2018年-FCA英国金融行为监管局_mifid_ii_product_governance_3页_239kb

Regulator Assessment Summary: Extension of MiFID II Product Governance Provisions to Non-MiFID Firms

Core Content

This document outlines the FCA's assessment of the extension of MiFID II product governance provisions to non-MiFID firms in the UK. The initiative aims to enhance consumer and investor protection by ensuring that all firms involved in the design, distribution, and monitoring of MiFID-scope products adhere to consistent governance standards. The policy was implemented on 3 January 2018, with the assessment conducted on 1 March 2018.

The extension is a domestic implementation of EU legislation, and it does not include the implementation of a Cutting Red Tape review. The policy applies to the whole of the UK and targets AIF managers and UCITS managers, who are not subject to MiFID II but are involved in the distribution of MiFID products.

Main Views and Key Information

• Objective: To improve consumer protection by ensuring that all firms involved in MiFID products follow product governance principles throughout the product life cycle.
• Reason for Change: The FCA identified that past product failures often stemmed from firms not prioritizing consumers' needs in their product governance processes.
• Scope: The policy applies to non-MiFID firms that manufacture or distribute MiFID-scope products, such as UCITS and AIFs.
• Estimated Affected Firms:
  • Manufacturers: 187 firms
  • Distributors: 220 firms

Impact on Business

One-off Costs

• Manufacturers:
  • Legal and compliance costs are the primary one-off expense.
  • Setting up relationships with distributors and staff training also contribute.
• Distributors:
  • Developing new processes and systems, including IT, is the main cost.
  • Staff training is a secondary contributor.

Ongoing Costs

• Manufacturers:
  • Ongoing costs include managing relationships with other firms and product testing.
  • Compliance monitoring and continuous staff training are also significant.
• Distributors:
  • Ongoing costs involve managing relationships with manufacturers and reviewing products for compliance.
  • Continuous staff training remains a key component.

Cost-Benefit Analysis (CBA)

• Benefits to Consumers: Increased assurance that financial products are designed with consumer interests in mind.
• BIT Score: 53.0, indicating a moderate benefit to the economy.
• Consumer and societal benefits are considered in the CBA, but are not quantified in the impact assessment under the Act.

Additional Information for Validation

• Consultation Paper: FCA, September 2016, CP16/29: https://www.fca.org.uk/publication/consultation/cp16-29.pdf
• Policy Statement: FCA, July 2017, PS17/14: https://www.fca.org.uk/publication/policy/ps17-14.pdf

Conclusion

The extension of MiFID II product governance provisions to non-MiFID firms is intended to strengthen consumer protection and ensure a consistent regulatory approach across the financial sector. While it imposes both one-off and ongoing costs on affected firms, the FCA believes that the benefits to consumers and society outweigh these costs. The policy is based on extensive consultation and analysis, with the BIT score indicating a balanced approach to regulatory impact.