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Corporate Governance: Hector Sants

Hector Sants, in his last speech as CEO of the FSA, focussed on the importance of corporate governance. Firms – and particularly those that have been subject to an ARROW […] [...]

Corporate Governance: Mitsui

Only a matter of days after Hector Sants’ speech on corporate governance (see previous article) the FSA published Final Notices relating to corporate governance failings by Mitsui Sumitomo Insurance Company […] [...]

Training and Competence

The publication CP12/8 ‘Changes to the Training and Competence Sourcebook’ proposes to add three qualifications to the ‘appropriate qualifications tables’ in the Training and Competence (TC) sourcebook as well as […] [...]

Cold-Shouldering

Around this time last year the FSA sent out a ‘Dear Compliance Officer’ letter concerning the ‘cold-shouldering’ imposed on three individuals by the Panel on Takeovers and Mergers (see Regulatory […] [...]

Recovery and Resolution Plans Update

Regulatory Roundup 34 contained details of the FSA proposals for ‘recovery and resolution plans’ (RRP) (CP11/16). All firms subject to CASS 6 and/or CASS 7 (client assets/client money) are required […] [...]

Currie Conflicts

A Final Notice reveals that the FSA has fined Martin Currie Investment Management Ltd (MCIML) and Martin Currie Inc (MCI – together Martin Currie) for failing to properly manage a […] [...]

Transaction Reporting

As mentioned in Regulatory Roundup 36, the FSA released a (consultative) update of the Transaction Reporting User Pack (TRUP). The Regulator has now issued the finalised guidance (TRUP 3). The […] [...]

Non-Executive Directors

As will be known, the FSA has always attached importance to sound corporate governance within authorised firms and has looked to Non-Executive Directors (NEDs) to provide a necessary degree of […] [...]

New Legal Forms of Authorised CIS

Currently the only authorised funds are authorised unit trusts (AUT) or ICVCs (which are OEICs that are authorised). The proposal is to create a new fund vehicle termed an ‘authorised […] [...]

CASS Resolution Pack

Last August the FSA published a consultation paper (CP11/16) on the proposal for firms that hold client money and/or client assets to produce a CASS resolution pack (CRP) – see […] [...]

FSCS Changes

Changes to the Compensation rules are set out in CP12/7 (‘Financial Services Compensation Scheme: changes to the Compensation sourcebook’).The proposals are to enable the FSCS to handle claims in a […] [...]

Conduct Risk Outlook 2012

The FSA’s Conduct Risk Outlook for 2012 was published in March. It may be recalled that the Regulator used to issue an annual Financial Risk Outlook until 2011 when, in […] [...]

FSA Business Plan 2012/13

The FSA Business Plan, which closely followed the publication of the FSA Risk Outlook (see separate article in this Regulatory Roundup), advises that the FSA’s supervision function moved to a […] [...]

Financial Crime

Regulatory Roundup 37 contained an article on the publication of FSA guidance on financial crime (which can also be accessed via ‘The Full Handbook’ page on the FSA website under […] [...]

Financial Promotions

The FSA has published ‘Finalised guidance’ on financial promotions. ‘Financial Promotions , Fund Performance and Image Advertising’ is probably self-explanatory from its title. For most investment firms, the performance rules […] [...]

FSA Fees: Tariff Base Changes Update

The FSA’s consultation paper CP11/21 ‘Regulatory fees and levies: Policy proposals for 2012/12’ was covered in Regulatory Roundup 36. The consultation paper included changes to the tariff base for ‘Advisory […] [...]

Complyport Limited Regulatory Alert

February is traditionally the month when the FSA publishes details of proposals for the level of fees payable for the year (the FSA year runs from 1 April to 31 […] [...]

ESMA: Compliance Function Guidelines

A productive time for ESMA: in addition to a consultation paper on suitability (see previous article), ESMA has also issued a consultation paper on guidelines relating to MiFID compliance function […] [...]

CICA

Combined Insurance Company of America (CICA) had the honour of being the last firm to incur an FSA imposed financial penalty in 2011. Although CICA’s business is the provision of […] [...]

Fine End To The Year

As mentioned in the article concerning Combined Insurance Company of America, the latter’s Final Notice was the last published in 2011 and brought the total of financial penalties incurred by […] [...]

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