Regulation
AI reply
The Financial Conduct Authority (FCA) has published its response to the UK government consultation on AI regulation, setting out their focus on how firms can safely and responsibly adopt the technology as well as understanding what impact AI innovations are having on consumers and markets (more on AI below).
Risk and reward
The European Securities and Markets Authority (ESMA) has published a Call for Evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). The objective is to gather information from stakeholders to assess possible risks and benefits of UCITS gaining exposure to various asset classes. Feedback required by 7 August 2024.
Composite pressure
The Association of Investment Companies (AIC) has urged the Treasury to announce its decision on whether investment trusts should be treated as Consumer Composite Investments (CCIs). Details in Portfolio Adviser.
Sustainable Investment / ESG
Standard green?
Ian Simm, Chief executive officer of Impax Asset Management, a UK-based sustainable investment boutique, aired his views on international sustainability standards and regulations at the Investment Association‘s recent Sustainability and Responsible Investment Conference. Ignites Europe reports.
Lacklustre labelling
A couple of new pieces of research are well worth a read too: the Investment Association reveals the level of asset managers who do not plan to apply any sustainability labels to their funds in the next two years, and those who have no intention of ever using a sustainable fund label. Ignites Europe has the findings. Concurrently, Axa IM Select research highlights a lack of knowledge among UK investors when it comes to ESG investing terminology.
Market News
Catch up craving
State Street Global Advisors’ head of EMEA, Ann Prendergast, speaks to FN London about asset managers needing time to catch up with a slew of new regulatory demands.
AI executiion
Citiwire reports on a recent Milken Institute Global Conference round table on AI, and concerns around ‘AI-washing’.
And a new Boston Consulting Group (BGC) report highlights how many asset management firms are making generative AI a priority.
Governance
Opportunity oasis
Board apprenticeships are welcomed as experts say the talent pool of directors at open-ended funds is drying up, Ignites Europe reports.
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