 2016|Industry News
The MiFID II Implementation Trade Association Roundtable took place on 22 February 2016. The minutes from that meeting have recently been published and they discuss: (1) implementing measures and proposals to delay the date of application of MiFID II; (2) Consultation Paper 15/43; and (3) a report on the recent MiFID II transposition workshop. Below […]
Read moreby Emma Cleveland|17 March 2016|Industry News
The European Securities and Markets Authority (“ESMA”) has published its first Supervisory Convergence Work Programme 2016 (the “Programme”), detailing the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the EU. The Programme also sets out to provide comparable regulatory outcomes.
Read moreby Emma Cleveland|8 March 2016|Industry News
On 2 February 2016, the FCA published policy statement (PS16/2), which sets out the proposed rules and guidance for implementing the UCITS V Directive. PS16/2 has a particular focus on the requirements applicable to management companies and the changes to the regime for depositaries following two related consultation papers (CP15/27 on UCITS V implementation and […]
Read moreby Emma Cleveland|2 March 2016|Industry News
In addition to the recent FCA policy statement regarding UCITS V, ESMA has also published a Q&A on the application of UCITS. As with the policy statement, both pieces of guidance will come into force on 18 March 2016. Unfortunately, as with the FCA’s recent policy statement, ESMA is unable to shed any light on […]
Read moreby Emma Cleveland|1 March 2016|Industry News
A draft of the amending legislation, FSMA 2000 (Regulated Activities) (Amendment Order) 2016 has been published and can be found here. There are a few principles amendments which will be noted relating primarily to the regulation of activities relating to peer-to-peer lending, mortgage lending and other credit granted to consumers.
Read moreby Emma Cleveland|24 February 2016|Industry News
In July 2016. the Financial Reporting Council (“FRC”) will publish the findings of its assessment of signatories’ compliance with reporting in regards to the 7 principles of the Stewardship Code (“Code”). According to the FRC’s website, over 200 Asset Managers have already complied with the first two principles by publishing statements of commitment to the […]
Read moreby Emma Cleveland|16 February 2016|Industry News
In December 2015, the FCA published its CP 15/43 Consultation Paper, the first of its consultation papers on the implementation of the Markets in Financial Instruments Directive II (“MiFID II”). The Consultation Paper focuses on areas where the FCA have sufficient certainty about the MiFID II legislation to be able to make proposals for implementation. […]
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