General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
April 05, 2018

FCA published the policy statement PS18/8 that sets out remedies for the concerns identified through its asset management market study. PS18/8 follows the first consultation paper CP17/18 and sets out final rules and guidance. FCA also published the second consultation paper CP18/9 on remedies, following the asset management market study. CP18/9 proposes rules and guidance to improve the quality, comparability, and robustness of information available to investors. Comments are invited by July 05, 2018.

CP17/18 had consulted on changes to the rules and guidance for Authorized Fund Managers, including changes to their governance arrangements that focused on the duties they have as the agents of the investors in their funds. The remedies set out in PS18/8 are part of an overall package to better protect investors from the results of weak competition. The proposals in the current consultation CP18/9 aim to help those investors, and their advisers, who are able to make use of better information to choose the right funds. This incorporates the work of fund objectives working group, which includes a wide range of stakeholders such as asset management firms and investor groups. Taken together, the remedies seek to address both demand- and supply-side problems in the asset management market. The implementation dates of the final policies are as follows:

  • Final rules for the governance remedies will come into effect on September 30, 2019.
  • Final rules for the senior managers and certification regime-prescribed responsibility for Authorized Fund Managers will come into effect at the same time as the rules for the extension of the senior managers and certification regime, which is expected to be in mid to late 2019.
  • Rules on box profits will come into effect on April 01, 2019.
  • Recast of Final Guidance 14/4, now known as Final Guidance 18/3, will be effective from the date of this publication.


Related Links

Comment Due Date: July 05, 2018 (CP18/9)

Keywords: Europe, UK, Securities, Insurance, PS18/8, CP18/9, Asset Management, FCA

Related Articles

ECB Updates Validation Checks and List of Identifiers Under AnaCredit

ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting.

March 21, 2019 WebPage Regulatory News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News

EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation

EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities.

March 20, 2019 WebPage Regulatory News

BCBS Publishes Results of the Basel III Monitoring Exercise

BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018.

March 20, 2019 WebPage Regulatory News

HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks

HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO).

March 20, 2019 WebPage Regulatory News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News

EIOPA Requests Data on LTG Measures from Insurers Under Solvency II

EIOPA has requested the European Economic Area insurance undertakings, which are subject to Solvency II, to provide information on the long-term guarantee (LTG) measures.

March 18, 2019 WebPage Regulatory News

PRA Proposes Reporting Amendments to Pillar 2 Liquidity Framework

PRA proposed (CP6/19) regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.

March 18, 2019 WebPage Regulatory News

SNB Issues Form on Solvency Risk of Counterparties in Interbank Sector

SNB released form (Version 5.00) and related documentation for reporting solvency risk of counterparties in the interbank sector.

March 18, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2769