Fri, Aug 12, 2016

Regulatory Focus-July 2016

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In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the Financial Conduct Authority’s (FCA) latest news and publications in July.

In preparation for MiFID II, the FCA has published its second consultation paper which primarily sets out the proposed changes to the handbook. Given that many regulated firms will be affected by both MiFID II and the outcomes from this consultation paper, the FCA is seeking the industry’s views on the proposals by 28 October 2016. This feedback can be submitted using the online response form or by writing to the FCA directly. The FCA aims to publish the rules in a Policy Statement in the first half of 2017 after considering feedback received.

Also explored in this edition are two recent enforcement actions, as well as guidance on fund suspensions following asset managers receiving high levels of redemption requests from investors as a result of the EU referendum. The FCA has also finalized its guidance for firms outsourcing to cloud platforms and other third-party IT services.

ESMA’s recent advice on Third Country AIFMD Passports and implications are also explored.

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