Another victim of the FSA's CASS crusade

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There are many ways in which we can assist in this preparation to ensure that the process runs smoothly. For further information please contact either Jonathan Herbst or Activtrades plc final notice Snowdon.

The Committee welcomes the broad objectives activtrades plc final notice the proposed legislation and in particular supports the aim of ensuring that authorities in Member States have the necessary resolution tools to take fast and effective action to ensure the minimum of disruption to financial markets, the continuity of essential financial services and the avoidance of legal uncertainty.

It also welcomes the adoption of resolution tools and safeguards similar to those introduced in the UK by the Banking Act However, the Committee is concerned that a number of points in the proposals are unclear or require further consideration.

View Financial Law Committee response to the Working Document of the European Commission on technical details of a possible EU framework for bank recovery and resolution7 March A building society is required by paragraph 13 of Schedule 2 to the Building Societies Act the Act to maintain a register of its members although the form in which it is maintained is at the discretion of the society.

The FSA is not satisfied that Mr Marchant requires access activtrades plc final notice the purposes of communicating with members of the society on a subject relating to its affairs.

On 9 Februarythe European Commission Internal Market and Services DG the Commission Services published a consultation document on counterparty credit risk — the capitalisation of bank exposures to central counterparties and the treatment of incurred credit valuation adjustments the Consultation.

View Responses to the public activtrades plc final notice on possible measures to strengthen bank capital requirements for counterparty credit risk11 March The pages incorporate the changes that were made to the Handbook between 7 February to 6 March View Handbook Release10 March Further, EIOPA has activtrades plc final notice that transitional measures are needed, particularly to ensure a smooth transition from Solvency I to Solvency II, in a way that will not disrupt ongoing business and will ensure the continuous competitiveness of insurance companies.

The Report aims to enhance transparency and the ability of regulators and market participants to understand the methods and positive and negative aspects of such methods by which the surveyed regimes protect client assets, both before and after the insolvency of an investment firm. The Council of the European Union has published activtrades plc final notice conclusions on tackling activtrades plc final notice challenges on raw materials and in commodity markets.

Among its conclusions the Council welcomes the Commission communication of 2 Februaryentitled Tackling the challenges in commodity markets and on raw materials. View Conclusions on tackling the challenges on raw materials and in commodity activtrades plc final notice10 March View House of Lords Select Committee on the European Union - Commission proposal on short selling and certain aspects of credit default swaps8 March There has been published a letter to Michel Barnier European Commissioner for Internal Market and Services from the following trade associations: In the letter the trade associations express their support for the principle that regulatory intervention in a market should tend to support a widening of choice for investors - whether financial investors or corporate firms seeking to hedge risk - rather than the reverse.

The trade associations argue that this approach is supported by the report on the trading of over-the-counter derivatives which was published by the International Organization of Securities Commissions ISOCO on 18 February In the context of the MiFID review the activtrades plc final notice associations state that the findings in the IOSCO report suggest that the requirements that apply to Organised Trading Facilities should be sufficiently tailored to meet the specificities of different markets and venues.

This would support investor choice, whilst delivering on regulatory objectives. The FSA has published a letter dated 7 February from the Complaints Commissioner upholding a complaint against it. The complainant was unhappy that a courier, sent by the FSA, delivered a package to her husband after 9pm at night.

Specifically the complainant felt that the delivery of a package at that time of night was unacceptable particularly as the courier, by banging on the door, disturbed both her and her children.

The FSA will now not deliver documents to such a person after 9pm without their prior activtrades plc final notice. The Complaints Commissioner states that he is still concerned that this time is still too late when activtrades plc final notice is to be made to a residential address. However, in its response to the Complaints Commissioner the FSA states that it considers 9pm to be an appropriate deadline for couriered deliveries to persons under investigation by the Enforcement division.

The FSA states that many people employed in the financial services industry do not return home from work until after 8pm and that the current deadline is less likely to result in deliveries of important documents being delayed because the documents have been returned to the FSA by the courier.

GE-L7 February In breach of Principle 10, the firm had failed to separate client money appropriately in that i it could not demonstrate the suitability of the institutions with whom it deposited client money and ii client money was mixed with its own funds. Further, its monthly as opposed to daily client money calculations were found to be insufficient given the nature, volume and complexity of its business and, by failing to pay interest received on client activtrades plc final notice, the firm had wrongly benefited in its capacity as trustee.

The firm's inadequate policies and procedures in breach of Principle 3 relating activtrades plc final notice client money processes meant activtrades plc final notice was not in a position to monitor and assess the effectiveness of its client money arrangements and resulted in the breaches only being identified by external parties. It was, however, acknowledged that clients had suffered only minimal actual detriment in respect of amounts of interest owed and not only was a reimbursement process underway but significant steps had been taken to improve the firm's processes including enhancing staff arrangements and improving software systems.

In Junefollowing its Retail Distribution Review, activtrades plc final notice FSA announced that it intended to ban the payment of commission on new corporate pensions schemes from 31 December Advisers would be remunerated by other means, including consultancy charges. On the back of this announcement, the FSA and the Society of Pensions Consultants established the Corporate Pensions Consultancy Charging Working Group the Working Group to take forward discussion about the allocation of consultancy charges among members of corporate pension schemes.

The Working Group has now published a report to the FSA, in which it sets out key principles which should be adhered to in consultancy charging, together with some factors which should be taken into account. The FSA has issued a press release announcing activtrades plc final notice it has appointed John Sutherland as a senior activtrades plc final notice. View FSA announces a activtrades plc final notice senior advisor10 March We are pleased to announce that the invitation for the next series of minute briefings is now available.

Use of cookies by Norton Activtrades plc final notice Fulbright. We use cookies to deliver our online services. Details and instructions on how to disable those cookies are set out at nortonrosefulbright. By continuing to use this website you agree to our use of our cookies unless you have disabled them. Online services, resources, and tools Technical resources Stay connected.

Financial services updater Publication 22 March Introduction Welcome to the latest edition of our Financial services updater. Highlights this week include: Responses to the public consultation on possible measures to strengthen bank capital requirements for counterparty credit risk On 9 Februarythe European Commission Internal Market and Services DG the Commission Services published a consultation document on counterparty credit risk — the capitalisation of bank exposures to central counterparties and the treatment of incurred credit valuation adjustments the Consultation.

On 11 Marchthe Commission Services published the responses to the Consultation. View Responses to the public consultation on possible measures to strengthen bank capital requirements for counterparty credit risk11 March View UK response to the European Commission consultation on the capitalisation of exposures to CCPs and the treatment of incurred CVA11 March The Report is set out as follows: Chapter 2 describes differences in the treatment of client assets in various regimes, based on two issues: Distinctions between i securities for which a client has fully paid and which are free from activtrades plc final notice pledges and encumbrances, and ii securities purchased, in part, with money a customer has borrowed from the investment firm.

Distinctions between i client assets securing debts of a client to the investment firm and ii client assets serving as a performance bond against the possibility activtrades plc final notice potential future debts of the client to the investment firm. Chapters 3 and 4 describe the protections that the surveyed regimes afford to client assets, both before and after the bankruptcy of an investment firm. Appendix A sets out a more detailed chart summarizing such protections.

Appendix B contains the actual survey responses from each regime. Appendix C sets out two related case studies. A general consideration of the proposed legislation on short selling and certain aspects of credit default swaps. The effect of credit default swaps and short selling on sovereign bonds. Restrictions on uncovered short selling. The need for activtrades plc final notice global approach. The Committee asks Mr Hoban to respond within ten working days.

Invitations 40 minute briefing series - January to April We are pleased to announce that the invitation for the next series of minute briefings is now available. If you cannot access this link, please copy and paste the address below into your web browser. Subscribe and stay up to date with the latest legal news, information and events

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We use cookies to see how our website is being used, to help us to improve it and if applicable, to allow us to recognise your login details and country preferences. If you agree to this use of cookies please click any button to continue using our website. To find out more about how to change your cookies settings or how we use cookies please click here. While the Regulation does not address this issue directly, as a matter of practice is it seems likely that, since its shares are freely tradable, a listed fund will need a KID.

The Regulation implies a distinction between the PRIIP and its manufacturer and this would suggest that the investment manager rather than the fund itself is regarded as the manufacturer.

However, this interpretation may sit uncomfortably with certain models — for example self-managed funds, which do not arise in the UCITS world. The European Commission will provide further details on the conditions for and frequency of the review and revision of the KID and on how to tell retail investors about revisions to the KID. Our briefing sets out the content requirements for the KID. Worthy of note for listed funds are:.

The KID may be provided to a person who has written authority to make investment decisions on behalf of the retail investor which would appear to include discretionary fund managers but not necessarily financial advisers.

Applying this part of the Regulation to listed investment companies is particularly challenging. This would appear to be the fund itself in an offer for subscription scenario or arguably the broker in an on-market sale scenario.

How does the obligation to provide a KID fit with an execution-only brokerage model on the secondary markets? The Regulation is expected to be adopted shortly and will come into force two years from the date of its adoption. This should allow time for some of the uncertainties outlined above to be resolved. The Fifth EU Anti Money Laundering Directive provides for the first time for the inclusion of exchange platforms for virtual currencies and digital wallet providers in the group of obliged entities under money laundering law.

In addition, new requirements are imposed on the group of obliged entities. Importantly, these proposals cover pre-marketing under AIFMD which is an area we are frequently asked about. Directive - Planned to be adopted in Welcome Member login Sign up for newsletters, reports and events. Global search Search here Search Advanced search. Filter this page's content by country. When is a KID required? Whose responsibility is the KID?

When and how does a KID have to be updated? Who must provide a KID and to whom? Content Our briefing sets out the content requirements for the KID. Worthy of note for listed funds are: Simply search for it! Access the full database. Responsible for the integrity of financial markets and fair treatment of financial consumers. Competent authority for issues under MAD. It is the successor of the CBFA www. Czech National Bank Other Names: Responsible for financial regulation in Luxembourg.

The competent authority for the authorisation and supervision of payment institutions article 20 ; and MiFID. Commission of the Securities Market Other Names: Established in April with the task of supervising and regulating securities and other financial instruments markets.

The competent authority for MiFID. Latest sector news EBA has published the regular update of its Risk Dashboard summarising FCA has published a statement which notes that although cryptocurrencies are