A survey conducted on preparation for the FCA’s Senior Managers and Certification Regime, (SM&CR) has revealed that most firms have significant work to do, as they prepare for its extension to all authorised firms on 9 December.
Legal & Regulation
Estera, a provider of corporate, funds and trust services, has launched an interactive economic substance client portal and guide to help clients establish how their entities are impacted by the new economic substance regulations.
Research by global financial services regulatory consultancy Bovill finds that despite the FCA pursuing 19 investigations under the Senior Managers and Certification Regime (SMCR), to date there has been only one successful enforcement action.
Following participation in the FCA’s Sandbox initiative in 2018/2019, SquareBook has received regulatory authorisation under Article 25 (2) of the Regulated Activities Order to ‘make arrangements with a view to transactions in investments’.
It seems that the jury is still out regarding the recent proposals by the Investment Association for a long-term asset fund structure. The IA is proposing a new open-ended fund structure that would have the ability to invest in less liquid or illiquid assets, such as property and infrastructure projects.
With operational resilience a key area of focus of the UK’s Financial Conduct Authority (FCA) business plan for 2019/2020, Paul Roberts, CEO, Milestone Group, explains that there will be a significant impact on compliance teams at investment trusts, OEICs, specialist funds and ETF funds, and particularly for those individuals responsible for the NAV process.
Amendments providing greater certainty and clarity to Cayman trusts law reaffirm the Cayman Islands' position as a market leading jurisdiction for the establishment and administration of sophisticated trust arrangements.
In response to the European Commission’s updated Shareholder Rights Directive, Broadridge Financial Solutions is launching an extended solution to support both institutional- and retail-focused intermediaries for global proxy voting.
Compliance firm Robert Quinn Consulting and family office Capricorn Capital Group have joined forces to create a discretionary management regulatory hosting platform, Capricorn Regulatory Hosting, with offices in London, New York, and through Capricorn, Johannesburg and Hong Kong.
PIMFA, a trade association for investment managers and financial advisers, is now offering free webinars and podcasts to members and non-members covering key topics and themes affecting the industry and firms.