News Archive
Regulations & Compliance
FAQs on how the FSA's Regulatory Decisions Committee works
The FSA has published some frequently asked questions (FAQs) on how its Regulatory Decisions Committee works. The FAQs are intended to assist firms and individuals who receive formal notices from the FSA. It supplements the formal procedural provisions contained in the Decision Procedure and Penalties Sourcebook (DEPP), but is not exhaustive.
The questions include:
- How does the FSA decide to give someone a warning notice?
- Is the outcome final if someone misses the representation deadline?
- How does the FSA ensure that the decision is made fairly?
- What can someone do if she/he is given a decision notice?
View The FAQs are available 19-Aug-2008
Investment Management
IMA model terms of business
The Investment Management Association (IMA) has made publically available the model terms of business which it has prepared for use by its members in documenting their relationship with brokers. (These terms have not been endorsed by trade associations representing the brokers.)
View A copy of the document 18-Aug-2008
FSA - Enforcement
Credit Suisse fined 5.6m for systems and controls failings
The FSA has fined the UK operations of Credit Suisse (the subsidiaries) £5.6 million for failure to conduct their business with due skill, care and diligence, and failure to organise and control their business effectively. The breaches relate to the pricing of certain asset-backed securities held by the Structured Credit Group (SCG) within Credit Suisse’s Investment Banking Division.
Shortly after the announcement of its financial results for 2007, Credit Suisse announced that it had identified mismarking and pricing errors by a small number of traders and that as a result it was repricing certain asset-backed securities. This led to a write down of revenues by $2.65 billion. Credit Suisse commissioned a detailed review of the causes of the write down and identified failures in the subsidiaries' control over the SCG. The FSA found that the subsidiaries had been in breach of Principles 2 and 3 of the FSA's Statements of Principle for Businesses in that they (i) failed adequately to supervise the business of the SCG and did not act in a timely way on concerns they had identified about the pricing of certain asset-backed positions; and (ii) failed to put in place adequate systems and controls, which meant they failed to recognise, for approximately five months, that certain of the SCG’s asset-backed positions were wrongly valued.
View Copy of the failure notice 18-Aug-2008
View Related press release
FSA - Enforcement
FSA publishes FAQs on workings of the RDC
The FSA has published some frequently asked questions (FAQs) on how its Regulatory Decisions Committee works. The FAQs are intended to assist firms and individuals who receive formal notices from the FSA. It supplements the formal procedural provisions contained in the Decision Procedure and Penalties Sourcebook (DEPP), but is not exhaustive.
View The FAQs are available here 16-Aug-2008
CIS and UCITS
IMA model terms of business
The Investment Management Association (IMA) has made publically available the model terms of business which it has prepared for use by its members in documenting their relationship with brokers. (These terms have not been endorsed by trade associations representing the brokers.)
View The model terms are available here 16-Aug-2008
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