In this issue;
- SEC Staff Delays Move to International Accounting Standards
- ISDA Collateral Developments
- CFTC Adopts Final Rule on Investment of Customer Funds
- CFTC Issues Proposed Rule on Process for Making a Swap Available to Trade
- CFTC Adopts Final Rule on Registration on Foreign Boards of Trade
- CFTC Issues Interpretation of Dodd-Frank Anti-Fraud Authority
- CFTC Division of Market Oversight Guidebook for Part 20 Reports
- Public Meeting of the Technology Advisory Committee
- FINRA Adopts Best Execution and Interpositioning Rule Changes
- Seventh Circuit Gives Guidance on McCaskill-Bond Amendment to Federal Aviation Act
- Ninth Circuit Revisits Merck Rules on Securities Fraud Limitations Period
- New York Employers Must Comply with the Annual Notice Requirements of the Wage Theft Prevention Act by February 1
- CFPB Releases Model Credit Card Disclosure Form
- FSA Fines Integrated Financial Arrangements Plc $5.5 million for Client Money Breaches
- FSA Fines and Bans Hedge Fund Manager’s Compliance Officer
- European Commission Publishes Proposals for Revised Market Abuse Directive
- European Parliament Indicates Date for EMIR Vote
- Energy Markets Regulation Enacted
- ESMA Warns Investors About Forex Trading
An excerpt from "FSA Fines Integrated Financial Arrangements Plc $5.5 million for Client Money Breaches"
The Financial Services Authority (FSA) announced on December 8, that it fined Integrated Financial Arrangements Plc (Integrated) £3.5 million (approximately $5.5 million) for failings in relation to segregation of client money. Integrated operates Transact, one of the UK's largest wrap platforms. This is the second largest penalty imposed by the FSA for client money rule breaches.
On an inspection visit by the FSA in May 2010, it identified client money compliance failures stretching over a period of more than eight years from December 2001 to May 2010. The amount of client money held by Integrated during the period averaged £508 million (approximately $790 million)...
Please see full newsletter below for more information.