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

BBA updates Lending Code

BBA and the UK Cards Association have published a revised version of the Lending Code. This self-regulatory code sets standards of good practice when dealing with consumers, micro-enterprises and small charities in the UK for...more

Indonesia publishes data protection rule aimed at government agencies

On 14 July 2015, the Indonesian government published the Draft Regulation of the Minister of Communication and Information (RPM) of the Protection of Personal Data in Electronic Systems (‘Draft Regulation’). Pursuant to...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Privacy & Cybersecurity Update - April 2015

In This Issue: - DOJ Issues Cyber Preparation and Response Guidance - RadioShack’s Plan to Auction Customer Data Highlights Issues Over Treatment of Such Data as an Asset - Google v. Vidal-Hall and...more

SEC Chair and European Union Financial Services Commissioner Meet

On February 26, the SEC Chair Mary Jo White hosted a meeting with European Union Financial Services Commissioner Jonathan Hill. Chair White and Commissioner Hill discussed the importance of international cooperation in...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

On 4 November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the requirements that have to be met to extend the term of a German retail closed-ended fund. According to Bafin,...more

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

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

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


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

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