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Benedicte Gravrand, Opalesque Geneva:

We heard last week that the U.K. Financial Conduct Authority (FCA)’s enforcement division was, as of 26 January, investigating 67 firms or managers subject to the Alternative Investment Fund Managers Directive (AIFMD) for alleged regulatory breaches. Most of the AIFMD’s requirements took effect last summer.

This came to light when the FCA responded by e-mail to a freedom of information request submitted by HFMWeek. This response has not been disclosed on its online FOI disclosure log. But it was reported that the FCA is investigating a wide range of suspected violations of rules governing client assets, financial crime, integrity, market abuse, mis-selling, customer care, transaction reporting and wholesale conduct.

According to an Alert from K&L Gates, an international law firm, this piece of news is a timely reminder that the FCA has regulatory enforcement powers to punish non-criminal offices and breaches. The regulator has pledged itself to policy of "credible deterrence" and is seeking to restore faith and confidence in an industry widely blamed for creating the financial crisis. It has already secured a number of convictions in recent years.

As implementation of the AIFMD in the UK is only beginnin......................

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