2016年-FCA英国金融行为监管局_ms15_2_2_annex_2_6页_227kb

Summary of MS15/2.2: Annex 2 – Recent Regulatory Developments in the Asset Management Sector

Core Content

This document outlines recent regulatory developments in the asset management sector as of November 2016, with a focus on enhancing investor protection, improving disclosure, and strengthening governance frameworks. The FCA emphasizes the importance of aligning its regulatory actions with upcoming legal changes and ensuring that its remedies do not duplicate existing regulatory efforts.

Main Regulatory Developments

1. Smarter Consumer Communications Initiative

• Launched in June 2015, this initiative aims to improve the way information is communicated to consumers.
• In October 2016, the FCA published a Feedback Statement summarizing key themes and outlining follow-up work on various issues such as terms and conditions, complexity of information for retirees, compensation cover, and customer communication in asset management.

2. PRIIPS Regulation

• The European Commission delayed the application date of the PRIIPS Regulation to 1 January 2018.
• The FCA published a consultation paper in July 2016 to align its disclosure rules with the PRIIPS Regulation.
• The FCA plans to delay the publication of its final PRIIPS policy statement until the first half of 2017, allowing more time to consider the legal scope and revised Regulatory Technical Standards.

3. Investor Protection Measures

• The FCA proposed maintaining its current regulatory approach for social investments, restricting promotion to certain types of investors due to the complexity of risks involved.
• New capital requirements for Personal Investment Firms (PIFs) and Self-Invested Personal Pension (SIPP) operators were implemented in June and September 2016 respectively, leading some firms to raise additional capital.

4. Senior Managers and Certification Regime (SM&CR)

• SM&CR was introduced in March 2016 to increase accountability of senior individuals in firms.
• The FCA published a supervisory review in September 2016, highlighting firms' efforts in implementing SM&CR and clarifying its legal function.
• The regime is expected to be extended to all FSMA authorized firms starting in 2018, with a consultation planned for 2017.

5. UCITS V Directive

• UCITS V Directive came into force on 18 March 2016, with the FCA updating its Handbook to transpose the directive.
• Key changes include the requirement for a single depositary per UCITS fund, harmonized duties for depositaries, and common powers for EU regulators to investigate and sanction breaches.

6. Transparency of Transaction Costs

• The FCA is consulting on rules to improve transparency of transaction costs in workplace DC pensions.
• Asset managers will be required to disclose aggregate transaction costs to pension schemes, ensuring consistency and providing governance bodies with reliable cost information.

7. Thematic Review on Investor Expectations

• A thematic review was conducted in April 2016 to assess whether UK authorized investment funds and segregated mandates meet investor expectations.
• Most funds were found to be operating in line with their stated strategies, but some issues with product descriptions and governance were identified, leading to individual feedback and follow-up actions.

8. MiFID II Implementation

• The FCA has been consulting on MiFID II implementation rules, with the regulation taking effect on 3 January 2018.
• The third set of proposals includes:
  • New inducement and research rules to enhance cost transparency and competition.
  • Full disclosure of costs and charges.
  • Product governance rules requiring product providers to design products for an identified target market.
  • Extension of telephone taping requirements to financial advisers, with consideration for smaller advisers.
• A fourth consultation paper is expected to be published by the end of 2016 or early 2017.

Key Information

• The FCA is committed to aligning its regulatory actions with upcoming EU legislation and other regulatory changes.
• There is a focus on improving transparency, clarity, and accountability for both investors and firms.
• The SM&CR and UCITS V Directive are significant changes that aim to strengthen governance and regulatory oversight.
• The PRIIPS Regulation delay and MiFID II implementation are major developments that will impact the asset management sector in the coming years.

Conclusion

The regulatory developments highlighted in this document reflect the FCA's ongoing efforts to enhance investor protection, improve transparency, and align with EU directives. These changes are expected to have a lasting impact on the asset management industry, requiring firms to adapt their practices and governance structures accordingly.