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European Long Term Investment Funds

The FCA consultation paper CP15/27 was not solely confined to UCITS V (see above article) as the “… other changes to the Handbook affecting investment funds” includes a section (Part […] [...]

Authorised Investment Funds

Apart from ‘UCITS V’ and ‘European Long Term Investment Funds’ (see previous two articles) CP15/27 also manages to pack in (Part III) proposed miscellaneous changes to the Handbook with a […] [...]

AML Regulations for Registered Investment Advisers

On 25 August 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, proposed new rules (the Proposed Rules), requiring “certain” registered investment advisers […] [...]

Quarterly Consultation

The FCA’s Quarterly Consultation CP15/28 proposes miscellaneous amendments to the Handbook ranging from the list of appropriate qualifications under TC to restricting the scope of section C of the RMAR […] [...]

Thematic Review – Trading

Market Watch 49 published on 3 September is devoted to FCA feedback following a thematic review of commodities trading – although there is no reason why the relevance of some […] [...]

FCA Strategy Review Re-reviewed

Currently firms are supervised in accordance with their conduct categorisation which ranges from C1 to C4 with the latter firms being subject to a much lighter regulatory touch (firms will […] [...]

Connect/ONA

Although ‘Connect’ has replaced the ONA system as the method of submitting applications and notifications to the FCA, ONA allows ‘read-only‘ access which permits existing users to review previously submitted […] [...]

Quarterly Consultation CP15/28

Once a quarter, the FCA consults on proposed miscellaneous Handbook amendments. This quarter’s proposals (condensed from 251 pages to 1) are to: make changes in relation to offshore life insurance […] [...]

EMIR: Mandatory Clearing

Article 4 of EMIR places a clearing obligation on all OTC derivative contracts which fulfil the conditions therein – but only once ESMA has determined which classes of OTC derivatives […] [...]

EMIR and Frontloading

Firms that will have to come to grips with the ‘frontloading requirement’ (see previous article) will be interested in the recent ESMA Review of the EMIR Framework (2015/1254). The content […] [...]

AIFMD: Annex IV Reporting Issues

Problems encountered by firms in meeting the demanding Annex IV reporting requirements (SUP 16.18) has led the FCA to issue a further set of Q&As to assist firms and which: […] [...]

Improving Conduct

In July Tracey McDermott, director of supervision, at the FCA, delivered a speech at the British Bankers’ Association Conference. Aimed at the wholesale market, the speech gives clues to the […] [...]

Financial Advice Market Review

The FCA and HM Treasury has launched the Financial Advice Market Review (FAMR). The review will examine how financial advice could work better for consumers. The review will consult in […] [...]

FCA Regulation Roundup August – Highlights

Complaints Handling The FCA has published final rules on complaints handling. In summary the changes are: An extension of the ‘next business day rule’, where firms can handle complaints less […] [...]

AIFMD Passport and non-EU Jurisdictions

As mentioned in Regulatory Roundup 60, by 22 July 2015 ESMA has to provide an opinion/advice on: The functioning of the EU AIFM passport (managing and marketing) The extension of […] [...]

Registered Investment Advisers – Personal Account Dealing Guidance

In late June 2015, the United States Securities and Exchange Commission (SEC) Division of Investment Management released Guidance Update No. 2015-03 entitled “Personal Securities Transactions Reports by Registered Investment Advisers: […] [...]

Remuneration Guidelines – UCITS V, AIFMD (and CRD IV)

An article in Regulatory Roundup 59 on UCITS V drew attention to the introduction of the concept of remuneration policies for UCITS management companies, with ESMA being charged with drawing […] [...]

Remuneration – Changes to Handbook

Whilst on the subject of remuneration (see previous article) it may be recalled from Regulatory Roundup 58 that a new Remuneration Code was to be introduced into the Handbook: SYSC […] [...]

Money Laundering – Gold

FATF has produced a report on the gold sector as a result of what is seen as a transition of money laundering and terrorist financing from the formal financial sector […] [...]

Performance Management

The FCA has published Guidance on the risk to customers from performance management at firms (FG15/10) – the paper advises that it will be relevant to all types of firm […] [...]

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