Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more
This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union.
In this issue:
- Part A – Regulation of Financial Markets
- Part B –...more
On May 1, the FCA published a press release stating that it expects firms to review their regulatory status disclosures as a priority and ensure that they are up to date and accurate following the creation of the FCA and PRA...more
In This Issue:
- Third Circuit Panel Liberalizes “Protected Activity” Immunity for Employees Claiming Whistleblower Status
- Doing Time: A Requirement for White Collar Crime?
- Casting a Smaller Net:...more
Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case -
On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more
In his first speech as CEO of the FCA, Martin Wheatley vowed to crack down on unsuitable financial products by using elements of behavioural economics to better understand investor decisions.
The FCA announced that it will conduct a formal investigation into the IT malfunction at RBS last summer, which left 17 million of its customers unable to access their accounts for up to three weeks. The investigation could...more
Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...more
In This Issue:
FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud.
Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime.
On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more
On April 1, the long-awaited handover of power from the FSA to the “twin-peaks system,” consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), took place. The PRA, a branch of the Bank...more
The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more
More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative...more
On March 18, the FSA published a consultation paper (CP13/8) setting out proposals on how the Financial Conduct Authority (FCA) will use its new power under section 391(1)(c) of the Financial Services and Markets Act 2000...more
On March 21, the OFT published its annual plan setting out its priorities for 2013/14. The OFT stated that it does not intend to make any fundamental changes to the themes for 2013/14 but that the following financial...more
On 19 March 2013, the UK Financial Services Authority (FSA) published Part II (CP2) of its three-part consultation series on Implementation of the Alternative Investment Fund Managers Directive (AIFMD). The consultation...more
The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the...more
In This Issue:
*Financial Industry Developments
- Agencies Issue Updated Leveraged Lending Guidance
- CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations
The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more
On March 6, the U.K. Financial Services Authority (FSA) issued a consultation paper (CP) to outline the regulatory regime for consumer credit markets after its regulatory powers transfer to the Financial Conduct Authority...more
Handbooks for Financial Conduct Authority and Prudential Regulation Authority will replace FSA Handbook on 1 April.
On 8 March, the UK Financial Services Authority (FSA) published draft handbooksfor the two new...more
On February 19, the UK Financial Services Authority (FSA) published an updated “one-minute guide” summarizing the changes to the FSA Handbook that will come into effect when the FSA’s two successor regulatory bodies, the...more
The UK's Financial Services Authority (FSA) is consulting on when and how its successor body, the Financial Conduct Authority (FCA), may make temporary product intervention rules, as part of its new approach to regulating...more
In the aftermath of the 2008 financial crisis, all of the major political parties in the UK proposed significant change to the system of financial regulation. On election in 2010, the coalition government set out its belief...more
On October 16, the UK Financial Services Authority (FSA) published a consultation paper entitled Journey to the FCA, regarding how its successor regulator the Financial Conduct Authority (FCA) will operate....more
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