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European Supervision – All Change

Whilst we are on things European, a reminder that the European Commission has adopted legislation that will implement a new supervisory framework for the EU, which will include the disappearance […] [...]

Financial Services Regulation Bill

The Queen’s Speech gave confirmation of an overhaul of the regulation of financial services “Legislation will reform financial services regulation to learn from the financial crisis …” which is supplemented […] [...]

Small Firms & Financial Crime

Following a review of 159 small firms (out of a population of 16,500) across the wholesale and retail sectors the FSA published ‘The Small Firms Financial Crime Review’. As firms […] [...]

Client Money and Assets

A reminder for those firms in receipt of a ‘Dear CEO’ letter under the heading of ‘Client Money & Asset Report’ that went out earlier this year (see Regulatory Roundup […] [...]

Combined Code

The Financial Reporting Council (FRC) has released a revised version of the Combined Code, or, as it is now called, the UK Corporate Governance Code. Although the Code is strictly […] [...]

FSA Fees

The FSA has issued PS10/7 – “Consolidated Policy Statement on our fee-raising arrangements and regulatory fees and levies 2010/11”. As mentioned in Regulatory Roundup #5, fees will be a combination […] [...]

Stress Testing

Although Christmas seems a long way off, relevant BIPRU firms may wish to ensure that they are on track to meet the reverse stress testing requirements that come into force […] [...]

Close Links

As mentioned in Regulatory Roundup #5, the amended rules governing close links reporting which came into effect on 1 June 2010. The main change is that close links notification now […] [...]

Extending German Shorts

Following on from Regulatory Roundup 14 which detailed the surprise temporary BaFin naked short selling restrictions, BaFin plan to permanently ban naked short selling of certain euro zone securities. The […] [...]

Alternative Investment Fund Managers Directive

On Monday 17 May 2010 the European Parliament’s Economic and Monetary Affairs Committee (“ECON”) voted 33 votes for and 11 against for the latest amendments to the European Parliament’s draft […] [...]

Ban on Naked Short Selling

This week the BaFin has announced a temporary ban on naked short selling of shares in 10 banks and insurers and naked short sales of debt securities issued by eurozone […] [...]

FSA Actions On Money Laundering

The FSA has released details of penalties it has imposed on both a firm and its MLRO for inadequate anti-money laundering systems and controls. Alpari (UK) Ltd and Sudipto Chattopadhyay […] [...]

Anti-Money Laundering Guidance

The JMLSG has recently released Part III to its anti-money laundering guidance entitled ‘Specialist Guidance’. Part III will include some existing material that the JMLSG feels does not sit comfortably […] [...]

Financial Services and Markets Tribunal

It will be noted that the final notices (Alpari (UK) Ltd and Sudip to Chattopadhyay) now refer to a firm/individual being able to appeal to the Upper Tribunal (Tax and […] [...]

Transaction Reporting Problems

Following on the heels of the £4.2m fine imposed on three big name firms for transaction reporting failures (see Regulatory Roundup No 12) the FSA released details of a further […] [...]

Winterflood Securities Fined

Winterflood, the largest market maker on the AIM market, lost its appeal against the decision of the Financial Services and Markets Tribunal in March 2009, which found they had committed […] [...]

Other FSA Fines

Further to the Winterflood and Commerzbank fines, this marks the end of a very busy April for the FSA. The month saw a total of 16 fines added to the […] [...]

Bribery Act 2010

The Bribery Act 2010 creates new statutory offences, replacing common law. The most significant change is the introduction of a corporate offence, ‘failure to prevent bribery’ by persons associated with […] [...]

FINMAR

FINMAR will be the abbreviation given to a new Handbook module: the Financial Stability and Market Confidence Sourcebook. It is referenced in the latest consultation paper from the FSA – […] [...]

Greek Shorts

A press release reveals that Greece has banned the short selling of shares listed on the Athens Exchange. [...]

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