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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 […] [...]

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 […] [...]

Suspicious Transaction Reporting

Whilst MAR 1 contains guidance on market abuse, the requirement to submit a suspicious transaction report is set out in SUP 15.10. Currently SUP 15.10.2 applies to any firm arranging […] [...]

UCIS: FCA Actions

The FCA, like the FSA, continues to have an interest in the promotion of unregulated collective investment schemes (UCIS) – see e.g. FCA Risk Outlook 2013 covered in Regulatory Roundup […] [...]

AML and ABC: Asset Management

An FCA thematic review of Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC) Systems and Controls (TR13/9) has identified common weaknesses and the regulator has expressed concern over their findings. […] [...]

European Market Infrastructure Regulation (EMIR): Reporting Update

The timeline for reporting under EMIR has slipped giving everyone a bit more breathing space. Until the slippage the probable start date for reporting to a Trade Repository (TR) in […] [...]

AIFMD Follow-Up

The AIFMD came into force on 22 July. It would seem that most AIFMs are taking advantage of the one year transitional period, or there is a backlog at the […] [...]

Impact of CRD IV on Investment Firms

The FCA has published its 400+ page consultation paper on CRD IV: CP13/6 “CRD IV for investment firms”. The CRD comes into effect on 1 January 2014. The paper advises […] [...]

FCA Supervision Approach

At an APCIMS conference Clive Adamson, FCA Director of Supervision, outlined the FCA supervision approach. Although the emphasis was upon the Wealth Management and Private Banking sector, firms as a […] [...]

Transaction Reporting Problems

Transaction reporting (SUP 17) continues to be a problem area for firms. RBS is the latest big name to be fined (£5.6m after a discount for early settlement, otherwise it […] [...]

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