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Bribery Act Guidance

The Ministry of Justice has released its long awaited ‘guidance’ in respect of the Bribery Act 2010 (‘BA2010’). As you will be aware from Regulatory Roundup 26, it will be […] [...]

Delay To Controlled Functions Changes

Regulatory Roundup 22 updated firms on proposed changes to the Approved Persons regime set out in PS10/15 (‘Effective corporate governance’). Highlights included the removal of the CF28 (Systems and Controls) […] [...]

Auditor’s Report

As you will be aware from Regulatory Roundup 21 the FSA has had concerns about the quality of some auditors’ client assets reports-see FSA Consultation Paper CP10/20 “Improving the auditor’s […] [...]

Client Money: FSA Action

Whilst on the subject of client money, ActivTrades Plc, a broker specialising in FX, CFDs and futures, has been fined £85,750 for client money failings. Firms that hold client money […] [...]

Suitability

The FSA has issued finalised guidance on ‘Assessing suitability’. The requirements regarding ‘Suitability’ can be found in COBS 9.2 and apply to a firm which makes a personal recommendations and/or […] [...]

FSA Business Plan 2011/12

The FSA has published its business plan setting out its priorities for 2011/12. Obviously regulatory reform is uppermost in the plan (section 1 contains further details on what is coming […] [...]

Transaction Reporting

A fairly short edition of Market Watch concentrates on transaction reporting issues. MiFID investment firms are reminded that they need to have a BIC-see Regulatory Roundups 17 & 11 for […] [...]

Prospectus Directive Changes

PR 1.2 of the Handbook reminds us of the need to issue a prospectus before transferable securities are offered to the public, subject to the certain exemptions listed. The requirement […] [...]

FSA Data Items

The FSA has published amended guidance for the completion of certain FSA data forms. It is all of a fairly minor nature e.g. the guidance to the completion of FSA002 […] [...]

More on FSA Reform

The last Regulatory Roundup (Issue 26) contained articles covering the proposed revision of the regulatory system which would see the end of the FSA and the birth of the Consumer […] [...]

Middle East Events

Following the recent developments in the Middle East the FSA has issued a short statement on the need for firms to be alert to the possible impact the events may […] [...]

Code of Market Conduct Change

As will be known, the FSA’s Code of Market Conduct is incorporated within MAR 1. Following a decision by the European Court of Justice (ECJ) in the Spector case (see […] [...]

Hedge Funds and Systemic Risk

The FSA has published the findings from the latest Hedge Fund Survey (HFS) and Hedge Fund as Counterparty Survey (HFACS). As will be known from earlier Regulatory Roundups e.g. issue […] [...]

FSA003

Some BIPRU firms have been experiencing problems in the completion of their FSA003 data return (capital adequacy). The FSA003 now contains lines 142 and 143 in relation to capital planning […] [...]

FSA Reform (1) – New Appointment

It has been announced that Martin Wheatley is to be the CEO of the Consumer Protection and Markets Authority (CPMA). Mr Wheatley, who was previously the CEO of the Hong […] [...]

FSA Reform (2) – Possible Delay

The Treasury Select Committee, which is looking at the reform of financial regulation, has published, in three volumes, a report which contains some interesting comments questioning the achievability (or wisdom) […] [...]

FSA Reform (3) – Progress

Putting the possibility of any delays to one side, the FSA is sending out a ‘Dear CEO’ letter from Hector Sants providing a progress update on the transition to the […] [...]

Bribery Act Delay

And talking of delays, there have been various reports in the press of a delay to the Bribery Act 2010 (‘BA2010’) coming into force (although there is currently no official […] [...]

FSA Fees

It’s that time of the year again when the FSA publishes proposals for the level of FSA fees payable for the year (the FSA year runs from 1 April to […] [...]

FSA Business Plan & Financial Risk Outlook

As mentioned in the previous article, CP11/2 contains a summary business plan for 2011/12. Traditionally the FSA issues an annual Financial Risk Outlook (FRO) late January/early February – although last […] [...]

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