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The FCA published its Final Report into the UK’s £7 trillion asset management industry at the end of June. One of the key proposals is that UK funds should have at least two independent directors– and that least 25% of the board should be independent.

The FCA’s Market Study into the UK asset management industry didn’t focus alternatives but the regulator is preparing the ground for supervision here. The FCA received feedback on alternatives, as part of its institutional analysis, which looks like being acted on.

Providers of ManCo platform services to alternative funds need to focus on BEPS now that the MLI has been signed. Speakers at IFI Global’s event on BEPS this week drew a distinction between how BEPS treats in-sourced and outsourced ManCo platform providers.

Alternative asset managers are structuring funds partly in the dark at present, not knowing if or how BEPS, Brexit and related items will affect them. What is becoming ever clearer is that fund structuring is now more three dimensional, with a political aspect to it.

On the eve of the EU-UK Brexit negotiations ESMA has issued a strongly worded Opinion to EU national regulators on UK manager relocations. ESMA sets out 9 principles for relocations and says it is setting up a body to co-ordinate this. The principles are to be expected but the timing of the Opinion is very odd.