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Transaction Reporting Guidance

Regulatory Roundup 34 included an article on the FSA’s consultative guidance on (a) the approach to be adopted when reporting transactions on Turquoise Derivatives and (b) the reporting of derivative […] [...]

CRD 3: Final Rules

PS11/12 – “Strengthening Capital Standards 3” – includes the final rules to implement CRD 3. The rules largely concern BIPRU 7 (Market Risk) and BIPRU 9 (Securitisation) and are unlikely […] [...]

RMAR Changes Delay

Firms that submit a Retail Mediation Activities Return should be aware that the changes to section A (Balance sheet) that were due to come into force this 31 December will […] [...]

TRUP 3

As advised in Regulatory Roundup 28, the FSA is in the process of reviewing the Transaction Reporting User Pack (TRUP), which is a useful source of reference for those firms […] [...]

TRS Update

As will be known (see Regulatory Roundup 33) the FSA’s Transaction Reporting System (TRS) was to be sold to the LSE. The latter already operates its own equivalent system (UnaVista). […] [...]

Financial Transaction Tax

There has been much publicity in the press about the proposed EU Directive, released 28 September, to introduce a financial transaction tax (FTT). The proposed tax would apply to all […] [...]

FSA Remuneration Code Guidance

Regulatory Roundup 33 published in August included details of further consultative guidance issued by the FSA in respect of Remuneration Code aspects. The guidance was in the form of two […] [...]

Prompt Response

A prompt, but hasty, response to a FSA letter cost Towry Investment Management Ltd (TIM) £494K in penalties. A ‘Dear CEO’ letter was sent out in January 2010 (see Regulatory […] [...]

CMAR & CF10a

Whilst on the topic of client money a reminder that from 1 October all CASS medium and large firms have had to have an individual approved for the CASS oversight […] [...]

Transaction Reporting: Zen

A reminder for firms that transaction report that the Zen ‘hard go-live’ date is 13 November at the latest. The FSA’s surveillance and monitoring system, Sabre, is being replaced by […] [...]

Large Traders

A new SEC rule is coming into force which will impact on Large Traders (‘LT’) of NMS securities (the latter are basically any US exchange-listed securities including options. For the […] [...]

FSA Action on Unregulated Collective Investment Schemes

Regulatory Roundup 29 mentioned the continuing interest of the FSA in the marketing of unregulated collective investment schemes (UCIS) and the penalty of £35,000 imposed on Specialist Solutions Public Limited […] [...]

Mercurius

Two related Final Notices have been published which are interesting in the miscellany of wrong-doings committed. Mercurius International was a Cayman based hedge fund with investment management undertaken by Mercurius […] [...]

PFOF

The FSA has issued consultative guidance on the practice of ‘payment for order flow’ (PFOF). PFOF is an arrangement whereby a broker receives payment, either in cash or other form, […] [...]

Non-GABRIEL Paper Reports

From 19 September up to seven ‘new’ types of reports will be scheduled on GABRIEL. The reports on GABRIEL will actually be ‘Non-GABRIEL Paper’ (NGP) reports. Although at first sight […] [...]

Recovery and Resolution Plans

The FSA has published ‘Recovery and Resolution Plans’ (RRP) – CP11/16 – which will be of interest to banks, large investment firms and firms subject to either or both CASS […] [...]

Swift Decision

As may be recalled, under the Financial Services Act 2010 the FSA, in enforcement action cases, now has enhanced powers allowing it to publish decision notices before issuance of the […] [...]

UCITS IV

On 2 September the FSA published PS11/10 – ‘Transposition of the revised UCITS Directive’ – incorporating the various changes to the Handbook, mainly COLL, brought about as a result of […] [...]

Transaction Reporting Matters

Market Watch 40 (MW40), dedicated to transaction reporting issues, was published earlier this month, followed a few days later by FSA consultative guidance, which features two articles in MW40. Back […] [...]

Remuneration: Further FSA Guidance

The FSA has released further consultative guidance on the Remuneration Code (see Regulatory Roundups 29 & 32 for previous guidance). The guidance, in the form of a ‘Dear CEO’ letter, […] [...]

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