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Client Money

Not a good start to the year for Barclays. On top of the £7.7m fine for investment advice failings (Barclays Bank), Barclays Capital (BarCap) incurred a £1.12m fine for client […] [...]

Transaction Failings

City Index Ltd is the seventh firm to be fined by the FSA in the past 18 months or so for transaction reporting failures. The last transaction reporting case was […] [...]

Fines 2010

It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and […] [...]

UCITS IV

The FSA and HM Treasury have issued a joint consultation on the implementation of UCITS IV. As will be known, there has been an increasing interest in UCITS since ‘the […] [...]

FSA Fees

As will be known, FSA Fees are governed by which FSA Fee-Block(s) a firm falls under, e.g. Fund managers are A007 and ‘Advisory only firms and advisory, arrangers, dealers, or […] [...]

CASS & a New Operational Oversight Function

There are big changes to CASS coming up which include a new control function and the need to complete a Client Money and Asset Return (‘CMAR’), As mentioned in Regulatory […] [...]

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 […] [...]

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, […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

More transaction action

Since the Commerzbank AG fine imposed by the FSA in April (see Regulatory Roundup #13), things had been quiet on the (failure to) transaction report front. However behind the scenes […] [...]

Read all about it

The FSA previously maintained a Document Viewing Facility (DVF) in the reception of the FSA building at 25 North Colonnade, Canary Wharf. This provided access to documents made public by […] [...]

Notification obligations

Firms will be aware of the publicity arising from the fine imposed by the FSA on Goldman Sachs International (GSI). The fine (£17.5m) is the second largest fine imposed in […] [...]

Unregulated Collective Investment Schemes

Regulatory Roundup #3 advised that the FSA was looking at the promotion of unregulated collective investment schemes (‘UCIS’). The Regulator has now published its findings alongside a separate document on […] [...]

A technical correction to CF29 applicability

Following the FSA’s recent review of the Handbook they propose correcting a technical error in SUP 10.9.1R that sets out the types of firm where the significant management function (CF29) […] [...]

Managing investments and the Stewardship Code

There is a proposal to amend COBS 2.2 (‘Information disclosure before providing services’) for a firm, when it is managing investments for a professional client (that is not a natural […] [...]

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 […] [...]

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