2011 - Complyport UK Consultancy Service

Venture Capital Funds

The EU Commission has published a proposal relating to venture capital funds. The latter are recognised as valuable sources of equity finance, particularly for small and medium-sized enterprises and start ups which may find traditional bank financing difficult. Currently there are no specific EU rules relating to fund-raising by venture [...]

Market Abuse Guidance

The FSA is proposing to amend some of its guidance in MAR 1.4 (improper disclosure) to reflect feedback received from the industry. In Market Watch 35 of last year the subject of the general market practice of disclosure of certain inside information by brokers was raised. The specific area of [...]

Pillar 3 Disclosure Enhancements

With reference to Regulatory Roundup 36 concerning the final rules to implement CRD 3, a reminder that the Pillar 3 disclosure obligations in BIPRU 11 are to be enhanced with effect from 31 December 2011 (a typo in the last edition showed the date as 2012). BIPRU 11.3.3(2) will be [...]

Financial Crime

Regulatory Roundup 31 included an article on FSA guidance on financial crime which had been published in the form of a consultation paper (CP11/12). The final guidance (PS11/15) has now been published. The guide will be relevant to all financial services firms and sets out the FSA’s expectations in relation [...]

Prudent Valuation Reporting

A consultation paper (CP11/30: “Proposed Regulatory Prudent Valuation Return”) has been released by the FSA which introduces a new prudential return. However, the good news for the majority of firms is that it is only applicable to UK banks or BIPRU 730K firms with balance sheet positions of greater than [...]

Energy Markets

The tenth annual analysis of activity in energy markets is now on the FSA’s web site. The paper covers the 12 months to 31 July 2011 and is based upon a survey of UK energy market brokers. [...]

Prospectus & Transparency Directives

As will be known (see Regulatory Roundups 28 & 32) HM Treasury issued a consultation on the early implementation of certain changes brought about by a revision of the Prospectus Directive (and the Transparency Directive). For the record, the changes derived from Amending Directive 2010/73/EU which came into force on [...]

MiFID II

The EU Commission has published the long-awaited draft for a revised MiFID (Markets in Financial Instruments Directive) – the current MiFID came into force 1 November 2007. The revised MiFID actually consists of a recast framework Directive and a new Markets in Financial Instruments Regulation (MiFIR). In EU terms the [...]

Market Abuse Changes

The EU has been churning out the work; in addition to the proposed changes to MiFID (see previous article) they have also issued proposed changes to the Market Abuse Directive (newMAD) and a new Market Abuse Regulation (MAReg) (the previous article on MiFID II sets out the differences between a [...]

Regulatory Fees

CP11/21 – ‘Regulatory fees and levies: Policy proposals for 2012/13’ – sets out the FSA’s proposals for changes in the fees and levy regimes. For the avoidance of doubt the paper is only concerned with the method of calculating the charges; the budget (and hence level of fees) will not [...]

ARROW Points

A recently published FSA Newsletter contained an article on recent observations from ARROW risk assessments. Although the Newsletter is targeted at ‘smaller wholesale insurance intermediaries’ the observations can be equally applicable to other sectors and to firms that fall outside the remit of ARROW. The comment is made that the [...]

Risk and Suitability

As may be recalled, the FSA issued a ‘Dear CEO’ letter in June (see Regulatory Roundup 31) on the matter of ‘suitability’ (COBS 9) which referenced a review of 16 firms – with 14 of the firms being deemed to pose a high or medium-high risk of detriment to their [...]

Remuneration Code & Proportionality Tiers

The FSA has issued yet further guidance on the Remuneration Code to assist firms – see Regulatory Roundup 35 on previous recent guidance given – that will only be relevant to UK Banks and Building Societies. As will be known, the Remuneration Code is to be applied in a proportional [...]

PFOF Delay

Details of the FSA’s consultative guidance on the practice of ‘payment for order flow’ (PFOF) was included in Regulatory Roundup 35. The deadline for responses was November 9 but given the complexity of some of the issues involved the FSA has decided to extend the deadline to 23 November. [...]

Transaction Reporting Guidance

Regulatory Roundup 34 included an article on the FSA’s consultative guidance on (a) the approach to be adopted when reporting transactions on Turquoise Derivatives and (b) the reporting of derivative transactions conducted through clearing platforms of derivative markets where the reference data is not made available to the FSA and [...]

CRD 3: Final Rules

PS11/12 – “Strengthening Capital Standards 3” – includes the final rules to implement CRD 3. The rules largely concern BIPRU 7 (Market Risk) and BIPRU 9 (Securitisation) and are unlikely to have much relevance for most limited licence/limited activity firms, which form the majority of firms subject to BIPRU. However, [...]

RMAR Changes Delay

Firms that submit a Retail Mediation Activities Return should be aware that the changes to section A (Balance sheet) that were due to come into force this 31 December will now be delayed until 31 December 2013. Further details can be found using the links. [...]

TRUP 3

As advised in Regulatory Roundup 28, the FSA is in the process of reviewing the Transaction Reporting User Pack (TRUP), which is a useful source of reference for those firms with transaction reporting obligations under SUP 17. The current Transaction Reporting User Pack (TRUP) (version 2), dates back to 21 [...]

TRS Update

As will be known (see Regulatory Roundup 33) the FSA’s Transaction Reporting System (TRS) was to be sold to the LSE. The latter already operates its own equivalent system (UnaVista). The intention is to migrate TRS users to UnaVista in due course. There should be no changes needed to firms’ [...]

Moving Story

Due to continued expansion, Complyport has moved from its Cavendish Square offices to larger premises in Millbank. Our new address is: 4th Floor 4 Millbank Westminster London SW1P 3JA Our phone and fax numbers remain unchanged. [...]

Year: 2011

Venture Capital Funds

Market Abuse Guidance

Pillar 3 Disclosure Enhancements

Financial Crime

Prudent Valuation Reporting

Energy Markets

Prospectus & Transparency Directives

MiFID II

Market Abuse Changes

Regulatory Fees

ARROW Points

Risk and Suitability

Remuneration Code & Proportionality Tiers

PFOF Delay

Transaction Reporting Guidance

CRD 3: Final Rules

RMAR Changes Delay

TRUP 3

TRS Update

Moving Story

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