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Financial Services and Markets Tribunal

It will be noted that the final notices (Alpari (UK) Ltd and Sudip to Chattopadhyay) now refer to a firm/individual being able to appeal to the Upper Tribunal (Tax and […] [...]

Transaction Reporting Problems

Following on the heels of the £4.2m fine imposed on three big name firms for transaction reporting failures (see Regulatory Roundup No 12) the FSA released details of a further […] [...]

Winterflood Securities Fined

Winterflood, the largest market maker on the AIM market, lost its appeal against the decision of the Financial Services and Markets Tribunal in March 2009, which found they had committed […] [...]

Other FSA Fines

Further to the Winterflood and Commerzbank fines, this marks the end of a very busy April for the FSA. The month saw a total of 16 fines added to the […] [...]

The Bribery Act 2010 creates new statutory offences, replacing common law. The most significant change is the introduction of a corporate offence, ‘failure to prevent bribery’ by persons associated with […] [...]

FINMAR

FINMAR will be the abbreviation given to a new Handbook module: the Financial Stability and Market Confidence Sourcebook. It is referenced in the latest consultation paper from the FSA – […] [...]

Greek Shorts

A press release reveals that Greece has banned the short selling of shares listed on the Athens Exchange. [...]

Transaction Reporting

The FSA hit with a vengeance when it fined three big name firms a total of £4.2m for transaction reporting failures. It will be recalled that Barclays suffered a penalty […] [...]

Financial Services Bill 2010

The last Regulatory Roundup provided an update on the progress of the Financial Services Bill 2010 which amends FSMA 2000. Possibly as a result of the ‘wash-up’ process following the […] [...]

Quarterly Consultation (CP10/10)

The FSA has released a 122 page bumper edition of the latest Quarterly Consultation (CP10/10). Proposed changes in SUP include a rewording to SUP 10 Annex1 (FAQs) so removing the […] [...]

CESR Call

In an evidence collecting exercise, the Committee of European Securities Regulators has issued a ”Call for Evidence” in order to assess the impact of certain developments in European equity markets. […] [...]

Mobile Phone Recording

As you will know, the obligation to record telephone conversations and electronic communications (as set out in COBS 11.8) does not currently extend to “telephone conversations and electronic communications (except […] [...]

Insider Dealing

It will not have escaped your attention that FSA and SOCA have carried out a joint operation involving address searches and arrests in a clampdown on insider dealing; firms such […] [...]

The Future of the Fund Management Industry

Dan Waters gave a speech the other day at the Institute of Economic Affairs on “The Future of the Fund Management Industry”. Nothing new of note was said but he […] [...]

The Financial Services Bill

The Financial Services Bill had its second reading in the House of Lords on 15 March 2010. The Bill’s many sections detail a new financial stability objective for the FSA, […] [...]

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 […] [...]

CASS Consultation Paper

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 […] [...]

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