FCA fines asset managers in first use of its competition powers

On 21 February 2019, the FCA announced its first decision under its competition enforcement powers, finding three asset management firms have breached competition law. This decision is an important assertion of the FCA's intention to use its competition powers – previous matters which… Read more

UK FCA ASSET MANAGEMENT MARKET STUDY – FINAL REPORT

On 28 June 2017, the FCA published the highly anticipated final findings of its Asset Management Market Study ("Final Report"), which can be accessed here. This follows the release of its interim report in November 2016 and the subsequent intensive… Read more

#MAR_bitesize

New Market Abuse powers for the FCA (2) Powers to require information from issuers, PDMRs and persons closely associated to PDMRs The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations") were passed to ensure that UK law… Read more

#MAR_bitesize

Investment recommendations Increased scope The former Market Abuse Directive (MAD) imposed requirements designed to ensure the objective presentation of investment recommendations and the disclosure of interests and conflicts of interest on the part of producers or disseminators of such recommendations. … Read more

MiFID II: Where do asset managers go from here?

The one year delay to the implementation of MiFID II provided the industry with some welcome respite from the seemingly unrelenting waves of regulatory reform. European regulatory implementation timetables are always tight but the original MiFID II timetable was proving… Read more

Market abuse update – April 2016

This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory… Read more

The SFC’s asset management strategy for Hong Kong

In a speech last Friday to the Hong Kong investment Funds Association, Ashley Alder, CEO of the Hong Kong Securities And Futures Commission (SFC) described the SFC's ambitious asset management strategy.  The SFC's strategy for Hong Kong, which aims to… Read more

Corporate Crime Update – October 2014

Welcome to the October 2014 edition of our corporate crime update - our round-up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on… Read more

EU: MiFID Review – phase two begins

The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  MiFID II and MiFIR are expected to come into application by end 2016/early 2017, and will apply across… Read more

FCA confirms bans on payments to platforms and cash rebates

The FCA has published its policy statement and final rules which confirm that it will ban (i) payments from product providers to platforms, and (ii) cash rebates of product charges by product providers to consumers, in respect of sales of retail investment… Read more