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Exams

If your firm has set the Investment Management Certificate as an exam determinant in connection with SYSC5.1 (“A firm must employ personnel with the skills …” etc.) then a reminder […] [...]

The FSA has released Consultation paper CP10/9 – “Enhancing the Client Assets Sourcebook”. Proposals include greater transparency requirements by UK authorised prime brokers (‘PBs’) in respect of re-hypothecation provisions by […] [...]

US and Investment Advisors

There have been further developments in respect of the proposed Private Fund Investment Advisers Registration Act 2010 (see Regulatory Roundup 18 January and previous). Senator Christopher Dodd’s financial reform proposals […] [...]

Corporate Governance – Getting Serious

Following on from the release of CP10/3 (“Effective corporate governance”) – see Regulatory Roundup of 8th February – Graeme Ashley-Fenn spoke the other day at a BSA seminar on this […] [...]

FAIF

The acronym arises from the publication of PS10/3 – ‘Funds of Alternative Investment Funds’. A FAIF will allow (albeit indirectly) the marketing to, and investment by, retail clients in hedge […] [...]

Shorting

CESR has presented a report to the European Institutions that recommends the introduction of a pan-European short selling disclosure regime. There are two distinct differences between the existing disclosure requirements […] [...]

Financial penalty setting

In keeping with the FSA’s ‘credible deterrence’ approach, it has published PS10/4 – ‘Enforcement financial penalties’ – with a view to establishing a consistent and more transparent framework for the […] [...]

ICAAP Submissions

The FSA has issued a paper setting out its observations on ICAAP submissions that have been submitted by Limited Licence firms. Areas commented on include: Lack of clarity in terms […] [...]

Financial Risk Outlook

Somewhat later than usual the FSA has published its 2010 Financial Risk Outlook. The FSA’s 2010/11 Business Plan (‘BP’) will follow in the next few days. It should cover the […] [...]

Digestif

And to round off a heavy FRO 2010 the FSA recommend the Asset Management Sector Digest 2010. There are nine key messages in the publication, four of which are deemed […] [...]

ONA

The Regulatory Roundup of 16 October 2009 contained an article on the new FSA reporting system – Online Notifications and Applications – which would be used for the submission of […] [...]

Radar & Smaller Firms

At the same seminar mentioned above there was also a speech by Linda Woodall, FSA Head of Savings & Investments Department. The subject matter included ‘Intensive Supervision’ and what it […] [...]

FATF

It may be recalled that the Financial Action Task Force (FATF) used to maintain a list of ‘Non-Cooperative Countries and Territories’ – a total of 23 countries/territories appeared on the […] [...]

Out of Control

A brief press release by the FSA announced that it had successfully brought its second prosecution for change in control offences. Semperian pleaded guilty to acquiring an interest in an […] [...]

Broken

Two brokers, Wills & Co and Direct Sharedeal (‘DS’), both met with FSA actions in February and there has been a large amount of publicity about both cases. Common to […] [...]

AIFM (cont)

The Alternative Investment Fund Managers Directive proposal saga continues to rumble on (the original draft Directive was issued at the end of April last year). After the ‘Swedish Proposal’ we […] [...]

Hedge Funds and Systemic Risk

Neatly following on from the latest developments in the ongoing AIFM saga is the publication by the FSA on ‘Assessing possible sources of systemic risk from hedge funds’. The FSA […] [...]

Hedge Funds & Systemic Risk – Information Collection

With systemic risk and hedge funds in mind, the International Organization of Securities Commissions has released details of a template for the global collection of hedge fund information which it […] [...]

AIFM & FSA (cont)

And just to make the FSA’s views clear, Dan Waters’ speech the other day – which reminded us that the FSA regulates around 80% of the hedge fund management industry […] [...]

Corporate Governance

The FSA has issued Consultation Paper CP10/03: ‘Effective corporate governance’. As we all know, the FSA places considerable emphasis on good corporate governance and is a subject matter that can […] [...]

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