FSA Consultations

UK: Improving accountability of the FCA and the financial services industry through transparency and more effective disclosure

Being a transparent regulator is at the heart of the approach of the new Financial Conduct Authority (FCA).  Clearly there is a need to strike the right balance between fostering the public’s legitimate interest in transparency and refraining from disclosure … Continue reading

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Filed under FCA, FSA Consultations, Regulatory Reform, UK

Temporary Product Intervention Rules: inadequate safeguards

The FSA is consulting (as it is required to do under the Act) on the new power given to the FCA under the Financial Services Act 2012 to issue temporary product intervention rules without the chore of a consultation (CP12/35). … Continue reading

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Filed under FCA, FSA, FSA Consultations, FSA Rules, Herbert Smith Freehills, Regulatory Reform, Retail Banks, UK

French AMF calls on investors to take basic precautions in relation to non-financial investments: consumer responsibility?

The French AMF has issued a public warning to investors who may, in the light of current low interest rates, be tempted to invest in unregulated sectors.  Highlighting an increase in the number of parties offering favourable investment returns for non-financial products … Continue reading

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Filed under France, FSA, FSA Consultations, Retail Banks, UK

Highlights from Part 1 of the FSA’s Consultation Paper on implementation of the AIFMD

The Alternative Investment Fund Managers Directive (the “AIFMD”) is due to be implemented by Member States at a national level by 22 July 2013 and will govern many aspects of the way in which most investment fund managers established in … Continue reading

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Filed under Asset management, EU, European Regulation, FCA, FSA Consultations, UK

UK FSA consults on new capital regime for Self-Invested Personal Pension (SIPP) operators

In light of the failure and near failure of a number of SIPP operators since 2007, the FSA has concluded that its current prudential requirements are no longer sufficient to support the orderly wind-down of a SIPP operator.  The FSA has therefore today … Continue reading

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Filed under FSA, FSA Consultations, UK, UK Legislation

New PRA and FCA regimes for Approved Persons

The FSA has published a consultation paper on the PRA and FCA regimes for approved persons (CP 12/26).  CP 12/26 sets out proposed amendments to the current approved persons regime necessary to implement the new regulatory structure.  CP12/26 was prepared … Continue reading

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Filed under FCA, FSA Consultations, PRA, Regulatory Reform

FSA consults on overhauled client money rules for insurance intermediaries

The FSA has issued a consultation paper on significant changes to the Client Money Rules in CASS 5 which apply to insurance intermediaries. The proposed changes will be of significant interest both to intermediaries themselves, and to insurers, whose contractual … Continue reading

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Filed under Client Money, FSA Consultations, UK

Addressing the implications of non-EEA national depositor preference regimes in the UK

In certain non-EEA countries, if a firm becomes insolvent, the claims of depositors in the home country will be preferred above the claims of depositors outside the home country, including the depositors of the UK branch.   The UK’s FSA is … Continue reading

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Filed under Australia, China, Dubai, EU, FSA, FSA Consultations, Indonesia, Japan, Latin America, Russia, UAE, US

FSA Remuneration Code

The FSA have recently published two consultations in relation to its Remuneration Code. The first relates to a proposal to replace the current four tier proportionality system with three proportionality levels based on total assets and the second introduces proposed … Continue reading

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Filed under FSA, FSA Consultations, FSA Guidance, JURISDICTIONS, UK

Block Listing: FSA publishes procedural note and other LPDT guidance

The FSA has published its second Primary Market Bulletin.  The Bulletin states that the FSA is planning to completely re-launch its technical and procedural notes, (together the ‘Notes’) which provide guidance on the LPDT Rules.  The reformatted Notes are currently available … Continue reading

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Filed under FSA, FSA Consultations, FSA Guidance, JURISDICTIONS, UK