THE SHIFTING REGULATORY LANDSCAPE Tamasin Little

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THE SHIFTING REGULATORY LANDSCAPE?Tamasin Little
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FSA focus on private equity

• Objectives
• confidence in the financial system
• public awareness
• protection of consumers
• reduction of financial crime
• Business plan
• "increase understanding" "effective and
  proportionate"

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FSA focus on private equity

• Visits, letters, FSA business plan
• Anti-money laundering
• Senior management risk assessment and
  responsibility
• Market abuse/insider trading
• Fallout from hedge fund focus

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European horrors - MiFID

• In or out?
• European advisory offices
• Unregulated CIS managers still out but may be
  affected even so

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European horrors - MiFID

• New COB and SYSC
• customer classifications
• conflicts policies
• best execution policies
• independent compliance function
• independent risk management function/internal
  audit
• outsourcing restrictions
• marketing communications

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European horrors CRD

• CAD exempt firms
• Limited licence firms
• Consolidation
• LLPs