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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 […] [...]

FSA and fraud

And for good measure the FSA has fined Seymour Pierce £154,000 for poor controls to guard against employee fraud. The facts of the case made incredible reading; an employee managed […] [...]

UK rules OK

A survey by the World Economic Forum shows that the UK is now the top financial centre out of 55 of the world’s largest financially-focussed countries. The previous holder was […] [...]

Liquidity Standards

This week the FSA published PS09/16 (‘Strengthening liquidity standards’) which, for the immediate future, should be the final word on liquidity following three Consultation Papers. The liquidity requirements are contained […] [...]

Expanding Shorts

As you will know, there is an obligation on firms to disclose short positions of 0.25% or more in securities in (a) a rights issue period or (b) any security […] [...]

Turner Review

Back in March the FSA published The Turner Review and ‘A regulatory response to the global banking crisis’ (DP09/2). They arose from a request from the Chancellor of the Exchequer […] [...]

Global Economy

Some cheering news from the IMF. Its latest World Economic Outlook reports that global economic growth has turned positive, although recovery will be slow. Latest IMF projections show that world […] [...]

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