Category Funds

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

eba publishes fintech discussion paper

The European Banking Authority has published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech. To gain a better understanding of current FinTech activity in the EU, in spring 2017, […]

FCA foresees the demise of LIBOR in favour of SONIA

Andrew Bailey’s speech today on the future of LIBOR discussed the recent developments that had been made and interestingly, the decision to move away from the benchmark and towards one that is based on factors such as the price of term funding. The FCA has had conversations with market participants, which led it to examine  alternative benchmarks and make […]

FCA releases details of consultations on the extension of SM&CR to all firms

The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]

ESMA publishes opinion on asset segregation and depositary delegation

On 20 July ESMA published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs. ESMA believes […]

FCA finds funds should consider external risks

FCA’s review of fund suspensions and pricing adjustments following the Brexit vote has indicated that property funds should plan better to take external events into account so they can deal with liquidity risks.  It found that some daily-dealt property funds suspended dealing or applied pricing adjustments in the immediate aftermath of the vote because they […]

FCA publishes Investment Platforms Market Study ToR

FCA has published MS17/1.1 as part of its assessment into the potential competition issues outlined in the Asset Management Market Study interim report and in its 2016/17 Retail Investment Sector View. FCA was concerned that because platforms are a significant and growing distribution channel, especially in the direct-to-consumer area, they are vulnerable to manipulation and it is […]

FMLC looks at Brexit third country issues

The Financial Markets Law Committee has published its views on the legal uncertainties related to the future classification of the UK as a third country in respect of the EU. The purpose of the paper is not to make recommendations, but to highlight legal issues. The paper focuses on: activities for which there is no […]

FSCS annual report and accounts 2016/17: compensation costs total £375m

FSCS has published its annual report and accounts and annual report and class statements 2016/17, which set out its vision and strategy. The publications detail that FSCS paid out for over 37,000 claims 2016/17 in the sum of £375m. The £375m included: £52m for policyholders affected by the failures of Enterprise Insurance Company PLC and […]

Brexit: European Union (Withdrawal) Bill presented to Parliament

The Government presented the European Union (Withdrawal) Bill to Parliament on 13 July for its first reading. The Bill seeks to repeal the European Communities Act 1972 on the day when the UK leaves the European Union (EU).  It also includes provisions for: EU legislation to continue to have effect in domestic law, on and after the […]