Ouch! FCA: Financial Conduct Authority delivers another blow to Authorised Fund Managers with Assessment of Value review

Ouch! FCA delivers another blow to AFMs with Assessment of Value review

Regulatory Insights, Regulatory Reporting

Last week the FCA published the results of their review on ‘host’ Authorised Fund Management firms’ which concluded with the FCA wanting to see “significant improvements” with many currently failing to meet the FCA standards. This week, the FCA have issued their findings on the review of AFMs Assessment of Value reports. Unfortunately, this review does not provide any easier reading and delivers another huge blow to the industry.

Are you complying with the cost related provisions of the UCITS framework?

Are you complying with the cost related provisions of the UCITS framework?

Regulatory Insights, Regulatory Reporting

Yesterday, ESMA announced that it will be launching a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the European Union. The CSA aims to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS framework, and the obligation of not charging investors with undue costs.

During the CSA, national competent authorities will take into account the supervisory briefing on the supervision of costs published by ESMA in June 2020.

Funds-Axis Regulatory Round-up June 2020

Regulatory Round-up: June 2020

Regulatory Round-ups

This month’s regulatory round-up pulls together some interesting regulatory developments we have tracked throughout June. The past month brought a number of important developments, particularly on the EU Money Market Fund Regulation, with ESMA publishing updated reporting instructions, and translations to the MMF guidelines.

Assessment of Value Part 5_ The US approach – what can be learned

FCA Assessment of Value Part 5: The US approach – what can be learned

Regulatory Insights, Regulatory Reporting

While the FCA’s Assessment of Value (AoV) process is a new development in the UK market, a similar requirement on mutual funds has been in place in the United States for considerable time. The approach in the United States provides some useful comparisons to the new UK regime. The US fund governance model requires under Section 15c of the US Investment Companies Act 1940 for US fund boards to conduct an assessment on the fund managers using a number of factors commonly known as the Gartenberg Principles.