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Corporate Governance: FSA Feedback

The FSA has issued a guidance consultation/feedback on governance. Although it is headed ‘Governance in retail firms’ the content is also relevant to wholesale firms. The feedback stems from a […] [...]

Shadow Partner Banned

In June of last year Vantage Capital Markets LLP (VCM), an inter-dealer broker, was subject to a fine of £700K arising from the activities of Daniel Hassell. Mr Hassell’s former […] [...]

CMAR

Regulatory Roundup 23 contained an article on changes to CASS and the need for affected firms to complete a Client Money and Asset Return (CMAR). The FSA has released CP11/4 […] [...]

FSCS Interim Levy

We are aware that several of our clients have been left reeling following receipt of an FSCS 2010/11 Interim levy request for further payment. The additional levy is to meet […] [...]

Client Money

Not a good start to the year for Barclays. On top of the £7.7m fine for investment advice failings (Barclays Bank), Barclays Capital (BarCap) incurred a £1.12m fine for client […] [...]

Remuneration Code Follow-up

Firms should now be ‘broadly compliant’ with most of the Remuneration Code Principles in keeping with section 4.6 of PS10/20 ‘Revising the Remuneration Code’ – see Regulatory Roundup 24 which […] [...]

MiFID Review

It is now over three years since MiFID came into force, the requirements being reflected in the relevant parts of the FSA handbook. In recognition of market developments since that […] [...]

Transaction Failings

City Index Ltd is the seventh firm to be fined by the FSA in the past 18 months or so for transaction reporting failures. The last transaction reporting case was […] [...]

Remuneration Code

A ‘thank you’ to those Complyport clients that submitted their comments and views to us on the proposed wordage of the Remuneration Code as set out in consultation paper CP10/19. […] [...]

Remuneration Code & Disclosure Obligations

When refining their Remuneration policies, firms are reminded of the need not to overlook the corresponding disclosure requirements-see Regulatory Roundup 23 for an overview based upon the then consultation paper […] [...]

Competence & Ethics

The FSA has released policy statement PS10/18 (‘Competence and ethics’) which was a follow up to the similarly named consultation paper CP10/12 – see Regulatory Roundup 16 for further details. […] [...]

Fines 2010

It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and […] [...]

UCITS IV

The FSA and HM Treasury have issued a joint consultation on the implementation of UCITS IV. As will be known, there has been an increasing interest in UCITS since ‘the […] [...]

Large Exposures

A reminder to firms that the large exposures regime no longer applies to BIPRU limited licence/activity firms-see BIPRU 10.1.1R and Regulatory Roundup 19 for details. Firms that are still subject […] [...]

Telephone Numbers

A firm is required, on an annual basis, to check the accuracy of its standing data (defined in the attached link) on the FSA website within 30 business days of […] [...]

Derivative Risk

The FSA has published proposed guidance on derivative risk management practices following a survey of twelve asset managers. Although a ‘derivative risk management process’ is normally associated with authorised funds […] [...]

FSA Fees

As will be known, FSA Fees are governed by which FSA Fee-Block(s) a firm falls under, e.g. Fund managers are A007 and ‘Advisory only firms and advisory, arrangers, dealers, or […] [...]

Stewardship Code

Regulatory Roundup 17 referred to proposed changes to COBS 2.2 (‘Information disclosure before providing services’) to require a firm, when managing investments for a professional client (that is not a […] [...]

Custody and Client Money

The proposed changes to CASS 6 (‘Custody rules’) and CASS 7 (‘Client money rules’) mentioned in Regulatory Roundup 17 came into force on 1 December. The changes impact the title […] [...]

CASS & a New Operational Oversight Function

There are big changes to CASS coming up which include a new control function and the need to complete a Client Money and Asset Return (‘CMAR’), As mentioned in Regulatory […] [...]

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