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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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

Zen and the Art of Transaction Reporting

The FSA has published Market Watch 39 (MW39) which contains confirmation that Zen, which will replace the existing Sabre system used by the FSA for market transaction analysis, will go […] [...]

Derivative Transaction Reporting

The FSA has issued consultative guidance on the reporting of on-exchange derivatives that are conducted through exchange platforms. Current guidance depends upon the fungibility of the instrument and in certain […] [...]

Remuneration Consultation

As mentioned in Regulatory Roundup 29, the consultation period in respect of the FSA’s proposed guidance on the Remuneration Code ended on 18 May. As promised, and based upon feedback […] [...]

Client Money & CMAR: Important Changes

In Regulatory Roundup 28 we reminded CASS large and CASS medium firms that the requirement to complete a CMAR (Client Money and Assets Return) was to begin in June. In […] [...]

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