Regulatory Overview – Fund Management/ REITs


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Welcome to the Regulatory Roundup, a regular newsletter highlighting the latest developments in financial services regulation in the UK and EU.

Main developments in August 2022:

August 24

The Financial Conduct Authority (“CIF“) said the launch of a new Spotlight on Diversity, Equity and Inclusion (DEI) Innovation initiative, which aims to support companies developing innovative products in the DEI space.

August 23

FCA has stated its goal of implement a new advisory committee to work on environmental, social and governance issues.

August 17

The European Central Bank (“ECB“) issued a statement in its August Supervision Newsletter on the steps it has taken to harmonize the assessment of authorization applications for crypto-asset activities.

August 16

The FCA has published a statement on the prudential regime for investment firms (“IFPR“) and eligibility for enhanced status under the Senior Executives and Certification Scheme (“SM&CR“) as an important SYSC company.

August 12

The European Securities and Markets Authority (“ESMA“) published his answer the consultation of the European Commission on the Community regime for benchmarks administered in third countries.

August 11

FCA has updated its Web page on Change of Control Notification Forms to include links to several forms for use by persons intending to acquire control of an FCA-registered crypto asset company.

The House of Commons Treasury Committee issued a letter (dated 27 July 2022) sent by Andrew Bailey, Governor of the Bank of England, on the Financial Services and Markets Bill 2022-23.

August 9

The ECB has published a opinion (CON/2022/26) on the proposal for a directive amending the directive on alternative investment fund managers (2011/61/EU) (“AIFMD“) and the Directive on undertakings for collective investment in transferable securities (2009/65/EC) (“UCITS“).

The FCA has published a portfolio letter which was sent to CEOs of alternative investment funds. The letter describes the FCA’s view of the main risks of harm in the “alternatives” portfolio and outlines the FCA’s expectations in this context.

The Glasgow Financial Alliance for Net Zero (“GFANZ“) launched a consultation on a
disorganized establishing additional guidance for financial institutions on the implementation and selection of portfolio alignment measures.

August 8

The Prudential Regulation Authority (“ARP“) published a Policy statement (PS7/22) providing feedback on responses to its occasional consultation paper (CP3/22) which was published in March 2022.

August 3

The FCA has published a Policy statement (PS22/11) on improvements to the designated representatives regime. Please also see our note on this update here.

The UK Jurisdiction Task Force (“UKJT“) published a Digital Securities Legal Statement for consultation. The digital securities legal statement follows the UKJT’s November 2018 statement on the status of crypto-assets and smart contracts.

August 2nd

The European Commission has published its final reportdated May 2022, on Disclosure, Incentives and Suitability Rules.

August 1

The FCA has published a Policy statement (PS22/10) on strengthening its financial promotion rules for high-risk investments.

The FCA has published a consultation document on broadening individuals’ access to the long-term asset fund (“LTAF“) (CP22/14).

Regulatory overview

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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