FCA To Apply Levy On Proxy Advisers For Shareholders

Law360, London (November 13, 2019, 2:55 PM GMT) -- The Financial Conduct Authority announced plans Wednesday to force proxy advisers to fork over £5,000 ($6,400) to fund the cost of policing revised European Union investor transparency rules.

Under the Shareholders Rights Directive II, which came into effect in June, firms will have to notify the FCA from April 1, 2020, if they intend to carry on business as proxy advisers. The proposed fee will enable the regulator to recover costs from the firms registered with them, the FCA said in a consultation paper.

The FCA, which is in charge of policing the U.K.’s financial sector, is entirely funded by the...

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