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Transaction Reporting Changes

Firms that currently use the FSA’s Transaction Reporting System (TRS) to meet their SUP 17 obligations may be aware that the Regulator is planning to withdraw from this service. The […] [...]

Title Transfer Collateral Arrangements

Regulatory Roundup 23 contained details of the changes to CASS concerning title transfer collateral arrangements (TTCA). The FSA felt that some firms were using the then current TTCA provisions to […] [...]

Hedge Funds and Systemic Risk

The FSA conducts surveys on a six monthly basis (‘Hedge Fund Survey’ *HFS+ and ‘Hedge Fund as Counterparty Survey’ *HFACS+) in order to assess the systemic risk posed by hedge […] [...]

Short Selling Ban

As has been widely reported, on 11 and 12 August, the respective securities market regulators of France, Italy, Spain and Belgium, in conjunction with the European Securities and Markets Authority […] [...]

FSA and Financial Promotions

There have been two recent publications from the Regulator on ‘financial promotions’. The first is consultative guidance on the topic of ‘prominence’ i.e. making sure that important details such as […] [...]

Unregulated Collective Investment Schemes

FSA actions in connection with Unregulated Collective Investment Schemes (UCIS) have featured a few times in Regulatory Roundups. Mr P Banfield and Mr A Moss, the Directors of (and in […] [...]

Remuneration Code – Further Guidance

The FSA has issued further consultative guidance on the application of the Remuneration Code (see Regulatory Roundups 29 and 24 for details of previously released guidance and a general summary of […] [...]

Submissions to FSA

A couple of complaints against the FSA act as a useful reminder that the onus for submission to, and receipt by, the FSA of returns, notifications etc. lies with the […] [...]

AIFMD Comes Into Force

The Alternative Investment Fund Managers Directive (AIFMD) – see past Regulatory Roundups e.g. No. 15 – has taken a long time coming (the original proposal was back in April 2009) […] [...]

AIFMD & ESMA

The European Securities and Markets Authority (ESMA – previously CESR) has published a 430+ page consultation on implementing measures for the AIFMD. Issues addressed include ‘General provisions’ (e.g. organisational requirements; […] [...]

Prospectus Directive Update

As was mentioned in Regulatory Roundup 28 changes are proposed to the Prospectus Rules (which are contained in the PR section of the Handbook) as a result of (early) implementation […] [...]

The Approach of the FCA

As will be known, the FSA is scheduled to disappear at the end of next year as the UK moves to a new model of regulation (for a reminder of […] [...]

Quarterly Consultation

Quarterly consultation CP11/11 contains details of various proposed changes to the Handbook. Two particular changes will be relevant to most firms. A change to the submission of written reports will […] [...]

Financial Crime Guide

In May 2010 the FSA published ‘The Small Firms Financial Crime Review’ (see Regulatory Roundup 15 for our comments and a link to the document) which covered the three main […] [...]

Money Laundering Review

HM Treasury has published a consultation on changes to the Money Laundering Regulations 2007 (MLR2007) by way of a response to a review carried out last year. The Government committed […] [...]

FSA Annual Report

The Regulator issued its Annual Report (the FSA’s year is to 31 March), the purpose of which is to provide details of what it has done. At 178 pages it […] [...]

Controlled Function CF10a

As mentioned in previous Regulatory Roundups e.g. issues 23 & 28, CASS medium and large firms (see article above on CMAR for criteria) need to allocate the new function of […] [...]

FSA Performance

The Regulator has published its latest set of performance results for service standards and customer satisfaction for the period 1 October 2010 to 31 March 2011. There are 54 service […] [...]

Cold-shouldering

Some firms may have been in receipt of a ‘Dear Compliance Officer’ letter reminding them of the ‘cold-shouldering’ imposed by the Takeover Panel on three individuals. The concept of cold-shouldering […] [...]

Decisions, Decisions

In Regulatory Roundup 22 mention was made of the FSA being given the power to publish decision notices as well as final notices. An enforcement case consists of a warning […] [...]

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