19 October 2011 - Complyport UK Consultancy Service

Financial Transaction Tax

There has been much publicity in the press about the proposed EU Directive, released 28 September, to introduce a financial transaction tax (FTT). The proposed tax would apply to all financial transactions where (a) at least one party is established in an EU Member State and (b) that one of [...]

FSA Remuneration Code Guidance

Regulatory Roundup 33 published in August included details of further consultative guidance issued by the FSA in respect of Remuneration Code aspects. The guidance was in the form of two ‘Dear CEO’ letters: one targeted at Tier 1 firms with the other one providing guidance for Tier 2, 3 & [...]

Prompt Response

A prompt, but hasty, response to a FSA letter cost Towry Investment Management Ltd (TIM) £494K in penalties. A ‘Dear CEO’ letter was sent out in January 2010 (see Regulatory Roundup 8 for further details) to firms that held client money and/or assets. The letter drew attention to the FSA’s [...]

CMAR & CF10a

Whilst on the topic of client money a reminder that from 1 October all CASS medium and large firms have had to have an individual approved for the CASS oversight function (CF10a). From the same date such firms will also have to complete a Client Money and Asset Return (CMAR) [...]

Transaction Reporting: Zen

A reminder for firms that transaction report that the Zen ‘hard go-live’ date is 13 November at the latest. The FSA’s surveillance and monitoring system, Sabre, is being replaced by Zen which has enhanced capabilities including support for transactions identified using the Alternative Instrument Identifier(Aii). In practical term firms will [...]

Large Traders

A new SEC rule is coming into force which will impact on Large Traders (‘LT’) of NMS securities (the latter are basically any US exchange-listed securities including options. For the precise definition see ‘Rule 600(b)(46)’ on page 480 using link ‘NMS Security’) whether or not the LT is based in [...]

FSA Action on Unregulated Collective Investment Schemes

Regulatory Roundup 29 mentioned the continuing interest of the FSA in the marketing of unregulated collective investment schemes (UCIS) and the penalty of £35,000 imposed on Specialist Solutions Public Limited Company for regulatory failings in such marketing. The FSA action has now moved from the regulated entity to the approved [...]

Mercurius

Two related Final Notices have been published which are interesting in the miscellany of wrong-doings committed. Mercurius International was a Cayman based hedge fund with investment management undertaken by Mercurius Capital Management Ltd based in EC2. The subjects of the Notices are Mr Fagbulu (Compliance Officer and CFO) and Mr [...]

PFOF

The FSA has issued consultative guidance on the practice of ‘payment for order flow’ (PFOF). PFOF is an arrangement whereby a broker receives payment, either in cash or other form, from a third party for directing order flow to the latter. However such arrangements could fall foul of the FSA’s [...]

Retail Distribution Review Implementation

A recent speech by Linda Woodall, Head of Investments Department, FSA acts as a reminder that there is now just 14 months to go before the RDR comes fully into force. The RDR will be a consideration for those firms that will have a combination of Retail Client + Personal [...]

Day: 19 October 2011

Financial Transaction Tax

FSA Remuneration Code Guidance

Prompt Response

CMAR & CF10a

Transaction Reporting: Zen

Large Traders

FSA Action on Unregulated Collective Investment Schemes

Mercurius

PFOF

Retail Distribution Review Implementation

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