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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 […] [...]

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 […] [...]

Compliance Officer: FSA Action

Regulatory Roundup 28 contained an article on the fine imposed upon ActivTrades for client money failings. The FSA action arose following an FSA thematic visit and consequent s166 skilled person […] [...]

FSA Fees

Policy Statement PS11/7 concerning regulatory fees has been issued and acts as a useful reminder that firms can expect to be invoiced by the FSA in June in respect of […] [...]

Remuneration Code Guidance

The FSA has released consultative guidance on the Remuneration Code (the Code) including a useful FAQs document. Firms are reminded that despite the timing of this guidance, the Code came […] [...]

Remuneration Code Transitional Provisions

This article will only be relevant to proportionality tiers one and two firms and will not, for instance, impact on limited licence or limited activity firms. As a reminder, guidance […] [...]

Systems and Controls Questionnaire

As mentioned in Regulatory Roundup 22 the FSA introduced a new data item – FSA055 – which was to be completed by non-ILAS BIPRU firms (basically BIPRU limited licence/activity firms […] [...]

Unregulated Collective Investment Schemes

Evidence that the FSA’s interest in the marketing of unregulated collective investment schemes (UCIS) continues – see Regulatory Roundup 19 – in the form of a Final Notice issued to […] [...]

COLL & Qualifying Money Market Funds

Amendments are proposed to the Handbook including the Collective Investment Schemes sourcebook (COLL). The changes arise both from guidelines issued by, as it was then, CESR and consequential amendments under […] [...]

Online Invoicing

As some firms will be aware, following a pilot scheme the FSA is rolling out invitations to register for Online Invoicing which will allow firms to review their fees account […] [...]

Commentary on SEC Letter Dated 8 April

A letter from the US Securities and Exchanges Commission (‘SEC’) to the North American Securities Administrators Association, sent on 8 April, provides an indication that the SEC will look to […] [...]

Money Laundering & Overseas Jurisdictions

FATF has updated its list of jurisdictions which have strategic AML/CTF deficiencies (see Regulatory Roundup 23 for details of previous position) as well as updating its Public Statement on Iran […] [...]

Standing Data & Telephone Numbers

As mentioned in Regulatory Roundup 24, in addition to the annual standing data check required under SUP16.10.4 the FSA will require advance notice of any change in the telephone number […] [...]

Mobile Reminder

And whilst on the subject of telephone numbers, a reminder that the current exemption applicable to mobile phones ‘or other mobile handheld electronic communication device’ contained in COBS 11.8.6(1) falls […] [...]

Bribery Act Guidance

The Ministry of Justice has released its long awaited ‘guidance’ in respect of the Bribery Act 2010 (‘BA2010’). As you will be aware from Regulatory Roundup 26, it will be […] [...]

Delay To Controlled Functions Changes

Regulatory Roundup 22 updated firms on proposed changes to the Approved Persons regime set out in PS10/15 (‘Effective corporate governance’). Highlights included the removal of the CF28 (Systems and Controls) […] [...]

Auditor’s Report

As you will be aware from Regulatory Roundup 21 the FSA has had concerns about the quality of some auditors’ client assets reports-see FSA Consultation Paper CP10/20 “Improving the auditor’s […] [...]

Client Money: FSA Action

Whilst on the subject of client money, ActivTrades Plc, a broker specialising in FX, CFDs and futures, has been fined £85,750 for client money failings. Firms that hold client money […] [...]

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