Changes to Companies Act

The ‘Small Business, Enterprise and Employment Bill’ is progressing through Parliament. Aside from topics ranging from zero hours contracts to public houses code via childcare and schools, some changes to the Companies Act 2006 are proposed. Part 7 proposes: All UK companies (unless a DTR 5 issuer or as specified [...]

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Controlled Function CF10a

As mentioned in previous Regulatory Roundups e.g. issues 23 & 28, CASS medium and large firms (see article above on CMAR for criteria) need to allocate the new function of CF10a (CASS operational oversight function) to a director or senior manager of a firm. Although the rules do not come [...]

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Cold-shouldering

Some firms may have been in receipt of a ‘Dear Compliance Officer’ letter reminding them of the ‘cold-shouldering’ imposed by the Takeover Panel on three individuals. The concept of cold-shouldering arises from 1(b)(v) of the Introduction to Takeover Code(‘Code’) when a Panel Statement is made to the effect that an [...]

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Delay To Controlled Functions Changes

Regulatory Roundup 22 updated firms on proposed changes to the Approved Persons regime set out in PS10/15 (‘Effective corporate governance’). Highlights included the removal of the CF28 (Systems and Controls) function to be replaced by the reintroduced CF13 (Finance); CF14 (Risk); and CF15 (Internal Audit) functions. The biggest impact was [...]

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Shadow Partner Banned

In June of last year Vantage Capital Markets LLP (VCM), an inter-dealer broker, was subject to a fine of £700K arising from the activities of Daniel Hassell. Mr Hassell’s former business merged with VCM’s predecessor company and he played a part in the formation of VCM. It would seem that [...]

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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 way of a summary annex (the CP refers to “… sophisticated clients’ lack of understanding …”). Additionally PBs will have [...]

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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 be guaranteed to feature in the planning of an ARROW visit. The proposals, which need to be considered by most [...]

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Approved persons

As you’ll know, one of the outputs of PS09/14 was that the scope and application of CF1 (director function) and CF2 (non-executive director function) was extended to capture individuals such as directors employed by a holding company whose opinions and actions are regularly taken into account by the governing body [...]

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