Financial Services Authority (FSA)

Size: px
Start display at page:

Download "Financial Services Authority (FSA)"

Transcription

1 FCA Approach Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS 12 December 2012 Financial Services Authority (FSA) Journey to the FCA Chapters 3 and 5, Ensuring firms continue to meet our standards and Building our understanding of the markets Dear Sirs, The Investment Management Association (IMA) welcomes the opportunity to comment on the FSA s consultation on the roll-out of the Financial Conduct Authority (FCA). The IMA represents the asset management industry operating in the UK. Our members include independent fund managers, the investment arms of retail banks, life insurers and investment banks, and the managers of occupational pension schemes. They are responsible for the management of GBP4.2 trillion of assets, which are invested on behalf of clients globally. These include authorised investment funds, institutional funds (e.g. pensions and life funds), private client accounts and a wide range of pooled investment vehicles. Key Messages We welcome the publication of the FCA road map, and its willingness to engage with industry, risk based approach, and recognition of the diversity and dynamism of operators and their products. Therefore, the classification of firms for supervision is helpful, but not at the risk of having little contact with a supervisor. We understand the emphasis on retail markets, but hope that the approach to retail issues will not have an undue influence of wholesale markets unless there are clear links and risks. 65 Kingsway London WC2B 6TD Tel:+44(0) Fax:+44(0) Investment Management Association is a company limited by guarantee registered in England and Wales. Registered number Registered office as above.

2 In seeking to influence international developments, we urge the FCA to promote the openness shown to foreign firms and investors by the UK. With regard to higher standards than an EU minimum, we hope that the FCA will explain its stance and review that as time goes on to see if the higher standards are still appropriate. The FCA states that it may take action to address domestic issues even if standards are due to be set internationally at a later date. An example of this is the Retail Distribution Review (RDR), which led to the UK setting its own conduct rules in the retail investment market despite European standards being developed subsequently. We accept that the FCA reserves this power, but ask that a test of materiality be considered. If implementing ahead of peers, especially in the EU, will make little difference, the FCA should consider the value of doing so. With regard to better policy making, we believe that the FCA should maintain the FSA s standing groups, regular fora for the exchange of views, especially as there will be fewer consultations. This will be particular important for firms that have less regular contact with a supervisor. We note the categorisation of firms for supervisory purposes and liquidation, and on what basis the firms will be supervised, either going or gone concern. The classes are sensible and easy to follow. It should be pointed out that the FSA s approach to capital requirements and professional indemnity for UCITS firms which also perform individual portfolio management, is out of step with the FSA s European peers, where such firms are subject to the UCITS initial capital and own funds requirements, rather than the Capital Requirements Directive (CRD). This puts UK firms at a considerable disadvantage, not just with capital calculations, but by subjecting them to the wider CRD provisions on Pillar 2 and Pillar 3. The FSA s proposed approach for AIFMs would continue the misalignment of UK and continental firms. When firms can passport into the UK from the rest of the European Union (EU), there appears even less reason for the FSA s stance. Will the FCA continue this position? A review of the approach would be helpful. We understand that the CRD is changing due to Basel III, but wish to highlight that the Basel accords are primarily for internationally active banks. Therefore, changes applicable to limited licence investment firms should be appropriate. 2

3 Conclusion The IMA looks forward to working with the FCA, and developing a system of supervision that is appropriate and efficient for all stakeholders. Annex 1 to our letter contains our formal response to the consultation, and further specific observations and questions arising from the proposals. Annex 2 summarises the differences between banks and investment fund managers. We hope that you will find our comments useful. Please contact me by way of (ihenry@investmentuk.org) or telephone on (00 44) (0) should you require further information. Yours faithfully, Irving Henry Prudential Specialist Investment Management Association 3

4 Annex 1 Competition We have told you how we intend to fulfil our new competition objective, but we are interested to hear what you think. We want to know your views on our approach and whether you think something else may work better. In which financial services markets do you think competition is working well in the interests of consumers and in which ones is it working poorly? What do you think the reasons are for this? Are there markets in which you face material barriers to entry or expansion? What are the barriers? Are there any undue regulatory barriers? Regular engagement with industry, and prospective entrants, would keep the FCA posted as to what these are. Barriers are often dynamic. Gathering and receiving information We want to gather and receive information about what is going on in firms and the market from as wide a range of sources as possible. We want to hear your views on how this information can be best collected and provided. How can the FCA make it easier for firms, consumers and organisations to provide information on what is going on the financial services and markets? What can the FCA do to make you more likely to provide such information to us? As per the above, regular fora, including around the country, would foster an atmosphere of openness. 4

5 Annex 2 Fundamental differences of investment managers from banks (a) All assets held and managed by an investment firm are segregated and placed with an independent depositary/trustee (e.g. as required by EU law) or custodian. In the event of the failure of an investment firm, these assets would remain segregated and held by the custodian. Consequently, the impact upon markets would be negligible as the volume of money circulating in the system would not change and the impact upon consumers would simply equate to the administrative task of transferring the investment management mandate; (b) Costs are largely fixed (relating to staff and running costs) and as no deposits are accepted, there is immaterial maturity mismatch between balance sheet assets and liabilities. Liquidity management is thus a simple exercise with known requirements. There is consequently limited potential for a run on the firm, and even if one were to occur, the impact on markets and consumers would be insignificant as the assets managed would remain segregated; (c) Many investment firms are privately owned and not therefore publicly traded; those which are publicly owned are primarily funded by equity and retained earnings and have no reliance upon either retail or wholesale depositors. In the event of any concerns arising in relation to the firm, an investor could sell his/her equity stake, but this would not generate a run on the firm in the same way as a withdrawal of deposits would for a bank. Similarly, if concerns promulgated into the funds managed by the firm, any redemptions of shares or units in a fund would equate only to a sale of transferable securities and would not therefore have an adverse impact upon markets or consumers; and (d) Operational risk is the principal risk to which an investment firm is exposed. With no dealing on own account permitted, market risk relating to trading book activities is minimal, and as credit cannot be provided, credit risk relates primarily to the counterparty risk associated with cash positions. The crystallisation of operational risk in an investment firm is unlikely to migrate to the broader financial system and should not therefore have an adverse impact upon financial stability or markets. 5

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative 10 May 2011 Registration no: 5437826103-53 European Commission Directorate General for Economic and Financial Affairs Unit R 4 B-1049 Brussels Belgium E-mail: dg-ecfin@ec.europa.eu Dear Sirs Stakeholder

More information

HMT Discussion paper on non-bank lending

HMT Discussion paper on non-bank lending 17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include

More information

Interest Representative Register ID number: 5437826103-53. 10 August 2011. By email to: Markt-g4@ec.europa.eu. Dear Sir/Madam

Interest Representative Register ID number: 5437826103-53. 10 August 2011. By email to: Markt-g4@ec.europa.eu. Dear Sir/Madam Interest Representative Register ID number: 5437826103-53 10 August 2011 By email to: Markt-g4@ec.europa.eu Dear Sir/Madam A New European Regime for Venture Capital IMA represents the UK-based investment

More information

Russell Investments. Pillar 3 Disclosures 2014

Russell Investments. Pillar 3 Disclosures 2014 Russell Investments Pillar 3 Disclosures 2014 Russell Systems Limited Russell Investments Limited Russell Implementation Services Limited Russell Investments France On-Line Partnership Group Limited (collectively

More information

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans ISA Peer to Peer Consultation Pensions and Savings Team HM Treasury 1 Horse Guards Road London SW1A 2HQ By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk 12 December 2014 Dear Sirs, ISA qualifying

More information

BlackRock is pleased to have the opportunity to respond to the FCA Discussion Paper on the use of dealing commission regime.

BlackRock is pleased to have the opportunity to respond to the FCA Discussion Paper on the use of dealing commission regime. 31 October 2014 Wholesale Conduct Policy Team Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Submitted via email to: dp14-03@fca.org.uk RE: DP 14/03: Discussion on the use

More information

We welcome the publication of the above document. A summary of our key concerns is as follows:-

We welcome the publication of the above document. A summary of our key concerns is as follows:- 12 th December 2012 FAO Mr Neil Dhot Head of Public Affairs Communications and International Division Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS 22 City Road Finsbury

More information

International framework k for liquidity risk measurement, standards and monitoring

International framework k for liquidity risk measurement, standards and monitoring By email: baselcommittee@bis.org Secretariat of the Basel Committee on Banking Supervision Bank for International Standards CH-4002 Basel Switzerland 16 April 2010 Dear Sirs International framework k for

More information

Key learning points I

Key learning points I Key learning points I What do banks do? Banks provide three core banking services Deposit collection Payment arrangement Underwrite loans Banks may also offer financial services such as cash, asset, and

More information

Transact Guide to Investment Risks

Transact Guide to Investment Risks Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates

More information

Stocks & Shares to Cash ISA Transfer Application

Stocks & Shares to Cash ISA Transfer Application Stocks & Shares to Cash ISA Transfer Application for United trust Bank Title: Forenames: Surnames: Date of birth: Where did you hear about United trust Bank? Please choose one option from the list below:

More information

Developing our approach to implementing MiFID II conduct of business and organisational requirements

Developing our approach to implementing MiFID II conduct of business and organisational requirements Financial Conduct Authority Developing our approach to implementing MiFID II conduct of business and organisational requirements March 2015 Discussion Paper Consultation Paper CPXX/XX Developing our approach

More information

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment

More information

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds Frankfurt am Main, 4 October 2014 BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds BVI 1 gladly takes

More information

Preparing to become a Hedge Fund/Open-ended Fund AIFM. May 2013. March2013. Preparing to become an AIFM 1

Preparing to become a Hedge Fund/Open-ended Fund AIFM. May 2013. March2013. Preparing to become an AIFM 1 Preparing to become a Hedge Fund/Open-ended Fund AIFM May 2013 March2013 Preparing to become an AIFM 1 Complying with AIFMD We are pleased that the text of the implementing measures has been published.

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing

More information

Pillar 1: sets outs the minimum capital requirements for measuring the firm s credit, market and operational risk.

Pillar 1: sets outs the minimum capital requirements for measuring the firm s credit, market and operational risk. CAPITAL REQUIREMENTS DIRECTIVE Pillar 3 Disclosures 1. Introduction The Capital Requirements Directive ( CRD ) is the framework for implementing Basel II in the European Union. Basel II implements a risk

More information

Important information. Key Features of the Prudential International Investment Portfolio

Important information. Key Features of the Prudential International Investment Portfolio Important information Key Features of the Prudential International Investment Portfolio > Contents About this booklet 3 About the Prudential International Investment Portfolio 3 Its aim 4 Your investment

More information

Non-Complex Products. Complex Products. General risks of trading

Non-Complex Products. Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

Pillar III Disclosures Calendar Year 2008

Pillar III Disclosures Calendar Year 2008 21 Lombard Street London EC3V 9AH Tel. +44-20-7901 5000 www.ubs.com (No. 2) Ltd and Subsidiary Undertakings Table of Contents 1. Background... 3 2. Disclosures... 4 2.1 BIPRU 11.5.2 Disclosure: Scope of

More information

INVESTING WITH IPS. This brochure supports the Key Investor Information Document.

INVESTING WITH IPS. This brochure supports the Key Investor Information Document. 1 INVESTING WITH IPS LEGAL & GENERAL INVESTOR PORTFOLIO SERVICE (IPS) INVESTING WITH IPS. This brochure supports the Key Investor Information Document. 2 INVESTING WITH IPS WELCOME TO THE INVESTOR PORTFOLIO

More information

Fund Activities. Trade finance is critical for supporting global trade flows, which totalled around US$18 trillion in 2011

Fund Activities. Trade finance is critical for supporting global trade flows, which totalled around US$18 trillion in 2011 Fund Activities Trade finance is critical for supporting global trade flows, which totalled around US$18 trillion in 2011 Fund Objective The Oxhill Trade Finance Fund s objective is to achieve stated specific

More information

List of provisions for consumer protection

List of provisions for consumer protection List of provisions for consumer protection Type of provision Lending platforms Equity and/or Debt platforms Maximum amount of investment for 40.000 Euro 20.000 Euro consumers on the platform Maximum frequency

More information

The Charity Bank Savings Account

The Charity Bank Savings Account The Charity Bank Savings Account Application form for corporates Please complete in block capitals and return this form to: Charity Bank, Fosse House, 182 High Street, Tonbridge, Kent TN9 1BE FoR office

More information

Consultation Paper FCA CP15/2** PRA CP2/15. Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16

Consultation Paper FCA CP15/2** PRA CP2/15. Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16 Consultation Paper FCA CP15/2** PRA CP2/15 Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16 January 2015 FCA CP15/2 PRA CP2/15 Financial Services Compensation Scheme Management

More information

Important information. Key Features of the Prudential Savings Account Top Up Investment

Important information. Key Features of the Prudential Savings Account Top Up Investment Important information Key Features of the Prudential Savings Account Top Up Investment > Contents About this booklet 4 About the Prudential Savings Account 4 Its aim 5 Your Commitment 5 Risks 5 Questions

More information

Net Stable Funding Ratio

Net Stable Funding Ratio Net Stable Funding Ratio Aims to establish a minimum acceptable amount of stable funding based on the liquidity characteristics of an institution s assets and activities over a one year horizon. The amount

More information

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option)

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) Important information Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) > Contents About this booklet 4 About the Prudential International Investment Portfolio

More information

06/5. Bundled brokerage and soft commission arrangements for retail investment funds. Feedback on CP05/13. Financial Services Authority

06/5. Bundled brokerage and soft commission arrangements for retail investment funds. Feedback on CP05/13. Financial Services Authority Policy Statement 06/5 Financial Services Authority Bundled brokerage and soft commission arrangements for retail investment funds Feedback on CP05/13 June 2006 Contents 1 Overview 3 2 Responses received

More information

Important information about the Financial Services Compensation Scheme (FSCS)

Important information about the Financial Services Compensation Scheme (FSCS) Important information about the Financial Services Compensation Scheme (FSCS) FSCS Information Sheet Basic information about the protection of your eligible deposits Eligible deposits in Coutts & Co are

More information

Consultation Paper CP13/14. Implementing the Bank Recovery and Resolution Directive

Consultation Paper CP13/14. Implementing the Bank Recovery and Resolution Directive Consultation Paper CP13/14 Implementing the Bank Recovery and Resolution Directive July 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:

More information

Deposit Plan. Legal & General (Portfolio Management Services) Limited. Capital Guaranteed Multi-Index Equity Bond 10 Deposit Plan Key Features

Deposit Plan. Legal & General (Portfolio Management Services) Limited. Capital Guaranteed Multi-Index Equity Bond 10 Deposit Plan Key Features Deposit Plan Legal & General (Portfolio Management Services ) Limited Capital Guaranteed Multi-Index Equity Bond 10 Deposit Plan Key Features Wealth management made easier by Legal & General Legal & General

More information

Public consultation on Building a Capital Markets Union

Public consultation on Building a Capital Markets Union Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green

More information

FSA: Regulatory Reform.

FSA: Regulatory Reform. FSA: Regulatory Reform. FSA: Regulatory Reform Introduction Largely as a result of the FSA s failing performance during the financial crisis in 2008, it was announced in June 2010 that the FSA would be

More information

Discussion on the use of dealing commission regime: Feedback on our thematic supervisory review and policy debate on the market for research

Discussion on the use of dealing commission regime: Feedback on our thematic supervisory review and policy debate on the market for research Financial Conduct Authority Discussion Paper DP14/3 Discussion on the use of dealing commission regime: Feedback on our thematic supervisory review and policy debate on the market for research July 2014

More information

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved.

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved. /MiFIR Implications for Fund Managers May 2014 Webinar participants Manmeet Rana Senior Manager Audit Deloitte UK mrana@deloitte.co.uk +44 20 7303 8624 Manmeet Rana is a Senior Manager within Deloitte

More information

Financial Conduct Authority Asset management market study Terms of Reference

Financial Conduct Authority Asset management market study Terms of Reference Asset management market study Terms of Reference November 2015 Market Study MS15/2.1 If you wish to make any submissions on the topics raised in these terms of reference, please do so by 18 December 2015

More information

This is a guide to how funds and managed accounts work, how they are regulated and the pros and cons of each.

This is a guide to how funds and managed accounts work, how they are regulated and the pros and cons of each. GUIDE TO FUNDS AND MANAGED ACCOUNTS This is a guide to how funds and managed accounts work, how they are regulated and the pros and cons of each. Glossary These are some of the common words used in this

More information

FCA FACTSHEET. How the FCA will supervise firms

FCA FACTSHEET. How the FCA will supervise firms FCA FACTSHEET How the FCA will supervise firms The FCA will be the conduct supervisor for approximately 26,000 firms across all industry sectors and the prudential supervisor for approximately 23,000 firms

More information

China International Capital Corporation (UK) Limited Pillar 3 Disclosure

China International Capital Corporation (UK) Limited Pillar 3 Disclosure 1. Overview Pillar 3 Disclosure March 2014 China International Capital Corporation (UK) Limited Pillar 3 Disclosure The European Union s Capital Requirements Directive ( CRD ) came into effect on 1 January

More information

Supervising international banks: the Prudential Regulation Authority s approach to branch supervision

Supervising international banks: the Prudential Regulation Authority s approach to branch supervision Supervisory Statement SS10/14 Supervising international banks: the Prudential Regulation Authority s approach to branch supervision September 2014 Prudential Regulation Authority 20 Moorgate London EC2R

More information

Report of the Alternative Investment Expert Group: Developing European Private Equity

Report of the Alternative Investment Expert Group: Developing European Private Equity Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes

More information

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive)

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Passporting Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Full name of firm (SUP 13 Annex 1R Notification

More information

Pillar 3. Disclosure. Succession Advisory Services Ltd

Pillar 3. Disclosure. Succession Advisory Services Ltd Pillar 3 2014 Disclosure Succession Advisory Services Ltd 1 Table of Contents Section A: Introduction/Background... 3 Business Structure... 3 Pillar 3 Disclosures... 3 Section B: Risk Management... 4 Risk

More information

Important Information. Key Features of the Life Insurance Policy within the Prudential Individual Savings Account (ISA)

Important Information. Key Features of the Life Insurance Policy within the Prudential Individual Savings Account (ISA) Important Information Key Features of the Life Insurance Policy within the Prudential Individual Savings Account (ISA) The Financial Conduct Authority is a financial services regulator. It requires us,

More information

Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules

Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules Amanda Lewis, Partner and Rosali Pretorius, Partner, Dentons 1 October 2014 UK-based fund managers must comply with increasingly

More information

Clarity of fund charges

Clarity of fund charges Financial Conduct Authority Thematic Review TR14/7 Clarity of fund charges May 2014 Clarity of fund charges TR14/7 Contents 1. Executive summary 3 2. Our findings in more detail 6 Charging structures

More information

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2 [257] S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS

More information

Before turning to detailed remarks on the questions for consultation, we would like to draw EBA s attention to our key issues and concerns.

Before turning to detailed remarks on the questions for consultation, we would like to draw EBA s attention to our key issues and concerns. Frankfurt am Main 16 August 2013 BVI s position on the Draft Regulatory Technical Standards on the determination of the overall exposure to a client or a group of connected clients in respect of transactions

More information

The Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way?

The Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way? JULY 2010 The Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way? Introduction Since the publication of the FSA's latest Mortgage Market Review consultation

More information

PORTFOLIO MANAGEMENT AGREEMENT INCLUDING TERMS AND CONDITIONS OF BUSINESS

PORTFOLIO MANAGEMENT AGREEMENT INCLUDING TERMS AND CONDITIONS OF BUSINESS 1 8/9 Lovat Lane London EC3R 8DW Tel +44 207 220 9780 Fax +44 207 929 6925 www.charteris.co.uk PORTFOLIO MANAGEMENT AGREEMENT INCLUDING TERMS AND CONDITIONS OF BUSINESS 1) NAME AND ADDRESS 2) INITIAL TOTAL

More information

Memorandum of Understanding between the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority

Memorandum of Understanding between the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority Memorandum of Understanding between the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority Purpose and scope 1. This Memorandum of Understanding (MoU) sets

More information

ISA qualifying investments: response to the consultation on including peer-to-peer loans

ISA qualifying investments: response to the consultation on including peer-to-peer loans ISA qualifying investments: response to the consultation on including peer-to-peer loans July 2015 ISA qualifying investments: response to the consultation on including peer-to-peer loans July 2015 Crown

More information

Need to know Financial Reporting Council issues FRS 103 Insurance Contracts

Need to know Financial Reporting Council issues FRS 103 Insurance Contracts ukgaap: Beyond the detail Need to know Financial Reporting Council issues FRS 103 Insurance Contracts In a nutshell The Financial Reporting Council (FRC) has issued FRS 103 Insurance Contracts. The standard

More information

Pillar 3. Disclosure. Succession Advisory Services Ltd

Pillar 3. Disclosure. Succession Advisory Services Ltd Pillar 3 2013 Disclosure Succession Advisory Services Ltd 1 Table of Contents Section A: Introduction/Background... 3 Business Structure... 3 Pillar 3 Disclosures... 3 Section B: Risk Management... 4 Risk

More information

Omnis Portfolio Investments ICVC

Omnis Portfolio Investments ICVC Supplementary Information Document Omnis Portfolio Investments ICVC Valid as at 29 th January 2016 Issued by Omnis Investments Limited, Authorised and regulated by the Financial Conduct Authority Registered

More information

CONSULTATION PAPER ON GUIDELINES ON REMUNERATION POLICIES AND PRACTICES (CP42)

CONSULTATION PAPER ON GUIDELINES ON REMUNERATION POLICIES AND PRACTICES (CP42) COMMITTEE OF EUROPEAN BANKING SUPERVISORS CONSULTATION PAPER ON GUIDELINES ON REMUNERATION POLICIES AND PRACTICES (CP42) RESPONSE BY THE ASSOCIATION OF PRIVATE CLIENT INVESTMENT MANAGERS AND STOCKBROKERS

More information

Property authorised investment funds (PAIFs) where are we going?

Property authorised investment funds (PAIFs) where are we going? Funds and Indirect Real Estate briefing May 2013 Property authorised investment funds (PAIFs) where are we going? Summary and implications The Government introduced tax breaks for UK property funds in

More information

Jupiter Asset Management Ltd Pillar 3 Disclosures as at 31 December 2014

Jupiter Asset Management Ltd Pillar 3 Disclosures as at 31 December 2014 Jupiter Asset Management Ltd Pillar 3 Disclosures CONTENTS Overview 2 Risk management framework 3 Own funds 7 Capital requirements 8 Credit risk 9 Interest rate risk in non-trading book 11 Non-trading

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for

More information

Investment Funds. Supplementary Information Document (SID) Provided by RBS Collective Investment Funds Limited

Investment Funds. Supplementary Information Document (SID) Provided by RBS Collective Investment Funds Limited Investment Funds Supplementary Information Document (SID) Provided by RBS Collective Investment Funds Limited About this document This document is designed to provide you with information about Investment

More information

shareplc: Pillar 3 Disclosures CONTENTS Oxford House Oxford Road Aylesbury Buckinghamshire HP21 8SZ phone 01296 41 41 41 visit www.shareplc.

shareplc: Pillar 3 Disclosures CONTENTS Oxford House Oxford Road Aylesbury Buckinghamshire HP21 8SZ phone 01296 41 41 41 visit www.shareplc. Pillar 3 Disclosures 3 March 2015 Based on Financial Data as at 31 December 2014 CONTENTS 1.0 Introduction 3 2.0 Risk Appetite 5 3.0 Risk management objectives and processes 6 4.0 Risk categories and exposures

More information

Financial Services Compensation Scheme management expenses levy limit 2014/15

Financial Services Compensation Scheme management expenses levy limit 2014/15 Consultation Paper **FCA CP14/1 Financial Services Compensation Scheme management expenses levy limit 2014/15 January 2014 Financial Services Compensation Scheme management expenses levy limit 2014/15

More information

(Legislative acts) DIRECTIVES

(Legislative acts) DIRECTIVES 1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund

More information

The Role of Mortgage Insurance under the New Global Regulatory Frameworks

The Role of Mortgage Insurance under the New Global Regulatory Frameworks The Role of Mortgage Insurance under the New Global Regulatory Frameworks By Anna Whittingham Regulatory Analyst, Genworth Financial Mortgage Insurance Europe Summary and Overview The introduction of fundamental

More information

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

TD Direct Investing A Guide to SIPPs

TD Direct Investing A Guide to SIPPs TD Direct Investing A Guide to SIPPs Introduction If you are considering investing for retirement, there are a number of ways to approach it. One way is to embark on the do it yourself (DIY) self investment

More information

Stargate Capital Management Limited is the investment manager for FXPerpetual.

Stargate Capital Management Limited is the investment manager for FXPerpetual. Capital Protected Managed Account Information Brochure for Master Introducer Networks This document has been issued for informational purposes only and does not constitute an offer or solicitation to subscribe

More information

Legal & General (Portfolio Management Services) Limited. Stock Market Linked Savings Bond 1 Individual Savings Account (ISA) Key Features

Legal & General (Portfolio Management Services) Limited. Stock Market Linked Savings Bond 1 Individual Savings Account (ISA) Key Features Legal & General (Portfolio Management Services) Limited Stock Market Linked Savings Bond 1 Individual Savings Account (ISA) Key Features Wealth management made easier by Legal & General Legal & General

More information

Diversified, multi-asset, global growth investment

Diversified, multi-asset, global growth investment Available in a NISA Premier Multi-Asset Global Growth Fund Diversified, multi-asset, global growth investment A For professional advisers only, not for distribution to retail clients Premier Multi-Asset

More information

The Charity Bank Savings Account

The Charity Bank Savings Account The Charity Bank Savings Account Application form for individuals Please complete in block capitals and return this form to: Charity Bank, Fosse House, 182 High Street, Tonbridge, Kent TN9 1BE FOR OFFICE

More information

Friends Life Online Stakeholder Pension Fund guide

Friends Life Online Stakeholder Pension Fund guide Friends Life Online Stakeholder Pension Fund guide This guide describes the funds available for investment under our Friends Life Online Stakeholder Pension and sets out their aims. Which funds can I choose

More information

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament

More information

Risk Management Programme Guidelines

Risk Management Programme Guidelines Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and

More information

Pictet Asset Management: Summary of Best Execution Policy

Pictet Asset Management: Summary of Best Execution Policy Pictet Asset Management: Summary of Best Execution Policy January 2015 1. Introduction The Markets in Financial Instruments Directive ( MiFID ) requires all investment firms when executing orders on behalf

More information

TD Direct Investing A Guide to ISAs

TD Direct Investing A Guide to ISAs TD Direct Investing A Guide to ISAs Introduction The aim of this guide is to explain how an Individual Savings Account (ISA) works and the benefits to investors. We offer our services on an execution-only

More information

FSA regulation of insurance selling and administration do I need to be authorised?

FSA regulation of insurance selling and administration do I need to be authorised? Financial Services Authority FSA regulation of insurance selling and administration do I need to be authorised? Do I need to read this factsheet? Since January 2005, we (the FSA) have been responsible

More information

How to start a Hedge Fund

How to start a Hedge Fund How to start a Hedge Fund How to start a Hedge Fund Introduction When setting up a hedge fund, you will need to consider the following matters: Jurisdiction Fund structure Eligible investors Authorisation

More information

Guidance consultation. Changing customers to post-rdr unit classes. October 2013. Introduction

Guidance consultation. Changing customers to post-rdr unit classes. October 2013. Introduction Guidance consultation Changing customers to post-rdr unit classes October 2013 Introduction This guidance sets out what we expect from firms which are involved in the transfer of investors from pre-rdr

More information

BlackRock is pleased to have the opportunity to respond to the Financial Conduct Authority s CP 14/30 Improving complaints handling consultation.

BlackRock is pleased to have the opportunity to respond to the Financial Conduct Authority s CP 14/30 Improving complaints handling consultation. Samuel Condry Strategy and Competition Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS By email: cp14-30@fca.org.uk 12 Throgmorton Avenue 13 March 2015 Dear Mr Condry,

More information

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association

More information

September 2014. The CSD Regulation A guide for clients

September 2014. The CSD Regulation A guide for clients September 2014 The CSD Regulation A guide for clients 1 Contents Introduction 3 About this guide 3 Background 3 Provisions for securities settlement (Title II) 4 Provision of banking-type ancillary services

More information

POWER OF ATTORNEY SAVINGS ACCOUNT APPLICATION FORM PAGE 1 OF 4

POWER OF ATTORNEY SAVINGS ACCOUNT APPLICATION FORM PAGE 1 OF 4 PAGE 1 OF 4 SECTION 1 - DONOR (PLEASE NOTE, WE WILL OPEN THE ACCOUNT IN THE NAME OF THE DONOR) Are you a permanent UK resident? (Excludes Channel Islands, Isle of Man and other crown dependencies) Please

More information

Table of content. MiFID II: getting ready for implementation

Table of content. MiFID II: getting ready for implementation Table of content MiFID II: getting ready for implementation The European Council adopted a set of legislation on 13 May 2014 regulating the trade in financial instruments and the investment services sector.

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

Open Invest. Important Information Guide. Explaining the changes to your Open Invest Service

Open Invest. Important Information Guide. Explaining the changes to your Open Invest Service Open Invest Important Information Guide Explaining the changes to your Open Invest Service This important guide provides details of the changes to your investment service and what they mean for you. Contents

More information

INDIVIDUAL SAVINGS ACCOUNT (ISA) KEY FEATURES. What is the

INDIVIDUAL SAVINGS ACCOUNT (ISA) KEY FEATURES. What is the Legal & General (Portfolio management SERVICES) LIMITED Legal & General Stock Market Linked Savings Bond 7 Individual Savings Account (ISA). Key Features 2 INDIVIDUAL SAVINGS ACCOUNT (ISA) KEY FEATURES

More information

Capital Market Services UK Limited Pillar 3 Disclosure

Capital Market Services UK Limited Pillar 3 Disclosure February 2013 Capital Market Services UK Limited Pillar 3 Disclosure Contents 1.0 Overview 2.0 Frequency and location of disclosure 3.0 Verification 4.0 Scope of application 5.1 Risk Management objectives

More information

Disclosure 17 OffV (Credit Risk Mitigation Techniques)

Disclosure 17 OffV (Credit Risk Mitigation Techniques) Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of

More information

MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS

MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS INTRODUCTION 1. These Individual Savings Account Services Supplementary Terms (referred to hereafter as the Supplementary Terms ) apply

More information

Pictet Asset Management Ltd

Pictet Asset Management Ltd FEBRUARY 2016 Pictet Asset Management Ltd Pillar 3 Disclosure Contents 1. Introduction 2 2. Scope 2 3. Risk Management Objectives and Policies 3 4. Capital Resources and Capital Adequacy 6 February 2016

More information

PensionsEurope Position on Money Market Funds

PensionsEurope Position on Money Market Funds PensionsEurope Position on Money Market Funds March 2014 www.pensionseurope.eu 2 About PensionsEurope PensionsEurope represents national associations of pension funds and similar institutions for workplace

More information

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended. Glossary Accounting Period means the annual accounting period for the Company ending on 31 December in each calendar year. The first annual accounting period will end on 31 December 2015. Acts means the

More information

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES The Investment Services Act (Chapter 370 of the Laws of Malta) ( ISA ) defines the term collective investment scheme as follows: "collective investment scheme"

More information

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011 Basel 3: A new perspective on portfolio risk management Tamar JOULIA-PARIS October 2011 1 Content 1. Basel 3 A complex regulatory framework With possible unintended consequences 2. Consequences on Main

More information

SWISS FINANCE CORPORATION

SWISS FINANCE CORPORATION SWISS FINANCE CORPORATION PROFESSIONAL CLIENT AGREEMENT SWISS FINANCE CORPORATION LIMITED 33 CAVENDISH SQUARE LONDON W1G 0PW UNITED KINGDOM GENERAL: (44-20) 7412 0500 FOREX: (44-20) 7412 0000 FAX: (44-20)

More information

Threadneedle Specialist Investment Funds ICVC

Threadneedle Specialist Investment Funds ICVC Simplified Prospectus (including important ISA Information) for investors in the United Kingdom December 2010 Threadneedle Specialist Investment Funds ICVC Threadneedle Specialist Investment Funds ICVC

More information

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual

More information