On January 29, the FCA published a final notice regarding Anthony Verrier, a former inter-dealer broker at BGC Brokers LP.
The FCA has adjudged Mr. Verrier not to be a fit and proper person due to concerns it had over his integrity. These concerns came about as a result of the evidence Mr. Verrier gave in a UK High Court case.
The case, Tullett Prebon plc v BGC Brokers LP (and 13 others, including Verrier), concerned Mr. Verrier's participation in an unlawful means conspiracy, including his inducement of certain Tullett brokers to breach their employment contracts with Tullett by leaving early to join BCG without lawful justification.
The FCA has prohibited Mr. Verrier from performing any function relating to any regulated activity carried on by any authorized or exempt person or exempt professional firm. Final Notice. Tullett Prebon plc v BGC Brokers LP.
On January 27, the European Commission published a report setting out a proposal for a framework for regulatory cooperation in financial services in the context of negotiations for an EU-US trade deal, known as the Transatlantic Trade and Investment Partnership (TTIP).
The EU intends to establish, within the TTIP framework, a process by which the EU and the United States are committed to working together towards strengthening financial stability. This cooperation would be based on a number of principles, backed by specific arrangements for the governance of the EU-US regulatory cooperation, guidelines on equivalence assessments and commitments to exchange necessary and appropriate data between regulators. Report.
On January 29, the European Securities and Markets Authority (ESMA) updated its protocol on the operation of its MiFID database (ESMA/2013/68b).
The protocol relates to practical arrangements for the cooperation of the national competent authorities (NCAs) of the member states and the staff of ESMA. The purpose behind it is to ensure these bodies manage the calculation and publication of market transparency calculations required under Article 33 of the MiFID Implementing Regulation (Regulation 1287/2006) between them. Protocol.