Value for money • Funds-Axis Limited

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

Regulatory Insights, Regulatory ReportingBy Trevor Dempster 8 January 2021

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.

Regulatory Round-up: November 2020

Regulatory Round-upsBy Trevor Dempster 1 December 2020

The past month brought important developments on topics such as fund liquidity, costs and fees charged by fund managers, AIFMD, UCITS and Money Market Funds. Most notably, in the UK, HM Treasury published the responses to the consultation on the Overseas Funds Regime, and the Financial Services Bill…

Regulatory Round-up: October 2020

Regulatory Insights, Regulatory Round-upsBy Trevor Dempster 2 November 2020

Despite the continuing focus on the rapidly rising COVID-19 infections rates in the US & Europe, the looming Lockdown 2.0, and the impending, potentially contentious race for the White House, October saw regulators press ahead with the launch of several significant fund regulatory developments.

Assessing the Assessment of Value Reports

Regulatory Insights, Regulatory ReportingBy Trevor Dempster 11 September 2020

It’s been almost a year since the FCA Assessment of Value rules came into force, and many firms would say that due to the FCA’s limited guidance thus far, they are still no clearer as to what a good value statement look like.

Regulatory Round-up: June 2020

Regulatory Round-upsBy Trevor Dempster 1 July 2020

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.

ESMA up the Ante on Undue Fund Costs

Regulatory Insights, Regulatory ReportingBy Trevor Dempster 24 June 2020

ESMA recently published a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). The briefing was response to the need to improve convergence across NCAs in the approach to undue costs.

FCA Assessment of Value – what have we seen so far?

Regulatory Insights, Regulatory ReportingBy Trevor Dempster 20 April 2020

Under the FCA’s Asset Management Market Study, the final report of which was published in June 2017, the City watchdog determined that price competition is weak in a number of areas of the industry.

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