Fortnightly bulletin 15th august 2017

15th August 2017

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

WHAT IS PIMFA WORKING ON? New MiFID II documents PIMFA published new MiFID II documents – Best Execution MiFID II bible and Algorithmic Trading software description table. Both available on PIMFA's website under Policy Support/UK Regulation/MiFID MiFIR.

Member Visits following APFA & WMA Merger As members know, APFA and WMA recently merged to create the Personal Investment Management & Financial Advice Association (PIMFA) - read the read the full press release here.

We are keen to arrange meetings with legacy members across the country to address any doubts regarding what PIMFA is, what it does and who it represents.

We are particularly interested in talking to members about the key issues and challenges they face during the coming year, so that it informs our future strategy.

Several members have already held meetings with PIMFA's Richard Adler and Jonathan Read and have told us they found it a useful dialogue regarding the future and how they will be looked after.

If you wish to request a meeting, please email membership@pimfa.co.uk.

WHAT'S COMING UP IN PIMFA?

PIMFA Review of FATCA/CRS Self-certification forms On 17th August 2017, PIMFA and a number of member firms will be reviewing the existing PIMFA FATCA/CRS self-certification forms to see if any amendments should be made in the light of the first year of CRS reporting. Any agreed changes will be communicated to the wider membership through the PIMFA Bulletin and/or PIMFA Update.

FinTech Conference 2017 When: 6th September 2017, 09:00 - 18:00 Where: London Stock Exchange, 10 Paternoster Square London, EC4M 7LS CPD hrs: 5 Tickets: ÂŁ225 +VAT (Members), ÂŁ450 +VAT (Non Members) Following on from the enormous success of our inaugural Conference last year, we are delighted to announce our 2017 Fintech Conference.

Book Now

The one-day event, held in conjunction with the London Stock Exchange (LSE), will provide attendees with a platform to discuss the advantages and potential risks of bringing technology and the Wealth Management industry closer together.

View the agenda here.

PIMFA Women in Wealth Forum When: 4th October 2017, 09:00 to 13:00 Where: RBS, 250 Bishopsgate, London EC2M 4AA CPD hrs: 3.5 Tickets: Free for PIMFA Members Our final PIMFA ‘Women in Wealth’ event for 2017 brings together colleagues from across the industry for peer-to-peer debate, networking and inspiration.

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Speakers will include top female professionals from our industry and its key stakeholders to share insights and experience, as well as a practical element of takeaways suitable for men and women on personal brand.

PIMFA Annual Summit When: 8th November 2017, 09:00 - 20:00 Where: The Grange Hotel Tower Bridge, 45 Prescot Street, London E1 8GP CPD hrs: 6 Tickets: £349 +VAT (Members), £699 +VAT (Non Members) Keynote speaker announced: Lord Michael Dobbs

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Lord Michael Dobbs is best known as the best-selling author of House of Cards which has been successfully adapted for TV in both the UK and US; the latter still running on Netflix, featuring Kevin Spacey.

To find out more or book now to reserve your place.

WHAT'S HAPPENING IN OUR INDUSTRY? Corporate Offence of failure to prevent the facilitation of tax evasion On 14th August 2017 PIMFA and a number of other trade associations are met to finalise some industry guidance on the new corporate offence of failure to prevent the facilitation of tax evasion, which takes effect from 30th September 2017 as part of the Criminal Finance Act 2017. Further information on this will be available shortly.

ESMA Revised Transaction Reporting Guidelines published On 8th August 2017 ESMA published updated Guidelines in respect of Transaction Reporting and Clock Synchronisation. The revised version corrects some unintended factual mistakes, typos and inconsistencies and the revised version as well as a version with tracked changes can be viewed at: www.esma.europa.eu.

FCA LEI Webpage Updated On 2nd August 2017, the FCA updated its webpage in respect of Legal Entity Identifiers (LEIs) to make clear that the requirement to renew the LEI on an annual basis applies to firms that are subject to MiFIR transaction reporting obligations. The webpage is at www.fca.org.uk. PIMFA has amended its LEI Guide to reflect FCA’s update and our Guide can be found at www.pimfa.co.uk.

ScamSmart website PIMFA would like to let you know about the ScamSmart website.

FCA have moved the existing ScamSmart hub onto the main FCA website and brought all scam related content together, improving the user experience. They have also made significant improvements to the Warning List, updated the branding and rewritten all website copy into engaging consumer friendly language.

About the ScamSmart website The ScamSmart website gives consumers tips on how to spot and protect themselves from investment fraud, and hosts the FCA Warning List. The Warning List is an online tool that warns users of the risks associated with an investment and helps them to check a list of firms the FCA knows are operating without its authorisation.

Important info for you 1. The ScamSmart url (www.fca.org.uk/scamsmart) remains the same and all existing links will redirect automatically. So, if you currently link to ScamSmart pages or use the Warning List widget on your website they will all continue to work.

2. FCA can supply all necessary content if you would like to add ScamSmart messaging and links to your website – contact FCA. They also have a range of ScamSmart resources for partners to use and share including leaflets, posters, videos, infographics and a widget. All FCA's resources can be accessed from their media library here.

Summer recess The European Parliament is currently in summer recess, which will last until 28th August. The other European institutions continue to work but in a reduced capacity. PIMFA therefore expect there to be few regulatory updates for the rest of August. In the first week back the Brexit negotiation teams will reconvene for a third round of talks with both sides hoping to achieve more progress than in their last round of meetings. The UK and EU are therefore expected to publish position papers in the coming weeks providing further clarity on their respective priorities.

Senior managers and certification regime – FCA regional forums The FCA recently updated its SMCR page with a list of regional forums which will take place in September. These events will give firms the opportunity to gain insight into the proposed policy changes and provide feedback.

Firms interested need to visit www.fca.org.uk.

Politically Exposed Persons (PEP) Guidance

In July FCA published guidance on Politically Exposed Persons (PEP) for anti-money laundering purposes. The guidance provides clarity on how firms should apply the definitions of a PEP in the MLRs in a UK context. The guidance is available on the FCA’s website.

Planned Reforms for GDPR Department for Digital, Culture, Media and Sport (DCMS) has published a Statement of Intent containing its planned reforms for GDPR, setting out the Government’s vision for the future of data protection in the UK, giving indications of what derogations the UK will exercise.

The UK Government intends to implement GDPR and also gave a positive message regarding the future of the UK’s data protection regime post-Brexit, stating that “seeking to ensure that data flows between the UK and the EU, and also appropriately between the UK and third countries and international organisations, remain uninterrupted after the UK's exit from the EU”.

Derogations included in the Statement of Intent and of particular interest to PIMFA firms include the extension of the right to process sensitive data and exemptions enabling firms to perform automated decision-making (provided suitable safeguards are in place).

You are receiving this email because your firm is a member of the Personal Investment Management & Financial Advice Association (PIMFA) , or you have individually requested to join the PIMFA mailing list.

For more information on many of the articles above visit the PIMFA website.

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

If you are unsure of your PIMFA log in details, please contact us at enquiries@pimfa.co.uk.

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

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