On 28 September, FCA Megan Butler spoke on investment advisor priorities.
- Butler is FCA executive director supervision – investment, wholesale and specialist.
- Follows 28 June, FCA issued findings on asset management, remedies.
Asset Management Hub
- FCA has created an asset management authorization hub to support new entrants.
- Hub will assist start-ups as they move from pre-authorization to full authorization.
- Phase one of Hub starts in October 2017, offering new firms’ pre-application meetings.
- In 2018, hoped to expand this support with quarterly surgeries and online booking.
SMR and MiFID
- SMR and MiFID countdowns well and truly on, and they are fundamental priorities.
- Sought SMR to apply to almost every FCA regulated firm offering financial services.
- SMR is divided into core regime for all firms and enhanced regime for the complex.
- Range/depth of data reported per MiFID, to improve FCA ability to monitor market.
- Important to realize that all legal entities trading under MiFID II will require an LEI.
- FCA is working closely with EU/US on question of firms registered as broker dealer,
who can’t accept payment for research, without applying as an investment advisor.