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Wholesale Markets: Competition

Regulatory Roundup 56 advised that the Bank of England, HM Treasury and the FCA were proposing to undertake a joint review of wholesale markets. Following on from this the FCA […] [...]

FCA: Enhanced Supervision

The FCA has published a policy statement (‘Tackling serious failings in firms’) on how it will address serious failings of standards, governance and culture in firms. Although reference is made […] [...]

FCA: Enforcement and Supervision

No sooner had the FCA issued its policy statement on Enhanced Supervision (‘Tackling serious failings in firms‘ – see previous article in this Regulatory Roundup) than the Regulator published its […] [...]

CASS: Overhaul of Regime

Those firms that do not hold, or control, client assets or client money will doubtless be grateful that they do not have to contend with the 400+ page Policy Statement […] [...]

FCA Business Plan 2014/15

The FCA is now a year old and has recently published its second Business Plan, which provides an insight into the areas that the FCA will concentrate on, including by […] [...]

FSCS Levy

The FSCS has published its final levy for 2014/15, being £276m compared to £285m for the previous year. Although the final levy comes in below the earlier indicative levy for […] [...]

FCA Regulated Fees and Levies

As mentioned in the FCA Business Plan article, the FCA’s Annual Funding Requirement (‘AFR’) is identified as £446.4m. A detailed analysis of proposed fees is contained in CP14/6 ‘FCA Regulated […] [...]

FCA Risk Outlook 2014

The publication of the FCA Business Plan 2014/15 (see separate article in this Regulatory Roundup) was accompanied by the FCA Risk Outlook 2014. The FCA Risk Outlook identifies potential issues […] [...]

Supervision of C4 Firms

When the FCA took over from the FSA, it introduced a new approach to supervision, albeit that for many small firms it may have been difficult to spot any practical […] [...]

Hedge Fund Survey

The latest (March 2014) Hedge Fund Survey has been released by the FCA. The twice-yearly survey is based upon voluntary participation by the hedge fund industry – the current version […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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). […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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