News and updates

Empowering you to connect the dots with the latest financial compliance news and updates

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Private equity firm Ares Management LLC charged with compliance failures

The US Securities and Exchange Commission (“SEC”) announced that Ares Management LLC, a Los Angeles-based private equity firm and registered investment adviser, agreed to pay $1,000,000 to settle charges that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material non-public information (“MNPI”).

Compliance Induction and Refresher Training for a Digital Age

The year is 1997. An investment firm has a new intake of staff – graduate trainees, investment professionals, operations specialists, back-office workers. A memo goes round. The new staff members are required to attend a compliance training course.

Demystifying SMCR

A particular aspect of the UK regulatory environment is that financial institutions can be classified in a number of different ways. For example, it’s possible for a firm to be classified as an FCA-regulated firm, an investment firm, a portfolio manager, a small CASS firm and an ‘IPFRU’ firm – amongst others!

Quarterly Newsletter: April 2020

Welcome to our Q1, 2020 newsletter - part of a series that aims to provide a quarterly update of key regulatory issues affecting the UK/EU and the USA.

Securities Financing Transactions Regulation – Reporting Obligations To Take Effect In 2020

After a considerable delay, a timetable for the implementation of the reporting obligations relating to the Securities Financing Transactions Regulation (“SFTR”) has now been finalised.

FCA Publishes Advice Regarding Coronavirus Outbreak

On 17 March 2020, the FCA published their second communication regarding the Coronavirus outbreak, “FCA information for firms on Coronavirus (Covid-19) response”. Their first was published on 4 March 2020. In this most recent update, the FCA iterates that it expects firms to be taking reasonable steps to ensure that they are prepared to meet the challenges that the coronavirus poses to customers and staff

Business Continuity Planning And Coronavirus

Having business continuity arrangements in place is a long-established FCA regulatory requirement and the rapid onset of coronavirus presents a new conundrum for firms. Specifically, how to plan for something where the range of potential outcomes is so diverse.

FCA’s Asset Management Letters Should Not Be Viewed In Isolation

Following a year occupied with Brexit confusion the FCA has commemorated the start of a new decade with a release of ‘Dear CEO’ letters, somewhat reminiscent of the US Securities and Exchange Commission’s ‘examinations priorities’, which set out key risks of harm that the regulator considers relevant to certain sectors, including asset management.

Regulatory Briefing January 2020

Welcome to our new-look newsletter, which is part of a series of quarterly newsletters that we have been publishing for some time. Although the look and feel is very much different, the intent is very much the same – to provide you with an update of key regulatory issues affecting the UK/EU and the USA.

Robert Quinn Consulting announces partnership with Vero Screening

Robert Quinn Consulting (RQC), a market-leading provider of compliance consulting, regulatory hosting and online training, and Vero Screening, the UK’s largest independent employment screening company, have formed a partnership which harnesses the skills and experience of both firms to provide a full range of solutions for all FCA regulated firms implementing the Senior Managers and Certification Regime (SMCR).

Cross Border Distribution Of AIFs And UCITS

In April 2019, the European Parliament approved changes to the Alternative Investment Fund Managers Directive (“AIFMD”) and the UCITS directive to facilitate cross-border marketing of funds. The changes, which take the form of a directive and a regulation, seek to improve the efficiency of cross-border marketing of funds across the EU.

Regulatory Capital Changes

On 16 April 2019, the European Parliament passed the new legislation on prudential requirements for MiFID investment firms. It is anticipated that this will come into force in late 2020 or early 2021.