Fortnightly bulletin 21st february 2018

21st February 2018

Dear Members PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA*. *APFA and WMA merged to become PIMFA (the Personal Investment Management & Financial Advice Association) on 1st June.

WHAT IS PIMFA WORKING ON? PIMFA & GDPR In line with GDPR requirements PIMFA members will be required to opt in to our communications before 25th May if they wish to continue receiving communications from us. You can do this by ticking the opt in GDPR box found in your website preference centre (you need to be logged in to do this) or by clicking the preference centre link at the bottom of any of our emails.

Please note: To ensure your details are protected PIMFA website password protection requires an 8 digit password using a mix of capitalisation, numbers and punctuation. If you don’t have a profile set up with us or your log in details please contact us. After your first login using a password sent from us, you can then create your own password by clicking here.

Joint FCA/ICO statement on GDPR The EU General Data Protection Regulation (GDPR) will apply in the UK from 25 May 2018. It is an essential step forward in enhancing the privacy and security of personal data. The GDPR will be regulated and enforced in the UK by the Information Commissioner’s Office (ICO). However, there are a number of requirements that are common to the GDPR and the financial regulatory regime detailed in the FCA Handbook. Therefore, while the ICO will regulate the GDPR, complying with the GDPR requirements is also something the FCA will consider under their rules.

The FCA and ICO are working closely together in preparation for the GDPR, and there are still ongoing discussions to ensure specific details of the GDPR can be implemented consistently within the wider regulatory landscape.

Read the full statement here.

HR Forum discussion - The Impact of GDPR an the HR Function Our next HR Forum meeting will be on 5th March at 2.30 – 4.30 pm and will specifically look at the impact of GDPR on the HR function.

There will be a presentation by Chris Holme from Clyde and Co followed by an open discussion.

We would encourage HR professionals to join the HR Forum. If you are interested in attending this meeting or if you would like to know how to join the HR Forum please email HeidiB@pimfa.co.uk

Review of the Prudential Regime for Investment Firms The Council has begun its review of the Commission’s proposed prudential framework for investment firms, seeking proportionate and relevant risk-sensitive rules designed for this category and an easing of their reporting requirements. With European elections and Brexit on the horizon in 2019, the UK will be hoping for a fast passage of the legislation to ensure that it can help shape the final proposals.

The first Council Working Group discussions were on 25 January, when Member States indicated their individual positions. The European Parliament will designate its own lead MEP for the file in the coming weeks, who will come from the centre-right EPP group. PIMFA continues to engage with key Member States on the draft legislation.

Recent PIMFA Consultation Responses View the recent PIMFA consultation responses below: •

PIMFA Response to FCA Mission Paper: Our Future Approach to Consumers

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PIMFAs response to CP17-37 Consultation Paper on Industry Codes of Conduct

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PIMFA response to the Work and Pensions Select Committee Inquiry into Collective Defined Contribution

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EU Article 29 Working Party – Consent & Transparency

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PLSA – Hitting the Target

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European Banking Authority – Discussion Paper on Fintech

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CP 17-25 Extending the Senior Managers & Certification Regime

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CP17-23 Insurance Distribution Directive Implementation Part II

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CP17 – 29 Client money & Unbreakable Deposit

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GC17-21 Proposal to Create New Listing Category for Sovereign Controlled

Companies

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European Union Withdrawal Bill – Call for Evidence

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Aspects of MiFID II Suitability Requirements

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01.10.17 PIMFA response to EEA Workers in the UK Labour Market

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Brexit – Deal or No Deal Inquiry

Read all the PIMFA Consultation Responses here.

If members would like to give their feedback or input to any consultation papers please email us at enquiries@pimfa.co.uk.

Transaction Reporting under MiFID II As reported in a previous edition of Bulletin, we have asked the FCA to give us early warning of any common problems, misunderstandings or mistakes they encounter in the first months of Transaction Reporting under MiFID II and they have asked us to reciprocate.

A number of firms have provided useful feedback already, but we’re keen to gather more. If you encounter any issues with the new Transaction Reporting regime, would you please pass the details to Kevin Sloane, who is coordinating our feedback to the FCA.”

MiFID II help Following the MIFID II deadline members are reminded that they can access a wealth of information on the MIFID II section of the PIMFA website which includes: •

MiFID II Project 'Bible'

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PIMFA MiFID II for Financial Advisers Guide

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MiFID II / MiFIR Source Material

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Transaction Reporting

*Please note all of this material is for PIMFA members only and therefore password protected.

If you don't have your login details please email us at enquiries@pimfa.co.uk and we will set you up.

Euroclear Ireland – delivering continuity of Irish securities settlement post-Brexit Euroclear has recently published a white paper which sets out its proposal for a new central securities depository for Ireland, to be operational in March 2019.

The white paper can be found here:

Insurance Distribution Directive - Delay of Implementation and Application Dates The IDD was intended to come into force on the 23rd February 2018. However, in order to give the insurance sector more time to comply with the new requirements, the Commission decided to extend the application date to the 1st October 2018.

On the 18th January, the European Council agreed to the European Parliament’s proposal to a 1st July implementation date and 1st October application date. A ‘simplified procedure’ will be launched to adopt the Directive delaying the IDD implementation and application dates as soon as possible.

The Commission is also proposing a Regulation to delay the application of the POG and IBIPs Regulations.

PIMFA has developed a Guide to the Insurance Distribution Directive (IDD) which sets out the changes affecting firms in the insurance supply chain, so that they can adequately prepare and have the necessary arrangements in place to comply with their new obligations.

WHAT'S COMING UP IN PIMFA? PIMFA Women in Wealth Networking Reception When: 8th March 2018, 18:30 - 21:00 Where: RBS, 11th Floor, 280 Bishopsgate, London EC2M 4RB Tickets: Free for PIMFA members The Women in Wealth event series has been designed to provide a platform for candid discussion amongst professionals within the world of wealth.

This event will provide access to the UK’s top professionals in the

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investment management and financial advice industry, to meet people who can contribute to your success and be inspired and motivated to drive your career forward.

For this first event in this series for 2018, we will hear from Sarah Soar, Head of Investment Management at JM Finn about her career and lesson learned.

Associate Members Briefing and Reception When: 12th March 2018, 17.30 - 19.30 Where: TBC Tickets: Free (Members) Exclusively designed for PIMFA Associate Members, this event will provide an opportunity to learn about the issues currently impacting on the UK Wealth Management and Financial Advice community.

Book Now We will explore topics such as regulation, operations, taxation etc. and provide an opportunity to discuss with PIMFA staff specific issues important to the membership

General Data Protection Regulation Conference When: 22nd March 2018, 09.00 - 17.00 Where: TBC Tickets: ÂŁ249 + VAT (Members) ÂŁ499 + VAT (Non-Members) With the implementation of the new GDPR regulations fast approaches, the PIMFA is hosting a full-day conference to assist firms to meet their data protection obligations by May 2018.

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The PIMFA GDPR Conference will focus on the impacts GDPR will have on business critical processes and provide a framework to keep your organization GDPR compliant.

WHAT'S HAPPENING IN OUR INDUSTRY? KPMG Survey on Alternative Investment Fund Manager Directive KPMG have asked PIMFA to bring to our members’ firms attention a survey they’re conducting as part of the work they are undertaking for the European Commission on the Alternative Investment Fund Managers Directive. They are mandated to provide a comprehensive study on how AIFMD has worked in practice and to what extent its objectives have been met.

We would encourage those of you to whom this is relevant to participate and a link to the survey can be found here

Brexit: Article 50 and Transition The EU27 General Affairs Council approved the EU negotiating mandate for transition on 29th January. Formal EU/UK negotiations on transition will take place in February aimed at submitting conclusions for approval at the 23rd March European Council Summit. The EU proposals envisage the UK remaining temporarily in the Single Market and Customs Union, thereby avoiding a “cliffedge scenario” but making the UK a rule taker without European Council and Parliamentary voting rights or a full seat in financial regulatory circles. There will however be consultation on a case-bycase basis on relevant EU policy issues and guidance may be expected in the near future. The UK Government’s view on transition is still awaited.

Future EU/UK Relationship The Commission has made progress with exploratory talks on the future EU-UK relationship, indicating that an ambitious free trade agreement will be the likely outcome of eventual negotiations rather than any kind of UK membership e.g. of the EEA or EFTA. This would take account of the UK Government’s red lines. Sectorspecific seminars with EU27 representatives, including a designated financial services meeting on 30th January, have been carried out and the first EU/UK exploratory talks on the future relationship are pencilled in for after the 23rd March Council Summit.

Thought Leadership Videos Raconteur, in association with PIMFA and Investec Click & Invest, are producing a series of thought leadership videos that may be of interest to members.

The first of which is titled: Who or what should make our investment decisions? ETFs vs stock-pickers – is it possible to get the best of both worlds? The video can be viewed here.

Latest Industry Events View the latest Industry Events on our website here.

If your firm has an event that you would like to post on this area please let us know here.

Morningstar Investment Conference 2018 1st & 2nd May, 2018 at Royal Lancaster London, Lancaster Terrace, London W2 2TY Registration is now open for the Morningstar Investment Conference, 1-2 May, London. PIMFA members qualify for a discount rate of just £35 +VAT for the two-day conference. The agenda will cover a wide range of investment vehicles, plus sessions from academics, industry practitioners, experts from the fund management industry and Morningstar’s very own thought-leaders.

Please note: The full price to attend is £225 +VAT, but Morningstar are offering PIMFA adviser and wealth manager members tickets for £35 +VAT. Click here to register and quote the discount code: MICUK18PIMFA To register, please click here.

Weston Hill Global Private Wealth – London March 8th, 2018 at St. Ermin's Hotel, Westminster, London SW1H 0QW The 2nd annual Global Private Wealth Forum: London will gather elite minds from the private wealth world to expand their networks and discuss today’s pressing topics, including the macroeconomic landscape, sourcing unconventional business opportunities, the growth of impact investing, managing investments through volatility, and lessons in family governance To register, please click here - for 15% discount use: PIMFA 15

Private Wealth Europe Forum April 17th, 2018 at Four Seasons Hotel George V, 31 Avenue George V, Paris 75008, France

The Private Wealth Europe Forum is the flagship meeting for our private wealth series in the EMEA region and the leading wealth management, wealth planning and international investment management meeting for private banks, HNWIs, wealth managers and family offices from Europe.

Please click here to purchase tickets.

PIMFA, 22 City Road, Finsbury Square, London ECIY 2AJ www.pimfa.co.uk (+ 44) 20 7448 7100 Preferences | Unsubscribe