Take 10 minutes to read all of the latest news in our industry PIMFA Weekly News Bulletin View in browser PRESS RELEASES ABOUT PIMFA D&I AWARDS WEALTHTECH PIMFA WEEKLY NEWS BULLETIN | 22 AUGUST 2022 MSCI PIMFA Index Series’ – New asset allocations effective 1 September 2022 The PIMFA Indices Committee have agreed changes to the portfolio weights of the MSCI PIMFA Index Series’. The changes will apply from Thursday 1 September 2022 and details will be listed on the PIMFA website Tuesday 30 August 2022 and changes to the current asset allocation tables updated on the morning of 1 September 2022. To view the current asset allocation for the MSCI PIMFA Private Investor Index Series, click here To view the current asset allocation for the MSCI PIMFA Equity Risk Index Series, click here IFPR and eligibility for enhanced SM&CR status as a Significant SYSC firm
The FCA plan to consult shortly to make changes necessary to clarify that only firms that would have been both Significant IFPRU firms and IFPRU investment firms under the pre IFPR arrangements fall within the new definition of ’Significant SYSC firm’ for the purposes of the Enhanced Scope SM&CR regime. In the meantime, firms that have unintentionally come under the Enhanced Scope SM&CR Regime under the new version of Significant SYSC, need take no action.
You may have seen the list of transaction reporting issues raised by members of the TRWG, which we sent to the FCA's Markets Reporting Team last month. The FCA have reviewed this and have offered to attend the next meeting to provide clarification of existing guidance and Thisexpectations.willbeahybrid meeting; if you would like to join the meeting in person or via a video link, or if you would like a copy of the list of transaction reporting issues we have
confirmed) will include the following topics for discussion: • Introduction to Capability Assessment Framework (CAF) • Identity and Access Control • Follow up to City of London Police briefing • FCA DP22/3 Operational resilience 'critical' third parties to the UK financial sector • 'What's in your in tray'? PIMFA Transaction Reporting Working Group meeting
the Cyber Security Working Group
On 16 August, the FCA issued a statement indicating that, following the introduction of IFPR in January 2022, they renamed and moved the definition of ‘Significant IFPRU firm’ used as one of the criteria for identifying Enhanced Firms under the Senior Managers & Certification Regime (SM&CR). This was to retain the definition in the rules following deletion of the IFPRU sourcebook. A number of stakeholders have since highlighted that this new definition of ‘Significant SYSC firm’ could result in more firms being brought into Enhanced scope than under the previous definition as it had been understood and applied.
The next meeting of the Transaction Reporting Working Group (TRWG) will take place on Monday 12 September at 14:00 (venue to be confirmed).
The next meeting of takes place on Monday 5 September starting at 10:00. this be
Monday 5 September 10:00
PIMFA MEMBERS ONLY - PIMFA Cyber Security Working Group
The agenda for
hybrid meeting (venue to
Monday 12 September | 14:00 - 16:00
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If you would like to attend the meeting, either in person or via the video conference link, would you please email Heidi Bryant raised with the FCA, would you please email Heidi Bryant to confirm your attendance. If you could help us by hosting this meeting at your offices, would you please let Heidi know. Operations Forum Next Forum: Thursday 25th August | 15:00 16:00 This monthly virtual forum provides updates on operational hot topics from the PIMFA team, Euroclear and other Associates. The agenda includes: • Euroclear UK & International updates Charlie Pugh, Programme Office Manager, Euroclear • Regulatory Reporting Quality Control Abel Murray, Managing Director and Roopal Joshi, Account Manager, Control Now • PIMFA Regulatory update Alex Roberts, Head of Regulatory Policy and Compliance, PIMFA • FCA CP 22/12 Secondary Markets Effectiveness Review Kevin Sloane, PIMFA • UK Secondary Capital Raising Review (Austin Review) Kevin Sloane, PIMFA • FCA DP22/3 Operational Resilience ‘critical’ third parties to the UK financial sector Kevin Sloane, PIMFA The PIMFA Forums are open to representatives from all PIMFA Members and Associate firms. If you or any of your colleagues would like to attend next week's Operations Forum, please email Heidi Bryant. PIMFA Trading Group PIMFA is planning a response to FCA's Consultation Paper 22/12: 'Improving equity secondary markets' and would value input from members.
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please email Heidi Bryant Latest PIMFA Press Releases: PIMFA welcomes extension of the Consumer Duty implementation PIMFAtimelineannounces shortlist for second Diversity & Inclusion PIMFAAwardsupdates Future of Supervision paper and calls for more improvements from the Financial Conduct Authority Press Coverage Professional Pensions: Changes to unsuitable DB transfer redress CityAM:planned Consumer Duty set to deliver ‘biggest regulatory overhaul in a decade’ for financial services MoneyAge: FCA confirms final guidance on Consumer Duty rules Press Coverage Insurance Post: A ‘thorough review’ of approach towards retail customers needed as FCA unveils new Consumer Duty rules FT Adviser: Industry welcomes consumer duty extension despite 'tight TomMoneytimelines'Marketing:Selby:FCAtakes a step in the right direction with Consumer Duty now it’s time to finally address the advice gap
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The FCA is consulting on proposals to improve how UK based equity markets operate. These would change aspects of trade reporting, waivers from pre trade transparency and the tick size regime whilst aiming to maximise execution quality for investors and improve the content and efficient consolidation of post trade reports. also propose to remove or amend some provisions that impose material operational and compliance costs on firms but have not delivered material benefits to end users or to market functioning. arranging a hybrid review meeting for Thursday 25 August 10:00 12:00, venue to be confirmed, to consider questions raised by the FCA in the Consultation Paper and gather member feedback for response. Partners have kindly offered to host the meeting at their offices at 45 Gresham Street EC2V 7BG and there will be a video conference link for those wishing to join remotely. your colleagues would like to attend the review meeting, either in person or via video conference,
THE PIMFA ESG ACADEMY FOR WEALTH MANAGERS Get the ESG knowledge and confidence you need to take advantage of the rising demand for sustainable investment products, and keep pace with the rapidly changing ESG landscape. Click here to find out more EVENTS & LEARNING PIMFA Compliance Conference 28 September | 08:30 16:30 Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice Bringingworld. together a high level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking. For more information and to register, please click here. Virtual Roundtable: Overcoming Misconceptions And Finding Value In Property Investing Free event for members only 21 September 2022 | 09:00 10:30
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This PIMFA Breakfast Roundtable event in partnership with TIME Investments will be discussing five of the common misconceptions of investing in property and explains why commercial real estate investment is a valuable addition to a portfolio for today’s long term investors. more information and to register,
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PIMFA WEEKLY NEWS BULLETIN | 22 AUGUST 2022 PRESS RELEASES ABOUT PIMFA D&I AWARDS WEALTHTECH Contact us | Visit website | Terms & Conditions Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400) Unsubscribe | View in browser
