Industry News

Investment Association Guidance: Renunciation or transfer of units/shares in authorised investment funds

by Emma Cleveland|27 January 2016|Industry News

On 4 January 2016, the Investment Association (“IA”) issued a guidance paper aimed at operators of UK authorised collective investment schemes. The paper aims to ensure that authorised fund managers are acting in compliance with COLL4.4.13R(3)(b) and paragraph 4C of Schedule 4 to the Open-Ended Investment Companies Regulations 2001. This is targeted specifically at satisfying […]

FCA’s Asset Management Market Study

by Emma Cleveland|21 January 2016|Industry News

In the FCA’s 2015/2016 Business Plan, following feedback from their wholesale sector competition review which was published in February 2015, the Asset Management Market Study was announced. Ensuing this, the following concerns have been raised and have become the underlying scope for the market study:

FCA MiFID II implementation roundtable minutes (30 November 2015)

by Emma Cleveland|17 December 2015|Industry News

On 30 November 2015, the FCA held another MiFID II Implementation roundtable meeting where the standards along with various matters concerning the regulators approach towards the implementation of the upcoming directive were discussed. Below we have provided summaries of the key take away points:

Commission sharing agreements are staying?

by Emma Cleveland|16 December 2015|Industry News

In anticipation of MiFID II and the numerous changes the directive is expected to bring to the EU financial markets, one of the hot topics has been ESMA’s proposal for reform of the current regime for use of dealing commissions. ESMA had proposed that asset managers should pay for research from a separate account, with […]

ESMA updates AIFMD Q&A

by Emma Cleveland|9 December 2015|Industry News

On 2 December 2015, the European Securities in Markets Authority published an update of their Q&A on the Alternative Investment Fund Managers Directive (“AIFMD”). Due to AIFMD’s comprehensive regulatory framework and extensive requirements the cross border management of AIFs can sometimes prove complicated and complex for managers.

RegTech (Project Innovate) – call for input

by Emma Cleveland|2 December 2015|Industry News

In November 2015, as part of the Financial Conduct Authority’s Project Innovate, the FCA published a call for input in regards to supporting the development and adoption of RegTech. With its publication, the regulator aims to help the UK capitalise on the development and commercialisation of new business models and disruptive innovation (collective referred to […]

FSB report on implementation and effects of the G20 financial regulatory reforms

by Emma Cleveland|25 November 2015|Industry News

On 9 November the Financial Stability Board, chaired by Mark Carney, Governor of the Bank of England, published its first annual report to the G20 on the Implementation and effects of the G20 financial regulatory reforms.

Project Innovate ‘regulatory sandbox’

by Emma Cleveland|19 November 2015|Industry News

In a publication from 10 November 2015, the Financial Conduct Authority (“FCA”) has announced its plans for implementing a ‘regulatory sandbox’ allowing businesses to test out new and innovative financial products, services or business models without incurring all the normal regulatory consequences of engaging in those activities. This publication marks the first anniversary of the […]

MiFID II Roundtable 22 October 2015

by Emma Cleveland|11 November 2015|Industry News

The MiFID II Regulatory and Implementing Technical Standards presented to the ESMA Board of Supervisors (“BoS”) on 24 September have now been published. On 22 October 2015 the FCA held a MiFID II Implementation roundtable meeting where the standards along with various matters concerning the regulators approach towards the implementation of the upcoming directive were […]

MiFID II – The road ahead

by Emma Cleveland|5 November 2015|Industry News

In a speech held on 19 October 2015, as part of the FCA’s MiFID II conference, David Lawton, the FCA’s Director of Markets Policy and International, talked about the road and steps ahead in regards to the upcoming directive and in particular, the draft technical standards and delegated acts – implementing measures, which are starting […]