The FCA has published Consultation Paper 15/8: Quarterly Consultation no.8 (CP15/8)
In CP15/8 the FCA invites comments on various miscellaneous amendments to its Handbook. The proposed amendments relate to:
- amendments to the Client Assets sourcebook (CASS) and the Consumer Credit sourcebook (CONC). The FCA is consulting on amendments to Chapters 6 and 7 of CASS to ensure that its policy, as set out in its June 2014 Policy Statement on its review of the client assets regime for investment business, is achieved. Additionally, the FCA is proposing to amend the CONC transitional provisions so that they do not exclude the application of CASS or related parts of the Supervision manual (SUP) for loan-based crowdfunding firms, making it clear these firms are subject to CASS;
- changes to remuneration reporting submission method. The FCA is proposing to make amendments to SUP 16.7, which requires firms to submit regular information about remuneration; and
- changes to the Handbook impacting alternative investment fund managers (AIFMs) and alternative investment funds (AIF) depositaries. The FCA is consulting on changes to its Investment Funds sourcebook to: (i) address potential risks to its objectives when AIFMs perform certain activities under the exclusion in article 72AA(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; (ii) make non-European Economic Area AIFMs and small registered UK AIFMs subject to the same administrative fee that applies to full-scope UK AIFMs and small authorised UK AIFMs; (iii) clarify a number of provisions in the Handbook related to the Alternative Investment Fund Managers Directive (AIFMD); and (iv) incorporate some of the AIFMD section of its website within Handbook guidance.
The deadline for comments to the CASS and CONC proposals is 6 April 2015, for everything else the deadline is 5 May 2015.
View CP15/8: Quarterly Consultation no.8, 6 March 2015