Fortnightly bulletin 8th february 2017

WMA Bulletin 8th February 2017 Dear WMA member WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA.

What's going on in our industry?

Capital Markets Union – Mid-term review On 20th January 2017 the European Commission published a public consultation on the Capital Markets Union Mid-term Review, which closes on 17th March 2017. The broad consultation together with a public hearing on 11th April 2017 will inform the Commission’s official Mid-term Review scheduled to be published on 7th June 2017. The Commission is seeking to gather stakeholder views with very broad questions, allowing any stakeholder to suggest areas where the legislative and non-legislative initiatives already published can be improved and areas where new initiatives should be launched.

Compeer Conference: Optimising Compliance in Uncertain Times WMA's Director of Regulation, Ian Cornwall will be presenting at the above event on 9th February 2017 and giving an update on key compliance issues affecting WMA members

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Japan Securities Summit The Japan Securities Dealers Association (JSDA) and the International Capital Market Association (ICMA) will co-host the Japan Securities Summit on 8th March at the Mansion House in London.

The summit, featuring contributions from a high-level delegation from the Japanese market, government and central bank, will help European investors and financial market professionals to understand challenges and the potential of Japanese economy and securities market.

Staff from WMA member firms are welcome to attend at no cost. Book your place here.

What is WMA up to?

Post Trade Transparency Working Party We are putting together a working group looking at issues concerning post-trade transparency in OTC transactions. If you are interested in joining the group please email Giulia Lupato.

WMA Operations Committee The WMA Operations Committee took place on 2nd February 2017 and focused on transaction reporting. There was also a discussion with AutoRek, a new associate member, on regulatory reporting and financial control issues.

Common Reporting Standard and new QI Agreement On 1st February 2017 WMA hosted a roundtable at which HMRC provided an update on the Common Reporting Standard with a particular focus on trusts and Deloitte and KPMG summarised the key changes in the new QI Agreement that was published on 30th December 2016. Further presentations take place in Glasgow, Edinburgh, Liverpool, and Manchester in the coming days - see details below to book your place.

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Role of Tax Advisers and Agents in the “Avoidance Marketplace�

We have been asked by HMRC to publicise some research that they have commissioned to better understand the issues and pressures faced by agents in advising clients on a range of tax administration approaches. The research is being undertaken by Kantar Public. Further details will be included in the next edition of WMA Update.

Meetings with FCA on MiFID II & CASS We met with the FCA and a number of other Trade Associations to discuss two key issues for the industry: 1. Costs and charges under MiFID II . The outcome from the meeting will be fed into the working being undertaken on the topic.

2. CASS and unbreakable term deposits. Further work is being undertaken on this topic over the next month or so.

What's coming up in our industry?

Markets Group The Private Wealth UK Forum If you would like an Markets Group is running a meeting in London on March

invitation to the Forum,

21st that will bring together more than 100 allocators of high-

please email Karishna

net-worth capital from the UK, including leading private

Perez or call +1 646-216-

banks, wealth managers and family offices.

8581 to discuss ways you and your firm can get

This a one-day networking and peer education platform that will provide an overview of both asset allocation and asset protection strategies for the private client intermediary and end user. The program covers asset allocation, trust and estate planning, family governance, risk management and alternative asset classes, to name a few.

Click here to request the agenda.

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involved in the program.

What's coming up in WMA?

WMA CPD Seminar Accelerating the Digital Transition to Operational Excellence On the 21st March, forum panels of Wealth Management Executives and Fintech providers will present and debate their views on engaging in digital transformation at the seminar "Accelerating the Digital Transition to Operational Excellence". This event, in conjunction with Synpulse, seeks to promote awareness of the challenges facing senior executives in the UK Wealth Management sector. For more information and to book, please click here.

Operations and Tax CPD Seminars February 2017 London, Edinburgh, Glasgow, Manchester and Liverpool The first reports under the OECD’s Common Reporting Standard (CRS) will need to be sent to HMRC by the end of May 2017. To help firms prepare and to flag the key differences between the CRS and US FATCA we are delighted that Elinor Crockford, Policy Advisor in the Exchange of Information team at HMRC, has agreed to speak at a number of WMA seminars across the UK. As well as a short introduction Elinor will join a panel which will include one or two advisory firms to give WMA members an opportunity to ask questions on CRS-related issues.

The US tax authorities are also shortly to finalise the new Qualified Intermediary (QI) Agreement so the second half of the seminars will provide a summary of the key impacts of the new QI Agreement on wealth managers.

Book your seat today

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Women in Wealth Series Thursday 9th March The WMA ‘Women in Wealth’ series of events will gather women from across the industry for peer-to-peer networking and inspiration.

The events are designed to provide a platform for candid discussion and access to the UK's top wealth management professionals. Keynote speaker for this event is Helen Watson, CEO of Rothschild Private Bank.

Book your place here

WMA Investment Conference Thursday 27th April The conference will provide delegates with the opportunity to hear form some of the industry’s top economists, as well as presentations covering range of topics. Furthermore, it will tackle subjects of direct interest and relevance to our member firms’ front office professionals.

Last year’s event was attended by delegates ranging from CEOs to CIOs, portfolio managers to investment strategists, client facing relationship managers to graduate trainees.

This event will be chaired by the FT's wealth correspondent Hugh Greenhalgh.

Speakers will include: 

James Ashley (Goldman Sachs) speaking on themes emerging from WMA's recent Economics Roundtable



Ian Cornwall (WMA) on the effects of new regulatory policy on the front office



MSCI on Indices and Benchmarking



John Barrass (WMA) on the political landscape - impacts and predictions

Register here

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.

If you have forgotten, or do not have your WMA log

Website: www.thewma.co.uk

in details, please contact us

Tel. (+ 44) 20 7448 7100

at enquiries@thewma.co.uk.

You are receiving this email because your firm is a member of the Wealth Management Association (WMA), or you have individually requested to join the WMA mailing list.

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