01 April 2010 - Complyport UK Consultancy Service

Mobile Phone Recording

As you will know, the obligation to record telephone conversations and electronic communications (as set out in COBS 11.8) does not currently extend to “telephone conversations and electronic communications (except emails) made with, sent from or received on a mobile telephone or other mobile handheld electronic communication device”. The exclusion [...]

Insider Dealing

It will not have escaped your attention that FSA and SOCA have carried out a joint operation involving address searches and arrests in a clampdown on insider dealing; firms such as Exane, Novum, Deutsche Bank and Moore Capital have been named. Although not official policy, in the real world it [...]

The Future of the Fund Management Industry

Dan Waters gave a speech the other day at the Institute of Economic Affairs on “The Future of the Fund Management Industry”. Nothing new of note was said but he did take the opportunity to reference the four priority risks highlighted in the Asset Management Sector Digest 2010 (see Regulatory [...]

Transaction Reporting

Market Watch No 34 has been published by the FSA. An interesting article tucked away on page 2 advises that transaction reporting firms need a BIC code. Some firms will already have one but if this is not the case with your firm, and you transaction report, then you will [...]

The Financial Services Bill

The Financial Services Bill had its second reading in the House of Lords on 15 March 2010. The Bill’s many sections detail a new financial stability objective for the FSA, allow the FSA to prohibit or require disclosure of short selling, and strengthen disciplinary powers for the FSA, amongst other [...]

Exams

If your firm has set the Investment Management Certificate as an exam determinant in connection with SYSC5.1 (“A firm must employ personnel with the skills …” etc.) then a reminder that there are changes in hand (of course, if you are a retail firm then TC App 1.1 will determine [...]

CASS Consultation Paper

The FSA has released Consultation paper CP10/9 – “Enhancing the Client Assets Sourcebook”. Proposals include greater transparency requirements by UK authorised prime brokers (‘PBs’) in respect of re-hypothecation provisions by way of a summary annex (the CP refers to “… sophisticated clients’ lack of understanding …”). Additionally PBs will have [...]

US and Investment Advisors

There have been further developments in respect of the proposed Private Fund Investment Advisers Registration Act 2010 (see Regulatory Roundup 18 January and previous). Senator Christopher Dodd’s financial reform proposals passed the Senate Committee on Banking on 23 March with a 13-10 vote, without a single Republican voting for it. [...]

Day: 1 April 2010

Mobile Phone Recording

Insider Dealing

The Future of the Fund Management Industry

Transaction Reporting

The Financial Services Bill

Exams

CASS Consultation Paper

US and Investment Advisors

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