Treasury has made the Regulations implementing changes to the Financial Services and Markets Act 2000 (FSMA) necessary to bring UK law into line with UCITS V. The changes relate to:
- FCA’s powers;
- publication of final notices and other sanctions;
- a new part of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 to cover depositary liability; and
- small amendments on information disclosure and whistle-blowing.
The changes take effect on 18 March. Much of the detail of UCITS V is implemented by changes to FCA Rules, and Treasury has also published a transposition table showing relevant FCA provisions, including the changes to the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) covering remuneration. (Source: Treasury makes UCITS V Regulations)