FCA Publishes Draft Rules to Extend the Senior Managers and Certification Regime to all Firms -
The FCA published its long-expected consultation paper (CP17/25) on 26 July, with proposed rules to extend the senior managers...more
FCA Issues New Guidance on Cyber Resilience and Notification of Cyber Attacks -
The FCA published a new page on its website providing informal guidance on cyber resilience on 18 May 2017.
Following the recent global...more
7/7/2017
/ Amended Rules ,
Asset Management ,
Commodities ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
EU ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
UK
The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers...more
HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 -
As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more
5/8/2017
/ Asset Management ,
Confidential Information ,
EU ,
Financial Conduct Authority (FCA) ,
Hedge Funds ,
HM Treasury ,
Investment Funds ,
MiFID II ,
News Stories ,
Private Fund Limited Partnerships (PFLPs) ,
Restraining Orders ,
UK
FCA Publishes Dealing Commission Review Findings -
The FCA have published their findings from a review that analysed dealing commission expenditure across 31 investment managers. The policy statement on the use of...more
In this context, the English High Court recently granted an interim injunction preventing the disclosure and publication by Reuters of information from confidential documents relating to a fund manager, Brevan Howard Asset...more
UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU -
Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more
3/13/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Annex IV ,
Article 50 Treaty of the EU ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Private Placements ,
Reporting Requirements ,
UK ,
UK Brexit
Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" -
The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more
12/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Remuneration ,
The Great Repeal Bill ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements -
The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more
12/3/2016
/ AMF ,
Asset Management ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Passporting ,
Reporting Requirements ,
UCITS ,
UK ,
UK Brexit
FCA Publishes Third MiFID II Consultation Paper -
The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more
10/24/2016
/ AIFM ,
Asset Management ,
Dark Pool ,
EU ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Adviser ,
Investment Funds ,
MiFID II ,
UCITS ,
UK
FCA Chief Executive Comments on FCA Mission and Brexit -
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, at the FCA's 2016 annual public meeting on 19 July 2016.
Mr Bailey stated that the FCA...more
9/13/2016
/ Collective Investment Schemes ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Member State ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Referendums ,
UK ,
UK Brexit
Brexit: UK Votes to Leave EU -
The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU.
Under the EU Treaty, the exit process should take at least two years. During...more
7/14/2016
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Funds ,
MiFID ,
Portfolio Managers ,
Senior Managers ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
The voters have spoken. Britain will (absent any new deals) leave the EU.
Under the EU Treaty, the exit process should take at least two years. During this two-year period, UK-based asset management entities, including...more
6/27/2016
/ AIFM ,
AIFs ,
Asset Management ,
EU ,
Foreign Investment ,
Member State ,
MiFID II ,
Referendum Votes ,
UCITS ,
UK ,
UK Brexit
PRA and FCA Reject the Position Taken on CRD IV Bonus Cap Proportionality in the EBA’s New Remuneration Guidelines -
The PRA and FCA notified the European Banking Authority (EBA) that they will comply with all aspects of...more
5/6/2016
/ Asset Management ,
Conflicts of Interest ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Inducements ,
Investment Funds ,
Prudential Regulation Authority (PRA) ,
UK
UCITS Regulations 2016 Published -
The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (SI 2016/225) were published on 25 February 2016. These implement provisions of the UCITS V...more
The European Union (EU) is made up of 28 member states committed, through a series of treaties, to ever closer economic and political union. As such it exercises considerable power, both internally and internationally. It is...more
3/24/2016
/ AIF ,
AIFM ,
Asset Management ,
EMIR ,
EU ,
Member State ,
MiFID ,
Referendums ,
Treaty of Lisbon ,
UCITS ,
UK ,
UK Brexit
FCA Issues First MiFID II Consultation Paper
The FCA issued its first MiFID II consultation paper (CP 15/43) on 15 December 2015, principally on issues related to secondary market trading of financial instruments. The...more
HM Treasury Publishes Draft Technical Legislative Amendments for UCITS V -
HM Treasury published a consultation on 23 October 2015, including a draft statutory instrument, on technical changes to the Financial Services...more
HM Treasury proposes to extend Senior Managers and Certification Regime to all FCA firms -
HM Treasury published a policy paper on 15 October 2015, in which it proposes to extend the senior managers and certification...more
11/16/2015
/ AIFM ,
AIMA ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Investment Funds ,
UCITS ,
UK
FCA MiFID II Roundtable Notes Delays in Consultation Timetable -
The FCA published minutes of its MiFID II implementation roundtable meeting of 14 September 2015 on 25 September 2015. These included the following...more
FCA Scraps New RDR Rules for Nominees to Pass on Fund Information and Voting Rights on FCA Authorised Funds to Beneficial Owners -
The FCA board agreed on 30 July 2015, to revoke certain new rules and guidance in its...more
9/21/2015
/ Asset Management ,
Derivatives ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Investment Funds ,
MiFID II ,
Retail Market ,
Roundtable ,
UK
Tax Proposals in Summer 2015 Budget to Affect UK Asset Managers -
The UK Summer Budget was announced on 8 July 2015, and included a number of unexpected tax proposals affecting the UK asset management industry, including...more
8/20/2015
/ AIFs ,
Asset Management ,
Benchmarks ,
Carried Interest ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
Limited Partnerships ,
Retail Market ,
Tax Policy ,
UK
FCA and PRA Finalise New Remuneration Code for “Dual-Regulated” Firms -
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint policy statement (FCA PS15/16 and PRA PS12/15)...more
EU Capital Markets Union: FCA Responds to European Commission Green Paper -
The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU).
The FCA...more
7/8/2015
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets Union ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Investment Management ,
UK
Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures -
The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more
6/6/2015
/ Asset Management ,
Custody Rule ,
Deutsche Bank ,
Enforcement Actions ,
EU ,
FATCA ,
Financial Conduct Authority (FCA) ,
Fines ,
HMRC ,
Investment Funds ,
Libor ,
Merrill Lynch ,
MiFID II ,
Reporting Requirements ,
Transaction Reporting ,
UK