Financial Services Authority

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.   less -
News & Analysis as of

FCA Chief announces Project Innovate: Helping Firms Meet the Technological and Regulatory Challenge

The head of the UK's Financial Conduct Authority, Chief Executive Martin Wheatley, used a speech at Bloomberg, London given on 3 June 2014 to promote the FCA's Project Innovate (the drafted text of Martin Wheatley's speech...more

Indiana Finance Authority Issues RFQ for the Indiana Portion of the Illiana Corridor Project and I-65 Added Capacity Project

The Indiana Finance Authority (“IFA”) issued its Request for Qualifications (“RFQ”) for an availability payments public private partnership for the financing, building and operating of the Indiana portion of the Illiana...more

New York Department of Financial Services Issues Emergency Regulations Revising Subprime Calculation

On September 30, 2013, the New York Department of Financial Services (DFS) adopted emergency regulations revising the calculation for subprime loans and sent a letter to supervised institutions explaining the revisions. ...more

New York DFS Seeks Stronger Court Rules for Default Judgments in Collection Actions

A proposal by the New York Department of Financial Services (DFS) would substantially drive up the costs of bringing consumer debt collection actions in the state. The DFS is seeking stronger court rules for obtaining default...more

Admissions of Wrongdoing in SEC Settlement Lead to Ban From Managing Any New York Licensed Insurer

The New York State Department of Financial Services (DFS) recently announced that hedge fund advisor Philip Falcone (Falcone), and all employees of his firm Harbinger Capital Partners (Harbinger Capital), are banned for seven...more

More Incentives For Whistleblowers: New York Considers A New Law To Reward And Protect Whistleblowers

In recent years we have seen two trends of great importance to the conduct and defense of government investigations – one, the growth of state agency investigations of matters previously handled on the federal level, and two,...more

Spotlight On The Short-Term Credit Crackdown

Short-term lending is under a new round of attacks, and this time some banks are feeling the heat. The New York State Department of Financial Services recently issued a letter to 117 banks requesting that they “choke off"...more

BVI publishes new regulations governing use of restricted words and phrases in company names

Harneys is advising clients that there are new regulations governing the use of restricted company names in the British Virgin Islands. The BVI Financial Services Commission (FSC) recently added 46 names to the...more

Legal Alert: Acquisitions of Insurers by Private Equity Firms Under Heightened Regulatory Scrutiny

In recent months, the New York Department of Financial Services (the DFS) has raised concerns over the perceived trend of private equity firms and other investment companies acquiring insurance companies, particularly those...more

N.Y. Insurance Regulator Rejects Industry Standard for Establishing Reserve Requirements

The Superintendent of the New York State Department of Financial Services (DFS), Benjamin M. Lawsky, has informed his fellow state insurance regulators in the National Association of Insurance Commissioners (NAIC) that New...more

New York Financial Regulator Extends Subprime Calculation Temporary Order

On August 30, the New York Department of Financial Services extended through September 30, 2013 a temporary order directing New York lenders to disregard the mortgage insurance premium changes effectuated by HUD Mortgagee...more

ESA Publishes Second Report on Risks Facing the EU Financial System

On September 5, the Joint Committee of the European Supervisory Authorities (ESAs) published its second twice yearly report on the vulnerabilities of the financial system of the EU....more

New York Department of Financial Services Issues Second Extension for Subprime Calculation

On August 30, 2013, the New York Department of Financial Services (DFS) issued a second order extending the time period for excluding revised mortgage insurance premiums from subprime loan calculations....more

Department of Finance Releases Consultation Paper on Anti-Treaty Shopping Measures

In the March 2013 Federal Budget, the Department of Finance indicated that it intended to initiate a consultation process on certain "treaty shopping" practices. On August 12, 2013, the government released a consultation...more

China State Council launched new financial coordination mechanism

On August 20, 2013, the China State Council approved the application from the People’s Bank of China (Central Bank) to launch a new financial coordination mechanism led by the Central Bank to reinforce regulation in the...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 30, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PAYMENTS - PRIVACY/DATA SECURITY -...more

Tribes Seek To Halt New York Internet Lending Investigation; Meet With DOJ On Parallel Investigation

On August 21, two Native American tribes and related entities announced a lawsuit against the New York Department of Financial Services (DFS) in response to its recent effort to halt the offering of online payday loans to New...more

Behind the Curve – Are Legal & Regulatory Concerns Preventing UK Financial Service Companies from Fully Harnessing Social Media?

Today’s consumers want to engage in a new way with the companies from which they buy goods and services. Although some UK financial services organisations are leading the way in terms of their use of social media, on the...more

New York Considering Virtual Currency Regulations; Issues Subpoenas To Bitcoin-Associated Companies

On August 12, New York Department of Financial Services (NY DFS) Superintendent Benjamin Lawsky issued a notice of inquiry about the “appropriate regulatory guidelines that [the NY DFS] should put in place for virtual...more

New York Takes Aim at Internet Payday Lenders and Other Industry Players

The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more

New York Financial Services Regulator Uses New Authority To Propose Debt Collection Regulations

On July 25, the New York Department of Financial Services (DFS) proposed new regulations related to third-party debt collection in that state. ...more

New York Financial Regulator Issues Guidance On Determination Of Subprime Home Loans Under State Law

On July 3, the New York Department of Financial Services (DFS) sent a letter to regulated institutions and issued a temporary order relating to the determination of thresholds for “subprime home loans” under Section 6-m of...more

SEC and EU Supervisory Cooperation for Asset Management Industry

On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3 regulators of the European Economic Area as part of a long-term strategy to...more

House Financial Services Committee questions Antonakes about data collection

In the latest installment in the CFPB data collection controversy, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing on July 9 entitled “Examining How the...more

Financial Services Quarterly Report - Second Quarter 2013: UK: New Regulators; New Powers

The UK Financial Services Authority (“FSA”) was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority (“FCA”), the Prudential Regulatory...more

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