DIMS regulations approved
Paul Goldsmith announced the approval of phase two of the regulations, which come into effect on December 1.
“The approval of these regulations represents the last major step in the once-in-a-generation reform of our financial markets,” Goldsmith said.
The phase two regulations cover the governance of financial products, licensing requirements for financial service providers and conduct obligations for discretionary investment management services.
The Financial Advisers (Personalised DIMS) Regulations 2014 was also issued yesterday, prescribing eligibility criteria for a person to be authorised as an AFA in respect to personalised FIMS, matters to be contained in client agreements governing personalised DIMS for retail clients and further information AFAs are required to make available to retail clients who receive a DIMS from them.
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