UK rules OK

A survey by the World Economic Forum shows that the UK is now the top financial centre out of 55 of the world’s largest financially-focussed countries. The previous holder was the US but has now slipped to third place behind Australia. The rankings are based upon more than 120 different [...]

Read More

AML Review

HM Treasury has announced a review of the Money Laundering Regulations 2007 which implemented the EU’s Third Money Laundering Directive in the UK. The intention is to consider how effective and proportionate the UK’s anti-money laundering rules are. To assist in the AML review, HMT is calling for evidence in [...]

Read More

Liquidity Standards

This week the FSA published PS09/16 (‘Strengthening liquidity standards’) which, for the immediate future, should be the final word on liquidity following three Consultation Papers. The liquidity requirements are contained in a new BIPRU chapter (BIPRU 12). Fortunately the regime for ‘non-ILAS’ firms (basically BIPRU limited licence; BIPRU limited activity; [...]

Read More

Turner Review

Back in March the FSA published The Turner Review and ‘A regulatory response to the global banking crisis’ (DP09/2). They arose from a request from the Chancellor of the Exchequer made in October 2008 to review the causes of the then current financial crisis. Both documents, totalling 340+ pages between [...]

Read More

Global Economy

Some cheering news from the IMF. Its latest World Economic Outlook reports that global economic growth has turned positive, although recovery will be slow. Latest IMF projections show that world output is forecast to expand by around 3% in 2010. The table in the attached link shows that China and [...]

Read More

UCITS

Not that long ago one would not have expected to see ‘Hedge fund managers’ and ‘UCITS’ appearing in the same sentence. However things have been changing, no doubt in part fuelled by memories of Lehman’s, Ponzi schemes and the proposed AIFM EU Directive. We have recently seen the likes of [...]

Read More

Compliance Seminars

The UCITS presentation referred to above was one of a series of seminars being held at our 4 Cavendish Square address. Future topics include US Regulatory Development; Financial Crime; and Market Conduct. If you would be interested in attending one of these then please refer to the link below for [...]

Read More

Market abuse

As we all know, the FSA been stepping up the pressure on market abuse as part of its ‘credible deterrence’ strategy and will happily take enforcement action against firms and individuals. Therefore the publication by the FSA of Final Notices in respect of Darren Morton and Christopher Parry, two bond [...]

Read More

IMF and Jersey

The IMF has rated standards of regulation and supervision in Jersey above UK. The IMF’s Financial System Stability Assessment update places Jersey in the ‘top division’ of international financial centres and that it complies with 44 of the financial crime rules, whereas the UK complies with just 36. However, You [...]

Read More

Insider dealing

A finance director and two lawyers are the latest to be pursued for insider dealing (in respect of Neutec Pharma). All three have been committed to stand trial at Southwark Crown Court on eight counts of insider dealing. Details on the charges can be found on the link below (note [...]

Read More

AML & JMLSG

Following the overhaul of Part I of the guidance the Joint Money Laundering Steering Group (JMLSG) have released a revised Part II, which is the section that offers firm specific guidance. The changes are out for consultation (Oct 21 deadline). The changes seem to relate to improved guidance rather than [...]

Read More

Approved persons

As you’ll know, one of the outputs of PS09/14 was that the scope and application of CF1 (director function) and CF2 (non-executive director function) was extended to capture individuals such as directors employed by a holding company whose opinions and actions are regularly taken into account by the governing body [...]

Read More

Hedge Funds & the Germans

Following on from the previous (FSA Asset Management Conference) article, it was noted there was no German representation at the FSA Asset Management Conference (Germany and France have been seen to be the main proponents to push the Directive through). Another article in the press suggests that the German finance [...]

Read More

SEC & FSA

From the article on the Asset Management Conference it will be seen that one way non EU domiciled funds could be marketed under any AIFM Directive would be where the third country has entered into an information sharing agreement with the EU. It was therefore interesting to note that on [...]

Read More