Welcome to the Funds-Axis Regulatory Round Up! In this month’s round-up, of particular interest, nearly two years after the implementation of the Assessment of Value requirements, the FCA have finally provided feedback following a review of 18 firms conducted between July 2020 and May 2021. Elsewhere, liquidity continues to remain in the headlines, the FCA…
Details
Of all the new regulations we have seen over the last few years, few have raised as many concerns, or have been as controversial and polarising as the KID requirements under the regulation for Packaged Retail and Insurance-based Investment Products (PRIIPs).
Details
Background In 2019, the Bank of England (BoE) and Financial Conduct Authority (FCA) launched a joint review into vulnerabilities associated with the liquidity mismatch. The review built on the FPC’s 2015 assessment; the FCA’s 2019 Policy Statement on funds investing in inherently illiquid assets; and the work by the FSB and the International Organization of…
Details
Challenges facing ManCos – more regulations, more regulatory change, and more scrutiny than ever before (Part 1) The pressure is rising on the ManCo industry – Management Companies (ManCos) are dealing with more regulations, and more regulatory change than ever before. This constant churning of regulatory change, coupled with increased scrutiny from regulators has led…
Details
What is ManCoTech? You’ve heard of FinTech, you’ve heard of RegTech, but have you heard of ManCoTech? It’s the latest “buzzword” in the European investment and compliance community. So what exactly is ManCoTech and why is it gaining such prominence? ManCoTech – A definition ManCoTech (Management Company Technology) is a term used to describe technologies…
Details
The Chairman of the Securities and Exchange Commission (SEC) recently gave a speech at London City Week. During the speech, he discussed three key areas on the reform agenda at the SEC. One of those areas was on transparency, and in particular, the area of beneficial ownership and Schedule 13D reporting.
Details
Ouch! FCA: Financial Conduct Authority delivers another blow to Authorised Fund Managers with Assessment of Value review Last week the FCA published the results of their review on ‘host’ Authorised Fund Management firms’ which concluded with the FCA wanting to see “significant improvements” with many currently failing to meet the FCA standards. This week, the…
Details
FCA: Financial Conduct Authority Review of Host AFMs On 30th June, the Financial Conduct Authority (FCA) published a review of Host Authorised Fund Management Firms. The review, which was carried out between Q4 2019 to Q4 2020, involved the FCA examining: How well host AFMs understand their responsibilities for the funds they operate Whether these…
Details
The past month brought several important regulatory developments, particularly on regulatory supervisory feedback, with the FCA unimpressed with UK AFMs governance and operations processes, Belgium’s FSMA expecting vast improvements to PRIIPs KIDs and New Zealand’s FMA less than impressed with MIS Managers liquidity risk management.
Details
17 Liquidity Risk Management Recommendations from The New Zealand Financial Market Authority (FMA) Liquidity risk in managed funds has been a prominent and increasing concern of regulators globally, particularly in the past two years, in the wake of some high-profile liquidity events. The New Zealand Financial Market Authority (FMA), following a familiar trend we’ve seen…
Details