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Market Abuse Changes

The EU has been churning out the work; in addition to the proposed changes to MiFID (see previous article) they have also issued proposed changes to the Market Abuse Directive […] [...]

Regulatory Fees

CP11/21 – ‘Regulatory fees and levies: Policy proposals for 2012/13’ – sets out the FSA’s proposals for changes in the fees and levy regimes. For the avoidance of doubt the […] [...]

A recently published FSA Newsletter contained an article on recent observations from ARROW risk assessments. Although the Newsletter is targeted at ‘smaller wholesale insurance intermediaries’ the observations can be equally […] [...]

Remuneration Code & Proportionality Tiers

The FSA has issued yet further guidance on the Remuneration Code to assist firms – see Regulatory Roundup 35 on previous recent guidance given – that will only be relevant […] [...]

PFOF Delay

Details of the FSA’s consultative guidance on the practice of ‘payment for order flow’ (PFOF) was included in Regulatory Roundup 35. The deadline for responses was November 9 but given […] [...]

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, […] [...]

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 […] [...]

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 […] [...]

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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