FIN.

Category - Funds

Up next from FCA

The latest Policy Development Update highlights the following publications before the end of Q1 2020: policy statement on fees and levies; consultation on exit fees in investment platforms and comparable firms;...

FCA writes strategy letter to platforms

FCA’s latest  portfolio strategy letter to CEOs has been sent to platforms. It starts by making the point that it expects firms will have used the SMCR to ensure clear accountability within senior management and...

FCA updates further on post-Brexit issues

FCA has further updated its website with information on Brexit and Temporary Directions.  It explains how: It will not need to use the Temporary Transitional Power it had previously made directions under, as the...

DExEU updates on FS equivalence post-Brexit

The Department for Exiting the EU has published an updated communication from the European Commission on equivalence in the area of financial services.  The documentation notes that temporary equivalence decisions are...

EVENT: Retail Banking Mixer

Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...

FCA calls for input on open finance

FCA has launched a Call for Input on Open Finance. The concept builds on the principles of open banking and extends it to a wider range of products.  FCA has a vision that open finance will allow consumers and...

Open-ended funds review progresses

The Bank of England and FCA have issued a joint statement following a report by the FPC of the progress of their joint investigation into risks poses by liquidity mismatches of open-ended funds. The FPC noted a number...

FCA makes new rules

FCA has published new rules on: conduct of business in what it refers to as “speculative illiquid securities” (taking effect on 1 January 2020 and 1 December 2020). These rules create a temporary product...

FCA makes platform transfer rules

FCA has made new rules to make it easier for consumers to move between investment platforms and thereby improve competition.  The rules form part of the Investment Platforms Market Study remedy package and will take...

FUNDamentals Series: Event 2

This Tuesday we hosted the second seminar in our FUNDamentals series in our Edinburgh office.  The session was jointly hosted with NCM Fund Services and Aberdeen Standard Investments and focussed on exploring Real...

ESMA updates MiFID 2 and AIFMD FAQs

ESMA has updated: its FAQs on MiFID 2 and MiFIR investor protection and intermediaries in respect of information on costs and charges in respect of portfolio management services; and product intervention –...

FCA fines for fund investor TCF failings

FCA has fined Henderson Investment Funds Limited (HIFL) nearly £2m for failure to treat fairly over 4,500 retail investors in two of its funds, thereby breaching Principle 6. FCA found the funds’ investment...

Reserve your place: FUNDamental Series

Join us for our next FUNDamentals seminar in Edinburgh exploring Real Estate funds in more detail on 3rd December from 8.30am. This seminar will be hosted jointly with NCM Fund Services and Aberdeen Standard Investments...

Up next from FCA

FCA’s latest Policy Development Update promises a number of publications before the end of the year, including: feedback on the Investment Platforms Market Study remedies; consultation on policy proposals for next...

FCA confirms TPR extension

FCA has confirmed that: firms no longer need to implement their Brexit emergency plans for 31 October; and the TPR window will be open for notifications from fund managers until 15 January 2020 to let FCA know if they...

FCA speaks on future of regulation

Nausicaa Delfas spoke on the future of UK financial regulation post-Brexit. She said FCA continued to prepare for Brexit, whatever form it takes and whenever it happens, and referenced its preparations for a no-deal...

FCA updates change in control pages

FCA has updated its guidance on how to submit an application for change in control. The page now includes useful tips on what FCA needs to know to deal with the application quickly, and links to all the required forms.

Government responds on regulatory perimeter

The Government has published its response to the Treasury Committee’s report on the regulatory perimeter and how it could be refined and should be policed. The report had criticised the lack of a formal system for...

FCA makes new rules

FCA has published its latest Handbook Notice with new rules. Most of the changes are minor, and update terminology and cross-references.  FCA is also making changes to: SYSC and SUP, including adding a new Annex to SUP...

FCA pleased with MiFID 2 unbundling effects

FCA has published the results of a multi-firm review looking at whether the research unbundling rules brought in under MiFID 2 have improved asset manager accountability over costs. FCA’s research has found that...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

FCA offers Brexit help

FCA has set up a dedicated phone line for firms needing to ensure they are prepared for a no-deal Brexit, and also worked to signpost all its online resources. It expects firms to have planned properly for it. It notes...

FCA updates on consultations and feedback

The latest Policy Development Update highlights a number of papers due before the end of 2019: feedback on the investment platforms market study remedies; policy proposals on regulatory fees and levies; permitted links...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

Reserve your place: FUNDamental Series

Join us for the first in our series of Funds seminars in Edinburgh on 3 September.   If you work with funds, are looking to set one up or even invest in one you’ll benefit from attending this seminar which is...

FCA explains UCITS liquidity problem

Andrew Bailey has written to Lord Myners explaining why FCA has not taken, and does not think it appropriate to take, action to establish its own requirements for liquidity standards for UCITS. The letter explains that...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Regulators tweak exit arrangement rules

FCA has announced an extension to the directions made under its temporary transitional power which it introduced in February.  The direction will now give firms until 31 December 2020 to make the necessary adjustments...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

FCA consults on financial resources

FCA is consulting on the approach it takes to assessing adequate financial resources – and what it means by the term. The paper has been prompted by the levels of compensation FSCS has paid out relating to firms...

The IA comments on fund suspension

The Investment Association, commenting on suspension and illiquidity in open-ended funds, said that it is necessary sometimes to suspend funds in the best interests of their investors – be they investors who want...

ESMA updates funds FAQs

ESMA has updated its FAQs on AIFMD and UCITS.  The additions focus on depositaries, looking at: the distinction between depositary functions and supporting tasks that are not subject to the delegation rules in the...

FCA extends temporary permissions deadline

FCA has confirmed the deadline for EEA firms to notify it of their intention to use the temporary permissions regime is now 30 October. FCA has updated its website with details of how the TPR applies, and its policy for...

Fund umbrella providers come under fire

FCA has published the results of its review into how firms in the investment management sector that have Appointed Representatives comply with their regulatory obligations as principals.  There are over 1000 ARs in the...

EP publishes amended funds law changes

The European Parliament has published a new version of the proposed revised funds marketing Regulation and Directive.  Among the changes are: to specify that pre-marketing may be directed at professional investors only;...

ESAs publish PRIIPs KID FAQs

The ESAs have published further Q&As on the KID requirement for PRIIPs. The updates are on both general topics (in respect of calculating the minimum holding period for a product)  and MOPs, in terms of the form and...

FCA and SEC sign updated Brexit MoUs

FCA and SEC have signed two MoUs to ensure minimal disruption when the UK leaves the EU. Andrew Bailey, FCA CEO met Jay Clayton, SEC Chairman to sign the MoUs. The first MoU updates the comprehensive supervisory...

ESMA updates funds and MAR FAQs

ESMA has updated its FAQs on: the application of the UCITS Directive to include clarification on benchmark disclosure obligations for UCITS both in the KIID and where funds name a target in their investment objectives...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

FCA extends temporary permissions window

In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...

FCA Update on Digital Regulatory Reporting

The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...

FCA confirms FOS increase

FCA has issued a policy statement confirming the increase in the FOS award limit.  From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...

FCA makes Directory rules

FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...

ESMA speaks on fund priorities

Steven Maijoor has spoken on ESMA’s priorities in fund regulation. He focused on how consumer investments progress over time, and the role of costs, looking at ESMA’s costs and performance report on retail...

Up next from FCA

FCA is running behind schedule on some expected publications.  Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...

BoE and FCA update on Brexit approach

BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...