12 March 2010 - Complyport UK Consultancy Service

Corporate Governance – Getting Serious

Following on from the release of CP10/3 (“Effective corporate governance”) – see Regulatory Roundup of 8th February – Graeme Ashley-Fenn spoke the other day at a BSA seminar on this very topic. He is the FSA’s Director of Permissions, Decisions and Reporting so his role encompasses responsibility for the approved [...]

FAIF

The acronym arises from the publication of PS10/3 – ‘Funds of Alternative Investment Funds’. A FAIF will allow (albeit indirectly) the marketing to, and investment by, retail clients in hedge funds. A FAIF will fall within the NURS (‘non-UCITS retail scheme’) regime so it will be an authorised fund – [...]

Shorting

CESR has presented a report to the European Institutions that recommends the introduction of a pan-European short selling disclosure regime. There are two distinct differences between the existing disclosure requirements in MAR 1.9 and the new CESR Proposals. Firstly, in MAR 1.9, the short selling disclosure requirements apply only to [...]

Financial penalty setting

In keeping with the FSA’s ‘credible deterrence’ approach, it has published PS10/4 – ‘Enforcement financial penalties’ – with a view to establishing a consistent and more transparent framework for the calculation of financial penalties. The associated press release states that as a result enforcement fines could treble in size. A [...]

ICAAP Submissions

The FSA has issued a paper setting out its observations on ICAAP submissions that have been submitted by Limited Licence firms. Areas commented on include: Lack of clarity in terms of presentation of key information Insufficient analysis of wind-down costs Firms need to demonstrate that the ICAAP is integrated into [...]

Financial Risk Outlook

Somewhat later than usual the FSA has published its 2010 Financial Risk Outlook. The FSA’s 2010/11 Business Plan (‘BP’) will follow in the next few days. It should cover the period 1/4/10 to 31/3/11, although page 73 of the FRO does refer to 2011/12. The purpose of the FRO is [...]

Digestif

And to round off a heavy FRO 2010 the FSA recommend the Asset Management Sector Digest 2010. There are nine key messages in the publication, four of which are deemed ‘priority risks’ being: Controls over client money and assets; The valuation of assets in funds; Platforms; and (of course) The [...]

ONA

The Regulatory Roundup of 16 October 2009 contained an article on the new FSA reporting system – Online Notifications and Applications – which would be used for the submission of applications/notifications re: Approved Persons; Appointed Representatives; Variations of permissions; Passports; Cancellations; Waivers; and Standing Data. Mandatory use of ONA was [...]

Radar & Smaller Firms

At the same seminar mentioned above there was also a speech by Linda Woodall, FSA Head of Savings & Investments Department. The subject matter included ‘Intensive Supervision’ and what it means for smaller firms. In the eyes of the FSA the latter are part of the fabric of financial services [...]

Day: 12 March 2010

Corporate Governance – Getting Serious

FAIF

Shorting

Financial penalty setting

ICAAP Submissions

Financial Risk Outlook

Digestif

ONA

Radar & Smaller Firms

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