AIFMD - latest compromise (8 March 2010)
The Presidency of the Council of the European Union has published a new compromise proposal (dated 1 March 2010) relating to the European Commission's...
Systemically Important Institutions - Treasury Select Committee hearing on (8 March 2010)
During the House of Commons’ Treasury Select Committee Hearing on “Too big to fail”, Lord Turner commented on the possible solutions...
OTC Derivatives - ISDA recommendations to improve transparency and standardisation (7 March 2010)
The International Swaps and Derivatives Association (ISDA) released a letter on 1 March 2010 outlining new commitments made by a number of significant...
Short Selling - CESR proposes pan-EU regime (7 March 2010)
The Committee of European Securities Regulators (CESR) submitted a technical advice report on 2 March 2010 to the European Institutions recommending t...
Changes to CRD - Consultation Paper (1 March 2010)
The European Commission has published a consultation paper entitled “Possible further changes to the Capital Requirements Directive” (CRD)...
FAIFS - FSA Policy Statement (1 March 2010)
This PS summarises the comments the FSA received on CP08/4 and sets out the changes made to the FSA’s policy and proposed rules. Although the ai...
Hedge funds - FSA & IOSCO review systemic risks (1 March 2010)
The FSA has published a report entitled “Assessing possible sources of systemic risk from hedge funds – A report on the findings of the he...
AIFMD - New compromise proposal (22 February 2010)
The Presidency of the Council of the European Union has published a new compromise proposal (dated 15 February 2010) relating to the European Commissi...
Risk Management - new CEBS principles (22 February 2010)
The Committee of European Banking Supervisors (CEBS) has published its high level principles for risk management. These principles should be considere...
AIFMD - compromise proposal (9 February 2010)
The Presidency of the Council of the EU has proposed a compromise on the Alternative Investment Mangagement Directive (AIFMD)....
Corporate Governance and SYSC - FSA CP 10/3 (1 February 2010)
In its latest Consulation Paper the FSA discusses developments in governance and regulatory policy and sets out a wide range of proposals for consulta...
UCITS notification - CESR reports on peer review (1 February 2010)
This report presents how CESR Members across Europe apply CESR guidelines to simplify the notification procedures ofUCITS.
Out of the 13 CESR guideli...
OTC derivatives - CESR CP (1 February 2010)
CESR has published a number of documents on OTC derivatives:
Feedback Statement on the Consultation on “Classification and identification of ...
Client Money - FSA letter to firms (26 January 2010)
Following recent regulatory visits to a number of firms, Sally Dewar, FSA Managing Director of Risk, has written a “Dear CEO” letter to ex...
CESR lays out duties for UCITS depositaries (18 January 2010)
The Committee of European Securities Regulators (CESR) has published a document entitled “Mapping of duties and liabilities of UCITS depositarie...
Operational Risk - CEBS guidelines published (23 December 2009)
These guidelines, which build on the provisions of the Capital Requirements Directive and CEBS’s Guidelines on the Implementation, Validation an...
UCITS IV - CESR advice on implementation (23 December 2009)
This paper deals with the following areas:
Fund mergers
Master-feeder structures; and
Notification procedures
In addition, CESR has published ...
OTC Derivatives - HMT and FSA joint paper (20 December 2009)
In this paper HMT and the FSA set out their thinking on the measures that need to be implemented to address systemic shortcomings in OTC derivative ma...
Derivatives Markets - House of Lords review (20 December 2009)
The Economic and Financial Affairs Committee of the House of Lords has issued a call for evidence relating to its inquiry into the European Commission...
Client Money - Lehman Bros ruling and HMT Consultation Paper (20 December 2009)
Two issues have been reported concerning the holding of client assets and the return of client money in the event of a failure by an investment firm.
...
Commission Services report on packaged retail investment products (20 December 2009)
The Commission Services has published a report entitled “Update on Commission work on packaged retail investment products”. The report pro...
Charity Pooled Funds to come under FSA jurisdiction (20 December 2009)
This CP sets out specific proposals to bring Charity Pooled Funds under the jurisdiction of the FSA by setting up a new type of authorised investment ...
Reverse Stress Testing: FSA Policy Statement (14 December 2009)
This paper reports that the FSA has strengthened its stress testing regime by requiring firms (i) to improve their stress testing capability, (ii) to ...
JMLSG revised AML Guidelines (10 December 2009)
The Joint Money Laundering Steering Group has published its final amendments to its December 2007 guidance. They have been submitted to HM Treasury fo...
Remuneration Code - asset managers to be exempt (10 December 2009)
The FSA has publisdhed feedback to its earlier consultation. The remuneration Code of Practice will come into force from 1 January 2010 but will not a...
FSMA (Market Abuse) Regulations 2009 (4 December 2009)
These new Regulations are due to come into force on 31 December and extend the "sunset" provisions in section 118 of the Financial Services and Market...
Financial Reform - OECD principles (4 December 2009)
On 3 December the Organisation for Economic Cooperation and Development (OECD) published a set of principles which are intended to guide policymakers ...
Corporate Governance & Remuneration - Myners speech (4 December 2009)
HM Treasury has published a speech given by the Financial Services Secretary, Lord Myners, on 1 December 2009 on the subject of corporate governance a...
Walker Report - final recommendations & FSA Statement (27 November 2009)
The final version of the Walker Review of corporate governance in UK banks and other financial industry entities has been published and the Government...
UCITS Depositaries - Commission Feedback Statement (27 November 2009)
the European Commission has published a feedback statement to its consultation paper on the UCITS depositary function. Messages highlighted by respond...
ICMA paper - priorities for international capital markets (27 November 2009)
This paper focuses specifically on priorities relating to the operation in the EU of the international capital markets as a whole rather than to the r...
Financial Services Bill - bankers' contracts could be cancelled (25 November 2009)
The Financial Services Bill, which was announced in the Queen's Speech, will give the Financial Services Authority (FSA) the power to cancel bankers&r...
Role of FSA in crime prevention (25 November 2009)
In a speech to the British Bankers Association on 19 November 2009, Margaret Cole described the FSA's role in crime prevention and prosecution. Some k...
Asset Management Industry - McCreevy speech (25 November 2009)
In a recent speech Charlie McCreevy, European Commissioner for Internal Market and Services identified three principal objectives for the future.
F...
CIS Funds - IOSCO disclosure recommendations (18 November 2009)
This report analyses in depth the main issues raised by point of sale (POS) disclosure such as: (i) what constitutes key information; (ii) how informa...
European Systemic Risk Board - UK views (18 November 2009)
The House of Commons Treasury Committee (the Committee) has published its “Opinion on proposals for European financial supervision”. The C...
AIFMD - Swedish compromise: Remuneration to be curbed (18 November 2009)
On 13 November the Swedish presidency of the European Union published the compromise text of the draft Alternative Investment Fund Managers Directive ...
Corporate Governance - Myners speech (14 November 2009)
On 9 November Lord Myners, the Financial Services Secretary to HM Treasury, gave a speech to the All Party Parliamentary Group on Corporate Governance...
FSA propsal on changes to fees regime (14 November 2009)
The FSA has issued a consultation paper to replace its headcount-based fee system for Approved Persons with one based on revenues. The deadline for re...
HMT guidance on AML controls (14 November 2009)
This guidance focuses on the risks posed by unsatisfactory money laundering controls in a number of jurisdictions including Iran, Pakistan, Uzbek...
ISDA principles: Give-up agreements (14 November 2009)
The International Swaps and Derivatives Association (ISDA) has published “Recommended Common Principles for Relationships between Customer and E...
FSA warns of tighter supervision (12 November 2009)
In a recent speech Hector Sants, FSA Chief Executive observed that real reform requires changes both to the rules and the culture of the financial ser...
UK - centre of excellence for asset management (12 November 2009)
The Asset Management Working Group has published a report entitled “Asset management: the UK as a global centre”. The report identifies th...
UCITS KIDs - CESR Advice (3 November 2009)
CESR’s advice on the management company passport limits Key Information Documents (KIDs) to two sides of A4 paper (except for particularly compl...
Mis-selling Of Structured Products - FSA Report (29 October 2009)
The FSA has published its findings from a review of advice given to consumers to invest in structured investment products backed by Lehman Brothers. T...
Systemic Risk - FSA DP (27 October 2009)
The FSA has published a discussion paper on the policy measures that need to be taken to address the problem of systemically important "too-big-to-fai...
Systemic Risk - Report from Senior Supervisors Group (27 October 2009)
This report reviews the funding and liquidity issues central to the recent crisis and explores critical areas of risk management practice warranting i...
Inducements Under MiFID - CESR CP (27 October 2009)
This paper, entitled “Inducements: Good and poor practices” aimsto highlight certain observed industry practices and CESR's views on such ...
OTC Derivatives - new European proposals (22 October 2009)
The European Commission has published a provisional version of its Communication on "Ensuring efficient, safe and sound derivatives markets: Future po...
Money Market Funds - CESR Consultation Paper (22 October 2009)
This paper, entitled “A common definition of European money market funds” sets out CESR’s proposals for a common definition, the mai...
Packaged Retail Investment Products - ABI working document (22 October 2009)
The Association of British Insurers (ABI) is of the opinion that the European Commission should ensure that investment saving products across the EU a...
