2. 2014 UK Regulatory agenda
o What did they say the FCA say a year ago?
o What has it been like:
o Supervisory themes
o Enforcement action
o FCA forward agenda and supervisory approach
o Impact on alternatives?
3. What did the FCA say a year ago?
o “Make markets work”
o “A fair deal”
o “Meeting fair and reasonable (consumer)
expectations”
o Business model - new threshold condition
o The end of caveat emptor
o More assertive and interventionist
o Act to protect a wider range of client relationships
4. What has it been like? Supervisory themes
o TR13/10 - Outsourcing in the asset management
industry
o TR14/1 – Transition Management Review
o Regulation round up:
o UCIS financial promotion rules
o Enforcement trends
5. FCA forward agenda and supervisory approach
o Shaping the future in asset management: (Martin
Wheatley, 30 October 2013)
o Fair, transparent and competitive: the FCA’s vision
for the asset management sector (Clive Adamson,
30 October 2013)
o Looking ahead to 2014 (Martin Wheatley 9
December 2013)
o CP13/17 – The Use of Dealing Commissions
o Market Watch 45
o Best Execution: A reminder of the basics
6. Implications for Alternative Managers?
o
o
o
o
o
Corporate access and use of dealing commission
Execution and transaction cost analysis
Charging costs to the funds
Fund raising and disclosures
Investment strategy and consistency with marketing
communications
o Quality of periodic reporting
o Independence of risk management
o Valuation
7. Conclusion
o
o
o
o
A year of cultural transition
Trusted Agents
Business model and culture
Regulatory fundamentals
o The rules are there to protect investors
o Is the best interest of your investors at the heart of what
you do?
