On January 25, 2017 the UK Financial Conduct Authority (FCA) released an amendment to the Financial Services and Markets Act 2000 which confirms the FCA’s plans to increase the scope of Annex IV reporting rules under the EU Alternative Investment Fund Managers Directive (AIFMD).
As asset management firms’ businesses grow in size and complexity, how do they continue to meet the FCA’s expectations around governance? What constitutes good governance in the FCA’s view? What actions has the FCA taken recently in relation to senior management arrangements, systems and controls? And how are firms preparing for (or have prepared for) the implementation of the Senior Managers & Certification Regime (SM&CR)?
The FCA has finalized guidance to clarify requirements on firms when outsourcing to the cloud and other third party IT providers, the aim is for firms to identify and manage operational risks associated with use of third parties. This newly issued guidance is in addition to general outsourcing requirements already detailed in SYSC 8 within the FCA Handbook.
We recommend that firms read the guidance paper in detail, key points include the following:
Insider trading has always been a top enforcement initiative for both the SEC and DOJ. In addition to these two regulatory and enforcement agencies, 2015 also saw the CFTC’s first ever insider trading case being made against a commodities trader.
Join HFM and ACA Compliance for a discussion detailing the fast approaching MAR reforms.
ACA Compliance will outline the practical steps that firms are and should be taking ahead of the go-live date of 3rd July 2016.
On Monday May 2, HFMWeek reported that Rob Taylor, the UK FCA’s Head of Investment Management, accused the hedge fund sector of being “short-sighted” with regards to cybersecurity risks. The industry has been waiting expectantly to see whether the FCA will release guidance similar to that issued by other financial regulators. Taylor's comments suggest that official guidance may be imminent.
On Thursday, February 4, 2016, James Andrews and Martin Lovick, both Principal Consultants with ACA Compliance (Europe) Limited, hosted a webcast entitled “MiFID II: Paying for research and other recent developments".
During the presentation, James and Martin discussed and answered questions on the details of the MiFID II reforms currently being worked through by the European Commission, ESMA and the FCA, and the practical consequences that firms need to start addressing now. Topics included:
ACA Compliance (Europe) has issued a series of papers and webcasts to help our clients understand the significant reform of the European regulatory landscape and work out the direct and indirect implications for their own businesses. Below are links to our new white paper and registration information for our upcoming webcast.