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10th July 2017
Regulation Corner

 Regulation Corner July 17

MiFID II

With effect from 3 January 2018 new regulation will be introduced which will have an impact on some of our clients and the services we provide to them.

Certain types of clients e.g. Trusts, Charities and SSASs will be required to have a legal entity identifier. Without this code we will be unable to execute certain types of financial transactions. We will be writing to the clients that this effects and will be offering a service to apply for these codes on your behalf and renewing them where necessary.

Another change relates to the current reporting requirements. From 2018 you will start to receive your periodic reports on a quarterly basis. As the rules currently stand there will also be a requirement to inform clients (within 24 hours) where the portfolio falls by 10% (and multiples thereof) from the last valuation provided. This is representing quite a headache for the industry and will be difficult to comply with in the time limits currently set out. Over the coming months we will be reviewing our standing data to ensure we have an email address for you as this will be the most efficient way for us to contact you.

Finally you will receive additional information about the costs and charges of your investment arrangements. This will include not only the costs we levy, but also the underlying costs of any funds that we buy on your behalf.

 

Tax Reporting

The UK government has entered into a number of international agreements, including the new Common Reporting Standard (CRS), designed to improve cooperation and transparency in the fight against tax evasion.

This means that BRI are required to collect details about individuals and entities and where one of our clients has a tax residency in another country, to report this information to HMRC for onward transmission to that country.

All new clients since June 2014 have been asked to complete a tax residency self-certification form. We will shortly be asking our other clients to complete one of these forms to ensure we hold accurate information and can make reports where required under this legislation.