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Restrictions on UCIS and ‘Close Substitutes’

The FCA has published policy statement PS13/3: “Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes” and will be of interest to both discretionary portfolio managers […] [...]

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 […] [...]

AIFMD: Passporting of Activities

This will be of particular relevance to firms that currently have a MiFID passport and that are, or potentially are, Alternative Investment Fund Managers (AIFMs). In addition to ‘managing an […] [...]

AIFMD: Cooperation Agreements

The FCA has signed supervisory cooperation agreements in the form of memoranda of understanding with 34 non-EEA authorities, following approval of these agreements by ESMA. Under the AIFMD, cooperation agreements […] [...]

UK Investment Management Strategy

Investment management firms will be heartened to learn that the government recognises the importance of the sector to the UK economy in the publication of ‘The UK investment management strategy’. […] [...]

Status Disclosure

Regulatory Roundup 47 reminded firms of the need to update the status disclosures on their stationery to reflect the move from the FSA to the FCA (and PRA where relevant) […] [...]

Remuneration Code – MiFID Version

In September last year ESMA published a consultation paper on ‘Guidelines on remuneration policies and practices (MiFID)’ – see Regulatory Roundup 44. Following feedback ESMA has now issued the final […] [...]

FCA (and PRA) Fees 2013/14

As advised in Regulatory Roundup 47, the FCA Business Plan identified an Annual Funding Requirement (AFR) of £432.1m which, of course, has to be met by fees. The FCA has […] [...]

CRD IV

As a result of intensive – and prolonged – negotiations between the European Council of Ministers, European Parliament and European Commission the 1 January 2013 implementation date of CRD IV […] [...]

FCA Policy Development

The FCA’s first policy development update has recently been published. The document acts as a useful reference source for both recently published consultations etc. which you may have missed, together […] [...]

Non-GABRIEL Paper (NGP) Reports

The FCA has recently circulated some pointers regarding the submission of NGP reports (see Regulatory Roundup 34 for details and a link to FAQs), including a reminder that it is […] [...]

AIFMD Update: CP13/9

Although originally scheduled for ‘February’, the FSA released the eagerly awaited second AIFMD consultation paper (CP13/9 or ‘CP2’) on 19 March. The paper should be read in conjunction with CP1 […] [...]

Out With The Old…

A reminder that the FSA disappears on 1 April to be replaced by the Financial Conduct Authority (FCA) and, for relevant firms, the Prudential Regulation Authority (PRA). The FSA made […] [...]

Status Disclosure

On the matter of ‘status disclosure’ and the cut-over to the FCA (see article ‘Out With The Old…’) firms should not overlook the need to update their stationery when necessary […] [...]

FCA Business Plan

The FCA’s very first Business Plan has been published. As has previously been announced, the FCA will be much more proactive , “acting earlier and more decisively than the FSA”. […] [...]

FCA Risk Outlook

The publication of the FCA’s Business Plan – see separate article – was accompanied by the FCA Risk Outlook 2013. The FCA Risk Outlook identifies potential risks, some of which […] [...]

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 […] [...]

AML Update

Firms, and MLROs in particular, should be aware that HM Treasury has updated its advisory notice on problem jurisdictions where Enhanced Due Diligence (EDD) is advised and where firms may […] [...]

AIFMD Update: CP12/32

The FSA has issued the first of two consultation papers on the AIFMD – CP12/32 “Implementation of the Alternative Investment Fund Managers Directive, Part 1” (Part 2 is expected in […] [...]

Asset Managers: An Important Message

Between June 2011 and February 2012 the FSA conducted thematic reviews of asset management firms on the subject of managing conflicts of interest. The Regulator identified many failings, which may […] [...]

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