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European MiFID Template v3 - A work in progress
The European MiFID Template (EMT) has been used to transfer target market and costs and charges data from fund groups to distributors since January 2018. Having gone through a few iterations during development, the original version has not changed since it came into use over 18 months ago.
Good and bad in MiFID II cost disclosure, says FCA review
Having selected 50 assorted MiFID II investment firms – D2C platforms, robo-advisers, DFMs and fund managers – the FCA looked at their understanding of the rules, where they might be falling short, how well costs and charges information is shared between groups and whether cost disclosure has improved the transparency of client communications.
ESMA Securities and Markets Stakeholder Group (SMSG) responds to PRIIPs consultation paper
ESMA’s SMSG – its own panel of advisers, made up of industry participants, consumers and academics – has published its advice to ESMA on the proposals in the PRIIPs Consultation Paper, JC 2018 60, and it doesn’t pull any punches.
ECON calls for two-year extension to UCITS exemption from PRIIPs KIDs
In the middle of the European Supervisory Authorities’ (ESAs) consultation on PRIIPs KIDs, there was cross-party agreement in the European Parliament’s Economic and Monetary Affairs Committee (ECON) that the target date for UCITS to publish PRIIPs KIDs should be extended by two years, from December 2019 to 2021.
PRIIPs KIDs annual review
One of the few positive things that can be said about PRIIPs KIDs is that, unlike UCITS KIIDs, they don’t all need to be updated during the same short window at the start of every year. So PRIIPs providers can stagger their workload throughout the year, carrying out their annual reviews after their funds’ accounting dates, possibly.
IBIPs and the Insurance Distribution Directive (IDD)
The IDD requires greater product governance by manufacturers and distributors, including identification of the target market, and disclosure to customers of product features and costs and charges. For those familiar with MiFID II, this will ring bells. Indeed, in terms of disclosure and product governance, the IDD is effectively MiFID II for life products.
The impact of millennials on the asset management industry
The world nowadays is divided into generations that have grown up in completely different circumstances and which therefore have very different outlooks on the world. The generation made up of those born between 1980 and 1995 have come to be known as millennials, and while older generations may look down on them and say how “things were better in my day”, its undeniable that millennials and their views are shaping the future.
Client communication aspects of recent regulatory updates: What’s next and what we should keep an eye out for later this year
Pre-sale Key Information Documents (KIDs) are now required for all Packaged Retail and Insurance-based Investment Products (PRIIPs) that don’t publish UCITS KIIDs. Following heavy criticism about misleading performance scenarios, the FCA says firms can now produce “explanatory materials to put the calculation in context”.
MiFID II Customer Communication: What happens post Brexit?
The recent European Commission Notice to Stakeholders on MiFID opened with talk about “the considerable uncertainties in…the content of a possible withdrawal agreement” and said the requirements on UK firms are “subject to any transitional arrangement that may be contained in a possible withdrawal agreement."
Key Regulatory Developments in 2018
As the industry counts down to PRIIPs and MiFID II in days, rather than weeks or months, FE recaps some of the last minute items on firms’ ‘to do lists’ this side of Christmas, and lays out all the important regulatory dates for your diaries in 2018.
MiFID II Final Countdown: FE Launches Data Solution to Help Latecomers Meet the January Deadline
With the 3rd January 2018 deadline for the implementation of MiFID II client reporting just six weeks away, FE has created a data packaging solution to help platforms, back office software providers and DFMs who have left it late to find a solution to gather the data for their reporting requirements.