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The UK’s Financial Conduct Authority (FCA) has extended the application of the 10% depreciation notice to domestic portfolio management service providers.
This regulation is due to be replaced next year as Her Majesty’s Treasury has submitted a replacement statutory document before the British Parliament. Existing provisions are reproduced in FCA Conduct of Business Sourcebook COBS 16A.4.3UK.
The legislative reform of the old provisions derived from Article 62 of Commission Delegated Regulation EU 2017/565 of 25 April 2016 (MiFID Org Regulation) is expected to be completed next year. As a result, the new rules are expected to come into force in January 2023, the FCA said in a statement. release on thursday.
We have decided to extend the temporary measures against companies during the interim period until Article 62 is revoked, the regulator said in a statement, adding that if certain conditions are met, it will issue a notice. It added that it would not take action against violations of its requirements.
These conditions include the company issuing at least one 10% depreciation notice during the current reporting period and receiving a similar notice if the portfolio’s value declines by another 10% or more during that period. including notifying individual investors that they may not. Another condition demanded by the FCA Task Company is directing retail investors to “non-personalized communications” containing general updates on market conditions.
“These updates, which may be provided through public channels such as company websites, will help consumers make thoughtful investment decisions rather than acting impulsively,” the UK regulator said in a statement. As such, it should aim to contextualize changes in the value of portfolios or positions. explained.
The final condition stated by the FCA requires investment portfolio managers to remind individual investors how to ascertain the value of their portfolios and to contact them if they need further information or advice. .
The FCA has adopted a 10% deprecation notice clause from March 2020. Last year, however, the regulator said he would keep the temporary measures in place until December 31, 2022, while the Treasury Department worked to integrate the notification requirement into the wholesale market review. (WMR).
The WMR is a framework that proposes a fundamental overhaul of the UK financial services regulatory regime by improving secondary market regulation while leveraging the freedoms that come with Brexit.
This measure was initially introduced to allow businesses to support consumers during the market volatility and Brexit transition period related to coronavirus (COVID-19). It said it would demonstrate supervisory flexibility for companies to continue to comply with the requirements as long as they remain in compliance,” the regulator further explained.
The UK’s Financial Conduct Authority (FCA) has extended the application of the 10% depreciation notice to domestic portfolio management service providers.
This regulation is due to be replaced next year as Her Majesty’s Treasury has submitted a replacement statutory document before the British Parliament. Existing provisions are reproduced in FCA Conduct of Business Sourcebook COBS 16A.4.3UK.
The legislative reform of the old provisions derived from Article 62 of Commission Delegated Regulation EU 2017/565 of 25 April 2016 (MiFID Org Regulation) is expected to be completed next year. As a result, the new rules are expected to come into force in January 2023, the FCA said in a statement. release on thursday.
We have decided to extend the temporary measures against companies during the interim period until Article 62 is revoked, the regulator said in a statement, adding that if certain conditions are met, a notice will be issued. It added that it would not take action against violations of its requirements.
These conditions include the company issuing at least one 10% depreciation notice during the current reporting period and receiving a similar notice if the portfolio’s value declines by another 10% or more during that period. including notifying individual investors that they may not. Another condition demanded by the FCA Task Company is directing retail investors to “non-personalized communications” containing general updates on market conditions.
“These updates, which may be provided through public channels such as company websites, will help consumers make thoughtful investment decisions rather than acting impulsively,” the UK regulator said in a statement. As such, it should aim to contextualize changes in the value of portfolios or positions. explained.
The final condition stated by the FCA requires investment portfolio managers to remind individual investors how to ascertain the value of their portfolios and to contact them if they need further information or advice. .
The FCA has adopted a 10% deprecation notice clause from March 2020. Last year, however, the regulator said he would keep the temporary measures in place until December 31, 2022, while the Treasury Department worked to integrate the notification requirement into the wholesale market review. (WMR).
The WMR is a framework that proposes a fundamental overhaul of the UK financial services regulatory regime by improving secondary market regulation while leveraging the freedoms that come with Brexit.
This measure was initially introduced to allow businesses to support consumers during the market volatility and Brexit transition period related to coronavirus (COVID-19). It said it would demonstrate supervisory flexibility for companies to continue to comply with the requirements as long as they remain in compliance,” the regulator further explained.
