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FIA publishes Regulatory Patch as part of its Terms of Business Update Project

FIA publishes Regulatory Patch as part of its Terms of Business Update Project

5 June 2017 12:00pm EDT

In conjunction with its members and Clifford Chance, FIA has been working on the Terms of Business Update Project, which is designed to update the Modules of the 2011 versions of FIA’s Professional Client Agreement, Wholesale Client Agreement and Retail Client Agreement to reflect in-scope regulatory developments.

Today, 5 June, FIA has published the first output from that work – the Regulatory Patch.

In producing the Regulatory Patch, we have considered 12 pieces of European legislation, primarily MiFID II and MiFIR. The exact list of laws and regulations covered/not covered in the Regulatory Patch is set out in the Introduction, together with a brief note outlining the way that firms should be using the document. This is followed by a sample letter that firms may wish to use when reaching out to their clients and three schedules with footnotes explaining the reasoning for the update. Firms are encouraged to read the Introduction and tailor the Regulatory Patch so that it fits together with their current client clearing agreements.

The Regulatory Patch and associated summary table [to be published shortly] are available to all FIA members free of charge on the FIA Documentation Platform. We continue to work on the 2017 Terms of Business and the User Guide.

In the case of any questions, please contact Mitja Siraj.

 

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