FMLC responds to FCA proposals to amend client assets regime for investment business

The Financial Markets Law Committee (FMLC) has published its response to Consultation Paper 13/5: Review of the client assets regime for investment business.

In its response, the FMLC sets out its responses and recommendations in respect of the proposals on:

  • records based distribution;
  • the overlap with central clearing structures and the European Markets Infrastructure Regulation;
  • client reporting and information;
  • the banking exemption;
  • acknowledgment letters; and
  • multiple pools and the identification of beneficiaries.

The FMLC also highlights the need to take into account the operational realities of the trading of securities in the financial markets while reviewing the client assets regime.

View Issue 147: Client monies - Response to the consultation of the Financial Conduct Authority entitled: “Review of the client assets regime for investment business” (Consultation Paper CP 13/5), 28 January 2014