Fortnightly bulletin 16 june 2016

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WMA Bulletin 16th June 2016

WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA. Download the PDF version here.

What's going on in our industry?

Prospectus Regulation On 3rd June the Council of Ministers (member states) adopted its General Approach on the Prospectus Regulation. They have maintained the highly controversial â‚Ź100,000 bond denomination threshold above which the issuing company is exempt from publishing a prospectus or summary prospectus. A fuller note on this issue will be available in the next edition of WMA Update.

UK Fund Trading and Settlement Request for Information On 13th June 2016 Industry Delivery Platform Limited issued the Request For Information (RFI) in respect of the UK Fund Trading and Settlement project that was announced on 26th May 2016. This initiative is supported by a number of trade bodies including the WMA and a copy of the RFI can be obtained at www.ftsi.org.uk.

Dormant Assets Commission Investment Management Working Group The third meeting of the Dormant Assets Commission Investment Management Working Group took place on 13th June 2016 as work continues to assess the size and scale of dormant assets in the UK with a view to reporting back to the Government later this year. A fuller note on this issue will be available in the next edition of WMA Update.

Benchmarks On 27th May ESMA published a Consultation Paper on the Benchmarks Regulation, following up the Discussion Paper that the European Commission launched in February. It deals with the technical advice ESMA is required to deliver to the European Commission four months after the entry into force of the Regulation (the final text of which has not yet been published in the Official Journal). A fuller note on this issue will be available in the next edition of WMA Update.

Bank of England/FCA Settlement Discipline Regime Working Group On 7th June 2016 WMA participated in the first meeting of the Settlement Discipline Regime Working Group chaired by the Bank of England and including representatives from the FCA, market makers, other financial institutions as well as the main trading venues, LCH-Clearnet and Euroclear. The new mandatory buying-in regime under the Central Securities Depositories Regulation (CSDR) is not expected to go live until the end of 2018. Working Group meetings will take place every 6 weeks going forward.

What is WMA up to?

MiFID II and FCA MiFID II and FCA We have met with the FCA to discuss issues raised by WMA’s MIFID II working party looking at Product Governance. We envisage that further meetings will be held with the FCA as we continue to review this issue.

Discussions on Client Monies WMA have met with the FCA again to discuss diversification of client monies in current market conditions.

WMA Tax Simplification Working Group On 16th June WMA and a number of member firms met to identify areas of tax and tax reporting relating to the wealth management community that could be simplified to the benefit of both wealth managers and their clients at minimal cost to the Exchequer. We expect this to be the first of several meetings to help finalise a list which we can then use to lobby HMRC and HM Treasury and feed into the annual UK Budget process.

PRIIPs, MiFID II and Cost Disclosure On 30th May, WMA wrote to the key European Parliament rapporteurs on PRIIPs, raising concerns about ESMA's final RTS proposals for cost disclosure in the Key Information Document (KID). In particular, WMA have specific concerns that the final proposals fail to provide customers with a clear understanding of the cost of packaged retail investment products. A fuller note detailing WMA's concerns on this issue will be available in the next edition of WMA Update.

What's coming up in our industry?

FCA launches New Website The FCA has launched their new website this week. The website has an improved layout, improved user experience with quick access to key industry information.

The WMA has been actively involved in re-structuring and testing the website from the outset. Visit the new FCA website at www.the-fca.org.uk.

What's coming up in WMA? Legal Entity Identifiers (LEIs) The third meeting of the WMA-LSE LEI User Group will take place on 21st June at which the LSE will discuss with a cross-section of member firms potential options to manage the process of obtaining LEIs for Trusts, including where the Trust has an account with more than one wealth manager.

Further information will be disseminated to the wider WMA membership along with LEI Q&As in due course.

WMA Compliance Conference 2016 Thursday 30th June

The 13th annual WMA Compliance Conference is taking place on Thursday 30th June at Herbert Smith Freehills. Speakers will cover issues including MiFID II, Suitability, Regulatory ‘hot-topics’ and much more. Places are limited, so book now to secure your place.

WMA Summer Party 2016 Tuesday 28th June

The annual WMA Summer Party will take place on the panoramic rooftop terrace of the Institution of Engineering & Technology on Tuesday June 28th. With only a few places remaining, book now to secure your place.

For more information on many of the articles above visit the WMA Members Area of our website.

If you have queries you can also contact the relevant WMA Staff Member.

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