by Emma Cleveland|9 April 2015|Our Thinking
On 24 March 2015 the Financial Conduct Authority set out the key areas of work it will undertake in the forthcoming financial year with the publication of its Business Plan for 2015/16. This is also the first year that its Risk outlook is published as part of the Business Plan. The Chief Executive of the […]
Read moreby Emma Cleveland|7 April 2015|Our Thinking
On 5 March 2015 the FCA published its Thematic Review 15/2: Structured Products: Thematic Review of Product Development and Governance (TR15/2). In TR15/2, the FCA sets out its findings from its latest review of the structured products market. The review is relevant to all firms involved in any stage of the design, manufacture, packaging and […]
Read moreby Emma Cleveland|26 March 2015|Industry News
On 19 February 2015, the FCA published its FS15-01 Feedback Statement as a response to the DP14/3 Discussion Paper. The Feedback Statement is part of the regulator’s work of examining firms using dealing commission and in particular, the charges that are being paid by consumers when investment managers execute trades and acquire external research on […]
Read moreby Emma Cleveland|24 March 2015|Our Thinking
On 18 February 2015, the FCA published its thematic review on asset management firms and the risk of market abuse (TR15/1). The paper presents the regulator’s findings from the thematic review of how asset management firms control the risk of committing market abuse. The review considers how firms control the risks of insider dealing, improper […]
Read moreby Emma Cleveland|17 March 2015|Industry News
On 24 February 2015 the Bank of England (BoE) published a speech by Andrew Hauser, Director of Market Strategy at the BoE and head of the Fair and Effective Markets Review (FEMR) secretariat. The speech was aimed at identifying the key issues raised in the FEMR consultation concluded in January 2015 regarding the fairness and […]
Read moreby Emma Cleveland|11 March 2015|Our Thinking
Fiduciary duties of investment managers have been a matter of considerable debate in English law. Fiduciary obligations are generally sought to be excluded from investment management agreements, however, there are many proponents to the position that investment managers should be considered fiduciaries of their clients. So, what is the best approach to be taken by […]
Read moreby Emma Cleveland|5 March 2015|Our News
Within the past few months, the Cleveland Ventures’ team has been hard at work revitalising our brand and developing a new corporate image. We believe that our new branding will be reflective of our stand-out market position as leaders and innovators in the legal services industry. It is for this reason that we are delighted […]
Read moreby Emma Cleveland|4 March 2015|Industry News
The FCA has recently produced an update on improvements on fund authorisation, supervision and reporting agreements with trustees and depositaries. We set out below what the update covers:
Read moreby Emma Cleveland|24 February 2015|Industry News
Since the adoption of the AIFMD, the European Securities and Markets Authority (“ESMA”) has produced a range of material relating to the application of the Alternative Investment Fund Managers Directive such as technical advice, guidelines, regulatory technical standards and Q&As. On 1 December 2014, ESMA published a consultation paper with proposed guidelines regarding asset segregation […]
Read moreby Emma Cleveland|11 February 2015|Industry News
Following the Brisbane Summit in November, the G20 leaders published a communiqué that addressed many global economic issues. We set out below the following points of regulatory interest from Section 12:
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