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ARTICLE · 18 NOVEMBER 2024

Investment Management Update - November 2024

Macfarlanes LLP
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The FCA and ESMA have issued significant updates for investment management, emphasizing operational resilience, regulatory changes, cultural assessments, and evolving European frameworks. Key highlights include greenwashing standards, MiFID II amendments, and enhanced oversight of misconduct and market practices.

United KingdomStrategy
Lora Froud
Lora Froud
Alexandra Green
Alexandra Green
Michael Sholem
Michael Sholem
Rachel Serene
Rachel Serene

Welcome to the latest edition of our investment management update.

This publication has been tailored to highlight topical news, cases and changes in the law impacting the investment management sector.

UK

  • On 31 October 2024, the FCA published a webpage setting out key lessons from how firms responded to the CrowdStrike outage and their preparedness to respond to future incidents. The FCA statement encourages all firms, regardless of how they were affected by the CrowdStrike incident, to consider these lessons, to improve their ability to respond to and recover from future disruptions.

CrowdStrike outage: lessons for operational resilience

  • On 27 October 2024 the FCA fined Mr Käärmann, the CEO of Wise plc and senior manager of Wise Assets UK Ltd, £350,000 for breaching a senior manager conduct rule. The enforcement action related to Mr Käärmann's failure to notify the FCA of an HMRC fine for deliberately failing to notify HMRC of a capital gains tax

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