FS regulatory, accounting and audit bulletin - 11th edition 2013

Being better informed

In recent months we saw the EBA, ESMA and EIOPA release their 2014 work programmes, setting out timelines for work on Level 2 technical advice for key legislative issues - including CRR, Solvency II, MiFID II, UCITS V and PRIPs. But many of these timelines are still at the mercy of the Level 1 texts being agreed between the Council and EP, so we are taking the timelines with a pinch of salt. It all depends on how much the Council and the EP are able to achieve before next spring’s parliamentary elections. In other news:

  • The final EU piece of the AIFMD puzzle fell into place in October when ESMA published its final reporting guidelines. These guidelines clarify how firms should report under AIFMD and when they should start reporting. Many asset managers have started AIFMD preparations, but delayed their preparations for reporting. They will need to get going on that now. We expect the FCA to consult on AIFMD reporting shortly.
  • The FCA held its annual asset management conference at the end of October. It signalled a much more collaborative approach to working with asset managers, while giving them a steer on its priorities for the year ahead – see our Hot Topic on the conference.
  • Finally, consumer credit and peer-to-peer lending were at the top of the EU and FCA agendas. The EC published a consultation on crowdfunding and the FCA launched consultations on both its new consumer credit regime and regulating crowdfunding.

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