2017年-FCA英国金融行为监管局_ukla_405_1_fund_management_agreements_and_independence_of_the_board_3页_118kb

报告摘要

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Core Content

This document outlines the FCA's assessment of Technical Note 405.1, which provides guidance on fund management agreements and board independence for premium listed closed-ended investment companies. The guidance is part of the FCA's broader regulatory framework, including the Listing Rules, Prospectus Rules, and Disclosure and Transparency Rules, and is also aligned with European regulations such as the Market Abuse Regulation (MAR).

The Technical Note was published in November 2015 as part of the Primary Bulletin 12 and is intended to offer clarity on how the FCA interprets the provisions in the Listing Rules, particularly LR 15.2.19R and LR 15.4.7AR, which require the board to monitor and manage the performance of key service providers, such as investment managers.

Main Views and Key Information

Objective of the Guidance: To clarify the FCA's interpretation of existing rules and assist listed companies in understanding how to meet the requirements for board independence and monitoring of investment management agreements.
Scope of Application: The guidance applies to approximately 300 closed-ended investment companies with a premium listing on the Official List of the London Stock Exchange. It is specifically relevant to new applicants seeking eligibility under Listing Rule 15.
No New Requirements: The guidance does not introduce new or additional regulatory requirements but serves to explain how existing rules should be applied in practice.
Clarification of Termination Provisions: The note emphasizes the need for disclosure of any onerous or unusual termination provisions in investment management agreements, particularly for new applicants.
Impact on Business: The guidance is not expected to impose ongoing costs as it is based on existing rules and provides practical examples to aid compliance. It is intended to simplify the application of the Listing Rules, thereby reducing compliance burdens.

Estimated Costs and Benefits

Category	Description	Estimated Cost (EANDCB)	BIT Score
Familiarisation Cost	Time required to read, understand, and disseminate the guidance note	£14,400	0
Ongoing Cost	No new obligations are introduced, so no ongoing costs are expected	£0	0

Familiarisation Cost: Based on an estimated rate of £48/hour, the total cost for all 300 closed-ended investment companies is £14,400. This assumes that each company may require up to one hour to process the guidance. However, firms already compliant with the Listing Rules are not expected to incur any cost.
Ongoing Cost: The guidance does not add any new obligations, so it is not expected to result in ongoing costs. Instead, it is designed to reduce the time and effort required for compliance by providing clear examples of how the rules apply in practice.
Benefits: The guidance is expected to reduce compliance time and costs for companies, as it provides illustrative examples and clarifies the expectations of the FCA.

Additional Information

The BIT score is calculated to the nearest £100,000, meaning any cost estimate below £50,000 is scored as 0.
The cost estimate is based on the assumption that experienced compliance staff will be involved, with an estimated hourly rate of £48.
A link to the Robert Half salary guide is provided for reference:
https://www.ROberthalf.co.uk/news-insights/salary-centre-2016

Conclusion

The FCA's Technical Note 405.1 serves as clarification and support for existing regulatory requirements, particularly for new applicants to the premium listing. It does not impose new obligations but aims to enhance understanding and reduce compliance costs by providing practical examples. The estimated familiarisation cost is £14,400, with no ongoing costs expected. The BIT score is 0, reflecting the low regulatory burden.