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Important Changes to Approved Persons Regime

The recent speech by Rosalie Langley Judd (see the next article on Corporate Governance) follows the release of FSA Policy Statement PS10/15. PS10/15 is the follow up to Consultation Paper […] [...]

FSA and Corporate Governance

The speech by the FSA’s Rosalie Langley Judd and the publication of PS10/15 (‘Effective corporate governance’ – see previous article in this Regulatory Roundup on Approved Persons) serve to demonstrate, […] [...]

Systems and Controls Questionnaire FSA055

Although still a good two months or so away, an early reminder that a new data item (FSA055) will become due for completion on 31 December for non-ILAS BIPRU firms […] [...]

Handbook Changes

Unlike its title (‘Decision Procedure and Penalties manual and Enforcement Guide review 2010’) CP10/23 is a short Consultation Paper concerning some handbook changes brought about by the Financial Services Act […] [...]

Complyport Shortlisted for Complinet Award

Complyport is delighted to have been shortlisted for Complinet’s 2010 “Best Consulting Firm of the Year”. This nomination is the first award nomination that Complyport has received and comes only […] [...]

FSA Briefing

The FSA held a Wholesale Small Firms’ briefing aimed at Investment Managers and Private Equity firms on 21 September. The briefing included a session on the Remuneration Code with the […] [...]

Dan Waters on Remuneration

Dan Waters, the FSA’s Asset Management Sector Leader, gave an interesting speech at the AIMA Annual Conference which might provide some comfort for those in the asset management sector that […] [...]

OTC Clearing

The European Commission has issued a proposal on the regulation of OTC derivatives, central counterparties and trade repositories. The proposal will apply to all OTC derivatives, whether based on commodities, […] [...]

EU Framework for Short Selling & CDS

An article on short selling in Regulatory Roundup 10 advised that a CESR report recommended the introduction of a pan-European short selling disclosure regime. The European Commission has now published […] [...]

Changes to Shorting Rules

Whilst on the topic of shorting, as mentioned in Regulatory Roundup 17, short position disclosure requirements moved from MAR 1.9 to FINMAR 2.2 with effect from 6 August. Firms will […] [...]

Large Exposure Regime Change

As mentioned in Regulatory Roundup 19, the Large Exposure regime in BIPRU 10.5 will change from 31 December 2010. The amended Rules can be seen in the recently published FSA […] [...]

GABRIEL Reporting

Following queries from firms, some clarification to reporting requirements has been made by the FSA. For FSA001 Balance sheet, changes relating to elements 7, 10 and 30A have been made. […] [...]

The Role of Auditors

As was mentioned in Regulatory Roundup 16, the FSA was proposing to consult on enhancements to auditor’s reporting on client assets. As you will know, even where a firm does […] [...]

Final Notice (part 2)

In Regulatory Roundup 16 we highlighted the case of Anjam Ahmad, a hedge fund trader with AKO Capital, who profited (that is until the FSA got to hear about it) […] [...]

More Enforcement Actions

Related Final Notices in respect of Gerald Casey of First Colonial Investments LLP (“FCI”) and Direct Sharedeal Ltd (“DSL”) have been published. At one level it is yet another case […] [...]

Leaking

Market Watch No 37 is devoted entirely to leaks of inside information – specifically to the media – and the need for firms to ensure sound prevention controls are in […] [...]

FSA Formalise Co-operation with FINRA

The FSA have signed a Memorandum of Understanding with FINRA, the largest independent regulator for all securities firms doing business in the US. The MOU is now effective and provides […] [...]

Ministry of Justice Anti-Bribery Consultation

As covered in Regulatory Roundup 17 the offences under the Bribery Act 2010 will become enforceable from April 2011. Firms will be aware that there will be a defence for […] [...]

Capital Planning Buffers

For the avoidance of doubt, this will only be of relevance to BIPRU firms. Regulatory Roundup 6 advised that the FSA had published CP09/30 – “Capital Planning Buffers” – concerning […] [...]

Remuneration Code Feedback

Thank you to those firms that sent their views on the Remuneration Code proposals to us (Regulatory Roundup 20 refers). It is clear that the two major themes are (a) […] [...]

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