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New Restrictions on UCIS

Regular Readers of Regulatory Roundup will be aware of both the FSA’s continuing concerns on the promotion of unregulated collective investment schemes (UCIS) and its readiness to take relevant regulatory […] [...]

Short Selling Changes

As will be known – e.g. see Regulatory Roundup 21 – the European Commission has the goal of harmonising short selling rules. EU 236/2012, being a Regulation ‘on short selling […] [...]

Remuneration Code: Changes to Guidance

The FSA has issued amended consultative guidance on proportionality in relation to the Remuneration Code (the current guidance was issued last December). At present the FSA’s guidance provides for the […] [...]

Remuneration Code: Change to Templates

The FSA has taken the opportunity to update the self-assessment templates and code staff tables that can be found on its website. Use of a template in the drafting of […] [...]

CASS Update

The FSA is consulting (CP12/15) on changes in two areas of CASS: firm classification and oversight (CASS 1A) and mandates (CASS 8). The changes to CASS 1A will include clarification […] [...]

Hedge Funds and Systemic Risk

The FSA has published its latest report (see e.g. Regulatory Roundup 33 for details of the 2011 report) following the results of the Hedge Fund Survey (HFS) and Hedge Fund […] [...]

Capital Instruments: Pre-Issuance Notification

Firms that are subject to GENPRU are reminded that they must notify the FSA before issuing any capital instruments that they wish to include as regulatory capital. The rules, and […] [...]

Soliciting in the US

In a statement made by Mary Schapiro, Chairman of the SEC, the possibility of removing the current prohibition against general solicitation and general advertising in certain securities offerings was raised. […] [...]

FSA Annual Report 2011/12

The FSA has published its annual report which outlines how the Regulator has performed against the priorities set out in its 2011/12 Business Plan (see Regulatory Roundup 28). As will […] [...]

Money Laundering

FATF has recently produced updated lists of problem jurisdictions which will be of interest to firms in general, and in particular to the MLROs. The first list concerns those countries […] [...]

OTC Clearing and EMIR

In a recent speech David Lawton, Acting Director of Markets at the FSA, provided an update on the progress in implementing the proposed EU regulation covering the trading of OTC […] [...]

FSA Fines – a Better Use of Money

The well publicised LIBOR and EURIBOR issues at Barclays Bank led to an FSA fine of £59.5M. As a result of the Barclays affair the FSA Fines Table 2012 now […] [...]

Stewardship Code Changes

It has been a Handbook requirement – COBS 2.2.3 – since 6 December 2010 that firms managing investments, other than venture capital firms, for professional clients (that are not natural […] [...]

UCITS V

A draft proposal for ‘UCITS V’ has been published by the European Commission. The proposal contains amendments to the current UCITS Directive (2009/65/EC) rather than a complete overhaul. Changes include […] [...]

PRIPs

PRIPs (packaged retail investment products) is an EU term as opposed to RIPs (retail investment products) which is an FSA term and will come into being in the forthcoming RDR […] [...]

IMD Proposal

A revision of the Insurance Mediation Directive is proposed with a view to raising standards. The revision is part of a package of three changes issued by the European Commission […] [...]

Compliance Function Guidance

In addition to ‘suitability’ – see separate article – ESMA has also published guidance on MiFID compliance function requirements. Our comments on the earlier consultation paper can be found in […] [...]

Remuneration Policies and AIFMD

Firms considering the impact of the Alternative Investment Fund Managers Directive (AIFMD) will be aware that Article 13 requires the AIFM to have in place remuneration policies and practices for […] [...]

UCITS Q&As Published By ESMA

A couple of ‘Q&A’ style papers on UCITS related matters have been published by ESMA. The first one covers risk measurement and the calculation of global exposure and counterparty risk […] [...]

Takeover Code Changes

Currently the Takeover Code (the Code) applies to offers for companies which have their registered offices in the UK, the Channel Islands or the Isle of Man and if: (a) […] [...]

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