On November 2, 2018, the U.K. Competition and Markets Authority published a consultation entitled "Draft definitions of Investment Consultancy services and Fiduciary Management services to assist the CMA in its consideration of potential remedies," under its Market Investigation into these sectors. The CMA is in the process of reviewing the submissions made in response to the Provisional Decision Report it published in July 2018.
The consultation paper contains working draft definitions of "investment consultancy services" and "fiduciary management services" for the purposes of the remedies that the CMA may impose in any Order following the publication of its final report. The CMA seeks only high-level comments on the draft decisions. It proposes to consult separately in due course on any draft Order it may make.
Comments on the consultation are invited by November 9, 2018.
The CMA's final report on its Market Investigation is currently scheduled for publication in December 2018.
The consultation paper is available at:
https://assets.publishing.service.gov.uk/media/5bdc1dabe5274a6e112470c7/Definitions_of_Fiduciary_management
_services_and_Investment_Consultancy_services.pdf and
details of the July 2018 Provisional Decision Report are
available at:
https://finreg.shearman.com/uk-competition-authority-consults-on-proposed-rem.
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