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PIMFA WEEKLY NEWS BULLETIN | 17 July 2020 Welcome to your Weekly PIMFA Bulletin Grab a coffee and take 10 minutes to read this week's highlights and key issues affecting you and your firm
WE ARE IN THIS TOGETHER Dear Nigel,
We hope you and your loved ones are safe and well during this difficult time. Due to the virus, PIMFA is continuing to work remotely, and we remain committed to representing our members and providing as much useful information as possible.
In addition to the latest industry news, Bulletin contains information on the impact of the virus and other key issues PIMFA are working on for our members. If there is anything we
can help you with, please contact us at enquiries@pimfa.co.uk.
Best wishes The Team at PIMFA
COVID-19 & What's happening in PIMFA
Brexit: Negotiations
Brexit: Equivalence
The Brexit talks continued in Brussels this
This week the UK has submitted to the
week with an informal round between the
European Commission answers to all 28
UK and EU negotiating teams. The two
questionnaires which were initially due on
sides are engaging in the “discussion”
1 July. The EU will now analyse the
phase of the talks in order to tackle some
paperwork in order to assess if it can grant
of the trickiest issues – level playing field,
the UK 'equivalence' status and give the
state aid, fisheries, governance and the
UK financial services industry access to
role of the European Court of Justice in
EU markets. Such decisions on Single
dispute resolution.
Market access are granted to third countries by the EU unilaterally. The
The next formal round, the fifth so far, is
European Commission said that it would
due next week.
now “assess the answers and have further discussions” before it makes a decision.
PIMFA seeks views on FSCS and PII
Brussels also confirmed that the UK clearing houses can continue to be used by EU financial services on a “time limited basis”. Number 10 also confirmed that the
We recently sent out a survey to firms to
UK has completed similar technical
help PIMFA build its evidence base in
assessments of EU regulation before it
support of its representations to
makes a decision on allowing the EU
government and the regulator on issues of
financial services to operate in the UK.
the FSCS levy and PII. The survey can be accessed here and should take no more than 10 minutes to complete.
Should you wish to feed in any thoughts
Brexit: European Securities and Markets Authority (ESMA)
on either of these issues directly, please
ESMA, the EU’s securities markets
contact Simon Harrington.
regulator, urges financial market participants to finalise preparations and
PIMFA Website: COVID-19 Information
implement suitable contingency plans in advance of the end of the UK’s transition period on 31 December 2020. ESMA also confirms that previously agreed
Visit our members only COVID-19 web
Memoranda of Understandings (MoUs) on
area for the latest information on the
cooperation and information exchange
virus, to access webinar recordings,
concluded with the FCA remain valid and
download briefing notes, and view the
will come into effect at the end of the
latest global response tracker.
transition period.
Click here if you have forgotten your password or to create a user account.
PIMFA Podcasts
The public COVID-19 page can be
Don't forget to access the latest freely
accessed here.
available PIMFA podcasts on topics such as Wellbeing, Cyber Resilience & SM&CR etc, all in our online learning library.
The Guild of Investment Managers
Founded in 2015, the Guild of Investment Managers combines the benefits of a modern, diverse and dynamic professional association with the traditions of London’s ancient livery, providing the means for investment management professionals to engage more deeply with each other, increase wider understanding of the industry and contribute positively to society through associated charity.
It is run by working and retired members of the investment management community, who each volunteer their time to help build an organisation which makes a long-lasting contribution to the personal and professional development of current and future members of the profession.
The Guild is continuing to grow and evolve as an organisation and would like to extend the invitation to members of PIMFA to apply for membership.
More information and application details are available here.
Data protection – European Court of Justice (ECJ)’s ruling on Privacy Shield
The European Court of Justice struck down a data protection agreement between the EU and US, known as Privacy Shield, which underpins transatlantic digital trade. In a statement issued on 16 July, judges at the European Court of Justice (ECJ) in Luxembourg said that the Privacy Shield agreement did not limit access to data by US authorities “in a way that satisfies requirements that are essentially equivalent to those required under EU law”. In the same ruling, the European Court of Justice upheld the legality of instruments used to export data out of the EU (Standard Contractual Clauses) but it required EU privacy watchdogs to suspend data transfers to any country where EU standards cannot be met.
The UK and EU want to conclude a data adequacy agreement as soon as possible so that companies can transfer personal data after the Brexit transition. The ECJ’s ruling raises the bar for the future data transfer deals and could have consequences for the UK – EU deal.
LATEST PIMFA BLOGS & PRESS RELEASES
•
PIMFA welcomes appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority
•
PIMFA welcomes proposed permanent FCA marketing ban for mini-bonds
•
PIMFA welcomes FCA Chairman Charles Randell’s comments regarding the FSCS Levy
•
Regulator working on how to avoid ‘lumpy bills’ for firms in future, FCA Executive Director of Supervision, Megan Butler, tells PIMFA’s Virtual Fest
•
Financial services has a chance to help consumers in the aftermath of COVID-19, Baroness Morgan tells PIMFA’s Virtual Fest
•
Blog: ESG and Covid 19
EVENTS & LEARNING
VIRTUAL FEST
The inaugural PIMFA Virtual Fest took place on 3 and 4 June 2020. If you missed it, you can still catch up with all the sessions using our on-demand service for 2 months. Simply register your place to gain access. The content is FREE to members, (paid for tickets are also available for non-members). Catch up with sessions from 30+ high profile experts such as Mark Carney, Megan Butler, John Glen and Baroness Morgan of Cotes (Nicky Morgan) on topical areas which you have identified to us as key priorities for the profession.
ALL SESSIONS ARE AVAILABLE ON-DEMAND. BOOK NOW
WEBINAR WEDNESDAY: COVID-19 AND OPERATIONAL RESILIENCE PLANS In this FREE one hour, interactive webinar with Simon Chard, a Financial Services Partner at PwC and his colleague Senior Manager Adam Stage will be exploring firms’ response to the Covid-19 pandemic and its impact on their operational resilience planning.
In particular, we will closely look at: •
What have we learned from our response to the C-19 pandemic?
•
If another pandemic struck, what could the industry do differently?
•
What should firms be doing now, as they prepare to return to their offices?
•
and more.
Please click here to book.
PIMFA are delighted to be partnering with WLTH 2020. The event takes place entirely online on 15-16 September. As a PIMFA member, we are delighted to be able to offer you a FREE ticket to the event. You can book your place here.
PIMFA IN THE PRESS
Financial Planning Today: Editor’s Column: Festival loss will leave some adrift Money Marketing: Is it time for a Guild of Financial Planners? FT Adviser: Industry welcomes Sunak's Summer Statement FT Adviser: Economists: Sunak's spending spree 'not enough' FT Adviser: How early preparation was key to advisers’ operational resilience Professional Adviser: Chris Davies; The FCA Business Plan 2020/21
LATEST PIMFA CONSULTATION RESPONSES
PIMFA’s latest consultation response is to HM Treasury regarding their consultation on expanding the Dormant Assets scheme
Read this and all of our other PIMFA consultation papers here.
WHAT'S HAPPENING IN OUR INDUSTRY
FCA and City Corporation collaborate to help innovative companies drive recovery from coronavirus
The FCA and the City of London Corporation will collaborate on the pilot of a ‘digital sandbox’ to support innovative firms tackling challenges caused by the coronavirus pandemic.
The strategic partnership will see both organisations work together to develop and launch a digital testing environment to provide innovative firms with access to high-quality data sets to allow for the testing and validation of technology solutions.
In its pilot stage, the digital sandbox will support large financial institutions and start-ups looking to play a key role in the recovery from coronavirus through supplying relevant data sets and expertise in the areas of detecting and preventing fraud and scams, supporting vulnerable customers, and improving access to finance for SMEs financially affected by the pandemic.
More information can be found here.
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