The Financial Services Authority is an independent financial regulatory body within the United Kingdom. The FSA establishes standards for most financial services markets, exchanges, and firms and pursues legal... more +
The Financial Services Authority is an independent financial regulatory body within the United Kingdom. The FSA establishes standards for most financial services markets, exchanges, and firms and pursues legal action against parties failing to comply with those standards.
In This Issue:
*Financial Industry Developments
- CFTC No-Action Relief for Commodity Trader Advisor Registration
- CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants
This Client Alert is a summary of important observations contained in the response of the Financial Services Agency of Japan (“FSA”) to public comments on proposed amendments to the various financial regulations of Japan in...more
On December 11, the UK Financial Services Authority (FSA) published a “Dear CEO” letter which had been sent to the CEO’s of regulated asset managers outlining its concerns about asset managers’ outsourcing arrangements....more
On November 9, the UK Financial Services Authority (FSA) issued a paper entitled “Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks” (the Paper). The Paper resulted from a...more
On November 14, the UK Financial Services Authority (FSA) announced that it had fined Savoy Investment Management Limited (Savoy) £412,000 (approximately $653,000) for failing to take reasonable care to ensure the suitability...more
On November 14, the FSA published its first consultation paper regarding the transposition of the Alternative Investment Fund Managers Directive (AIFMD) into UK law.
The consultation paper sets out proposals on the...more
On 14 November 2012, the UK Financial Services Authority (FSA) published Part I (CP1) of its two-part consultation paper series on implementation of the Alternative Investment Fund Managers Directive (AIFMD) in the UK. The...more
The FSA’s Retail Distribution Review (“RDR”) will come into effect on 31 December 2012. It is the culmination of six years of consultation and discussion (yielding 19 FSA Consultation Papers), FSA...more
On October 16, 2012, the Financial Services Agency of Japan (the “FSA”) announced administrative sanctions against an investment manager (a two month business suspension order and a business improvement order) and a trust...more
The Upper Tribunal (Tax and Chancery Chamber) (the “Tribunal”) has directed the FSA to fine Stefan Chaligné, a Swiss-based hedge fund manager £900,000, (plus disgorgement of the financial benefit he obtained of €362,950) and...more
On September 4, 2012, the Financial Services Agency of Japan (“FSA”) published its proposal of measures to prevent the recurrence of the AIJ scandal while providing the opportunity to the public to provide their opinions...more
On 6 September 2012, the FSA published a consultation and discussion paper proposing changes to the client money and custody assets regime for firms undertaking investment business. The paper is split into three...more
On 5 September 2012, the FSA published a guidance consultation on the risks to customers from financial incentives (GC 12/11).
On August 29, the FSA published a statement saying that it has launched further thematic work into the wealth management sector.
On August 22, the UK Financial Services Authority (FSA) published Consultation Paper CP12/19 Restrictions on the Retail Distribution of Unregulated Collective Investment Schemes and Close Substitutes in which it proposes to...more
On August 21, the UK Financial Services Authority (FSA) produced its latest half-yearly report Assessing Possible Sources of Systemic Risk from Hedge Funds. ...more
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