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Unregulated Collective Investment Schemes

Regulatory Roundup #3 advised that the FSA was looking at the promotion of unregulated collective investment schemes (‘UCIS’). The Regulator has now published its findings alongside a separate document on […] [...]

Fuzzy matching and financial sanctions

The big fine imposed on Royal Bank of Scotland (£5.6m) by the FSA for breaches of Money Laundering Regulations 2007 hit the headlines earlier this week. Apart from issues with […] [...]

Remuneration Code Special

As you’ll know from Regulatory Roundup #17 the FSA are reviewing SYSC 19 (‘Remuneration Code’) in the light of amendments to the Capital Requirements Directive (‘CRD3’) which comes into force […] [...]

Quarterly Consultation Paper

The FSA has published Quarterly Consultation Paper CP10/15 (‘QCP’) which contains proposed changes to various parts of the Handbook. It is not the best composed paper as not only does […] [...]

Changes to SUP 16

The FSA have proposed four small changes to data item FSA003, improving the data reported by firms to the FSA. The amendments are relevant to all firms subject to the […] [...]

A technical correction to CF29 applicability

Following the FSA’s recent review of the Handbook they propose correcting a technical error in SUP 10.9.1R that sets out the types of firm where the significant management function (CF29) […] [...]

BIPRU 12 – Liquidity Standards

As you will know, BIPRU 12.1 – 12.4 (and 12.8 where relevant) applies to all BIPRU firms, whilst the remaining BIPRU 12 chapters only apply to ILAS BIPRU firms (limited […] [...]

Managing investments and the Stewardship Code

There is a proposal to amend COBS 2.2 (‘Information disclosure before providing services’) for a firm, when it is managing investments for a professional client (that is not a natural […] [...]

CASS

The FSA has proposed changes to CASS 6 & 7, ‘Custody Rules’ and ‘Client Money Rules’ respectively. The FSA believe that the only types of firm that these changes will […] [...]

Unofficial guidance on the Bribery Act

Following on from Regulatory Roundup #13 which covered the Bribery Act, the Government has recently released a press statement about the delay in the publication of guidance on the Bribery […] [...]

Father and Son

Father and son Jeffery and Jeremy Burley have been handed out financial penalties by the FSA for market abuse. Whilst people tend to co-operate with the FSA during an investigation […] [...]

EU short selling update

CESR has issued an update to its September 2008 statement on short selling. The revised document will provide either statements or the links to the statements by Members on current […] [...]

Client categorisation

Following an approach from the European Commission, CESR is consulting on aspects relating to client categorisation as currently set out in MiFID (which in turn is reflected in COBS 3, […] [...]

Non-US managers face dual registration

The US President has this week signed the H.R. 4173 ‘Restoring American Financial Stability Act of 2010’ (which can be found via the link). Contained within ‘Title IV–Regulation of Advisers […] [...]

Financial Crime Newsletter

The FSA has published its first Financial Crime Newsletter of the year, and the first since Margaret Cole took over responsibility for this area following the retirement of Philip Robinson. […] [...]

Remuneration

Following the article covering remuneration in Regulatory Roundup #16, the European Parliament voted on 7th July to amend elements of the Capital Requirements Directive (CRD3) impacting upon remuneration. The proposed […] [...]

Transaction reporting update

Following a series of FSA actions relating to transaction reporting failures, many firms will have revisited their own transaction reporting procedures to ensure that they satisfy regulatory requirements. Portfolio managers […] [...]

Who, where and what ESAs

As you will be aware from Regulatory Roundup #15, the European Commission has proposed the establishment of a European System of Financial Supervisors (ESFS) which will be composed of national […] [...]

Financial Services Act 2010

Regulatory Roundup #13 contained an article on a consultation paper on the implementation of certain parts of the Financial Services Act 2010 (‘FSA2010’) and which introduced FINMAR to the regulated […] [...]

FSA Submissions – Important changes

The Regulatory Roundup Issue 10, 12 March 2010, reported that the FSA’s new reporting system – Online Notifications and Applications (‘ONA’) – had slipped a little behind on its release. […] [...]

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