UK Votes To Leave The EU: What Does it Mean for Asset Managers? The voters have spoken. Britain will (absent any new deals) leave the EU. Under the EU Treaty, the exit process should take at least two years. During this two-year period, UK-based asset management entities, including UK subsidiaries of US and other overseas firms, […]

On 7 April 2016, the FCA published a report setting out the findings of a thematic review it has carried out into whether, and how, asset managers are meeting investors’ expectations (TR16/3). http://bit.ly/1UMZL9R The FCA announced the thematic review in its Business Plan for 2015/16 – The aim was determine whether UK authorised investment funds […]

2014 was certainly a bumper year for the FCA in terms of the level of enforcement fines it imposed. A total of over £1.4 billion was levied in fines by the FCA in 2014, dwarfing the total figure of just under £500 million in 2013. It was also a year of firsts, with the first […]

The FCA has published its findings from its thematic review of how asset management firms control the risk of committing market abuse. The review considered how firms control the risks of insider dealing, improper disclosure and market manipulation, with a primary focus on equities and insider dealing. The review examined the key aspects of an […]

The Financial Conduct Authority (“FCA”) has published its policy statement on Changes to the use of dealing commission rules PS 14/7, which covers the issues arising from the FCA’s consultation paper CP 13/17, published in November 2013 and also includes the final revised rules which are made by way of changes to COBS 11.6 of […]

The Australian Securities and Investments Commission (ASIC) has today released revised guidance on the custody of assets and standards to be met by asset holders. The revised guidance updates existing measures to: apply minimum standards to asset holders for managed investment schemes and holders of financial products, and affects responsible entities, licensed custodians, platform operators […]

The FCA has published a document entitled “Outsourcing in the asset management industry: Thematic project findings report”. The report contains the FCA’s findings regarding its assessment as to whether asset managers are effectively mitigating the risks in connection with outsourcing. During the assessment the FCA looked in particular at whether asset managers: (i) had adequate […]

Steven Maijoor, Chair, European Securities and Markets Authority (ESMA), has given a speech at the EFAMA Investment Management Forum on the past achievements and future focus of ESMA. While ESMA’s focus in the past had been the single rulebook, its priorities are now changing and becoming more balanced, with direct supervision and supervisory convergence making […]