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Client Money and Assets

The FSA has issued a fairly scathing report on the handling of client money and assets by firms. Regulatory action has been taken against a number of firms including s166 […] [...]

AFIBs

The Regulatory Roundup of 5th November included an article on ‘alternative finance investment bonds’ which will cover the sukuk (Islamic bond) market. The nature of such bonds is that some […] [...]

Fine start to the year (1)

Thanks to Standard Life, the FSA has made a good start to the year with fines totalling £2.5m in the month of January. The penalty was in respect of failures […] [...]

Fine start to the year (2)

On the subject of fines, February started with the FSA releasing details of Simon Treacher mis-marking fund assets whilst a fund manager at BlueRay Asset Management Ltd. Mr Treacher was […] [...]

Changes

The FSA has issued its first consultation paper of 2010 – CP10/1. It is proposing changes to SUP 16.12 (Integrated Regulatory Reporting) and to the Disclosure and Transparency Rules within […] [...]

A Fine Record

Thanks to late contributions from Toronto Dominion Bank (£7m) and UBS AG (£8m), 2009 was a record year for FSA penalties – £34.9m vs. £22.7m for 2008. The link below […] [...]

US Developments re Investment Advisers

The Regulatory Roundup of 19 November contained details of the Private Fund Investment Advisers Registration Act 2009, which in its original form could have had implications for UK fund managers […] [...]

Closed for business

An unusual Final Notice appeared on the FSA website in respect of NFS Yorkshire Ltd. The firm has had its Part IV permission cancelled by the FSA for failing to […] [...]

Freeze to continue for twelve months

Something to cheer us up in the present cold conditions: the FSA has decided to freeze the salaries of its staff (although some money may be available for pay anomalies). […] [...]

Give me strength

It has been a few weeks now since we last had a paper on prudential matters from the FSA so it was good to see that three new papers have […] [...]

Buffers

And following hard on the heels of CP09/29 we have CP09/30 – “Capital Planning Buffers” – which is mercifully 300 pages or so shorter. A ‘capital planning buffer’ relates to […] [...]

Stressed

And third, and finally, we have PS09/20 “Stress and Scenario Testing Feedback on CP08/24 and final rules”. This CP is actually linked to CP03/30 (‘Buffers’),as both emanate from CP08/24 (“Stress […] [...]

Remuneration Feedback Statement

As you will know the Remuneration Code, which is set out in SYSC 19, applies from 1 January to large banks, building societies and BIPRU 730K firms. In the original […] [...]

JMLSG Amendments to Guidance

The consultation version of the JMLSG ‘Prevention of money laundering/combating terrorist financing’ Guidance has been submitted to HM Treasury for Ministerial approval. [...]

Bonus

In the current uncertainty with the new bank bonus tax it would seem that the rules will be rewritten. Asset management firms, advisers and family offices will not be hit […] [...]

FSA Fee Changes

The FSA has published a Consultation Paper (‘Regulatory fees and levies: policy proposals for 2010/11’ – CP09/26) which includes proposals to change the way that the FSA calculates the fees […] [...]

Getting Closer

This month the FSA published “Close links – feedback on CP07/21” (PS09/17) which contains the new draft rules governing close links reporting. It must qualify as one of the slower […] [...]

FATF and the UK

The Financial Action Task Force (FATF) has acknowledged the work done by the UK in remedying deficiencies found in 2007. In that year FATF issued a report on the UK’s […] [...]

US Regulatory Developments

As you will be aware, AIMA has recently reiterated its support for the proposed registration of hedge fund managers in the US in the interests of financial stability. The move […] [...]

Transaction Reporting & Execution

As you’ll know from SUP 17.2, provided certain conditions are met then portfolio managers are relieved from the responsibility of transaction reporting and instead rely on third parties e.g. the […] [...]

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