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Final Notice (part 2)

In Regulatory Roundup 16 we highlighted the case of Anjam Ahmad, a hedge fund trader with AKO Capital, who profited (that is until the FSA got to hear about it) […] [...]

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 […] [...]

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 […] [...]

A large fine (£2.275m) was imposed on Zurich Insurance Plc for systems and controls failings following the loss of customers’ confidential information. Although, at first sight, the problems of a […] [...]

Fuzzy matching and financial sanctions

The big fine imposed on Royal Bank of Scotland (£5.6m) by the FSA for breaches of Money Laundering Regulations 2007 hit the headlines earlier this week. Apart from issues with […] [...]

Father and Son

Father and son Jeffery and Jeremy Burley have been handed out financial penalties by the FSA for market abuse. Whilst people tend to co-operate with the FSA during an investigation […] [...]

Directed trades

Anjam Ahmad was the subject of a Final Notice for having directed trades to a broker with which he had entered into an improved commission agreement with. Although an initial […] [...]

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 […] [...]

Oil futures and alcohol

An unusual Final Notice relating to Stephen Perkins was published on the FSA website. Mr Perkins, a (now ex) oil futures broker was fined £72K by the FSA and prohibited […] [...]

FSA Actions On Money Laundering

The FSA has released details of penalties it has imposed on both a firm and its MLRO for inadequate anti-money laundering systems and controls. Alpari (UK) Ltd and Sudipto Chattopadhyay […] [...]

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 […] [...]

Winterflood Securities Fined

Winterflood, the largest market maker on the AIM market, lost its appeal against the decision of the Financial Services and Markets Tribunal in March 2009, which found they had committed […] [...]

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 […] [...]

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 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 […] [...]

Fine start to the year (2)

On the subject of fines, February started with the FSA releasing details of Simon Treacher mis-marking fund assets whilst a fund manager at BlueRay Asset Management Ltd. Mr Treacher was […] [...]

Fine start to the year (1)

Thanks to Standard Life, the FSA has made a good start to the year with fines totalling £2.5m in the month of January. The penalty was in respect of failures […] [...]

Closed for business

An unusual Final Notice appeared on the FSA website in respect of NFS Yorkshire Ltd. The firm has had its Part IV permission cancelled by the FSA for failing to […] [...]

A Fine Record

Thanks to late contributions from Toronto Dominion Bank (£7m) and UBS AG (£8m), 2009 was a record year for FSA penalties – £34.9m vs. £22.7m for 2008. The link below […] [...]

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