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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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

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 – […] [...]

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 […] [...]

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, […] [...]

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 […] [...]

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 […] [...]

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 […] [...]

Out of Control

A brief press release by the FSA announced that it had successfully brought its second prosecution for change in control offences. Semperian pleaded guilty to acquiring an interest in an […] [...]

AIFM & FSA (cont)

And just to make the FSA’s views clear, Dan Waters’ speech the other day – which reminded us that the FSA regulates around 80% of the hedge fund management industry […] [...]

Corporate Governance

The FSA has issued Consultation Paper CP10/03: ‘Effective corporate governance’. As we all know, the FSA places considerable emphasis on good corporate governance and is a subject matter that can […] [...]

AFIBs

The Regulatory Roundup of 5th November included an article on ‘alternative finance investment bonds’ which will cover the sukuk (Islamic bond) market. The nature of such bonds is that some […] [...]

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