In late 2024, the United Kingdom’s Financial Conduct Authority (FCA) published a “Dear CEO” letter related to the FCA’s “Custody and Fund Services Supervision Strategy.” The letter shares the FCA’s expectations of UK FCA-authorised firms that act as custodians, depositories, and administrators in the funds sector. Importantly the letter also highlights some of the regulatory risks and topics fund managers should be reviewing as part of their due diligence before selecting service providers for their funds, irrespective of whether the … Read the rest
This blog was co-authored by Michael McCarthy, trainee associate, litigation insurance.
On 20 March 2024 the Financial Sector Conduct Authority published a number of administrative sanctions for financial services providers who had failed to comply with the Financial Intelligence Centre Act (FICA). The FSCA, the supervisory body responsible for financial services providers under FICA, issued the sanctions following inspections it conducted during the course of 2023. Each FSP was found to have contravened section 42(1) and (2) of FICA for … Read the rest
On 27 September 2023, the European Supervisory Authorities (ESAs) co-published a report on the landscape of information and communication technology (ICT) of third-party providers (TTP) in the EU.
The report sets out the results of a high-level analysis, carried out by the ESAs together with Member State competent authorities with the objective of getting a preliminary overview of the provision of ICT services to EU financial entities by ICT TTPs. The analysis was performed … Read the rest