November, 2012 - Complyport UK Consultancy Service

AIFMD Update: CP12/32

The FSA has issued the first of two consultation papers on the AIFMD – CP12/32 “Implementation of the Alternative Investment Fund Managers Directive, Part 1” (Part 2 is expected in February 2013). The consultation paper has not been driven by any major progress on the AIFMD in Europe, but rather [...]

Asset Managers: An Important Message

Between June 2011 and February 2012 the FSA conducted thematic reviews of asset management firms on the subject of managing conflicts of interest. The Regulator identified many failings, which may result in enforcement actions against some firms, and has felt compelled to communicate the findings to a wider audience. The [...]

Financial Crime and Asset Management

The asset management sector appears to be popular with the FSA at the moment (see article on ‘Conflicts of Interest’ in this Regulatory Roundup), given a recent speech by Tracey McDermott, FSA Director of Enforcement and Financial Crime Division. Although financial crime is of relevance to all firms within the [...]

FSA: Client Assets Unit

Firms that are subject to CASS may find the recent presentation given by Richard Sutcliffe, FSA Head of Client Assets Unit, worth reviewing as it serves to reinforce the FSA’s continuing interest in this area. We are advised that there are now about 40 people working in the CASS Unit [...]

EMIR Progress

David Lawton, FSA Director of Markets, took the opportunity to remind firms about the progress of the European Market Infrastructure Regulation (EMIR). Since the publication of ESMA’s Consultation Paper on draft technical standards (see Regulatory Roundup 42), ESMA has issued its final report. As a reminder, EMIR will impose: a [...]

Complyport Wins Thomson Reuters Award

Complyport is delighted to announce it has been awarded the 2012 Best Consulting Firm of the Year at the 8th Annual Thomson Reuters Accelus Compliance Awards – beating five other firms in the category. Martin Herriot, Chief Executive of Complyport, said that the award recognised the firm’s commitment to providing [...]

Reform of Approved Persons Regime

More changes to the Handbook arising from the impending move from the FSA to the FCA/PRA regime are proposed in CP12/26 ‘Regulatory reform: the PRA and FCA regimes for Approved Persons’ – see Regulatory Roundup 44 for details of proposed changes to the authorisation and supervision regime for the same [...]

Digital Financial Promotions

The FSA’s Clive Gordon, Conduct Risk, gave a speech on financial promotions, but with particular emphasis on ‘digital media’ – which would encompass social networking websites, forums, blogs, Twitter and smart phone applications. The basic message was that the financial promotion rules are media-neutral i.e. the rules focus on the [...]

The Journey Ahead

A speech by Martin Wheatley, FCA CEO Designate, on 16 October announced the launch of ‘Journey to the FCA’ which sets out how the FCA will approach its regulatory objectives when it takes over from the FSA (‘Day One’ and beyond). The publication is important to firms in that it [...]

Transactions Actions

Things have been quiet of late in respect of transaction reporting failings by firms since City Index (see Regulatory Roundup 25). However the silence was broken by the publication of details of two Final Notices in respect of such failures (albeit that one of the Final Notices was published in [...]

Fees and Levies

The FSA has published its annual consultation paper on fee rates and levies – ‘Regulatory fees and levies: policy proposals for 2013/14’ (CP12/28). At this stage of the process the paper concerns itself with policy changes; it will not be until around April next year when fee rates etc. will [...]

MiFID II Progress

Regulatory Roundup 36 contained an article on the publication by the EU Commission of a draft for a revised MiFID – a link to the draft can be found within that article. As was mentioned therein, the revised MiFID actually consists of a recast framework Directive and a new Markets [...]

Financial Crime Update

The FSA has published its latest Financial Crime Newsletter (issue 16). There is not much that is new inside e.g. it mentions the March 2012 report on findings on anti-bribery and corruption (ABC) systems and controls in investment banks (there is a link to the paper in Regulatory Roundup 39). [...]

Short Selling Disclosures and Notifications Update

As was mentioned in Regulatory Roundup 43, new, EU driven, short selling rules came into force in the UK from 1 November. In brief, the regulations (EU 236/2012) place restrictions on uncovered short positions in: sovereign debt (see Article 13(1) with limited exemption set out in Article 13(2)); shares admitted [...]

Month: November 2012

AIFMD Update: CP12/32

Asset Managers: An Important Message

Financial Crime and Asset Management

FSA: Client Assets Unit

EMIR Progress

Complyport Wins Thomson Reuters Award

Reform of Approved Persons Regime

Digital Financial Promotions

The Journey Ahead

Transactions Actions

Fees and Levies

MiFID II Progress

Financial Crime Update

Short Selling Disclosures and Notifications Update

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