Featured: PIMFA Regulatory & Operations Forums
29 July 2024
Featured: PIMFA Regulatory & Operations Forums
29 July 2024
PIMFA Regulatory Forum
Next meeting: 31 July 2024, at 15:00 to 16:00, Online
The agenda for the next Regulatory Forum will include updates from PIMFA experts on:
• New Government and Kings Speech - Simon Harrington, Head of Public Affairs
• FCA treatment of politically exposed persons (PEPs) - David Ostojitsch, Director of Government Relations & Policy
• Implementing the Overseas Funds Regime (OFR) - Julia Sage-Bell, Senior Policy Adviser
• British Steel Pension Scheme (BSPS) - Simon Harrington, Head of Public Affairs
• Advisors Sustainability Group (ASG) - Maja Erceg, Senior Policy Adviser, EU and Government Affairs
PIMFA Forums are open to representatives from all PIMFA Members and Associate firms.
If you or your colleagues would like to attend the Regulatory Forum and are not currently on our distribution list, please email Heidi Bryant.
PIMFA Operations Forum
Next meeting: 30 July 2024, at 15:00 via Zoom
At the Operations Forum this month, we will have updates on the latest developments at Euroclear CREST and a round-up of current and future regulatory news.
We will also be joined by Clearstream, who will talk about technology and the future of funds. Followed by an update on the latest developments from the Digitalisation Taskforce.
PIMFA Forums are open to representatives from all PIMFA Members and Associate firms.
If you or your colleagues would like to attend the Operations Forum and are not currently on our distribution list, please email Heidi Bryant.
FCA Policy Statement 24/9: Payment Optionality for Investment Research
On 26th July the Financial Conduct Authority (FCA) published Policy Statement PS24/9 on Payment Optionality for Investment Research.
Key points to highlight:
• The Policy enables a new option for firms that wish to buy investment research by using bundled payments for third-party research and execution services, provided that the firm meets the new requirements in relation to the operation of this option.
• This new option will exist alongside those already available for buying investment research, i.e. payment for research from a firm’s own resources and payment from a research payment account (RPA).
This Policy follows the FCA Consultation as part of the broader Investment Research Review, which PIMFA responded to on behalf of members (our response can be found here).
• The Policy introduces flexibility to the MiFID II unbundling rules to support the FCA strategic commitment to strengthen the UK’s position in wholesale markets.
The final Policy Statement is line with expectations following the Consultation. The Policy Statement can be found here. Any member questions or feedback can be directed to David Ostojitsch
The FCA has published the terms of reference (ToR) for its Cost Benefit Analysis (CBA) panel (established under s.138IA of the Financial Services and Markets Act 2000 (FSMA 2000).
The ToR sets out:
• the panel's duties and scope, including the preparation of an annual report on its work;
• the functioning of the panel;
• the requirements and process for appointing panel members; and
• the duties of the FCA and PSR to enable the panel's work.
On 17th July the FCA published the final rules regarding the Overseas Fund Regime (OFR), effective from 31st July. This is a new gateway allowing collective investment schemes from equivalent jurisdictions to be marketed in the UK.
Key points to highlight:
• The FCA have streamlined the current recognition process and will request information to help spot outliers and funds with unusual features.
• UK consumers must be informed about whether an OFR fund is covered by the FOS and FSCS. Information can be included in a UK supplement to the fund’s prospectus.
• Although SDR does not apply at present, the FCA expects fund names to be appropriate, clear, fair and not misleading.
The full policy statement can be found here Please contact Julia Sage Bell if you have any comments or queries.
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19 September 2024
Live Event | 10:00 - 17:00
£250 - £600
PIMFA COMPLIANCE CONFERENCE
This long-standing event is a must for compliance professionals in the wealth management and financial advice world – join
08 October 2024
Live Online Learning | 10:00 - 12:30
£2500 - £3000
PIMFA TRANSACTION REPORTING ACADEMY
Accurate and complete MiFIR transaction reporting is a legal obligation. Yet many financial
us to hear from leading industry experts on the key issues impacting you, your firm and your clients.
There will also be ample opportunity for lively and practical discussions questions and networking.
Here's a sneak peek of the themes we will spotlight this year:
• ESG Measures
• DE&I Regulation
• Prudential Updates
• CASS
• Consumer Duty
• Vulnerability
• AI Progression
• Crypto & Digital Assets
• Operational Resilience & Critical Third Parties
firms, even those with significant resources dedicated to this complex requirement, are falling short of regulatory expectations. Quality assurance testing by regulatory specialists Kaizen Reporting has found that only 13% of MiFID II transactions are reported accurately. The consequences of incorrect reporting are serious, and include regulatory scrutiny and sanctions, as well as the significant cost and resource involved in remediating incorrect reports.
The PIMFA Transaction Reporting Academy is an innovative, practical and results-focused learning experience that augments your core reporting skills while deepening your knowledge in key areas of the MiFIR transaction reporting requirements.
Find out more and view the schedule here.