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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 […] [...]

Cumming and Going

The Regulatory Roundup of 5 November reported on the £8m fine imposed upon UBS (AG) after four employees carried out unauthorised transactions involving customer money ‘on at least 39 accounts’. […] [...]

Broker abuse

Another FSA fine on an individual, this time for abuse of inside information. Alexei Krilov-Harrison was a broker at Pacific Continental Securities (the latter, as you may be aware, was […] [...]

A Reminder

A previous Regulatory Roundup included an article on the new liquidity rules affecting BIPRU firms (BIPRU 12). A reminder that although there are some transitional provisions, the majority of the […] [...]

New Liquidity rules come into force on 1 December 2009 – Are you ready?

If your firm is a BIPRU firm then the following should assist in complying with the new liquidity rules coming into force this December. If your firm is not a […] [...]

Private Equity & Conflicts of Interest

IOSCO – the International Organization of Securities Commissions – has published a consultation paper on ‘Private Equity Conflicts of Interest’. The working group was chaired by Dan Waters, the FSA’s […] [...]

Sukuk and see

HM Treasury and FSA have issued a joint document on ‘alternative finance investment bonds’ (‘AFIBs’). These are a subset of the sukuk market, which in turn are financial instruments that […] [...]

Financial Action Task Force report (‘FATF’)

FATF has released a report on Money Laundering and Terrorist Financing in the Securities Sector. The document is based upon a mixture of questionnaire results and workshops/consultations. Comment is made […] [...]

Fine time

UBS (AG) has been fined £8m for failures in systems and controls that enabled four employees to carry out unauthorised transactions involving customer money ‘on at least 39 accounts’. As […] [...]

Approved persons & significant influence functions (SIFs)

The FSA has sent a ‘Dear CEO’ letter to 5,000 regulated firms to reinforce how the FSA’s intensive regulatory approach (‘more intrusive approach’ is used in the letter) applies to […] [...]

Unregulated Collective Investment Schemes

The FSA is currently looking at the promotion and advice process in respect of unregulated collective investment schemes and is sending out letters (which will refer to an on-line questionnaire) […] [...]

Wholesale Small Firms

The FSA held a briefing on October 9th on wholesale brokers, although many of the topics discussed could equally apply across the spectrum of wholesale small firms. What was particularly […] [...]

AML Review

HM Treasury has announced a review of the Money Laundering Regulations 2007 which implemented the EU’s Third Money Laundering Directive in the UK. The intention is to consider how effective […] [...]

Online Notifications and applications (‘ONA’)

A reminder that changes in the way that applications and notifications are submitted to the FSA are proposed. The new reporting system – Online Notifications and Applications (‘ONA’) – will […] [...]

FSA and AML

After the shock of reading that the FSA had apparently gone soft – or had lost its argument – on Darren Morton and Christopher Parry (who were accused of market […] [...]

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