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FCA snubs European fund management guidance
by Alex Steger on Aug 27, 2013 at 08:24
The Financial Conduct Authority (FCA) has for the first time rejected formal European guidance on financial regulation, adopting alternative rules that favour bankers and brokers.
According to reports, the FCA has rejected formal EU guidance over whether fund managers can offer alternative investment fund management service and brokerage services. The EU has said they cannot, but the UK regulator has disagreed.
The move, published in the Financial Times, follows an earlier split with Brussels in May which saw the UK regulator reject Europe’s direction to impose tough new short selling rules.
The FCA’s snub of official guidance has been hailed as the result of political pressure and been described by lawyers as a milestone shift in the UK regulator’s stance .
Nicola Higgs, a solicitor with Ashurst, told the FT: ‘The decision by the FCA to publicly break ranks ... is an important departure that must have been sanctioned at the highest levels. The detrimental impact of some European measures on London has been limited.'
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