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Showing 9101 - 9110 of 9539 matches filtered by 'Funds and asset management'

  • Law Commission: Fiduciary duties of investment intermediaries

    23/10/2013
    This consultation, arising from the Kay Review and commissioned by DBIS and DWP, concerns the Law Commission’s investigation on how the... law of fiduciary duties applies to investment intermediaries and whether the law works in the interests of end investors. The paper sets out the investment chain from prospective pensioner/saver to the registered shareholder of a UK company and describes the law which applies to each stage and goes on to look at market structures, current law and analyses the law in practice. Although it concludes that the law of fiduciary duties which applies to pension trustees is satisfactory, it has concerns about the way that fiduciary duties apply to contract-based pension providers. It asks whether the duties on contract-based pension providers to act in the interests of scheme members should be clarified and strengthened. With regard to other intermediaries in the investment chain, it is argued that although it would be desirable to reform the law of fiduciary duty by statute this would create new uncertainties and have unintended consequences. Instead, it is suggested that it may be better to enact specific duties, for example by extending the right to sue for breach of FCA rules. It concludes that many of the issues raised can only be addressed through FCA regulation. Responses to the consultation are required by 22 January 2014.
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  • IOSCO: Report on the second IOSCO hedge fund survey

    21/10/2013
    The aim of the IOSCO survey is to gather data from hedge fund managers and advisers about the markets in which... they operate, their trading activities, leverage, funding and counterparty information and provides an overview of the hedge fund industry as of September 2012. It covers the following areas:: qualifying funds; assets under management’ fund domiciliation; investment strategy; use of leverage and market exposure and liquidity risk:
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  • FCA Update on timings for AIFM full scope applications

    21/10/2013
    FCA has updated its AIFM Directive webpage with details with regard to the above, noting that firms have a legal right... to have their complete full-scope AIFM application determined within three months (or exceptionally six months), and that FCA will try to process applications as quickly as possible. FCA notes that, where a firm has specific requirements in relation to the timing of that authorisation, it will, where possible, accommodate the firm’s request, but emphasises that authorisation within a short timeframe is not always possible. Where a firm’s desired authorisation date is more than three months after the date it intends to submit a complete application, it should request a deferral of determination beyond the normal three month statutory time limit.
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  • ESMA: AIFM Directive MoUs

    18/10/2013
    ESMA has published a table showing the state of play of MoUs signed by EU national supervisors.
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  • HMT: Response to the Commission Services consultation on the review of the European system of financial supervision

    17/10/2013
    HMT’s response focuses on systems management; ESFS and the banking union; ESFS/ESRB governance and independence of ESAs. With regard to... the first of these, it notes: “the success of the ESFS and the ESAs within it will hinge on the degree to which the ESAs focus on their system management role and strengthen their capability in this area, rather than weakening their focus by seeking to undertake tasks that are not system management ones, such as undertaking day-to-day supervision”.
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  • FCA: PS: 13/9: Publishing information about enforcement warning notices

    15/10/2013
    In this PS, FCA summarises feedback received in response to its policy proposals and outlines changes made in response to the... comments. As a result of the comments, FCA notes that it recognises there may be situations where it is appropriate to publish details of a warning notice to make the nature of its concerns public, but where it considers it is not appropriate to identify the subject. In this situation, FCA will publish an anonymised warning notice statement rather than no information. FCA adds that it will normally be appropriate to publish details of a warning notice and identify a firm that is the subject of a warning notice, but not to identify an individual. FCA now considers that the potential harm caused to an individual from publication at this stage of the enforcement proceedings will normally exceed the benefits of early transparency, but that this will not normally be the case for firms. However, there will be circumstances where it is appropriate to identify an individual, and the policy lists some examples of these circumstances. Other changes made as a result of feedback include clarifying the benefits of early transparency of enforcement proceedings and slightly lowering the threshold that a person has to meet to demonstrate unfairness. FCA states that it will take this approach in deciding whether to publish any information about an applicable warning notice issued on or after 15 October 2013 – the date of publication of this PS and will apply the policy for the use of the s391(1)(c) power for all applicable warning notices issued on or after 15 October 2013 - the date of publication of this PS.
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  • FCA: Notes to assist the completion of the AIFMD NPPR notification forms

    14/10/2013
    There are three different forms for the UK National Private Placement Regime: Article 36, Article 42 and Small Third Country. FCA... has published notes to assist firms with completion.
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  • BoE: Speech by Paul Tucker: Solving too big to fail: where do things stand on resolution (12 October 2013)

    14/10/2013
    Speech of the above, given at the Institute of International Finance 2013 Annual Membership meeting, follows. He gives what he... describes as his personal views on this topic. He states: “If CCPs are probably the most important example of where resolution regimes need to be extended, they are not the only one. Insurance is another. …, given the ubiquity of regulatory arbitrage, shadow banking and the world of funds and special purpose vehicles could be another. That makes it important that resolution is not the special preserve of the G20 jurisdictions. With many asset management vehicles domiciled in offshore centres, we are going to need them to get on the resolution bandwagon”.
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  • FCA: Sensitive business names

    11/10/2013
    FCA has published a webpage summarising its approach to the above-mentioned issue, including the procedure to obtain FCA consent, together with... an FAQ
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  • FCA: Notifying the FCA you intend to provide cross-border services when marketing an AIF

    11/10/2013
    FCA has published this guide for AIF managers which is intended to assist them in their completion of the Marketing Passport... application form.
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