Regulation
FCA’s agenda for 2023/24
In the context of its three-year strategy announced a year ago, the FCA outlines its plans for the next 12 months, as reported by Investment Week here, and the FCA’s own press release here.
SDR delays
The implementation dates for the FCA’s Sustainable Disclosure Requirements (SDR) are being postponed, the regulator has implied, reports Investment Week here. This broad-brush ‘anti-greenwashing rule’ was set to come into force on 30 June while the labelling and disclosures reforms were slated for 2024, but these could both be pushed back due to the “significant response” to the regulator’s SDR consultation paper.
At a minimum
AMF, the French regulator proposing (read their release here) the introduction of minimum environmental requirements in European law that must be met by financial products in order to be classified as Article 8 or Article 9 under the Sustainable Finance Disclosure Regulation (SFDR).
SMCR under review
The Financial Conduct Authority has launched a review into the Senior Managers and Certification Regime (SMCR), reports Money Marketing here. The regulator has published a discussion paper with The Treasury and Bank of England that seeks feedback on the rules. Read about the Edinburgh Reforms here.
CBI’s Dear CEO Letter on Costs and Charges
Read the full letter here. The key findings included the fact that whilst this action did not identify material undue costs, “a number of deficiencies were demonstrated by fund management companies in setting the cost and fee structure …”, with a call for greater oversight and calibration of costs and fees. Value for money report, as the EU Commission seemed to be suggesting last autumn?
ESG
IPCC update: in the eye of the beholder
An update from the Intergovernmental Panel on Climate Change (IPCC) is heartening or disheartening, depending on how you read it here, on Euronews here, and with some hard-hitting visuals in The Independent here. An excellent summary from sustainable finance expert Sandy Trust via a LinkedIn post here.
IOSCO: Framework for sustainability-related corporate reporting
Read their press release here, and a comment from the FCA’s Mark Manning via his LinkedIn feed here. Mark chaired the workstream that developed the report.
HM Treasury Consultation: ESG ratings providers
HM Treasury is consulting on whether regulation for providers of ESG ratings should be introduced, and on the potential scope of a regulatory regime. Read it here. The consultation closes 30 June.
In The Marketplace
Link-Waystone: Delayed or off?
The departure of Waystone Group’s chief executive, chief financial officer and chief operating officer has cast doubts over the future of the firm’s acquisition of Neil Woodford’s former authorised corporate director Link Fund Solutions, reports Investment Week here, and the Financial Times provides more details and some analysis here. Financial News also covered this story with their report available here.
Schroders and Aviva first to get LTAFs approvals
Citywire has details on both here and here, with details from the FCA from earlier in the month here.
All share union for Rathbones and Investec Wealth in the UK
The Financial Times reports the news here, while the paper’s Lex columnist opines that Consumer Duty will test the mettle of a “defensive” merger here.
Boardroom Governance
Long staying board chairs
First at Scottish Mortgage Investment Trust plc, reported widely including in Investment Week here and the Financial Times here, and then at Liontrust plc also reported widely and in The Times here. Not everyone may agree with him, but industry veteran and experienced board director Jonathan Little weighs in on LinkedIn with his views on the “trend towards long-term professional NEDs” here. Send thoughts to contact@fundboards.org
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