2018年-FCA英国金融行为监管局_mifid_ii_ops_6页_238kb

报告摘要

Summary of Regulator Assessment: Extending Selected MiFID II Provisions to Occupational Pension Scheme (OPS) Firms

Core Content

The Financial Conduct Authority (FCA) conducted an assessment to extend selected provisions of the Markets in Financial Instruments Directive II (MiFID II) to Occupational Pension Scheme (OPS) firms. These provisions relate to research and inducements, best execution, and taping. The extension aims to ensure that OPS firms, which manage pension scheme assets, meet similar standards to MiFID investment firms in terms of accountability, transparency, and conduct of business.

The assessment was initiated as a domestic extension of EU legislation and came into effect on 2 April 2018. It does not include the implementation of the Cutting Red Tape review. The changes apply to the whole of the UK and are intended to improve investor protection and market integrity without imposing unnecessary burdens on OPS firms.

Main Areas of Change

1. Research & Inducements

Purpose: To ensure transparency and avoid conflicts of interest by requiring OPS firms to account for research costs and avoid inducements that could distort decision-making.
Impact:
- OPS firms that do not outsource portfolio management may face one-off costs (estimated £35,000 per firm on average).
- One-off costs range from £224,000 (lower bound) to £392,000 (upper bound).
- Ongoing costs are estimated at £20,833 per firm on average, with a range from £66,667 to £233,333.

2. Best Execution

Purpose: To enhance transparency in how orders are executed, ensuring better prices and lower transaction costs for investors.
Impact:
- One-off costs are estimated at £49,730 per firm on average, with a range from £318,272 to £556,976.
- Ongoing costs are estimated at £21,880 per firm on average, with a range from £105,024 to £245,056.

3. Taping

Purpose: To record communications related to client orders and dealing activities, aiding in the detection of market abuse and improving internal compliance.
Impact:
- One-off costs for taping are estimated to range from £56,695 to £63,945.
- Ongoing costs are estimated to range from £53,795 to £61,045.

Disapplication of Other Conduct Rules

The FCA has decided to disapply most of the existing conduct of business (COBS) rules for OPS firms, except for a few exceptions.
This approach is intended to simplify the regulatory burden and help OPS firms better understand which rules apply to them.
Estimated cost for this disapplication is less than £100,000, with an average cost of £688 per firm for familiarisation and gap analysis.

Business Impact

Total estimated one-off costs for all OPS firms: £224,000 to £556,976.
Total estimated ongoing costs: £66,667 to £245,056.
Net Present Value (NPV) of the policy: -£4.0 (indicating a net cost over time).
Net cost to business (EANDCB): £0.5 million.
BIT score: 2.3 (a measure of the balance between benefits and costs).

Benefits to Consumers and Society

The proposed changes are expected to result in greater transparency for OPS firms, particularly in terms of research expenditure.
This transparency is anticipated to help pension scheme trustees ensure value for money for beneficiaries.
The FCA considers these benefits to exceed the costs to firms, though they are not directly quantified in the impact assessment due to the scope of the BIT Score framework.