Published on March 4, 2014
2014 UK REGULATORY AGENDA FOR INVESTMENT MANAGERS
2014 UK Regulatory agenda o What did they say the FCA say a year ago? o What has it been like: o Supervisory themes o Enforcement action o FCA forward agenda and supervisory approach o Impact on alternatives?
What did the FCA say a year ago? o “Make markets work” o “A fair deal” o “Meeting fair and reasonable (consumer) expectations” o Business model - new threshold condition o The end of caveat emptor o More assertive and interventionist o Act to protect a wider range of client relationships
What has it been like? Supervisory themes o TR13/10 - Outsourcing in the asset management industry o TR14/1 – Transition Management Review o Regulation round up: o UCIS financial promotion rules o Enforcement trends
FCA forward agenda and supervisory approach o Shaping the future in asset management: (Martin Wheatley, 30 October 2013) o Fair, transparent and competitive: the FCA’s vision for the asset management sector (Clive Adamson, 30 October 2013) o Looking ahead to 2014 (Martin Wheatley 9 December 2013) o CP13/17 – The Use of Dealing Commissions o Market Watch 45 o Best Execution: A reminder of the basics
Implications for Alternative Managers? o o o o o Corporate access and use of dealing commission Execution and transaction cost analysis Charging costs to the funds Fund raising and disclosures Investment strategy and consistency with marketing communications o Quality of periodic reporting o Independence of risk management o Valuation
Conclusion o o o o A year of cultural transition Trusted Agents Business model and culture Regulatory fundamentals o The rules are there to protect investors o Is the best interest of your investors at the heart of what you do?
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