• Login
    • Advanced search
    • Title
    • Channel
    • Module
  • Home
  • Industry
    • Financial Institutions and Insurance

      • Financial Institutions
      • Insurance
    •  

      • Aerospace, Defense, and Government Services
      • Automotive and Mobility 
      • Consumer
      • Diversified Industrials
      • Education
      • Energy and Natural Resources
      • Life Sciences and Health Care
      • Real Estate
      • Sports, Media & Entertainment
      • Technology & Telecoms
      • Transport & Logistics
  • Practice
    • Corporate & Finance

      • Banking and Loan Finance
      • Blockchain
      • Business Restructuring and Insolvency
      • Debt Capital Markets
      • Leveraged and Acquisition Finance
      • Pensions
      • Real Estate
      • Real Estate Investment Trusts (REITs)
      • Tax
      • Transfer Pricing
    • Global Regulatory

      • Administrative and Public Law
      • Antitrust and Competition
      • Communications, Internet, and Media
      • Education
      • Environment and Natural Resources
      • Financial Services
      • Food Law
      • Gaming Law
      • Government Contracts and Public Procurement
      • Government Relations and Public Affairs
      • Health Law
      • Immigration
      • International Trade and Investment
      • Medical Device and Technology Regulatory
      • Pharmaceuticals and Biotechnology Regulatory
      • Privacy and Cybersecurity
      • Space and Satellite
    • Intellectual Property

      • Copyright
      • Designs
      • Domain Names
      • IP and Technology Transactions
      • IP Enforcement
      • Patents
      • Trade Secrets and Confidential Know-how
      • Trademarks and Brands
      • Unfair Competition
    • Litigation, Arbitration, and Employment

      •  
  • Resources
  • Engage Premium
  • Login
  • Register
Hogan Lovells Engage 5.4.6
      • Title
      • Channel
      • Module
    • Hit ENTER to search in content
    • Advanced search
    • Login
  • Home
  • Industry
    • Financial Institutions and Insurance

      • Financial Institutions
      • Insurance
    •  

      • Aerospace, Defense, and Government Services
      • Automotive and Mobility 
      • Consumer
      • Diversified Industrials
      • Education
      • Energy and Natural Resources
      • Life Sciences and Health Care
      • Real Estate
      • Sports, Media & Entertainment
      • Technology & Telecoms
      • Transport & Logistics
  • Practice
    • Corporate & Finance

      • Banking and Loan Finance
      • Blockchain
      • Business Restructuring and Insolvency
      • Debt Capital Markets
      • Leveraged and Acquisition Finance
      • Pensions
      • Real Estate
      • Real Estate Investment Trusts (REITs)
      • Tax
      • Transfer Pricing
    • Global Regulatory

      • Administrative and Public Law
      • Antitrust and Competition
      • Communications, Internet, and Media
      • Education
      • Environment and Natural Resources
      • Financial Services
      • Food Law
      • Gaming Law
      • Government Contracts and Public Procurement
      • Government Relations and Public Affairs
      • Health Law
      • Immigration
      • International Trade and Investment
      • Medical Device and Technology Regulatory
      • Pharmaceuticals and Biotechnology Regulatory
      • Privacy and Cybersecurity
      • Space and Satellite
    • Intellectual Property

      • Copyright
      • Designs
      • Domain Names
      • IP and Technology Transactions
      • IP Enforcement
      • Patents
      • Trade Secrets and Confidential Know-how
      • Trademarks and Brands
      • Unfair Competition
    • Litigation, Arbitration, and Employment

      •  
  • Resources
  • Engage Premium
  • Login
  • Register
  1. News
  2. Funds and asset management regulatory news, 23 November 2020

Funds and asset management regulatory news, 23 November 2020

FIG Bulletin
23 November 2020
    • Share by email
    • Share on
    • Twitter
    • LinkedIn
    • Get link
    • Get QR Code
    • Download
    • Print

Selected regulatory updates of interest to the funds and asset management sector. See also our Related Materials links for regulatory updates of broad application.

Contents

  • Download the full regulatory news bulletin
  • FSCS levy calculations: FCA clarifies process for reporting income
  • Executive remuneration: Investment Association principles and guidance

FSCS levy calculations: FCA clarifies process for reporting income

The FCA has published a new webpage for investment managers, clarifying the options for reporting income for Financial Services Compensation Scheme (FSCS) levy calculations.

The clarification is necessary as the FCA has become aware that some firms may be reporting income for the FSCS levy that does not need to be reported. It relates to the requirements on asset managers to report "look through" income for the FSCS levy. Income relating to beneficiaries who are FSCS-eligible claimants must be reported under Chapter 6 of the Fees manual (FEES 6).

The FCA explains that, when calculating annual eligible income (in accordance with the FCA Glossary definition) there are two options:

  • to only include such annual income if it is attributable to business in respect of which the FSCS may pay compensation; or
  • include all such annual income.

Therefore, firms must include income they know relates to eligible claimants, and income that may relate to eligible claimants. If the firm cannot identify whether the underlying beneficiary is an eligible claimant, income derived from that business must be included, because the FSCS may pay compensation in relation to it.

The FCA further clarifies that, if the firm can identify income that relates to beneficiaries who are not eligible claimants, that income can be excluded. In any case, a firm can report all income if it chooses to do so.

The FCA webpage includes an example to illustrate the requirements.

Executive remuneration: Investment Association principles and guidance

The Investment Association has published a revised version of its principles of remuneration. The main changes from the November 2019 version are clarified sections on pensions, non-financial performance measures, post-employment shareholding requirements and deferral of bonuses. These are explained further in the IA's letter to remuneration committee chairs.

The Investment Association has also updated its guidance "Executive Remuneration in UK listed companies – Shareholder Expectations during the COVID-19 Pandemic".

Download the full regulatory news bulletin 

button

 

Authored by Yvonne Clapham

 

Contacts
Yvonne Clapham
Senior Knowledge Lawyer
London
Related Materials
920345_1154993-Download Button_V1

Download the full bulletin of regulatory news for financial institutions, 23 November 2020

FIG bulletin - general

Financial institutions general regulatory news, 23 November 2020

GO-International Trade and Investment-calculator-shutterstock_65719675

Banking and finance regulatory news, 23 November 2020

New Financial Services - Card

Consumer finance regulatory news, 23 November 2020

FIG Bulletin - Insurance

Insurance regulatory news, 23 November 2020

FIG Bulletin - Payment

Payments regulatory news, 23 November 2020

FIG Bulletin - Securities

Securities and markets regulatory news, 23 November 2020

Keywords Financial services regulation news FIG bulletin update funds asset management
Languages English
Topics Funds and Asset Management
Countries United Kingdom
Delete Comment ?

Are you sure want to delete comment ?

Get link
Embed
Share by email
Get QR Code

Scan this QR Code to share this content