FCA publishes EMIR NFC findings: FCA has published its conclusions from its latest review on how non-financial counterparties (NFCs) calculate the clearing threshold for the purposes of the European Market Infrastructure Regulation (EMIR) and how they are complying with EMIR generally. FCA focused its review on energy and oil producers. It found the NFCs to be classifying hedging and non-hedging transactions accurately and giving proper training. It also found NFCs had put in place appropriate agreements for portfolio reconciliations. However, it noted some NFCs were having technical difficulties in trade reporting, and that some are confirming transactions only manually. It will work to encourage the industry to move to electronic reporting. (Source: FCA Publishes EMIR NFC Findings)

FCA publishes HBOS enforcement protocol: FCA and PRA have appointed counsel to carry out a review of FCA's enforcement decisions in relation to HBOS. They have now published a protocol which sets out the procedure for the review. (Source: FCA Publishes HBOS Enforcement Protocol)

FCA publishes factsheets: FCA has published a series of factsheets aimed at specific market participants and summarising FCA's expectations in key areas. Most of the factsheets relate to investment advisers. (Source: FCA Publishes Factsheets)

FCA publishes quarterly consultation: FCA has published its quarterly consultation. This consultation proposes:

  • an amendment to the Supervision Manual (SUP) to remove the aim of giving waiver decisions in respect of Consumer Credit Act applications within 20 days, to make the rules consistent with those on other waiver decisions;
  • changes to the Listing, Prospectus and Disclosure and Transparency Rules (DTR) to clarify existing rules, update guidance and set out a new fee for reviewing a material change to a published investment policy; and
  • correcting an unintentional consequence of implementation of the Alternative Investment Fund Managers Directive (AIFMD) which has the effect of failing to bring a few small alternative investment fund managers within the scope of

Chapter 6 of the Client Assets Sourcebook (CASS) although they safeguard and administer investments.

FCA asks for comments on all proposals by 5 November. (Source: FCA Publishes Quarterly Consultation)

FCA updates on AIFMD: FCA has updated on the Alternative Investment Fund Managers Directive (AIFMD). It sent a notification to certain firms on 22 August 2014 asking for additional mandatory information to supplement the AIF schedule. It asked these firms to reply by 5 September. Some firms have still not replied, and FCA asks them to ensure they do so by close of business on Friday 12 September. (Source: FCA Updates on AIFMD)

FCA creates webpage on adopted CRD 4 guidelines: FCA has created a new webpage within its website in order to list the EBA guidelines under CRD 4 that FCA has adopted. So far this only contains the guidelines on applying the 25% discount rate when calculating the maximum amount of deferred variable remuneration. (Source: CRD 4 Guidelines