by 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. […]
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. […]
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