The new Conduct of Business Sourcebook (Use of Dealing Commission) Instrument 2005 will soon come into force on 1 January 2006. The new provisions will restrict the investment managers use of dealing commission to the purchase of goods or services related to the execution of trades or the provision of research and requiring adequate prior and periodic disclosure of such arrangements. These measures will have a significant impact on the institutional funds industry.
The key points to be noted are that:
Softing and bundling arrangements between investment mangers and brokers will be limited to the purchase of goods or services related to the execution of trades or the provision of research only
Investment managers must make prior and periodic disclosures of the arrangements they enter into for the receipt of goods or services that relate to the execution of trades or the provision of research
Disclosure of the above arrangements must include details of the goods or services received
The term soft commission will become redundant.
Similarly, the FSA is currently consulting on the bundled brokerage and soft commission arrangements for retail investment funds. It is proposed that an individual or a body should be appointed to act as an investor representative for behalf of retail investors. The role of that person is to consider the new disclosures to be made by investment managers and interact with them where necessary.
To view an article containing a more detailed analysis of the above, please click on or copy/paste the following link:
This article first appeared in Law-Now, CMS Cameron McKenna's free online information service, and has been reproduced with their permission. For more information about Law-Now, please go to www.law-now.com. Contact Law-Now administrator law-now.administrator@cms-cmck.com Tel: 44 (0)20 7367 2106 Fax: 44 (0)20 7367 2000 CMS Cameron McKenna LLP Mitre House 160 Aldersgate Street, London EC1A 4DD www.law-now.com Copyright (C) 2005-7 CMS Cameron McKenna LLP. All rights reserved. Information may be shared; however, reproduction in any medium requires our permission.
Legal Day Table
Jobs Now
LEGAL DIRECTOR Sought for challenging in-house position with Myspace, the online space which has revolutionized the way people interact, as sole attorney in their London office More >>
HEALTHCARE LAWYER With at least 5 years PQE sought by Capsticks, a leading healthcare practice, to drive forward the development of their Birmigham based office More >>
PI PARALEGAL Required by Plexus Law, a specialist PI firm, to provide in-house support to the Motor Claims Department in their Folkstone offices More >>
NETWORK ENGINEER Sought by Personnel 2000 for their client, an international banking insurance provider, based in the Cayman Islands More >>
LEGAL SECRETARY Required by Law Choice for their client, a prestigious US law firm, to work for 2 partners in their Dubai offices More >>
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
Domains and TMs World Intellectual Property Organisation (WIPO) wants a mechanism to protect trademarks when a new generic top-level domain (gTLD) is created, ICANN considering 10 new domains, including .jobs and .travel 08.06.05 The Register, E-Commerce Links, Trademark Links
