by 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. […]
Read moreby Emma Cleveland|3 February 2016|Industry News
On 21 January 2016 the FCA published its CP16/4 Consultation Paper on crowdfunding and segregation of client assets. In the paper, the regulator consults on rules to simplify the current client money requirements for firms that operate electronic systems in relation to lending (P2P platforms) and who hold both regulated and unregulated client money accounts.
Read moreby Emma Cleveland|27 January 2016|Our Thinking
As 2015 is now in our shadows and attention turns towards the numerous regulatory developments expected in 2016, we have compiled a high level summary of ESMA’s work programme for this year. To view the summary of ESMA’s 2016 work programme please see below document. Should you have any questions about any of the upcoming […]
Read moreby 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 […]
Read moreby 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:
Read moreby Emma Cleveland|6 January 2016|Our Thinking
In December 2015, the FCA published their Thematic Review on the Suitability of investment portfolios at Wealth Management Firms and Private Banks (the “Report”). In the Report the FCA has presented its findings from the assessment of over 150 files collected from 15 firms in regards to the suitability of retail investment portfolios to investors. […]
Read moreby 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:
Read moreby 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 […]
Read moreby Emma Cleveland|9 December 2015|Our Thinking
The FCA has continuously pursued the initiative of increasing transparency in the financial services industry and ensuring the best possible investor outcomes. As part of this initiative, the regulator is seeking to improve complaints handling procedures, by increasing process transparency and encouraging firms to deal more effectively with complaints handling. In the PS15/19 Policy Statement […]
Read moreby 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.
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