Welcome to our Investment Management Regulatory Update which provides you with a summary of the latest regulatory developments affecting the UK investment management sector.
Key developments this quarter included speeches setting out the FCA’s agenda, development in the UK’s implementation of the AIFMD and ESMA’s publication of guidelines on remuneration policies and practices for firms providing investment services. The Update also considers on-going European developments across MiFID, RDR and CRD.
Key developments this quarter included the transition of the FSA into the FCA and PRA, consultations on the implementation of AIFMD, details of the Financial Transaction Tax tabled by the European Commission, and the European Parliament Econ committee vote on bonus caps for fund managers. The Update also considers consultations being undertaken by the FCA and ongoing developments across MiFID, RDR and CRD.
Key developments this quarter included the passing of the Financial Services Act 2012, the FSA’s issuance of Dear CEO letters to asset managers on conflicts of interest and outsourcing, the IOSCO final report covering policy recommendations for MMFs and the FSB’s consultation on strengthening the oversight of shadow banking. The Update also considers consultations being undertaken by the FSA and ongoing developments across AIFMD, MiFID, RDR and EMIR.
Key developments this quarter included proposals to ban the promotion of Unregulated Collective Investment Schemes to the majority of retail investors, the issuing of the ‘UCITS VI’ consultation by the European Commission and several developments in relation to client money and custody assets for firms that undertake investment business. The Update also considers ongoing developments across MiFID, RDR and the Short Selling Regulations.
The second quarter of 2012 saw key developments including the FSA’s feedback on Recovery and Resolution Plans and ESMA’s launch of EMIR. There were also updates in regards to COREP, MiFID and the RDR.
Highlights from the quarter included the publishing of the FSA’s Retail Conduct Risk Outlook, the US Treasury and the Internal Revenue Service release of proposed regulations on FATCA, and the EU Council’s adoption of SSR.
Key updates included proposed amendments to MiFID and the Market Abuse Directive, as well as further rules and consultation from the FSA in relation to the RDR.
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