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Expert Insights

30 November 2017

November - Financial Services Institutions Briefing

As 2017 comes towards a close this is a time of significant change for EU financial sector businesses with the long anticipated implementation of MiFID II looming in the early days of January 2018.

MiFID II brings regulatory reforms with highly significant implications for those providing financial products and services to retail and professional clients within the EU. For the UK and EU the tortuous process of Brexit continues providing a climate of some political uncertainty which looks likely to persist for some time. We live in interesting times!

This edition of our briefing contains articles on a number of topical issues of interest to financial institutions.

To download this edition in full please click here

Artists’ resale rights – Brexit’s positive impact

In the aftermath of Brexit, there may well be an opportunity for the UK to repeal the legislation implementing the Artists' Resale Right Directive. Many felt that when it was implemented into UK law in January 2012, it would herald the demise of London's standing as a leading international art sales centre. We explore the issues here and the potential outcome.

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FinTech funding: when to get regulated

Too often, FinTech business overlook the importance of ensuring that their product is compliant with financial regulations, either opting to utilise the perceived regulatory safety of third party providers, rely on a narrow regulatory exemption, or simply ignore regulation altogether in an attempt to avoid legal costs.

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The countdown to MiFID II for Discretionary Managers

Where has the year gone? While it may be unnerving to some to mention that it is about 4 weeks until Christmas, what is even more unsettling for those in the financial services sector is that MiFID II comes into effect in around 5 weeks’ time.

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SMCR: 2018 extension to all FCA firms

The SMCR was born out of the recommendations of the Parliamentary Commission on Banking Standards following its review of the 2008 financial crisis and is part of the FCA’s focus on the culture and governance within the firms it regulates. This took effect for banks in March 2016 and will be extended to the remaining FCA firms by the end of 2018.

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Product governance under MiFID II

Product governance refers to the systems and controls that firms must have in place to design, approve, market and manage products through their lifecycle to ensure that they meet legal and regulatory requirements. The regime in relation to product governance under MiFID II seeks to implement product related requirements and processes that establish a benchmark for financial instruments and distribution.

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LPAs discretionary management

With a growing elderly population, investment managers will find that they are operating discretionary portfolios on the instructions of an attorney acting under a Lasting Power of Attorney for Financial and Property Affairs (LPA) (or Enduring Power of Attorney) with increasing regularity.

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For more information please contact Jonathan Bayliss on +44 (0)20 7427 6699 or at