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Changes to Shorting Rules

Whilst on the topic of shorting, as mentioned in Regulatory Roundup 17, short position disclosure requirements moved from MAR 1.9 to FINMAR 2.2 with effect from 6 August. Firms will […] [...]

Large Exposure Regime Change

As mentioned in Regulatory Roundup 19, the Large Exposure regime in BIPRU 10.5 will change from 31 December 2010. The amended Rules can be seen in the recently published FSA […] [...]

GABRIEL Reporting

Following queries from firms, some clarification to reporting requirements has been made by the FSA. For FSA001 Balance sheet, changes relating to elements 7, 10 and 30A have been made. […] [...]

The Role of Auditors

As was mentioned in Regulatory Roundup 16, the FSA was proposing to consult on enhancements to auditor’s reporting on client assets. As you will know, even where a firm does […] [...]

Final Notice (part 2)

In Regulatory Roundup 16 we highlighted the case of Anjam Ahmad, a hedge fund trader with AKO Capital, who profited (that is until the FSA got to hear about it) […] [...]

More Enforcement Actions

Related Final Notices in respect of Gerald Casey of First Colonial Investments LLP (“FCI”) and Direct Sharedeal Ltd (“DSL”) have been published. At one level it is yet another case […] [...]

Leaking

Market Watch No 37 is devoted entirely to leaks of inside information – specifically to the media – and the need for firms to ensure sound prevention controls are in […] [...]

FSA Formalise Co-operation with FINRA

The FSA have signed a Memorandum of Understanding with FINRA, the largest independent regulator for all securities firms doing business in the US. The MOU is now effective and provides […] [...]

Ministry of Justice Anti-Bribery Consultation

As covered in Regulatory Roundup 17 the offences under the Bribery Act 2010 will become enforceable from April 2011. Firms will be aware that there will be a defence for […] [...]

Capital Planning Buffers

For the avoidance of doubt, this will only be of relevance to BIPRU firms. Regulatory Roundup 6 advised that the FSA had published CP09/30 – “Capital Planning Buffers” – concerning […] [...]

Remuneration Code Feedback

Thank you to those firms that sent their views on the Remuneration Code proposals to us (Regulatory Roundup 20 refers). It is clear that the two major themes are (a) […] [...]

A large fine (£2.275m) was imposed on Zurich Insurance Plc for systems and controls failings following the loss of customers’ confidential information. Although, at first sight, the problems of a […] [...]

More transaction action

Since the Commerzbank AG fine imposed by the FSA in April (see Regulatory Roundup #13), things had been quiet on the (failure to) transaction report front. However behind the scenes […] [...]

Read all about it

The FSA previously maintained a Document Viewing Facility (DVF) in the reception of the FSA building at 25 North Colonnade, Canary Wharf. This provided access to documents made public by […] [...]

Short selling update

In Regulatory Roundup #17 we advised that the new sourcebook FINMAR would contain the largely unchanged short selling disclosure requirements from MAR, save for the rights issue disclosure requirements being […] [...]

More on the remuneration code

The proposed changes to the Remuneration Code (basically the current SYSC 19 will be deleted and replaced by new text) was covered in Regulatory Roundup #18 & #19. Not surprisingly, […] [...]

Notification obligations

Firms will be aware of the publicity arising from the fine imposed by the FSA on Goldman Sachs International (GSI). The fine (£17.5m) is the second largest fine imposed in […] [...]

Dodd-Frank revisited

Following on from Regulatory Roundup #17 we have had requests for further details on the regulatory developments within the US. As you will know, the ‘Dodd Bill’ was enacted on […] [...]

Remuneration Code (again)

Following Regulatory Roundup #18 – ‘Remuneration Code Special’ – we would like to take this opportunity to remind firms that a proportionality approach can be adopted and our article advised […] [...]

Strengthening Capital

Regulatory Roundup #6 contained an article on CP09/29 – ‘Strengthening Capital Standards 3’, which contained proposals for implementing changes to the Capital Requirements Directive (‘CRD’). Of interest to the majority […] [...]

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