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Client categorisation

Following an approach from the European Commission, CESR is consulting on aspects relating to client categorisation as currently set out in MiFID (which in turn is reflected in COBS 3, […] [...]

Non-US managers face dual registration

The US President has this week signed the H.R. 4173 ‘Restoring American Financial Stability Act of 2010’ (which can be found via the link). Contained within ‘Title IV–Regulation of Advisers […] [...]

Financial Crime Newsletter

The FSA has published its first Financial Crime Newsletter of the year, and the first since Margaret Cole took over responsibility for this area following the retirement of Philip Robinson. […] [...]

Following the article covering remuneration in Regulatory Roundup #16, the European Parliament voted on 7th July to amend elements of the Capital Requirements Directive (CRD3) impacting upon remuneration. The proposed […] [...]

Transaction reporting update

Following a series of FSA actions relating to transaction reporting failures, many firms will have revisited their own transaction reporting procedures to ensure that they satisfy regulatory requirements. Portfolio managers […] [...]

Who, where and what ESAs

As you will be aware from Regulatory Roundup #15, the European Commission has proposed the establishment of a European System of Financial Supervisors (ESFS) which will be composed of national […] [...]

Financial Services Act 2010

Regulatory Roundup #13 contained an article on a consultation paper on the implementation of certain parts of the Financial Services Act 2010 (‘FSA2010’) and which introduced FINMAR to the regulated […] [...]

FSA Submissions – Important changes

The Regulatory Roundup Issue 10, 12 March 2010, reported that the FSA’s new reporting system – Online Notifications and Applications (‘ONA’) – had slipped a little behind on its release. […] [...]

Oil futures and alcohol

An unusual Final Notice relating to Stephen Perkins was published on the FSA website. Mr Perkins, a (now ex) oil futures broker was fined £72K by the FSA and prohibited […] [...]

Client money

Few people will have failed to read about the record £33.32m fine imposed on JP Morgan Securities Ltd for client money failings. As firms will be aware from past Regulatory […] [...]

Directed trades

Anjam Ahmad was the subject of a Final Notice for having directed trades to a broker with which he had entered into an improved commission agreement with. Although an initial […] [...]

Competence

The FSA has released CP 10/12 – “Competence and ethics”. The Code of Practice for Approved Persons (APER) will have some amendments, chief of which will be the addition of […] [...]

AIFM directive delay

Rapporteur Jean-Paul Gauzès has now announced that the Parliamentary vote on the AIFM directive will be delayed from July until September. The UK is said to be pushing for second […] [...]

FSA’s AIFM directive presentation

In early June the FSA held a presentation on the AIFM directive. The link will take you to the slides used for the FSA’s AIFM directive presentation. Slides 14 & […] [...]

The role of auditors & Skilled Persons Reports

Discussion Paper 10/3 “Enhancing the auditor’s contribution to prudential regulation” has been issued by the FSA. Firms that hold client money and assets may find 3.43 onwards of interest. As […] [...]

UK regulatory reform

The FSA is being broken up into the Prudential Regulation Authority (‘PRA’), as a subsidiary of the Bank of England, and a new Consumer Protection and Markets Authority (‘CPMA’). A […] [...]

FSA Chairman’s speech

Adair Turner spoke at the FSA’s Annual Public Meeting on 24 June 2010 reporting on the performance over the past year. He mentioned that it is ‘very difficult in this […] [...]

FSA Enforcement Conference 2010

Margaret Cole emphasised the FSA’s strong and continuing commitment to their aim of credible deterrence, which she described as meaning ‘having an enforcement team who are seen as a force […] [...]

Remuneration

The European Council’s Committee of Permanent Representatives (‘COREPER’) has agreed amending text of the Capital Requirements Directive (‘CRD’) III which will affect remuneration and bonuses – possibly from January 2011. […] [...]

EU Legislative Process

There has, of course, been an abundance of articles on the AIFM Directive recently. The quality of reporting is variable, with some headlines suggesting that it’s all over (see the […] [...]

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