FIN.

Category - Funds

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...

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...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...

FCA fines fund manager

FCA has fined Paul Stephany, formerly a fund manager at Newton Investment Management Limited. It imposed the £32,200 fine after it found Mr Stephany twice submitted orders as part of a book build for shares that were to...

BoE and ESMA agree MoU

As part of the Brexit preparations, the BoE and ESMA have published an MoU setting out cooperation and information-sharing arrangements in relation to CCPs and CSDs. This agreement, and the adoption by the EC of...

Regulators consult on FSCS MELL

FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an...

FMLC writes to Treasury on Brexit regulations

FMLC has written to Treasury with its key observations on the FSMA (EU Exit) Regulations.  The Committee is concerned at some wording proposed in relation to the financial promotion rules. Specifically, FCA has power to...

New FCA portal for mutual societies

The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...

FCA publishes sector views

FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...

Commission reports on AIFMD

The European Commission has published a report showing how the AIFMD has significantly contributed to creating an internal market for AIFs. It says most of its provisions have achieved their intended objectives...

Up next from FCA

FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...

PRA consults on Brexit measures

As part of its preparation for onshoring EU legislation, the PRA has published CP32/18.  This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...

ESMA consults on sustainability measures

ESMA has published a set of consultation papers on sustainable finance initiatives, seeking views on: draft technical advice on integrating sustainability risks and factors into MiFID 2, the AIFMD and UCITS Directives...

FOS consults on plans for 2019/20

The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...

FCA reports on cyber review findings

FCA has published the results of its study of cyber-resilience and security in 20 asset management and wholesale banking firms. Its review comprised firms of varying size, scale, operating models and geography. The...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and...

ESMA publishes KID amendment advice

ESMA has published the advice it received from the Securities and Markets Stakeholder Group on amending the PRIIPs KID.  The group fully supports the principle of the KID but is disappointed that there are proposals for...

MEPs vote on fund marketing changes

MEPs in ECON have voted through the proposals for changes to the rules on cross-border investment fund distribution. As part of the vote, they stipulated that marketing communications should be clearly identified as...

FMLC comments on funds onshoring measures

FMLC has noted a number of legal uncertainties in the various draft onshoring legislation relating to investment funds and their managers.  In relation to the drafts for AIFMs and Collective Investment Schemes, FMLC has...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

FCA consults further on Brexit approach

FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository...

FCA consults on fees and levies

FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...

DexEU announces Brexit progress

The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...

ESMA publishes updated Q&As

ESMA has updated its Q&As on MiFID II and MiFIR, and on the Short-Selling Regulation. The topics addressed by the MiFID II and MiFIR Q&As include making market structures and transparency issues.  The Short...