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Showing 9141 - 9150 of 9440 matches filtered by 'Funds and asset management'

  • HMRC: FATCA

    05/06/2013
    HMRC has published guidance in respect of implementation of the International Tax Compliance (United States of America) Regulations 2013, together with... a draft of the Regulations.
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  • BoE: Annual Report 2013

    04/06/2013
    Amongst other matters, the report sets out the changes in BoE’s regulatory role, including a review of 2012/13 activities and strategic... and prudential priorities for 2013/14.
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  • EC: Actions expected to be adopted in 2013

    04/06/2013
    The EC has published an updated version of this document which sets out legislative and non-legislative proposals in tabular format
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  • EC: Proposal for a Regulation of the European Parliament and of the Council on key information documents for PRIPs

    04/06/2013
    A marked-up Presidency draft compromise dated 28 May 2013 has been published. 
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  • FCA: PS13/3: Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes

    04/06/2013
    Further to FSA’s CP12/19, this PS sets out final rules which will ban the promotion UCIS and certain close substitutes (together... to be known as Non-Mainstream Pooled Investments (NMPIs)) to the vast majority of retail investors in the UK. Promotions of these will generally be restricted to sophisticated investors and high net worth individuals for whom these products are more likely to be suitable. The majority of respondents agreed with the general aim of the proposals to protect ordinary retail investors from the risks arising from inappropriate promotion of NMPIs. However, FCA has taken into consideration a number of responses about the definition of NMPIs and refined those to focus more tightly on products posing the greatest risk of inappropriate distribution to ordinary retail investors. FCA has also considered concerns about requirements applicable to marketing to high net worth or sophisticated retail clients and amended the proposals accordingly. Following analysis of the feedback, a number of products now lie out of scope of the marketing restrictions. These include ETFs, overseas investment companies that would meet the criteria for investment trust status if based in the UK, REITs and venture capital trusts. EIS and seed enterprise investment schemes, unless structured as UCIS, are also outside the scope of the rules. The marketing of special purpose vehicles pooling investment primarily in shares and bonds is also not restricted. Firms still need to ensure promotional communications about these products are fair, clear and not misleading, and if advice is given they must ensure any recommendation to invest is suitable to the client. The following investments will be subject to marketing restrictions: units in QIS), traded life policy investments, units in UCIS; and securities issued by SPVs pooling investment in assets other than listed or unlisted shares or bonds. The rules will take effect from 1 January 2014 but FSA suggests that firms may wish to comply with them sooner.  FCA notes that it will continue to review market developments and, should it discover similar issues in the future that create the risk of significant potential for consumer detriment, particularly where arbitrage is taking place to avoid the marketing restrictions, it may need to consider an extension of scope of the rules. If necessary, FCA can make a temporary product intervention rule to do this before consultation. The PS states that FCA is also monitoring the market in relation to products which are not pooled investments (such as cocos). It intends to consult on the introduction of a new marketing restriction in relation to these types of products.
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  • FCA: PS13/4: Financial Conglomerates Directive – technical review amendments

    04/06/2013
    Further to FSA’s CP12/40, FCA has published the final rules implementing Directive 2011/89/EU which amends Directive 2002/87/EC and certain other... directives in so far as they apply to financial conglomerates. The new rules are intended to ensure that consumers can find information about financial conglomerates and improve how the markets used by financial conglomerates and financial groups function. The rules come into force on 10 June 2013. 
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  • FRC: International Standard on Auditing (UK and Ireland) 700 – the independent auditor’s report on financial statements

    04/06/2013
    FRC’s revisions to ISA 700 will require auditors reporting on companies which apply the UK Corporate Governance Code to explain more... about their work in order to provide better communication to investors. FRC notes that the revisions received strong support during the consultation process and are therefore being adopted with only minor amendments. As the revised standard is designed to complement changes made to the UK Corporate Governance Code in October 2012, it is effective for audits of financial statements for periods commencing on or after 1 October 2012.
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  • IOSCO: Investor gateway

    04/06/2013
    IOSCO has launched this new online tool which aims to enhance the sharing of investor education information among IOSCO members and... the public. The information contains online investor education materials from many of IOSCO´s members, as well as published IOSCO reports and presentations regarding investor education.
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  • FCA: Variation of Permission form for depositaries of AIFs

    03/06/2013
    FCA has published a draft of the form and is asking for feedback, to be received by 28 June 2013. ... FCA notes hat firms that are not authorised persons and are interested in acting as the trustee or depositary of an AIF(s) are not able to use the transitional arrangement - such firms will need to apply to FCA for authorisation and receive the necessary Part 4A permission. FCA expects to issue the forms to apply for authorisation to act as trustee or depositary of an AIF by 22 July 2013. However, it intends to accept draft applications from unauthorised firms prior to 22 July 2013 to ensure applications are processed as quickly as possible. FCA will be using the draft VoP form together with the current standard form for wholesale investment firms.
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  • FCA: CIS authorisations

    31/05/2013
    FCA’s webpage details its processes in respect of the applications and notification process (new application and notification forms will be applicable... from 1 June 2013).
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