UCITS Share Classes

ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 - on the subject in December 2014).

Financial Sanctions

The Office of Financial Sanctions Implementation (“OFSI”) came into being on 31 March.

FCA Business Plan 2016/17

The FCA has published its Business Plan for 2016/17, which also includes the ‘Risk Outlook’ (page 12) which effectively feeds into the Business Plan. The purpose of the Plan is to set out the FCA’s priorities for the year ahead.

Remuneration Guidelines: UCITS V and AIFMD

UCITS V introduces the need for UCITS management companies to establish and apply remuneration policies and practices – SYSC 19E incorporates the nine UCITS remuneration principles (see Regulatory Roundup 73).

Client Money: Loan-Based Crowdfunding

The proposed changes to CASS to allow firms to hold money in relation to both P2P agreements (CASS protection) and business to business agreements (falls outside of CASS protection) without breaching CASS came into force on 21 March 2016

Liquidity Management in Funds

The FCA has published comments – there is no stand-alone paper as such - on ‘Liquidity management for investment firms: good practice’.

Remuneration: Bonus Cap

The European Banking Authority’s Guidelines on sound remuneration policies were published on 21 December last.

MiFID II Delayed

The implementation date of the MiFID II framework (both the Directive and the Regulation) has now been formally extended by one year


FCA Policy Statement PS16/2 sets out, as far as is possible, the final rules arising from the implementation of UCITS V, although there is also impact on NURS.