Post Brexit compliance requirements for UK Investment Managers and Advisors

By Kyte Ekstrom | Brexit, Compliance, FCA Regulation, Financial Industries, FinTech, Investment, Investment Advisor, Investment Manager, News | 0 Comments

If you are unclear on the implications of the Withdrawal Agreement and how it will affect your business, you are not alone! The vague, obscure definitions, effectively mean a “hard Brexit” for financial services. The only decisive action agreed in the Joint Declaration states that the UK and EU will agree a framework for regulatory cooperation, reaching a Memorandum of Understanding (MoU) by March 2021 (subject to extension, of course).

What you really need to know is how this affects you and your business. Which is why we have put together a few guidance points below.

  • During this interim period, managers will be required to adhere to the regulations of each EU state.
  • Until further negotiations have been agreed, cross-boarder investment services, and delegation arrangements either by, or to, UK firms will need to be confirmed on a case-by-case basis for each EU jurisdiction.
  • In accordance with EU ‘passporting’ rights, under AIFMD, UK firms will currently not be able to market funds or the provision of fund management services to EU countries.
  • In order to enter into derivative transactions with EU counterparties the regulatory compliance requirements for both the UK and EU state will need to be met.

The FCA has published guidance for financial services, including Temporary Transitional Power (TTP), and requires UK firms to follow the TTP directions where applicable. Firms are expected to use the duration of the TTP period to prepare, in order to be fully compliant with the onshored UK regime by the 31st March 2022.

If Post-Brexit regulatory compliance requirements leave you befuddled and in need of a mental break, a well deserved, socially distanced coffee perhaps. Then it’s time to call the experts! This is where Fintech compliance comes in. We are the only compliance consultancy in the UK to specialise exclusively in fintech .

Our award-winning services include:

Comply-Audit

A deep dive look into your businesses activities and processes to determine the level of compliance required in order to fulfil regulatory requirements. Think of this service as a ‘health check’, which can range from checking on one element of your business or a full-firm-wide review.

Comply-Lite

Our cost-effective retainer service for firms with low compliance requirements.

Comply-Retainer

This popular service is the comprehensive way to ensure your firm remains compliant.  Providing you with periodic risk-based compliance reports focused on specific areas of the business, as well as any other ongoing advice or compliance assistance required.

Comply Ad hoc

Perfect for situations when you need assistance with one-off issues which require efficient and effective resolution. Comply – Ad hoc incorporates assistance with any regulatory/compliance issues including the following:

  • Variation of permission applications
  • Change in control applications
  • Review of policies and procedures for compliance with relevant regulations
  • Independent, external compliance audits
  • Compliance training
  • Compliance gap analysis
  • Adding or removing Approved Persons from the FCA register
  • Assistance with GABRIEL reporting
  • AML/KYC issues
  • Ongoing capital calculations
  • “Passporting” applications

Bespoke Training

Providing you with training services specific to your business and activities. With financial regulation constantly evolving, it is imperative that your firm keeps up-to-date with its requirements, including maintaining the competency of staff. Some of the training services we currently provide to businesses include:

  • Introduction to compliance
  • AML
  • Market Abuse
  • Data Protection
  • Anti bribery and corruption
  • Financial promotions

To find out more about Fintech Compliance, our services, and how we can help you stay compliant, get in touch today to speak to one of our fully qualified advisors.> Get In Touch

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Guide to the FCA Handbook to Post-Brexit transition

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