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Transaction Reporting

As mentioned in Regulatory Roundup 36, the FSA released a (consultative) update of the Transaction Reporting User Pack (TRUP). The Regulator has now issued the finalised guidance (TRUP 3). The […] [...]

New Legal Forms of Authorised CIS

Currently the only authorised funds are authorised unit trusts (AUT) or ICVCs (which are OEICs that are authorised). The proposal is to create a new fund vehicle termed an ‘authorised […] [...]

CASS Resolution Pack

Last August the FSA published a consultation paper (CP11/16) on the proposal for firms that hold client money and/or client assets to produce a CASS resolution pack (CRP) – see […] [...]

CICA

Combined Insurance Company of America (CICA) had the honour of being the last firm to incur an FSA imposed financial penalty in 2011. Although CICA’s business is the provision of […] [...]

Fine End To The Year

As mentioned in the article concerning Combined Insurance Company of America, the latter’s Final Notice was the last published in 2011 and brought the total of financial penalties incurred by […] [...]

Client Money: Auditor Failings

It may be recalled that the Client Money failings at J P Morgan Securities Ltd (JPMSL) resulted in an eye-watering financial penalty of £33.32M being imposed by the FSA in […] [...]

Venture Capital Funds

The EU Commission has published a proposal relating to venture capital funds. The latter are recognised as valuable sources of equity finance, particularly for small and medium-sized enterprises and start […] [...]

Prudent Valuation Reporting

A consultation paper (CP11/30: “Proposed Regulatory Prudent Valuation Return”) has been released by the FSA which introduces a new prudential return. However, the good news for the majority of firms […] [...]

Energy Markets

The tenth annual analysis of activity in energy markets is now on the FSA’s web site. The paper covers the 12 months to 31 July 2011 and is based upon […] [...]

Regulatory Fees

CP11/21 – ‘Regulatory fees and levies: Policy proposals for 2012/13’ – sets out the FSA’s proposals for changes in the fees and levy regimes. For the avoidance of doubt the […] [...]

ARROW Points

A recently published FSA Newsletter contained an article on recent observations from ARROW risk assessments. Although the Newsletter is targeted at ‘smaller wholesale insurance intermediaries’ the observations can be equally […] [...]

PFOF Delay

Details of the FSA’s consultative guidance on the practice of ‘payment for order flow’ (PFOF) was included in Regulatory Roundup 35. The deadline for responses was November 9 but given […] [...]

RMAR Changes Delay

Firms that submit a Retail Mediation Activities Return should be aware that the changes to section A (Balance sheet) that were due to come into force this 31 December will […] [...]

FSA Action on Unregulated Collective Investment Schemes

Regulatory Roundup 29 mentioned the continuing interest of the FSA in the marketing of unregulated collective investment schemes (UCIS) and the penalty of £35,000 imposed on Specialist Solutions Public Limited […] [...]

Mercurius

Two related Final Notices have been published which are interesting in the miscellany of wrong-doings committed. Mercurius International was a Cayman based hedge fund with investment management undertaken by Mercurius […] [...]

PFOF

The FSA has issued consultative guidance on the practice of ‘payment for order flow’ (PFOF). PFOF is an arrangement whereby a broker receives payment, either in cash or other form, […] [...]

Prompt Response

A prompt, but hasty, response to a FSA letter cost Towry Investment Management Ltd (TIM) £494K in penalties. A ‘Dear CEO’ letter was sent out in January 2010 (see Regulatory […] [...]

Recovery and Resolution Plans

The FSA has published ‘Recovery and Resolution Plans’ (RRP) – CP11/16 – which will be of interest to banks, large investment firms and firms subject to either or both CASS […] [...]

Swift Decision

As may be recalled, under the Financial Services Act 2010 the FSA, in enforcement action cases, now has enhanced powers allowing it to publish decision notices before issuance of the […] [...]

Hedge Funds and Systemic Risk

The FSA conducts surveys on a six monthly basis (‘Hedge Fund Survey’ *HFS+ and ‘Hedge Fund as Counterparty Survey’ *HFACS+) in order to assess the systemic risk posed by hedge […] [...]

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