Competence

The FSA has released CP 10/12 – “Competence and ethics”. The Code of Practice for Approved Persons (APER) will have some amendments, chief of which will be the addition of APER 4.5.13A which will require those holding a significant influence function (basically all controlled functions bar the CF 30 customer [...]

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Close Links

As mentioned in Regulatory Roundup #5, the amended rules governing close links reporting which came into effect on 1 June 2010. The main change is that close links notification now has to be done using a new FSA form (see the link for details). The new form has to be [...]

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Combined Code

The Financial Reporting Council (FRC) has released a revised version of the Combined Code, or, as it is now called, the UK Corporate Governance Code. Although the Code is strictly only applicable to companies with a Premium Listing (ex Primary Listing), corporate governance is very much high on the agenda [...]

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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 that there are changes in hand (of course, if you are a retail firm then TC App 1.1 will determine [...]

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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 applications/notifications re: Approved Persons; Appointed Representatives; Variations of permissions; Passports; Cancellations; Waivers; and Standing Data. Mandatory use of ONA was [...]

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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 now have the ‘Spanish Proposal’. A quick recap on the original proposals: It would impact on all ‘Alternative Investment Funds’ [...]

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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 both was unacceptable or high pressure sales tactics in respect of higher risk securities to clients (and numerologists will be [...]

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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 DTR. Other changes apply to COLL and PRIN. The CP was possibly edited around the time of the FSA office [...]

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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 feedback Policy Statements given that the original Consultation Paper (CP07/21) was published in December 2007, with the consultation period ending [...]

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