Category Funds

Up next from FCA

FCA’s latest Policy Development Update promises, among other things: policy statement on regulatory fees and levies by the end of March; the delayed policy statement on further implementation of the FAMR; consultation on the Money Market Funds Regulation in January; the final policy statement and near final IDD rules, also in January; and consultation in […]

Charles Randell becomes new FCA and PSR chair

Charles Randell CBE has been appointed the new chair of FCA and the PSR with effect from 1 April.

Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit

Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]

FCA updates AIFMD transparency reporting information

FCA has published updated guidance on reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive (AIFMD). The document details: Transparency reporting requirements (pursuant to both the AIFMD and the FCA Handbook); How this information is submitted to the FCA (via the Gabriel system); The form of report (AIF001 Manager Report and AIF002 Fund Transparency Report); and […]

ILPA issues Model Subscription Agreement

In December, the Institutional Limited Partners Association (ILPA) issued the first in a series of model documents to be produced through its Limited Partnership Agreement (LPA) Simplification Initiative. The Model Subscription Agreement (MSA) seeks to streamline fundraising, increase clarity and improve the efficiency of capital formation by providing a balanced, off-the-shelf subscription document solution which […]

Payment Services Regulator requires change to Direct Debit rules regarding switching Facilities Management providers

The Payment Services Regulator (PSR) has published its decision to require the operator of the Bacs payment system, of which the Direct Debit scheme is a part, to change its rules to help clients switch Facilities Management (FM) service providers. Direct Debit FM service providers enable organisations which aren’t specifically approved or sponsored as Bacs […]

Law Commission to address electronic signatures and smart contracts in 13th Programme of Law Reform

The Law Commission has announced the programme of reforms it will be working on over the next 3 years.  The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]

ESMA clarifies application of MAR to trading in closed periods in updated MAR Questions and Answers

The European Securities and Markets Authority has published 2 new questions relating to the prohibition on dealings by persons discharging managerial responsibilities during a closed period in its updated MAR Questions and Answers.  Please read our briefing  for more.

Treasury sets out long term approach to asset management

Treasury has revealed its “Investment Management Strategy II“, which sets out the Government’s priorities to ensure the UK remains a globally competitive sector for asset management. The approach focuses on six principles: establishing Centres of Excellence to strengthen the talent pipeline continuing to develop Fintech solutions such as blockchain enabled digital funds working to attract international […]

IFRS 9 transitional Regulation published

There has been concern about the anticipated regulatory capital impact when International Financial Reporting Standard 9 is implemented from January 2018, resulting from some firms seeing a significant increase in expected credit loss provisions. In response, the EU Council has published the text of a Regulation that, amending the Capital Requirements Regulation, sets out a […]