Month: October 2019

FCA fines Prudential £24m for failures related to non-advised sales of annuities

The Financial Conduct Authority (FCA) has fined the Prudential Assurance Company Limited (Prudential) £23,875,000 for failures related to non-advised sales of annuities.  Between July 2008 and September 2017, Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Firms are required to explain to customers that they may get a better …

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The Financial Conduct Authority consults on changes to guidance for closed-ended investment funds

The Financial Conduct Authority (FCA) has issued a guidance consultation (GC19/4) on changes that it proposes to make to the Knowledge Base, its repository of non-handbook commentary that has the status of formal FCA guidance. The FCA proposes to amend its existing technical note on master-feeder structures (FCA/TN/409.1) and add a new technical note on …

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The EU presidency issues note on strategic AML/CFT priorities

The Council of the European Union has published a presidency issues note on the EU’s strategic priorities on anti-money laundering and countering the financing of terrorism (AML/CFT), ahead of the ECOFIN meeting on 10 October 2019. The report highlights a number of issues to be addressed, including: differentiated implementation, with wide national discretion in framing …

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The Bank of England outlines key lessons of the 2018 financial sector cyber simulation exercise

The Bank of England (BoE) has published the high-level findings of the financial sector cyber simulation exercise that took place on 9 November 2018 (SIMEX18). The exercise, commissioned by the Cross Market Operational Resilience Group jointly chaired by the BoE and UK Finance, explored the sector’s resilience to a major cyber incident impacting the UK.  …

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What is a UCITS fund?

The UCITS regime provides a set of common standards applicable across all EU Member States for the operation and cross border promotion of a form of mutual fund called an undertaking for collective investment in transferable securities (UCITS). In the UK, a UCITS fund may be organised as a collective investment scheme (CIS), an open-ended …

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Some of the key areas of MiFID II/MiFIR for asset managers to consider

Inducements and payment for research Article 24 of MiFID II prohibits investment firms providing portfolio management services, or investment advice on an independent basis, from accepting fees, commission or any monetary or non-monetary benefits from third parties in relation to the provision of services to clients. This includes research.  Research may only be received if …

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Who does MiFID II apply to?

The MiFID II framework applies not only to investment firms, regulated markets, and credit institutions providing investment services, but also to data reporting service providers (Approved Reporting Mechanisms (ARMs), Approved Publication Arrangements (APAs) and Consolidation Tape Providers (CTPs). Some provisions also apply to other types of entities including central counterparties (CCPs), benchmark providers, members and …

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ESMA updates MiFID II/MiFIR transparency and market structures Q&As

The European Securities and Markets Authority (ESMA) has updated its Q&As on transparency and market structures issues under the Market in Financial Instruments Directive (EU) 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR). Source: https://www.esma.europa.eu/press-news/esma-news/esma-updates-mifid-ii-qas-transparency-and-market-structures-issues

JMLSG guidance published updates for credit unions, asset finance and brokerage services to funds

25 September 20189, the Joint Money Laundering Steering Group (JMLSG) received Treasury ministerial approval of its sectoral guidance material on Sector 4 (Credit unions), Sector 12 (Asset finance) and Sector 20 (Brokerage services to funds). The sectoral guidance makes up Part II of the JMLSG guidance for the UK financial sector, ‘Prevention of money laundering/combating terrorist …

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