FCA publishes proposals to extend the Senior Managers and Certification Regime

The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a separate consultation paper to extend the current Senior Insurance Managers Regime applicable to insurers to … 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 consultation process with industry, in which some 153 submissions were filed.  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 to be unrealistic for both the regulators and the regulated. But time is quickly passing … Read more

EU: Final ESMA Guidelines on UCITS V remuneration provisions: ESMA addresses the application of the proportionality principle under UCITS V and AIFMD

The European Securities and Markets Authority ("ESMA") has published its final guidelines on the remuneration requirements of the UCITS V directive (the "UCITS V Guidelines").  The key issue addressed by ESMA is the ability for smaller or less complex managers to disapply certain of the more onerous remuneration requirements (including the "Pay Out Process Rules") … Read more

The EU Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation (SFTR) entered into force on 12 January 2016.  The SFTR has a broad scope with extraterritorial and retrospective reach, and impacts on both EU and non-EU financial and non-financial counterparties.  All firms involved in securities financing transactions (SFTs) and reuse of financial instruments will need to assess the extent to … Read more