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Transaction Reporting

The FSA hit with a vengeance when it fined three big name firms a total of £4.2m for transaction reporting failures. It will be recalled that Barclays suffered a penalty […] [...]

Financial Services Bill 2010

The last Regulatory Roundup provided an update on the progress of the Financial Services Bill 2010 which amends FSMA 2000. Possibly as a result of the ‘wash-up’ process following the […] [...]

Quarterly Consultation (CP10/10)

The FSA has released a 122 page bumper edition of the latest Quarterly Consultation (CP10/10). Proposed changes in SUP include a rewording to SUP 10 Annex1 (FAQs) so removing the […] [...]

In an evidence collecting exercise, the Committee of European Securities Regulators has issued a ”Call for Evidence” in order to assess the impact of certain developments in European equity markets. […] [...]

Mobile Phone Recording

As you will know, the obligation to record telephone conversations and electronic communications (as set out in COBS 11.8) does not currently extend to “telephone conversations and electronic communications (except […] [...]

Insider Dealing

It will not have escaped your attention that FSA and SOCA have carried out a joint operation involving address searches and arrests in a clampdown on insider dealing; firms such […] [...]

The Future of the Fund Management Industry

Dan Waters gave a speech the other day at the Institute of Economic Affairs on “The Future of the Fund Management Industry”. Nothing new of note was said but he […] [...]

The Financial Services Bill

The Financial Services Bill had its second reading in the House of Lords on 15 March 2010. The Bill’s many sections detail a new financial stability objective for the FSA, […] [...]

Exams

If your firm has set the Investment Management Certificate as an exam determinant in connection with SYSC5.1 (“A firm must employ personnel with the skills …” etc.) then a reminder […] [...]

CASS Consultation Paper

The FSA has released Consultation paper CP10/9 – “Enhancing the Client Assets Sourcebook”. Proposals include greater transparency requirements by UK authorised prime brokers (‘PBs’) in respect of re-hypothecation provisions by […] [...]

US and Investment Advisors

There have been further developments in respect of the proposed Private Fund Investment Advisers Registration Act 2010 (see Regulatory Roundup 18 January and previous). Senator Christopher Dodd’s financial reform proposals […] [...]

Corporate Governance – Getting Serious

Following on from the release of CP10/3 (“Effective corporate governance”) – see Regulatory Roundup of 8th February – Graeme Ashley-Fenn spoke the other day at a BSA seminar on this […] [...]

FAIF

The acronym arises from the publication of PS10/3 – ‘Funds of Alternative Investment Funds’. A FAIF will allow (albeit indirectly) the marketing to, and investment by, retail clients in hedge […] [...]

Shorting

CESR has presented a report to the European Institutions that recommends the introduction of a pan-European short selling disclosure regime. There are two distinct differences between the existing disclosure requirements […] [...]

Financial penalty setting

In keeping with the FSA’s ‘credible deterrence’ approach, it has published PS10/4 – ‘Enforcement financial penalties’ – with a view to establishing a consistent and more transparent framework for the […] [...]

ICAAP Submissions

The FSA has issued a paper setting out its observations on ICAAP submissions that have been submitted by Limited Licence firms. Areas commented on include: Lack of clarity in terms […] [...]

Financial Risk Outlook

Somewhat later than usual the FSA has published its 2010 Financial Risk Outlook. The FSA’s 2010/11 Business Plan (‘BP’) will follow in the next few days. It should cover the […] [...]

Digestif

And to round off a heavy FRO 2010 the FSA recommend the Asset Management Sector Digest 2010. There are nine key messages in the publication, four of which are deemed […] [...]

ONA

The Regulatory Roundup of 16 October 2009 contained an article on the new FSA reporting system – Online Notifications and Applications – which would be used for the submission of […] [...]

FATF

It may be recalled that the Financial Action Task Force (FATF) used to maintain a list of ‘Non-Cooperative Countries and Territories’ – a total of 23 countries/territories appeared on the […] [...]

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