2017年-FCA英国金融行为监管局_implementation_of_the_ucits_v_directive_ps16_2_2页_103kb

报告摘要

Regulator Assessment Summary: Implementation of the UCITS V Directive (Policy Statement 16/2)

Core Content

The document outlines the FCA's assessment of the implementation of the UCITS V Directive (Policy Statement 16/2), which was introduced on 18 March 2016. The assessment focuses on two key regulatory provisions that extend beyond the minimum EU requirements, known as "gold-plating" measures. These provisions aim to enhance regulatory oversight and risk management within the UK financial sector, particularly for UCITS schemes and non-bank depositories.

Main Regulatory Provisions

1. Capital Resources Requirements for Non-Bank Depositories

Current UK Requirement: Non-bank depositaries of authorised funds that are not MiFID investment firms are subject to a minimum own funds requirement of £4 million, which has been in place since 1988.
EU UCITS V Directive: Sets a lower minimum own funds requirement of €730,000 for non-bank depositories.
FCA Decision: Retains the existing £4 million requirement for FCA-authorised depositaries subject to IPRU (INV) 5, and applies it to full-scope IFPRU investment firms.
Impact: No change to existing rules, so no impact on current business operations. Incoming EEA depositaries may need to apply for top-up permission, but are expected to already hold capital above £4 million.

2. Changes to Reporting Requirements for AFMs and Depositories

Reporting Obligation: Authorised Fund Managers (AFMs) of UCITS schemes must notify the FCA of derivative use details at least annually.
Data Incompleteness: Previous reporting lacked a common template, leading to incomplete or non-comparable data.
New Tool: The FCA introduces a standard Derivative Use Report template, which firms will use to submit data under COLL 6.12.3R.
Impact: No new data collection is required; firms will only use the new template to report existing information. This is expected to streamline the process and improve data quality.

Affected Businesses

Non-bank Depositories: 11 firms in the UK are subject to the retained £4 million minimum own funds requirement.
AFMs and Depositories: 11 firms are affected by the new reporting requirements.

Business Impact Analysis

1. Capital Resource Requirements

Cost Impact: Likely to be negligible, as firms are already compliant with the £4 million requirement.
Benefit: Maintains a higher level of capital protection for depositaries, ensuring stability and resilience in the sector.

2. Reporting Requirements

Cost Impact: Estimated annual costs for depositaries range from £5,000 to £10,000, with total industry costs between £55,000 and £110,000. A point estimate of £100,000 is provided for the entire UK depositary industry.
Benefit: Enhances the FCA's ability to monitor potential risks through standardised, detailed reporting. This improves transparency and regulatory oversight.

Key Information

Lead Regulator: Financial Conduct Authority (FCA)
Date of Assessment: 29 July 2016
Commencement Date: 18 March 2016
Scope: Applies to the whole of the UK
Review Inclusion: Does not include the Cutting Red Tape review
Regulatory Context: The provisions are part of the implementation of the UCITS V Directive, which originated from the EU.