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Platform Alterations

The Retail Distribution Review (RDR) continues its progress (see Regulatory Roundup 32 for the most recent update) with the publication of PS11/9 ‘Platforms – Delivering the RDR and other issues […] [...]

Title Transfer Collateral Arrangements

Regulatory Roundup 23 contained details of the changes to CASS concerning title transfer collateral arrangements (TTCA). The FSA felt that some firms were using the then current TTCA provisions to […] [...]

Hedge Funds and Systemic Risk

The FSA conducts surveys on a six monthly basis (‘Hedge Fund Survey’ *HFS+ and ‘Hedge Fund as Counterparty Survey’ *HFACS+) in order to assess the systemic risk posed by hedge […] [...]

Short Selling Ban

As has been widely reported, on 11 and 12 August, the respective securities market regulators of France, Italy, Spain and Belgium, in conjunction with the European Securities and Markets Authority […] [...]

Remuneration: Further FSA Guidance

The FSA has released further consultative guidance on the Remuneration Code (see Regulatory Roundups 29 & 32 for previous guidance). The guidance, in the form of a ‘Dear CEO’ letter, […] [...]

Remuneration Code – Further Guidance

The FSA has issued further consultative guidance on the application of the Remuneration Code (see Regulatory Roundups 29 and 24 for details of previously released guidance and a general summary of […] [...]

Submissions to FSA

A couple of complaints against the FSA act as a useful reminder that the onus for submission to, and receipt by, the FSA of returns, notifications etc. lies with the […] [...]

FSA and Inadequate Procedures

The previous article concerning submissions to the FSA is based upon published complaints against the FSA. One other published complaint concerned an individual’s dispute with the FSA over what was […] [...]

AIFMD Comes Into Force

The Alternative Investment Fund Managers Directive (AIFMD) – see past Regulatory Roundups e.g. No. 15 – has taken a long time coming (the original proposal was back in April 2009) […] [...]

AIFMD & ESMA

The European Securities and Markets Authority (ESMA – previously CESR) has published a 430+ page consultation on implementing measures for the AIFMD. Issues addressed include ‘General provisions’ (e.g. organisational requirements; […] [...]

Prospectus Directive Update

As was mentioned in Regulatory Roundup 28 changes are proposed to the Prospectus Rules (which are contained in the PR section of the Handbook) as a result of (early) implementation […] [...]

FSA and Financial Promotions

There have been two recent publications from the Regulator on ‘financial promotions’. The first is consultative guidance on the topic of ‘prominence’ i.e. making sure that important details such as […] [...]

RDR: Delay Recommended

The FSA’s Retail Distribution Review (RDR) will have an impact on retail advisors (not just IFAs but advisers within stockbrokers, asset managers, banks etc.) in respect of commission payments (to […] [...]

Unregulated Collective Investment Schemes

FSA actions in connection with Unregulated Collective Investment Schemes (UCIS) have featured a few times in Regulatory Roundups. Mr P Banfield and Mr A Moss, the Directors of (and in […] [...]

Dear CEO: Suitability

Regulatory Roundup 28 contained an article on guidance issued by the FSA on ‘Assessing suitability’. As a reminder, the ‘Suitability’ rules, which apply to both retail and professional clients, can […] [...]

The Approach of the FCA

As will be known, the FSA is scheduled to disappear at the end of next year as the UK moves to a new model of regulation (for a reminder of […] [...]

Quarterly Consultation

Quarterly consultation CP11/11 contains details of various proposed changes to the Handbook. Two particular changes will be relevant to most firms. A change to the submission of written reports will […] [...]

Financial Crime Guide

In May 2010 the FSA published ‘The Small Firms Financial Crime Review’ (see Regulatory Roundup 15 for our comments and a link to the document) which covered the three main […] [...]

Money Laundering Review

HM Treasury has published a consultation on changes to the Money Laundering Regulations 2007 (MLR2007) by way of a response to a review carried out last year. The Government committed […] [...]

FSA Annual Report

The Regulator issued its Annual Report (the FSA’s year is to 31 March), the purpose of which is to provide details of what it has done. At 178 pages it […] [...]

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