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MiFID Review

It is now over three years since MiFID came into force, the requirements being reflected in the relevant parts of the FSA handbook. In recognition of market developments since that […] [...]

Transaction Failings

City Index Ltd is the seventh firm to be fined by the FSA in the past 18 months or so for transaction reporting failures. The last transaction reporting case was […] [...]

Remuneration Code

A ‘thank you’ to those Complyport clients that submitted their comments and views to us on the proposed wordage of the Remuneration Code as set out in consultation paper CP10/19. […] [...]

Remuneration Code & Disclosure Obligations

When refining their Remuneration policies, firms are reminded of the need not to overlook the corresponding disclosure requirements-see Regulatory Roundup 23 for an overview based upon the then consultation paper […] [...]

Competence & Ethics

The FSA has released policy statement PS10/18 (‘Competence and ethics’) which was a follow up to the similarly named consultation paper CP10/12 – see Regulatory Roundup 16 for further details. […] [...]

Fines 2010

It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and […] [...]

UCITS IV

The FSA and HM Treasury have issued a joint consultation on the implementation of UCITS IV. As will be known, there has been an increasing interest in UCITS since ‘the […] [...]

Large Exposures

A reminder to firms that the large exposures regime no longer applies to BIPRU limited licence/activity firms-see BIPRU 10.1.1R and Regulatory Roundup 19 for details. Firms that are still subject […] [...]

Telephone Numbers

A firm is required, on an annual basis, to check the accuracy of its standing data (defined in the attached link) on the FSA website within 30 business days of […] [...]

Derivative Risk

The FSA has published proposed guidance on derivative risk management practices following a survey of twelve asset managers. Although a ‘derivative risk management process’ is normally associated with authorised funds […] [...]

FSA Fees

As will be known, FSA Fees are governed by which FSA Fee-Block(s) a firm falls under, e.g. Fund managers are A007 and ‘Advisory only firms and advisory, arrangers, dealers, or […] [...]

Stewardship Code

Regulatory Roundup 17 referred to proposed changes to COBS 2.2 (‘Information disclosure before providing services’) to require a firm, when managing investments for a professional client (that is not a […] [...]

Custody and Client Money

The proposed changes to CASS 6 (‘Custody rules’) and CASS 7 (‘Client money rules’) mentioned in Regulatory Roundup 17 came into force on 1 December. The changes impact the title […] [...]

CASS & a New Operational Oversight Function

There are big changes to CASS coming up which include a new control function and the need to complete a Client Money and Asset Return (‘CMAR’), As mentioned in Regulatory […] [...]

Mobile Phone Recording

The FSA has released PS10/17 – “Taping of mobile phones”, being feedback on CP10/7 (see Regulatory Roundup 11) together with the final rules. As you will know, COBS 11.8 concerns […] [...]

BIPRU 12 & Liquidity

A reminder that following the expiry of a transitional provision on 31 October, BIPRU 12.2 (‘Adequacy of liquidity resources’) now also applies to a non-ILAS BIPRU firm (see Regulatory Roundup […] [...]

Transaction Reporting and Chi-X

The FSA has released guidance consultation following the launch of a new type of instrument – centrally cleared contracts for difference. The guidance reminds us that these new instruments fall […] [...]

JMLSG III

The final version of the JMLSG Guidance Part III has been issued. The consultation version was published in May with the consultation period ending 9 July (see Regulatory Roundup 14 […] [...]

FATF Update

As many will be aware, The Financial Action Task Force (FATF) – which is the global standard setting body for anti-money laundering and combating the financing of terrorism – has […] [...]

Remuneration Disclosure

Whilst BIPRU firms consider the impact of CP10/19 and the Remuneration Code (see e.g. Regulatory Roundup 20), the FSA has released CP10/27 “Implementing CRD3 requirements on the disclosure of remuneration”. […] [...]

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