Equity Capital Markets
Legislation which will enact the Government's reform of the
regulatory architecture of UK Financial Services regulation is
currently making its way through Parliament and is due to be
implemented by the spring of 2013. Under the proposed changes
the FSA will cease to exist in its current form, and three new
bodies will be established: the Financial Policy Committee, the
Prudential Regulation Authority ("PRA"), and the Financial Conduct
Authority ("FCA"). Systemically important firms, such as
banks and insurers, will be dual-regulated by both the PRA and the
FCA who will share regulatory responsibility.
22 October 2012
Corporate
As the FSA gets tougher on enforcing the law on market abuse, awareness of the offences and how to prevent them is now as important as ever. Aimed at combating insider dealing and market manipulation, the market abuse regime is usually considered in the context of quoted companies and FSA authorised firms. However the offences can be committed by any company or individual. We look at how non-quoted companies, their directors and employees can be affected and the steps they can take to make sure they comply.
08 June 2012
Financial Services Regulatory
The Alternative Investment Fund Managers Directive ("AIFMD" or the Directive) creates a European-wide framework for regulating managers of ‘Alternative Investment Funds’ ("AIF") (referred to in the Directive as ‘Alternative Investment Fund Managers’ ("AIFM")) and imposes restrictions on “marketing” AIF to investors in the EU.
23 April 2012
Social Media
As Social Media proliferates, the financial services industry has generally been reticent about embracing it as a business opportunity.
20 February 2012
Financial Services Regulatory
Details on the Prospectus Regulations published by the
Government on 8 July 2011.
08 August 2011
Financial Services Regulatory
On 1 May 2011, the UK implemented the second Electronic Money
Directive (the "Directive"). The Directive which was implemented
through the Electronic Money Regulations 2011 (the "Regulations"),
aims to encourage the growth of the e-money market which has been
regulated since 2002 but has failed to develop as quickly as was
expected as an alternative payment method to the traditional banks.
The FSA has set out its general approach to the regulation of
E-money in its E-money Approach Document.
08 August 2011
Financial Services Regulatory
On 21 March 2011, the FSA published final guidance on assessing
suitability (SG11/5) focussing on assisting firms that provide
investment advice or discretionary management services to retail
customers on implementing Chapter 9.2 of the COBS rules on
suitability.
08 August 2011
Financial Services Regulatory
The FSA's new surveillance and monitoring system, Zen, will go
live on 8 August 2011, replacing the FSA's existing system, Sabre
II.
08 August 2011
Financial Services Regulatory
On 27 May 2011, the FSA announced that it was implementing its
requirements for CASS medium and large firms to submit client money
and asset return forms via the GABRIEL system. However, the FSA has
decided to implement the reporting requirements from 1 October 2011
instead of the originally proposed date of 1 June 2011.
08 August 2011
Financial Services Regulatory
The Financial Services Regulatory Bulletin takes a snapshot of
some of the key EU and UK regulatory developments of Summer 2011,
with a particular focus on how the Government's proposed new
regulatory architecture is shaping up.
08 August 2011
Financial Services Regulatory
On 16 June 2011, the Government published its White Paper and
draft Bill to change the structure of financial regulation in the
UK. On 22 July, a pre-legislative scrutiny committee (a joint
committee of the Lords and Commons) launched a call for evidence by
way of written submissions to be received by 2 September 2011. The
Government intends to introduce the primary legislation into
Parliament by the end of 2011 so that the Bill can receive Royal
Assent before the end of 2012.
08 August 2011
Financial Services Regulatory
On 21 July 2011, the FSA fined Willis Limited £6.895 million for
failings in its anti-bribery and corruption systems and controls.
This is the biggest fine imposed by the FSA in relation to
financial crime systems and controls to date.
08 August 2011
Financial Services Regulatory
On 1 July 2011, the text of the Alternative Investment Fund
Managers Directive ("AIFM Directive") was published in the Official
Journal of the EU following its formal adoption by the Council of
the EU on 27 May and by the European Parliament in November 2010.
The AIFM Directive came into force 20 days after publication, on 22
July, from which date member states have two years to transpose the
Directive's provisions into national law (giving an implementation
date of 22 July 2013).
08 August 2011
Financial Services Regulatory
On 18 July 2011, the Council of the European Union published a
report on the outcome of the European Parliament's proceedings in
relation to the European Commission's proposed European Market
Infrastructure Regulation ("EMIR") which included the text of EMIR
as adopted by the Parliament on 5 July 2011. The vote on the
legislative resolution was postponed to a later session September
2011 in anticipation of an agreement between the Council and the
Parliament.
08 August 2011
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