19 November 2009 - Complyport UK Consultancy Service

FSA Fee Changes

The FSA has published a Consultation Paper (‘Regulatory fees and levies: policy proposals for 2010/11’ – CP09/26) which includes proposals to change the way that the FSA calculates the fees payable by firms. It is proposed that fees will consist of two components: a basic minimum fee plus a straight [...]

Getting Closer

This month the FSA published “Close links – feedback on CP07/21” (PS09/17) which contains the new draft rules governing close links reporting. It must qualify as one of the slower feedback Policy Statements given that the original Consultation Paper (CP07/21) was published in December 2007, with the consultation period ending [...]

FATF and the UK

The Financial Action Task Force (FATF) has acknowledged the work done by the UK in remedying deficiencies found in 2007. In that year FATF issued a report on the UK’s compliance with FATF’s 40 Recommendations (and the 9 Special Recommendations). Although hardly a damming report there were a few modest [...]

US Regulatory Developments

As you will be aware, AIMA has recently reiterated its support for the proposed registration of hedge fund managers in the US in the interests of financial stability. The move comes as the Private Fund Investment Advisers Registration Act of 2009 won support from the House Financial Services Committee. In [...]

Transaction Reporting & Execution

As you’ll know from SUP 17.2, provided certain conditions are met then portfolio managers are relieved from the responsibility of transaction reporting and instead rely on third parties e.g. the broker to the transaction report to the FSA. The Transaction Reporting Users Pack (TRUP) [see Regulatory Roundup of 29 September [...]

Cumming and Going

The Regulatory Roundup of 5 November reported on the £8m fine imposed upon UBS (AG) after four employees carried out unauthorised transactions involving customer money ‘on at least 39 accounts’. The FSA has now released details of the ban and fine it imposed on Andrew Cumming, a former client adviser [...]

Broker abuse

Another FSA fine on an individual, this time for abuse of inside information. Alexei Krilov-Harrison was a broker at Pacific Continental Securities (the latter, as you may be aware, was itself subject to Public Censure in January of this year and only escaped a proposed fine of £2,000,000 because by [...]

A Reminder

A previous Regulatory Roundup included an article on the new liquidity rules affecting BIPRU firms (BIPRU 12). A reminder that although there are some transitional provisions, the majority of the rules come into force on 1 December 2009. If you have not yet given consideration to the issue then reference [...]

Day: 19 November 2009

FSA Fee Changes

Getting Closer

FATF and the UK

US Regulatory Developments

Transaction Reporting & Execution

Cumming and Going

Broker abuse

A Reminder

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