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Client Money: Auditor Failings

It may be recalled that the Client Money failings at J P Morgan Securities Ltd (JPMSL) resulted in an eye-watering financial penalty of £33.32M being imposed by the FSA in […] [...]

Insider Dealing

The FSA has issued a brief press statement to the effect that Richard Joseph has been charged with eight counts of insider dealing and two counts of money laundering. Mr […] [...]

Suitability: Draft Guidelines

‘Suitability’ can be found in COBS 9 of the FSA Handbook and is largely, although not exclusively, driven by MiFID requirements. As a reminder, the concept of suitability applies to […] [...]

The EU Commission has published a proposal relating to venture capital funds. The latter are recognised as valuable sources of equity finance, particularly for small and medium-sized enterprises and start […] [...]

Market Abuse Guidance

The FSA is proposing to amend some of its guidance in MAR 1.4 (improper disclosure) to reflect feedback received from the industry. In Market Watch 35 of last year the […] [...]

Pillar 3 Disclosure Enhancements

With reference to Regulatory Roundup 36 concerning the final rules to implement CRD 3, a reminder that the Pillar 3 disclosure obligations in BIPRU 11 are to be enhanced with […] [...]

Financial Crime

Regulatory Roundup 31 included an article on FSA guidance on financial crime which had been published in the form of a consultation paper (CP11/12). The final guidance (PS11/15) has now […] [...]

Prudent Valuation Reporting

A consultation paper (CP11/30: “Proposed Regulatory Prudent Valuation Return”) has been released by the FSA which introduces a new prudential return. However, the good news for the majority of firms […] [...]

Energy Markets

The tenth annual analysis of activity in energy markets is now on the FSA’s web site. The paper covers the 12 months to 31 July 2011 and is based upon […] [...]

Prospectus & Transparency Directives

As will be known (see Regulatory Roundups 28 & 32) HM Treasury issued a consultation on the early implementation of certain changes brought about by a revision of the Prospectus […] [...]

Remuneration Code & Proportionality Tiers

The FSA has issued yet further guidance on the Remuneration Code to assist firms – see Regulatory Roundup 35 on previous recent guidance given – that will only be relevant […] [...]

PFOF Delay

Details of the FSA’s consultative guidance on the practice of ‘payment for order flow’ (PFOF) was included in Regulatory Roundup 35. The deadline for responses was November 9 but given […] [...]

Transaction Reporting Guidance

Regulatory Roundup 34 included an article on the FSA’s consultative guidance on (a) the approach to be adopted when reporting transactions on Turquoise Derivatives and (b) the reporting of derivative […] [...]

CRD 3: Final Rules

PS11/12 – “Strengthening Capital Standards 3” – includes the final rules to implement CRD 3. The rules largely concern BIPRU 7 (Market Risk) and BIPRU 9 (Securitisation) and are unlikely […] [...]

RMAR Changes Delay

Firms that submit a Retail Mediation Activities Return should be aware that the changes to section A (Balance sheet) that were due to come into force this 31 December will […] [...]

TRUP 3

As advised in Regulatory Roundup 28, the FSA is in the process of reviewing the Transaction Reporting User Pack (TRUP), which is a useful source of reference for those firms […] [...]

TRS Update

As will be known (see Regulatory Roundup 33) the FSA’s Transaction Reporting System (TRS) was to be sold to the LSE. The latter already operates its own equivalent system (UnaVista). […] [...]

Moving Story

Due to continued expansion, Complyport has moved from its Cavendish Square offices to larger premises in Millbank. Our new address is: 4th Floor 4 Millbank Westminster London SW1P 3JA Our […] [...]

MiFID II

The EU Commission has published the long-awaited draft for a revised MiFID (Markets in Financial Instruments Directive) – the current MiFID came into force 1 November 2007. The revised MiFID […] [...]

Market Abuse Changes

The EU has been churning out the work; in addition to the proposed changes to MiFID (see previous article) they have also issued proposed changes to the Market Abuse Directive […] [...]

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