Use of Dealing Commission 2017

Of Relevance to: Investment Managers As mentioned in the separate article “Best Execution” in this Regulatory Roundup, the FCA recently completed a follow-up review looking at how investment managers oversee their use of dealing commission. In a statement published 3 March 2017 the FCA’s conclusion was that most firms had [...]

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Best Execution

Of Relevance to: Investment Managers The FCA has published a statement on its website to the effect that investment managers are (still) failing to ensure effective oversight of best execution. It’s not the first time that the FCA has published work related to best execution – see Regulatory Roundup 58 [...]

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Best Execution in Different Markets

Market Watch 45 confirms that the FCA is currently undertaking a thematic review of best execution in different markets. Although the findings will not be published until later this year, as the article also takes the opportunity to update industry ‘on some areas where firms may have mis-understood the requirements’ [...]

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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 on corporate access and also provided a link to ‘conflicts between asset managers and customers’). He also talked of a [...]

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Short Selling

Firms should note that the FCA has amended the short selling notifications process. A new registration form for anyone making notifications for the first time has been developed alongside forms for share and sovereign debt and credit default swap notifications. Completed notifications must be emailed to either privatedisclosureSSR@fca.org.uk or publicdisclosureSSR@fca.org.uk [...]

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Corporate Access

There have been a few press articles recently on ‘corporate access’ and the possibility of the FSA taking action against asset managers that use clients’ money to pay for such access. The subject also features in the FCA Business Plan – see earlier article. As mentioned in Regulatory Roundup 46 [...]

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Short Selling Changes

As will be known – e.g. see Regulatory Roundup 21 – the European Commission has the goal of harmonising short selling rules. EU 236/2012, being a Regulation ‘on short selling and certain aspects of credit default swaps’, will come into effect on 1 November 2012. Being a ‘regulation’ rather than [...]

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Short Selling Ban

As has been widely reported, on 11 and 12 August, the respective securities market regulators of France, Italy, Spain and Belgium, in conjunction with the European Securities and Markets Authority (ESMA), announced restrictions on the shorting of certain banking and financial stocks. The FSA has stated that it will not [...]

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Stewardship Code

Regulatory Roundup 17 referred to proposed changes to COBS 2.2 (‘Information disclosure before providing services’) to require a firm, when managing investments for a professional client (that is not a natural person), to disclose its adherence to the Stewardship Code (venture capital firms will be excluded from the proposed requirement). [...]

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