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Suspicious Activity Reports

The National Crime Agency, whose remit now includes those areas which were previously the responsibility of SOCA, has recently produced guidelines on the submission of suspicious activity reports (SAR), including […] [...]

CRD IV: Remuneration and Risk Takers

The European Commission has adopted Regulatory Technical Standards on the identification of ‘material risk takers’, being those staff whose professional activities have a material impact on a firm’s risk profile […] [...]

EMIR: Risk Mitigation

As we know, certain risk mitigation techniques relating to OTC derivative trades not cleared by a CCP came into force on 15 September 2013, namely: Dispute resolution: a firm must […] [...]

Fixed Overheads

Those firms that remain categorised as BIPRU firms, as opposed to those subject to IFPRU, (see e.g. Regulatory Roundup 51) will be aware that calculation of the fixed overheads requirement […] [...]

FCA Fees

The FCA has published its annual consultation paper on fees and levies – “Regulatory fees and levies: policy proposals for 2014/15” (CP13/14). As the title suggests the paper only covers […] [...]

Legal Entity Identifier

As mentioned in Regulatory Roundup 51, the EMIR reporting obligation begins on 12 February 2014. The details of what needs to be reported to a Trade Repository can be found […] [...]

Outsourcing Working Group

Regulatory Roundup 51 contained an article on the FCA’s recent thematic report on outsourcing in the asset management industry. Two key findings were inadequate oversight and inadequate contingency plans to […] [...]

AIFMD: Authorisation Deadline

The below is a recent AIFMD update that was sent to Complyport’s clients. “HM Treasury has just released a statement which differs from the FCA’s previously held view that any […] [...]

Dealing Commission Rules

As mentioned in Regulatory Roundup 51, the FCA has now released its consultation paper on the use of dealing commission – CP13/17. In November 2012 the then FSA published “Conflicts […] [...]

CRD IV: Country by Country Reporting

HM Treasury has published ‘The Capital Requirements (Country by Country Reporting) Regulations 2013’. The draft stems from Article 89 of the Capital Requirements Directive and impacts on all ‘institutions’ – […] [...]

EMIR – OTC Clearing and Third Country Provisions

Article 4 of EMIR places a clearing obligation in respect of certain OTC derivative transactions. Generally the obligation does not extend to such transactions between entities that are established in […] [...]

Outsourcing & Asset Management

The FCA has published “Outsourcing in the Asset Management Industry: Thematic Project Findings Report” (TR13/10) which is based upon a sample of 17 asset managers (including 3 hedge fund managers). […] [...]

CRD III or CRD IV?

As will be known (see e.g. Regulatory Roundup 50), CRD IV comes into force on 1 January, although certain BIPRU firms will be able to remain on the current GENPRU/BIPRU […] [...]

COREP Reporting

Firms that will fall under IFPRU will need to submit COREP reporting (see article ‘CRD III or CRD IV?’ above and Regulatory Roundup 48). For the frequency of submission of […] [...]

AIFMD Reporting Update

31 December 2013 will be the first period end date for both full-scope UK AIFMs and small AIFMs to commence reporting under the AIFMD – see SUP 16.8 (clients of […] [...]

EMIR: TR Reporting

ESMA has just registered the first four trade repositories, two of which are in the UK: UnaVista Ltd and DTCC Derivatives Repository Ltd. In practical terms this means that the […] [...]

Transparent Asset Managers

In a recent speech to asset managers, Martin Wheatley Chief Executive of the FCA, returned to the topics of dealing commission and corporate access (Regulatory Roundup 47 had an article […] [...]

Close Links and Controllers Reports

The need for a firm to send to the FCA annual close links and controllers reports is set out in SUP 16.4 and SUP 16.5 respectively. Those responsible for the […] [...]

Money Laundering: HMT Notice

Firms, and in particular MLROs, should be aware that HM Treasury has updated its advisory notice on overseas jurisdictions which have unsatisfactory money laundering and terrorist financing controls. The notice […] [...]

Money Laundering Guidance

For those firms that make use of hard copies of the JMLSG Guidance, a reminder that Parts I to III have been overhauled. HM Treasury approved the changes to the […] [...]

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