Investment Research

Of relevance to: Managers of UK UCITS Key date: Has sufficient notice been given to investors for when MiFID II comes into force on 3 January 2018? MiFID II requires EU portfolio managers to either bear investment research costs directly from the firm’s own resources, or, if they choose to [...]

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UCITS and AIFs: Transparency Requirements

Of relevance to: UCITS management companies and AIFMs UCITS and AIFs: Transparency Requirements A reminder to UCITS management companies and AIFMs that certain transparency obligations arising under the Securities Financing Transactions Regulation (“SFTR” – 2015/2365) apply from 13 January 2017 – see Regulatory Roundup 76. A SFT is defined as: [...]

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PRIIPs: Are you ready?

Of Relevance to: Most firms providing investment products or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS. As mentioned in Regulatory Roundup 61, Regulation 1286/2014 on the provision of key information documents for packaged retail and insurance-based investment products (“PRIIPs”) applies [...]

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Fund Management Firms: Thematic Review

Of Relevance to: Fund Management Firms; Financial Advisers; Platform Providers   Fund Management Firms: Thematic Review The FCA has carried out a thematic review on UK fund management firms and has published its findings in TR16/3 – “Meeting investors’ expectations”. The review looked at 19 fund management firms which, between [...]

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UCITS Share Classes

Of Relevance to: UCITS Management Companies UCITS Share Classes ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 – on the subject in December 2014). As a reminder, [...]

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Securities Financing Transactions Regulation: ESMA Discussion Paper

Of Relevance to: Firms concluding Securities Financing Transactions Securities Financing Transactions Regulation: ESMA Discussion Paper As advised in Regulatory Roundup 72, reporting and transparency obligations will arise in respect of securities financing transactions (“SFT”) – for the definition of a SFT, the timetable and overview of the requirements please refer [...]

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UCITS V

Of Relevance To UCITS Management Companies; AIFMs of NURS; depositaries and custodians of UCITS schemes and AIFs. UCITS V The FCA has released Policy Statement PS16/2 “Implementation of the UCITS V Directive”. Despite its title, the paper is not only of importance to UCITS Management Companies but also to Alternative [...]

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