PIMFA - Personal Investment Management & Financial Advice Association’s Post

The FMA has released its first insights report into supervision activities and monitoring of the Financial Advice Provider (FAP) sector. The report highlights that FAPs and financial advisers have generally made good progress in transitioning to the new requirements. The FMA commented that they have seen FAPs using the new requirements to further serve the needs of their clients and build stronger and more resilient businesses. But the FMA also emphasised the need to avoid a 'tick the box' approach to compliance. They identified gaps that, if they remain unchecked, could escalate into poor outcomes for clients. Everyone can learn from these insights. FAPs and financial advisers should assess and improve their operations to align with the overarching objective to serve the needs of clients and invest the effort and time to ensure their arrangements are fit to achieve this. Read more... https://lnkd.in/g5iKubJa

SEBI: MODIFIES TIMELINES FOR PERIODIC SURVEILLANCE OF CREDIT RATING AGENCIES   SEBI outlines the measures for Ease of Doing Business for Credit Rating Agencies (CRAs), inter alia modifies Chapter III of the Master Circular for CRAs related to Timelines and Disclosures w.e.f. August 01, 2024; To bring about uniformity in dealing with appeals, Regulator modifies the Periodic surveillance timelines w.r.t. - (i) communication of the rating to the issuer - immediately but not later than 1 working day of the Rating Committee meeting, (ii) request for review/appeal of rating by the issuer - not later than 3 working days, and (iii) Dissemination of Press Release on CRA’s website and intimation of the same to Stock Exchange/Debenture Trustee - not later than 7 working days; SEBI states that CRAs shall continue to maintain records in respect of the said disclosures for a period of 10 years and monitoring of the circular shall be done in terms of half-yearly internal audit for CRAs.

The SC has issued the revised Guidelines on Conduct for Capital Market Intermediaries (Guidelines), aimed at elevating standards of professionalism and integrity of capital market intermediaries (CMIs) in the industry today. 🤝 SC's Chairman says that the revised guidelines aim to foster trust, integrity, and client-centricity in the capital market, aiming to minimize mis-selling, reputational damage, complaints, and improve client retention. Some key highlights include: 🔄 Reinforcing the importance of a CMI's board and senior management in prioritising clients' interests and fostering a corporate culture that reflects this priority. 🔍 Setting clear expectations of a CMIs' duty to act honestly, fairly, and to avoid misleading and deceiving clients under any circumstances. 💼 Requiring CMIs to exercise care, skill, and diligence when providing personal advice, prioritising client interests. 📅 The revised guidelines will take effect on 1 October 2024. This will provide CMIs with ample time to familiarise themselves and make necessary preparations to meet the new requirements. 🔗 Find the revised Guidelines and FAQs here: https://bit.ly/4abGJ6N 📖Read the full media release here: https://bit.ly/3VCElS4

The Financial Sector Conduct Authority (FSCA) has published its latest  3-year Regulation Plan which sets out the FSCA’s key areas of focus in the medium to long term, and sets out estimated timelines when industry may expect the relevant regulatory instruments to be implemented. The 2024 Regulatory Plan follows the FSCA latest Regulatory Actions Report issued on 28 June 2024, which gives an overview of the FSCA’s enforcement efforts between 1 April 2023 and 31 March 2024, and summaries the FSCA’s future focus areas based on identified trends and risks. 

🔊 European Securities and Markets Authority (ESMA) will host an Online Public Hearing on the MiFIR Review 📅 Date: Friday, 28 June 2024 The European Securities and Markets Authority (ESMA) is hosting an important public hearing to discuss revised rules following the MiFIR review. 🕘 Morning Session (9:00 - 12:00): - Review of RTS 2 on transparency for bonds, structured finance products, and emission allowances - Draft RTS on reasonable commercial basis - Review of RTS 23 on the supply of reference data 📚 More details available in the Consultation Package published on 21 May 2024. 🕐 Afternoon Session (13:00 - 16:30): - Technical Standards for Consolidated Tape Providers (CTP) and other Data Reporting Services Providers (DRSP) - Assessment criteria for the CTP selection procedure 📚 More details available in the Consultation Package published on 23 May 2024. This hearing will provide stakeholders with a comprehensive understanding of the proposed rules before the deadline for written comments on both consultation packages, set for 28 August 2024. 🔗 For more information and to participate, visit the ESMA website. #ESMA #MiFIR #DRSP https://lnkd.in/eTv2p-sr

ACCC Updates Guidelines on Interim Authorisation The updated #guidelines seek to clarify expectations around how the ACCC makes decisions on granting interim authorisation. https://lnkd.in/gVe2i9Nk

The Regulatory deadlines keep coming. Please see more from my colleagues on the topic of OpRes, which should be front of mind for lots of firms.

Australian Prudential Regulation Authority has launched its new Digital Prudential Handbook, a significant step towards enhancing transparency and accessibility in prudential regulation. It brings together standards, practice guides and associated guidance -- making it easier to understand the framework and ultimately comply with it. Let's embrace these innovations together and continue driving excellence in financial regulation. 🚀💼 #APRA #FinancialServices #Innovation #RegulatoryCompliance #riskmanagement

APRA has just released the Digital Prudential Handbook. The best part is that the statements in each of the standards now have URIs allowing for better integration with the knowledge graphs and business glossaries. #datagovernance #businessglossary

Interesting study for folks involved in financial services in Australia!