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ARTICLE · 09 JUNE 2016

UK Regulator Consults On UCITS, SFTR And Consequential Changes To The Handbook

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The FCA has proposed consequential amendments to CASS, including disapplying certain CASS rules and guidance to ensure consistency with requirements under the UCITS V Level 2 Regulation.

United KingdomFinance and Banking
A&O Shearman
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On May 20, 2016, the Financial Conduct Authority published a consultation paper outlining proposed changes to the rules and guidance in the Client Assets sourcebook and the Collective Investment Schemes sourcebook (COLL), following the adoption of the UCITS V (the Undertakings for Collective Investment in Transferable Securities V Level 2 Regulation). The consultation paper also proposes minor changes to the Senior Management Arrangements Systems and Controls sourcebook (SYSC) and consequential amendments in COLL and the Investment Funds sourcebook (FUND) to reflect certain measures in the Securities Financing Transactions Regulation. The UCITS V Level 2 Regulation sets out additional, detailed requirements for UCITS management companies and depositaries and will apply to UCITS management firms from October 13, 2016. Requirements include, for example, minimum terms in the contract between a management company and depositary, detailed oversight, cash monitoring and

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