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The FCA's 5 Conduct Questions: senior managers of all firms required to consider their culture

The FCA recently published a feedback report on its 5 Conduct Questions programme. Although the 5 Conduct Questions programme (5CQ) has been running for some years, and was originally aimed at wholesale banks and subsequently extended to certain other wholesale firms, the FCA says that its feedback on 5CQ is now relevant for all firms. Therefore, all firms should consider "if and how" they can effectively incorporate 5CQ into their own organisations.

Appointed Representatives: FCA concerned about oversight and risks

The FCA has raised concerns about appointed representative (AR) arrangements entered into by firms in the investment management sector (including AIFMs, asset managers and advisorarrangers). The FCA has identified significant shortcomings in the way that principal firms oversee their ARs, and has found that principal firms often do not adequately assess the risks that the activities of ARs pose to the principal firm's business. In particular, the FCA has stated that it has significant concerns about the use of the "Host AIFM model" under which an AR provides advice to the AIFM, as its principal, and often markets and deals in the units of the AIF.

The EU cross-border distribution of funds

On 16 April 2019, the European Parliament adopted a new package of measures which will amend the existing regimes governing the cross-border distribution of collective investment funds in the EU: a Directive (CBD Directive) will amend the existing regimes for cross-border marketing of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS); and a
Regulation (CBD Regulation) will introduce new standardised requirements for cross-border fund distribution in the EU.

Travers Smith advises on TruFin plc's £44.5 million sale of its interest in Zopa

Travers Smith LLP has advised TruFin plc, the holding company for an operating group of companies that are niche lenders and early payment providers, on the £44.5 million sale of its interest in Zopa Group Limited and the demerger of Distribution Finance Capital Limited to Distribution Finance Capital Holdings plc.

2018: the year of the CVA

2018: the year of the CVA

2018 has seen a wave of company voluntary arrangements ("CVAs") hit the market, with high profile companies such as House of Fraser, Carpetright, New Look and Homebase (to name a few) all making use of this restructuring tool. This briefing note explains how a CVA works, provides an overview of current "market" themes, and makes some predictions on the future of CVAs.

Taxing non-residents on UK property gains: the rules for funds

There is much for funds to be positive about in the latest draft of the rules taxing non-residents on gains from UK land. In particular, the transparency and exemption elections are included in roughly the form expected, and HMRC has clearly listened carefully to concerns raised by the industry.

HM Treasury and FCA Brexit proposals for investment funds

HM Treasury and FCA Brexit proposals for investment funds

HM Treasury and the FCA have published draft regulations and rules which contain their respective Brexit proposals for investment funds. These are designed to facilitate the "onshoring" of EU legislation relating to investment funds, including AIFs and UCITS funds, and to establish a temporary permissions regime following the UK's withdrawal from the European Union.

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