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Cyber-security testing in financial services

June 25, 2015 - Regulatory Updates

Cyber-security testing is a hot topic for 2015/2016 and as reported at the beginning of the year the UK and US have launched a ‘joint exercise’ which will focus on the financial sector. The SEC will undertake a second wave of cyber-security exams in the US Q315, with Barack Obama warning that the hedge fund industry remains a weak link in the financial services sector against hackers and terrorists.

FCA publishes guide to MAR (Market Abuse Regulation)

June 25, 2015 - Regulatory Updates

A ‘One Minute Guide’ to the Market Abuse Regulation which comes in force on the 3 July 2016 has been published on the FCA website. MAR succeeds the original Market Abuse Directive and will extend its remit to new markets, new platforms and new behaviours and so will strengthen the existing market abuse framework. The main objective of MAR is to increase market integrity and investor protection whilst ensuring that uniform rules exist throughout Europe.

FCA Market Focused Work Programme

June 25, 2015 - Regulatory Updates

The FCA has released their market focused work programme where it defined certain key topics in each regulated sub-segment of the financial markets. The FCA has created these topics as a commitment to provide new market guidance and studies in the key ares of concern. Firms should take into account this points when devising and amending their regulatory risk frameworks.

FCA publishes its Business Plan including risk outlook for 2015/2016

June 25, 2015 - Regulatory Updates

The FCA has published its Business plan for 2015/2016 and including the risk outlook, which is a new addition. This is a key document that all regulated firms should become acquainted with as it addresses the main areas of regulatory focus and key risks identified for the forthcoming year.

AIFMD: “Reverse solicitation”

June 25, 2015 - Regulatory Updates

The reliance upon reverse solicitation has been a grey area for a while now but it would also seem that some US institutional investors are pushing back on reverse solicitation agreements. Many US Managers are becoming increasingly interested in AIFMD but there are concerns regarding different approaches taken by European countries on Marketing and Reporting, especially with Annex IV disclosures (e.g. Remuneration disclosures) varying from country to country. As reported in our previous newsletter, US Managers will also be awaiting to see if the passport will be extended to non-EU AIFs or non-EU based AIFMs.