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Remuneration Code: Changes to Guidance

The FSA has issued amended consultative guidance on proportionality in relation to the Remuneration Code (the current guidance was issued last December). At present the FSA’s guidance provides for the […] [...]

FSA Annual Report 2011/12

The FSA has published its annual report which outlines how the Regulator has performed against the priorities set out in its 2011/12 Business Plan (see Regulatory Roundup 28). As will […] [...]

Money Laundering

FATF has recently produced updated lists of problem jurisdictions which will be of interest to firms in general, and in particular to the MLROs. The first list concerns those countries […] [...]

OTC Clearing and EMIR

In a recent speech David Lawton, Acting Director of Markets at the FSA, provided an update on the progress in implementing the proposed EU regulation covering the trading of OTC […] [...]

FSA Fines – a Better Use of Money

The well publicised LIBOR and EURIBOR issues at Barclays Bank led to an FSA fine of £59.5M. As a result of the Barclays affair the FSA Fines Table 2012 now […] [...]

Stewardship Code Changes

It has been a Handbook requirement – COBS 2.2.3 – since 6 December 2010 that firms managing investments, other than venture capital firms, for professional clients (that are not natural […] [...]

UCITS V

A draft proposal for ‘UCITS V’ has been published by the European Commission. The proposal contains amendments to the current UCITS Directive (2009/65/EC) rather than a complete overhaul. Changes include […] [...]

PRIPs

PRIPs (packaged retail investment products) is an EU term as opposed to RIPs (retail investment products) which is an FSA term and will come into being in the forthcoming RDR […] [...]

IMD Proposal

A revision of the Insurance Mediation Directive is proposed with a view to raising standards. The revision is part of a package of three changes issued by the European Commission […] [...]

Suitability: ESMA Guidance

It may be recalled that ESMA issued a consultation paper towards the end of last year (see Regulatory Roundup 38) concerning guidance on certain aspects of the MiFID suitability requirements. […] [...]

Compliance Function Guidance

In addition to ‘suitability’ – see separate article – ESMA has also published guidance on MiFID compliance function requirements. Our comments on the earlier consultation paper can be found in […] [...]

Remuneration Policies and AIFMD

Firms considering the impact of the Alternative Investment Fund Managers Directive (AIFMD) will be aware that Article 13 requires the AIFM to have in place remuneration policies and practices for […] [...]

UCITS Q&As Published By ESMA

A couple of ‘Q&A’ style papers on UCITS related matters have been published by ESMA. The first one covers risk measurement and the calculation of global exposure and counterparty risk […] [...]

Takeover Code Changes

Currently the Takeover Code (the Code) applies to offers for companies which have their registered offices in the UK, the Channel Islands or the Isle of Man and if: (a) […] [...]

Regulatory Fees and Levies for 2012/13

The Complyport Regulatory Alert of 3 February contained details of the FSA’s proposals on fees and levies for 2012/13. The alert advised that the final fees and levies would not […] [...]

UCIS Marketing Woes

Regular readers of the FSA’s website will be aware of its continuing interest in unregulated collective investment schemes (UCIS) e.g. they feature in the FSA’s Conduct Risk Outlook 2012 in […] [...]

Prospectus & Transparency Update

Regulatory Roundup 37 included details of the joint HM Treasury and FSA Consultation Paper (CP11/28) concerning the changes that need to be brought about to the Prospectus (PR) and Transparency […] [...]

Money Laundering Failings

Following the FSA action taken against Coutts & Company in March for money laundering failings, the FSA has fined a further firm for such issues. Habib Bank AG Zurich (Habib), […] [...]

Cookies

Although not an FSA regulatory matter, this is a reminder to firms that operate websites that ‘new’, EU based, legislation has started to bite since the end of May – […] [...]

Exchange Traded Products

Amongst the 15 broad risk categories set out in the FSA’s ‘Conduct Risk Outlook 2012’ (see Regulatory Roundup 39 for a link to this document) are Exchange Traded Products (ETPs), […] [...]

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