European Parliament and ECB Inter-Institutional Agreement on SSM in Force
On November 7, the European Central Bank (ECB) updated its webpage on building a banking union to reflect the coming into force of the inter-institutional agreement (IIA). The ECB has agreed with the European Parliament on cooperation on procedures related to the single supervisory mechanism (SSM). The ECB also published a copy of the IIA, which will also be published in the Official Journal of the EU.
The UK Prime Minister has stated that the UK will not participate in the SSM. ECB webpage. IIA.
Former Broker Banned by FCA for Encouraging Market Abuse
On November 14, the FCA published the final notice it has issued to Rahul Shah. The FCA's statement is that Mr. Shah encouraged another person to engage in behavior which, had Mr. Shah engaged in that same behavior, would amount to market abuse (insider dealing) as per section 118(2) of the Financial Services and Markets Act (FSMA).
Mr. Shah has been prohibited by an FCA order from performing any function in relation to any regulated activities carried on by any authorized or exempt persons or exempt professional firm. In light of his financial position, no financial penalty was imposed on Mr. Shah.
The prohibition on Mr. Shah arises from the fact that he had agreed, while a broker, to be made an insider by a financial advisor acting on behalf of Vyke Communications plc. Final notice.
The Italy Regulatory Update
The Italy Regulatory Update is a quarterly newsletter which summarizes the main Italian and EC/EU law developments in the area of corporate, banking and financial services. To view the latest edition, please click here.