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Financial Services Daily News: archive

July 2010

Thursday, 29 July 2010
CEBS implementation guidelines on large exposures exemptions; CEBS’ Compendium of Supplementary Guidelines on implementation issues of operational risk; House of Commons Treasury Committee new inquiry into financial regulation; FSA review of unregulated collective investment schemes; Supreme Court confirms that FSA can prosecute money laundering offences; FSA report: Assessing possible sources of systemic risk from hedge funds; CESR sets out final guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS

Wednesday, 28 July 2010
Broad agreement on capital and liquidity reform package reached; FSA’s General Insurance Newsletter; OFT annual report 2009-10; High Court considers distinctions between guarantees and demand bonds; Action against executive for misreporting mortgage arrears; Now available on FSnet: Client briefing “Whistleblowers granted bounties and protection from SEC and CFTC in US financial reform law”

Tuesday, 27 July 2010
OTC markets and derivatives trading in emerging markets; Parliamentary Ombudsman responds to Chadwick Report on Equitable Life; Central repository for credit rating agencies; CEBS publishes results of 2010 EU-wide stress test exercise; Insolvency Service Consultation on Restructuring Moratorium; UKFI Annual Report and Accounts 2009/10; Consultation on financing a private sector recovery

Monday, 26 July 2010
HM Treasury on a new approach to financial regulation; FSA provides feedback and consults on new powers granted by the Financial Services Act 2010; FSA publishes Consultation Paper CP10/17 on changes to the Capital Requirements Directive; Successful SFO prosecution for "boiler room" fraud; FSA provides feedback on the review of the Credit Union sourcebook; FSA guidance note on consumer redress schemes; IAIS reviews Insurance Core Principles; CEIOPS issues QIS5; FSA Handbook Development Newsletter; FSA Handbook Notice;

Friday, 23 July 2010
Equitable Life: Government announces Bill and Independent Commission; MoU on cross-border financial stability extended; Countercyclical capital buffers; Now available on FSnet: Client briefing “Proposed changes to the Spanish Criminal Code”

Thursday, 22 July 2010
Financial Stability Board seeks feedback on risk disclosure practices; UKLA factsheet regarding securities subject to final terms

Wednesday, 21 July 2010
CESR issues four consultations on the Key Investor Information Document; UK Bribery Act in force from April 2011; Court of Appeal considers right of bank to withdraw financing of CDO transaction; New Q&A on the Electronic Money Directive; FSA secures redress for investors from unauthorised collective investment scheme; ABI publishes 2009/10 report on customer impact survey

Tuesday, 20 July 2010
Transaction reporting on OTC derivatives and extended scope of transaction reporting obligations; Standardisation and exchange trading of OTC derivatives; Modification by consent of COMP 17.2.8R; Anti-money laundering guidance for money service businesses; CEBS' EU-wide stress testing exercise; Managing director and father fined for market abuse; CEA comments on IMD revision; Right to choose a lawyer under legal expenses insurance cover; The broker’s liability for premiums – consultation; Measures adopted by CESR members on short selling: updated table

Monday, 19 July 2010
Proposals for a countercyclical capital buffer regime; Progress on capital and liquidity frameworks; The Terrorist Asset-Freezing etc. Bill; Updated Q&As on the Payment Services Directive; QIS5 information updated; Call for evidence on the data protection legislative framework; Individuals cold shouldered for breach of City Code

Friday, 16 July 2010
FSA fines firm for mortgage arrears failings; Council of the European Union Presidency compromise proposals regarding EU financial supervision system

Thursday, 15 July 2010
Speeches by Lord Turner on protecting consumers and financial reform; Government to review consumer credit and personal insolvency; Proposal to establish independent Insurance Authority in Hong Kong; The EU Council states its position on financial supervision; CEIOPS consultation on draft advice to the Commission on third country equivalence; The financial crisis reform agenda – speech by Andrew Bailey (BoE)

Wednesday, 14 July 2010
HM Treasury consults on the bank levy; Update on unwinding temporary deposit insurance arrangements; CEBS consults on draft guidelines on revised article 3 of the recast Banking Directive; Enhanced transfer value exercises - statement by regulators; FSA consultation paper CP10/16 on responsible lending; Inquiry into competition and choice in the banking sector

Tuesday, 13 July 2010
CESR consults on MiFID client categorisation; European Commission proposals on insurance guarantee schemes, deposit guarantee schemes and investor compensation schemes; UCITS legislative package; The use of audit trails in security systems – guidelines for European banks; HM Treasury statement on money laundering controls in overseas jurisdictions; FSA Market Watch newsletter; Transparency of structured finance products; Supreme Court considers meaning of “amount of credit” pursuant to the Consumer Credit Act 1974; Court considers validity of loan guarantee; IMF speech – towards an international framework for cross-border resolution

Monday, 12 July 2010
Call for evidence on whether contingent or ancillary charges should be assessable for unfairness; Personal current accounts in the UK - update on unarranged overdraft charges; Independent Commission on Banking: first meeting; Updated FAQs on prospectuses; The Equality Act 2010 (Commencement No. 1) Order 2010; Law Commissions publish issues paper on the insured’s post-contract duty of good faith; Now available through FSnet – "Financial services regulatory reform: a global update" seminar materials

Friday, 9 July 2010
National Storage Mechanism; CEBS’ statement on key features of the extended EU-wide stress test; CEIOPS reports on insurance supervisors preparedness to implement Solvency II; Insurance professionals banned for fraud

Thursday, 8 July 2010
European Parliament adopts resolution on bankers’ remuneration; Tighter coordination and planning to avoid future banking crises; MEPs back root-and-branch reform of financial supervision; Solvency II - FSA page on QIS5

Wednesday, 7 July 2010
FSA quarterly consultation paper; Solvency II Fifth Quantitative Impact Study (QIS 5): technical specification; Funds Transfer Pricing; Former CEO fined for market abuse; Transposition of Company Law and Anti-Money Laundering Directives

Tuesday, 6 July 2010
FSA Financial Crime Newsletter; Measures adopted by CESR members on short selling: updated table; Now available on FSnet: Client briefing “New UK Stewardship Code for institutional investors”; Now available through FSnet – "Whistleblowing and employee issues in regulatory investigations" seminar materials

Monday, 5 July 2010
FRC’s first UK Stewardship Code; CEBS consults on guidelines to Article 122a of the CRD; Financial Ombudsman Service: mortgage underfunding complaints; IAIS initiates development of ComFrame; European Commission proposes package to boost consumer confidence in financial services; Updated Q&As on the Payment Services Directive; FSA announces departure of Mark Norris

Friday, 2 July 2010
CEBS reports on its assessment of banks' disclosure; UCITS legislative package adopted; European Parliament caps bankers’ bonuses; Summary of feedback to the Turner Review Conference Discussion Paper (DP09/4); Publication of the Programme of the Belgian Presidency of the EU Council

Thursday, 1 July 2010
AFME/ISLA briefing note on short selling; Cash ISA transfer times - BBA announcement; FSA findings on ICOBS post-implementation review; Financial Services (Unfair Terms in Consumer Contracts) Bill

June 2010

Wednesday, 30 June 2010
Enhancing auditors' contributions to prudential regulation; Three individuals ordered to pay £115m to the FSA; Oil futures broker fined and banned for market abuse; “Financial services getting more unfair” say consumers; OFT secures improvements for cash ISA customers following super-complaint; FSA’s milestones for 2010/11; FSA reports on with-profits sector review; MiFID pre-trade transparency waivers; State aid: overview of national measures adopted as a response to the financial/economic crisis; Jon Pain to leave the FSA

Tuesday, 29 June 2010
FSA consultation paper on delivering the RDR; Effects of the CRD on the economic cycle - European Commission report; European Commission consults on revision of MAD; CEBS guidelines on joint capital adequacy assessment for cross-border banks; FATF identifies jurisdictions with deficiencies relating to AML/CFT; FSA Handbook Notice; FSB Chairman reports to G20 leaders on global financial reform

Monday, 28 June 2010
G20 Summit in Toronto - communiqué published; FSA’s approach to consumer protection – speech by Sheila Nicoll (FSA); Bank of England publishes Financial Stability Report; FSA feedback on regulatory reporting for sale and rent back firms; FSA feedback on RDR – corporate pensions; FSA's Mortgage Market Review: arrears and approved persons; FSA Handbook Development Newsletter

Friday, 25 June 2010
IOSCO reports on commodity futures markets to G20; Financial Services Practitioner Panel Annual Report 2009/10; FSA's annual public meeting – speeches; CEA urges G20 to recognise difference when regulating insurers and banks;CEBS’ public hearing on transparency

Thursday, 24 June 2010
CEBS draft guidelines on the management of operational risk in market-related activities; European Council and European Commission letter to G20 Members; Financial Ombudsman News

Wednesday, 23 June 2010
Government to introduce bank levy; Introduction to the FSA's enforcement conference 2010 - speech by Margaret Cole (FSA); Ex-hedge fund trader sentenced for insider dealing

Tuesday, 22 June 2010
Adjustments to the Basel II market risk framework; EU-wide stress testing of banking sector; Fine for preventing individual from performing significant influence function without FSA approval; Fine for delay in disclosing inside information

Monday, 21 June 2010
European Council conclusions on regulating financial services; Tying and other potentially unfair commercial practices; FSA outlines plans for mortgage market – speech by Lesley Titcomb (FSA); Independent review of the Lending Code; European Parliament passes an act amending Directive 2003/71/EC (The Prospectus Directive); CESR Annual Report 2009

Friday, 18 June 2010
Reforms to structure of UK regulatory system: speech by Mervyn King and House of Commons statement by Mark Hoban; Do regulators have a role to play in judging culture and ethics? – speech by Hector Sants; CEBS consults on the revised guidelines on common reporting; The role of regulators when markets fail: Speech by Lorenzo Bini Smaghi, Executive Board member of the European Central Bank; High Court rejects challenge to Financial Restrictions (Iran) Order 2009

Thursday, 17 June 2010
Reforms to the structure of financial services regulatory system: Chancellor’s Mansion House Speech; Independent Commission on Banking to be chaired by Sir John Vickers; FSA statement on “have read and understood” declarations; European Parliament resolution on derivatives markets: future policy actions; Financial Services Consumer Panel issues ten point plan; FSA guidelines on non-ILAS intra-group liquidity modifications for non-ILAS BIPRU firms

Wednesday, 16 June 2010
EU framework for cross-border crisis management in the banking sector: CEBS advice; The operational functioning of colleges: CEBS guidelines; Assessment of the equivalence of third countries’ confidentiality provisions: CEBS methodology; Guidance on implementation of the Payment Services Directive: addendum; FSA proposals for new rules to help consumers trace employers’ liability insurers; European Commission publishes draft call for advice from CEIOPS on third country equivalence under Solvency II; CEIOPS Catastrophe Task Force Report; CEBS Annual Report 2009

Tuesday, 15 June 2010
Public consultation on derivatives and market infrastructures; Public consultation on short selling; Cross-party Commission recommends banking reform; CEBS publishes implementation guidelines on capital instruments; SIFMA guidance to enhance regulators’ ability to protect against systemic risk; Tom Boardman appointed FSA life insurance senior advisor

Monday, 14 June 2010
IOSCO adopts new principles and increases focus on systemic risk; IOSCO's Annual Conference; Implementation of CEBS' high-level principles for remuneration policies; Bank Payroll Tax – Statutory Notice; FSA banking and payments regime; FSA announces Sally Dewar’s departure from the organisation

Friday, 11 June 2010
IIF interim report on the cumulative impact on economic growth of increased global banking regulation; CESR technical advice on equivalence between Japanese and EU regulation of credit ratings agencies; FSA Annual Report 2009/10; FOS’ case studies on PPI; Transposition of Financial Services Directives; FIG client seminar: Whistleblowing and employee issues in regulatory investigations

Thursday, 10 June 2010
OFT seeks views on scope of equity underwriting market study; Pre-implementation report template for electronic SCV; Financial Promotions Industry Update: financial promotions using new media; FSA takes more action over failure to protect client money and assets; FSB and IMF progress report on the financial crisis and information gaps; Measures adopted by CESR members on short selling: updated table; Six new jurisdictions join IOSCO’s fight against cross-border securities market misconduct; Now available on FSnet: Client briefing “Managing anti-bribery and corruption risk in the financial services sector”

Wednesday, 9 June 2010
Bank Payroll Tax manual; Court of Appeal applies principles of contractual interpretation to demand guarantees; IAIS position statement on key financial stability issues; Now available on FSnet: Client briefing “EC green paper on corporate governance in financial institutions”

Tuesday, 8 June 2010
G20 Finance Ministers and Central Bank Governors Communiqué; FSA's new online notifications and applications system; European Commission issues draft level 2 legislation implementing UCITS IV; FSA fines two more firms for client money failings; Postponement of client seminar: "Alternative investment fund regulation"

Monday, 7 June 2010
FSA consults on changes to the existing training and competence regime; European banks call for structural deficiencies in OTC derivatives markets to be addressed; Pre-implementation report template for non-electronic SCV; CESR’s guidance on CRAs; Implementation of the Central Repository - CESR Guidelines; Court of Appeal rules on 2 swaps with Norwegian local authorities; Not guilty verdicts in FSA insider dealing case; Transposition of Company Law and Anti-Money Laundering Directives; Now available through FSnet: Insurance and Reinsurance News - May issue

Friday, 4 June 2010
The UK’s approach to European, global and domestic financial regulation – speech by Mark Hoban; IMF staff comment on the European Commission's possible further changes to the CRD; FSA imposes penalty for failure to comply with client money rules

Thursday, 3 June 2010
Commission publishes green paper on corporate governance in financial institutions; Securitisation: European Commission reports on expected impact of Article 122a of the Banking Consolidation Directive; European Commission proposes enhanced EU supervision of CRAs; EU rules for the derivatives market; Bank of England Annual Report 2010; Government announces action to end excessive regulation; FSA fines and bans commodity broker for market abuse; Now available on FSnet: Client briefing “Client assets: enhancement or a missed opportunity?”

Wednesday, 2 June 2010
CESR publishes update on measures adopted by CESR members in relation to short selling; Spain - new short positions disclosure regime; AFME forms new global organisation to represent the foreign exchange industry;CEBS public hearing on management of concentration risk under the supervisory review process; ABI consults on amendments to its Statement of Best Practice for Critical Illness Cover; Court of Appeal rules in Brazzill & Ors v Willoughby & Ors [2010] EWCA Civ 561; OFT discusses project to provide mental capacity guidance for creditors; FIG client seminar on current developments in German and Luxembourg investment fund law

Tuesday, 1 June 2010
FSA fee-raising arrangements and regulatory fees and levies; FSA Handbook Notice; FSA suspends time limit for referral of PPI complaints to FOS; Court of Appeal rejects claim under unexecuted guarantee; Modernisation of the Transparency Directive; FSA Handbook Development Newsletter; Changes to the UK Corporate Governance Code

May 2010

Friday, 28 May 2010
France: Banking and Financial Regulation Bill; CEIOPS' Annual Report 2009 and Work Programme 2010; BBA Guidance for FSA Banking Conduct of Business Sourcebook

Thursday, 27 May 2010
OFT review of barriers to entry, expansion and exit in retail banking; European Commission Communication on bank resolution funds; Pan-European short selling disclosure regime; Market abuse review – public hearing; OECD on thinking beyond Basel III – necessary solutions for capital and liquidity; Now available through FSnet – "Competition in the banking sector" seminar materials

Wednesday, 26 May 2010
Market volatility in euro denominated debt instruments - CESR intensifies co-operation; FSA’s markets regulatory agenda; Queen’s Speech 2010 – Financial Services Regulation Bill; Queen’s Speech – Equitable Life Payments Scheme Bill; The FSA’s role under the Payment Services Regulations 2009; IOSCO principles on cross-border supervisory cooperation

Tuesday, 25 May 2010
IIF proposals on tackling financial institutions that are “too big to fail”; FSA bans inter-broker dealer; CEA comments on QIS5 draft specifications; Financial industry stresses the need to address systemic risk; Recoverability of damages in deceit as compensation for loss of the use of money; Factors considered in granting a court order for sale; Advocate General's opinion on UK rules relating to VAT refunds

Monday, 24 May 2010
FSA “Dear CEO” letter: client money and assets; CRAs - equivalence between the US regulatory/supervisory framework and the EU regulatory regime; Measures adopted by CESR members on short selling: updated table

Friday, 21 May 2010
Coalition government programme; Avoiding Corruption Risks in the City: The Bribery Act 2010; ISDA statement on sovereign CDS; FSA bans and fines individual £2.8m for market abuse; Arrest in connection with FSA insider dealing investigation; Financial Ombudsman Service: six-month time limit for referring complaints

Thursday, 20 May 2010
CESR guidelines on harmonised definition of European money market funds; FSA speech on simplified advice; Measures adopted by CESR members on short selling: updated table; FOS publishes annual review 2009/10; FSA publishes undertaking relating to unfair terms in mortgage terms and conditions; Key priorities in regulation: outlining the FSA’s strategy – speech by Ken Hogg (FSA)

Wednesday, 19 May 2010
BaFin prohibits certain naked short sales and credit derivatives; EP’s Economic and Monetary Affairs Committee adopts its position on draft AIFM Directive; Council’s approach regarding AIFM Directive; ECOFIN's conclusions on financial exit strategies; ECOFIN’s conclusions on crisis prevention, management and resolution

Tuesday, 18 May 2010
CESR consults on CRAs guidance; Tribunal rules on payment of financial penalty by partners; Report on the future of banking regulation; European Commission table on progress of EU implementation of G20 commitments

Monday, 17 May 2010
Competition Commission confirms case for point-of-sale prohibition for PPI; FSCS on faster payout – Q&As; Lawyer banned and fined for approving adverts of Spanish boiler room companies

Friday, 14 May 2010
FSA publishes report on anti-bribery and corruption in commercial insurance broking; Liability of French depositaries; State aid: overview of national measures adopted as a response to the financial/economic crisis; New Client Guide: the European insurance market and third-country insurers

Thursday, 13 May 2010
Agreements reached between the Conservatives and Liberal Democrats - banking reform; Guidance for central counterparties and trade repositories in the OTC derivatives market; Firm censured for geared traded endowment policy sales failings

Wednesday, 12 May 2010
FSA complaints data for H2 2009

Tuesday, 11 May 2010
Implementation of IOSCO statement of principles relating to the activities of credit rating agencies;

Monday, 10 May 2010
CESR to intensify monitoring of securities and derivatives markets; CESR consultation paper on non-equity markets transparency; Updated Q&As on the Capital Requirements Directive; Proposed new Part III to Joint Money Laundering Steering Group Guidance; BILA seminar "Developments in the Chinese insurance sector and other parts of the Far East"

Friday, 7 May 2010
CESR update to Q&A on MiFID

Thursday, 6 May 2010
How developments in regulation may affect investment companies - speech by Tony Hanlon (FSA); Financial Ombudsman Service: disputes about the suitability of investments / "with-profits" bonds; European Commission calls on Hungary to implement MiFID; Firm and former MLRO fined for anti-money laundering failings

Wednesday, 5 May 2010
Basel II and revisions to the Capital Requirements Directive - speech by Stefan Walter (BCBS); CEA presses for further work on Solvency II implementing measures; Getting Solvency II right: speech by Michel Barnier; Financial Services Act 2010 - explanatory notes

Tuesday, 4 May 2010
EBF reports on remuneration policies after the crisis; Commerzbank fined for transaction reporting failures; Now available through FSnet – "Handling mass mis-selling claims in the financial services sector" seminar materials

April 2010

Friday, 30 April 2010
CEBS response to Commission Services consultation on further possible changes to CRD IV; Financial Ombudsman News; Combating proliferation financing: FATF report

Thursday, 29 April 2010
FSA review of complaint handling in banking groups; FSA charges a former trader with insider dealing; Correction: IOSCO survey on the implementation of its objectives and principles of securities regulation

Wednesday, 28 April 2010
IOSCO survey on the implementation of its objectives and principles of securities regulation; Bribery Act 2010 – explanatory notes; Updated Q&As on the Payment Services Directive

Tuesday, 27 April 2010
FSA consults on new powers granted by the Financial Services Act 2010; G20 communiqué: meeting of Finance Ministers and Central Bank Governors; Implementing the G20 recommendations for strengthening financial stability: progress report; CEBS’ principles for disclosures in times of stress; FSA Handbook Notice; FSA Handbook development newsletter; Court of Appeal rules on the VAT exemption for insurance brokers and agents; Now available on FSnet: Client briefing “New FSA proposals on the fair treatment of customers in arrears”

Monday, 26 April 2010
Modernising financial sector surveillance; CESR recommendations on consistent implementation of the Prospectus Regulation: changes regarding mineral companies; Corrected version of NAPF corporate governance policy and voting guidelines for investment companies

Friday, 23 April 2010
Court of Appeal confirms Tribunal interpretation of market abuse regime; OECD report on impact of the financial crisis on the insurance sector and policy responses; Corporate governance policy and voting guidelines for investment companies

Thursday, 22 April 2010
Global challenges and responses – speech by Michel Barnier (European Commission); FSnet: enhanced content

Wednesday, 21 April 2010
Transfers of assets within a cross-border banking group during a financial crisis; Study on pre-insolvency / early intervention / reorganization / liquidation measures; Now available through FSnet – "Governance under Solvency II" seminar materials

Tuesday, 20 April 2010
Lessons learned from the financial crisis with regard to the functioning of European financial market infrastructures; "Dear Compliance Officer" letter on SCV registration and verification process; CESR report on inducements: good and poor practices; CESR Q&A on understanding the definition of advice under MiFID; Risk measurement and the calculation of global exposure and counterparty risk for UCITS - CESR consultation paper; Format and content of Key Information Document disclosures for UCITS; Level 2 measures on mergers of UCITS, master-feeder structures and cross-border notification of UCITS; European Parliament report on tackling the fiscal, financial and environmental crises; Level 2 measures relating to UCITS management company passport; Sentence of 10 years for running a UK Ponzi scheme; BILA seminar "Developments in the Chinese insurance sector and other parts of the Far East"

Monday, 19 April 2010
Two individuals fined and banned for market abuse; IIF emphasises the need to tackle fiscal and regulatory issues; Solvency II - European Commission consults on draft technical specifications for QIS5; FSA fines IFA £24,500 for pension switching advice failings

Friday, 16 April 2010
BCBS consults on sound practices for backtesting counterparty credit risk models; Equality Act 2010; Rights Issue Review Group reports on the implementation of its recommendations; Solvency II – Calibration paper

Thursday, 15 April 2010
Innovative financing options in the financial services sector; OECD report on regulatory reform implementation during crises; FSA bans two former directors in relation to mortgage arrears misreporting

Wednesday, 14 April 2010
CESR consults on technical advice relating to MiFID review; FSA resilience benchmarking – insurance sector; Mortgage broker fined for arrears handling failings; IAIS’ guidance on treatment of non-regulated entities

Tuesday, 13 April 2010
FIG client seminar: Handling mass mis-selling claims in the financial services sector; FSA reverse stress-testing implementation plan; Solvency II – FSA IMAP update

Monday, 12 April 2010
FIG client seminar: Handling mass mis-selling claims in the financial services sector; FSA update on pension switching; Review of the Financial Conglomerates Directive; UK Bribery Bill receives Royal Assent

Friday, 9 April 2010
The Financial Services and Markets Act 2000 (Amendments to Part 18A etc.) Regulations 2010; Firms fined for transaction reporting failures; The Building Societies (Financial Assistance) Order 2010; The Building Societies (Insolvency and Special Administration) (Amendment) Order 2010; The Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010; Financial Services Act receives royal assent; CEIOPS advice on calibration of the MCR, health underwriting risk and non-life underwriting risk; Disclosure principles for public offerings and listings of asset-backed securities; Husband’s undue influence over wife’s decision to remortgage jointly owned property

Thursday, 8 April 2010
CEBS guidelines on joint capital adequacy assessment for cross-border banks; Test for remoteness of damages

Wednesday, 7 April 2010
CESR comparative report on implementation of the Market Abuse Directive; IAIS project for developing a framework for insurance group supervision; FSA quarterly consultation paper; Court considers regulated activity of accepting deposits; Acting as an agent for a company is not a defence to personal liability for torts

Tuesday, 6 April 2010
CESR call for evidence on micro-structural issues of the European equity markets; Updated Q&A on the CRD – specialised lending exposure; LSE notice on amendments to the Admission and Disclosure Standards; Regulations made to implement the 2008 Consumer Credit Credit Directive; CEIOPS final advice on equivalence issues: CP78; CEIOPS reports on the functioning of Colleges of Supervisors; Seven charged with insider dealing

Thursday, 1 April 2010
European Commission’s work programme 2010; Report on the future regulation of derivatives markets; OFT guidance on irresponsible lending; Consumer Focus submits cash ISA super-complaint to the OFT; OFT statement of consumer protection enforcement principles; HFSB issues amended standards; Solvency II: CEIOPS guidance on pre-application process for internal models; Managing investment risk in defined benefit pension funds

March 2010

Wednesday, 31 March 2010
FSA consults on improved Client Assets Sourcebook (CASS); Regulations implementing the Consumer Credit Directive; Basel Committee consults on “Good Practice Principles on Supervisory Colleges”; FSB thematic review on compensation; AMF consults on the French debt instruments buy-back regime; French financial services regulator (AMF) and Banque de France consent to LCH.Clearnet SA’s credit derivatives clearing project

Tuesday, 30 March 2010
HM Treasury response on mortgage regulation; BIS response on Post Office banking; House of Commons Treasury Committee report on "too important to fail"; Office of Fair Trading (OFT) publishes its Annual Plan; The future of the fund management industry – speech by Dan Waters (FSA); FOS budget for 2010/11; FSCS sets its annual levy

Monday, 29 March 2010
FIG client seminar: Governance under Solvency II; FSA feedback on the distribution of retail investments; FSA consults on pure protection sales by retail investment firms; FSA discussion paper on platforms for the delivery of RDR; FSA Handbook Notice; FOS’ standard documentation for PPI complaints; ICGN guidelines on non-executive director remuneration; Third Parties (Rights against Insurers) Act 2010; Financial Action Task Force report on the vulnerability of Free Trade Zones; FSA guidance on financial and credit risk management for building societies; FSA Handbook Development Newsletter

Friday, 26 March 2010
HM Treasury consults on strengthening the administration regime for insurers; FSA’s final statement on COBS post-implementation review; Law Commissions publish issues paper on damages for late payment and the insurer’s duty of good faith; Now available through FSnet: Insurance and Reinsurance News - March issue

Thursday, 25 March 2010
Reforming financial services - Budget 2010; European Commission adopts new insurance sector block exemption regulation; CGFS report on role of margin requirements and haircuts in procyclicality; Transposition of Post-Financial Services Action Plan Directives

Wednesday, 24 March 2010
FSA mortgage market review; Discussion paper on simple transparent products; The Credit Rating Agencies Regulations 2010; Joint FSA and SOCA action in insider dealing investigation; Financial Promotion Amendment Order; CEBS/BCBS comprehensive quantitative impact study

Tuesday, 23 March 2010
FSA publishes Market Watch newsletter; Court held that actual damage resulted when negligent advice caused loss of flexibility; Now available on FSnet: Client briefing “Effective corporate governance?”

Monday, 22 March 2010
FIG client seminar: Governance under Solvency II; Consultation on the draft Terrorist Asset-Freezing Bill; Financial Ombudsman News; Crisis management arrangements for a European Banking System - speech by Dominique Strauss-Kahn (IMF); FSA Insurance Sector Conference - speeches by Jon Pain and Ken Hogg

Friday, 19 March 2010
FSA consults on taping – removing the mobile phone exemption; Basel Committee’s report and recommendations on resolution frameworks; Extending eligible collateral in the Discount Window Facility and information transparency for asset-backed securitisations; What do banks do, what should they do and what public policies are needed to ensure best results for the real economy? - speech by Adair Turner (FSA); The Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010; Transparency and disclosure reporting guide for private equity general partners and their portfolio companies;

Thursday, 18 March 2010
FSA's Business Plan for 2010/11; ICO finds insurance provider in breach of the Data Protection Act

Wednesday, 17 March 2010
OFT report on personal current accounts in the UK – unarranged overdrafts; The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010; Trader banned for mis-marking; CEIOPS’ results of EU-wide stress test for the insurance sector; AIFM Directive – ECOFIN decision postponed; Structured investment products suitability assessment template – FAQs; Principles for enhancing corporate governance by Basel Committee; HM Treasury statement on money laundering controls in overseas jurisdictions;

Tuesday, 16 March 2010
EU framework for cross-border crisis management in the banking sector: European Commission response; Review of the regulation of credit and store cards: Government response; UK Financial Regulation: After the Crisis - speech by Hector Sants (FSA); Bank payroll tax – proposals for change; Two charged with insider dealing and FSA seeks extradition of third suspect; CEA key messages on Solvency II level 2 measures

Monday, 15 March 2010
Alternative Investment Fund Managers Directive – COREPER’s general approach; Financial Institutions Group client seminar programme: spring/summer 2010

Friday, 12 March 2010
Consumer complaints: emerging risks and mass claims; Resolution and contagion – speech by Thomas Huertas (FSA); Former broker found guilty of insider dealing; Application of exemptions from large exposure rules - CEBS guidelines; CEBS guidelines on the recognition of ECAIs; CEBS consults on draft guidelines on liquidity cost benefit allocation; New compromise proposal for Alternative Investment Fund Managers Directive

Thursday, 11 March 2010
FSA publishes its Financial Risk Outlook for 2010; The Executives’ Remuneration Reports Regulations 2010; Global adherence to international cooperation and information; Solvency II and the taxation of insurance companies exchange standards

Wednesday, 10 March 2010
HM Treasury feedback on extension of the statutory regime for issuer liability; FSA consults further on PPI reform; Updated Q&As on the Payment Services Directive; MiFID pre-trade transparency waivers

Tuesday, 9 March 2010
CESR Q&A on the EU Regulation on CRAs; FSA statement on liquidity calibration; New compromise proposal for Alternative Investment Fund Managers Directive

Monday, 8 March 2010
Corporate governance – an FSA perspective: speech by Graeme Ashley-Fenn; Updated Q&As on the CRD; Applicable law for the assessment of damages in road traffic cases; Transposition of Company Law and Anti-Money Laundering Directives

Friday, 5 March 2010
Equitable Life ex-gratia payment scheme: Third Interim Report; BaFin introduces short selling disclosure regime; Insurance leaders launch calls for professional standards

Thursday, 4 March 2010
CEIOPS reports on the liquidity premium; Transposition of Financial Services Directives

Wednesday, 3 March 2010
Industry commitments to greater transparency and standardisation of OTC derivatives markets; CESR recommends a pan-European short selling disclosure regime; New compromise proposal for Alternative Investment Fund Managers Directive; Treasury Select Committee Hearing: Too big to fail – Lord Turner’s comments; UKLA List!; FSA Handbook development newsletter; Hong Kong’s SFC conclusions on increasing short position transparency; FSCS table on “single customer view” electronic requirements; Simplified ILAS Waiver - FSA modification by consent; Now available on FSnet: Client briefing on the UK Bribery Bill; German investment fund legislation

Tuesday, 2 March 2010
FSA publishes "Enforcement Financial Penalties" policy statement; Living wills: How can the concept be implemented? – speech by Thomas Huertas (FSA); The role of the IMF in the 21st Century - address by Dominique Strauss-Kahn; CESR protocol on the operation of MiFID database; FSA Handbook Notice; Now available on FSnet: Client briefing “BaFin issues guidelines on marketing communications of investment firms”; FIG client seminar on the marketing of foreign UCITS funds and investment taxation rules in Germany

Monday, 1 March 2010
European Commission consults on possible changes to the CRD; FSA feedback on funds of alternative investment funds; FSA feedback on listing regime review; State aid: overview of national measures adopted as a response to the financial crisis; Supreme Court gives judgment in the Norris extradition case

February 2010

Friday, 26 February 2010
Adequate financial resources for insurance intermediaries – FSA letter; Systemic risk data requirements for hedge funds; New compromise proposal for Alternative Investment Fund Managers Directive; OECD on corporate governance and the financial crisis; FSA action for misselling of structured products; FOS releases latest complaints data on individual financial businesses

Thursday, 25 February 2010
Court of Appeal upholds FSA decision to assist SEC; Regulatory challenges and developments in the bond markets – speech by Sally Dewar (FSA); FSA’s concerns about Traded Life Policy Investments – speech by Peter Smith (FSA); FSA takes action against IFA network and its former CEO and secures consumer redress; ICO finds mortgage company in breach of Data Protection Act

Wednesday, 24 February 2010
FSA reports on possible sources of systemic risk from hedge funds; Revised industry good practice guidelines on Pillar 3 disclosure requirements for securitisation; Lessons and policy implications from the financial crisis; FSA recovers and returns money to victims of a share fraud; FSCS faster payout Q&As; Measures adopted by CESR members on short selling: updated table

Tuesday, 23 February 2010
Court considers criteria for claim for breach of FSA rules; High Court decision on close out of futures position; Now available through FSnet – “Risks facing the insurance sector” seminar materials

Monday, 22 February 2010
IOSCO principles for periodic disclosure by listed entities; Court of Appeal overturns decision on admissibility of without prejudice communications

Friday, 19 February 2010
Stock broker firm fined £101,500 for appointed representative failings; Now available through FSnet: "China Financial Services Newsletter" - Quarter 4 issue

Thursday, 18 February 2010
FSA prosecutes change of control offence; CEIOPS’ report on convergence for 2009 and roadmap on convergence 2010; Stockbroking firm censured and prevented from offering investment advice for poor treatment of customers; CEBS’ public hearing on guidelines on the operational functioning of colleges; Financial Ombudsman News; Dubai Mercantile Exchange application to become a Recognised Overseas Investment Exchange

Wednesday, 17 February 2010
Three Turkish oil company executives fined £1.16m for market abuse; CEBS’ high level principles for risk management; New compromise proposal for Alternative Investment Fund Managers Directive; CEBS’ public hearings on guidelines on concentration risk and stress testing; Court of Appeal upholds sovereign immunity in sovereign debt claim; FSMT Case 072: Tribunal upholds FSA decision to prohibit individual

Tuesday, 16 February 2010
Bank payroll tax – updated questions and answers; After the crises: assessing the costs and benefits of financial liberalisation – speech by Adair Turner (FSA)

Monday, 15 February 2010
FSA consults on regulatory fees and levies; House of Commons Treasury Committee launches inquiry on proposed abolition of cheques; FSCS publishes Plan and Budget 2010/11; AIFM Directive indicative timeline for 2010

Friday, 12 February 2010
Consumer Credit Directive Bulletin; House of Commons Treasury Committee launches inquiry into mortgage arrears and access to mortgage finance; Now available on FSnet: Client briefing “FSA enforcement in 2010”

Thursday, 11 February 2010
House of Lords EU Committee reports on AIFM Directive; HMT/FSA response to the Commission questionnaire on the national application of the CCD to mortgage credit; CEBS public hearing on draft disclosure guidelines reflecting lessons learnt from the financial crisis; Now available on FSnet: Client briefing “Financial Services Bill: an update on collective redress and regulator-led redress”

Wednesday, 10 February 2010
CESR proposes to extend major shareholding notifications to instruments of similar economic effect to holding shares and entitlements to acquire shares; BCBS consults on microfinance activities and the Core Principles for Effective Banking Supervision; OFT consults on future anti-money laundering supervisory approach and fee structure; Court implies terms for non-acceptance of letters of credit

Tuesday, 9 February 2010
BLP advice to HMT on building society insolvency and special administration procedures; Hector Sants to leave FSA; Now available on FSnet: Client briefing “A perpetual headache: ‘flip’ clause declared unenforceable by US Bankruptcy Court”

Monday, 8 February 2010
Consultation Paper: Orders for sale of residential property; European Commission requests advice from CEIOPS on the revision of the Insurance Mediation Directive

Friday, 5 February 2010
Banking Act 2009: information disclosure and publication; New compromise proposal for Alternative Investment Fund Managers Directive; Court held that economic downturn was not a force majeure event; MiFID Q&As

Thursday, 4 February 2010
Improving bank capital structures – speech by Thomas Huertas (FSA); Trader prohibited and fined for mis-marking; EHRC consults on guidance regarding the Equality Act 2010

Wednesday, 3 February 2010
CPSS and IOSCO review standards for payment, clearing and settlement systems; SEC and FSA strategic dialogue; MoU between FSA and BoE regarding the oversight of payment systems; AIFM Directive: legal risks; SFO investigation on Madoff Securities International; Court applies contractual interpretation principles to fee arrangement

Tuesday, 2 February 2010
EU framework for cross-border crisis management in the banking sector: CEBS' response; FSA Handbook Notice; Public censure for misconduct of appointed representative; CEIOPS and Swiss Financial Market Supervisory Authority supervisory cooperation; CEIOPS’ final set of advice on Solvency II Level 2 measures; Themed review of compliance with Lending Code provisions on risk based credit card pricing; Consumer Credit Directive: draft Regulations; Updated Q&As on the Payment Services Directive; FSA Handbook development newsletter; Measures adopted by CESR members on short selling: updated table

Monday, 1 February 2010
CESR reviews the implementation of guidelines to simplify the notification procedure of UCITS; CESR on OTC derivatives; FSA consults on sale and rent back regime; FSA policy statement on publication of complaints data; Equality Bill: Consultation on statutory code of practice; London Stock Exchange launches electronic order book for retail bonds; FSCS announces new Chief Executive; CEIOPS consults on Level 3 guidance for Solvency II on the pre-application process for internal models; More FSA arrests for insider dealing

January 2010

Friday, 29 January 2010
FSA consults on effective corporate governance; CEBS revised guidelines on supervisory disclosure; FSA observations on ICAAP submissions for Limited Licence Investment Firms; French regulator extends short selling restrictions and states its position on proposals for pan-European short-selling measures

Thursday, 28 January 2010
OFT consults on draft guidance on unenforceable consumer credit agreements; Government policy statement on Equality Bill; Updated Q&A on the CRD - sub-consolidated supervision

Wednesday, 27 January 2010
FSA consults on mortgage market; House of Commons report on the role of the FSA in respect of local authority investments; Asset management regulatory trends and priorities in the post-crisis environment – speech by Dan Waters (FSA); State aid: Overview of national measures adopted as a response to the financial crisis

Tuesday, 26 January 2010
FIG client seminar: Risks facing the insurance sector; BCBS compensation principles and standards assessment methodology; Risks posed by too-big-to-fail institutions; European Commission approves UK restructuring plans for Bradford & Bingley and Dunfermline Building Society

Monday, 25 January 2010
Bank of England / FDIC: Memorandum of Understanding; Global framework for fight against cross-border market abuse; Bank of England: speech on shadow banking, capital markets and financial stability; FSA "briefings" on EU legislative proposals; Climate change thematic review: FSA’s factsheet for general insurer providers

Friday, 22 January 2010
FSA “Dear CEO” letter: Client Money & Asset report; Adair Turner calls for close engagement between accounting standard setters and prudential regulators of banks; Court gives additional guidance on allocation of client money in Lehman administration; Financial Services Bill: Committee Stage Report; Eligibility criteria for CSDs in T2S; Transposition of Financial Services Directives

Thursday, 21 January 2010
The Cross-Border Payments in Euro Regulations 2010; Common framework for the supervision of internationally active insurance groups; Standard Life fined £2.45 million for systems and controls failures; Now available through FSnet – “Walker review of corporate governance in BOFIs” seminar materials

Wednesday, 20 January 2010
Insurance company director banned for misleading customers and the FSA and failing to pass on premiums; CESR’s new working structures in preparation for a transition to ESMA; FRC consults on Stewardship Code for Institutional Investors; Bond market developments in France; Financial promotions – new FSA webpage; The Financial Services and Markets Act 2000 (Regulated Activities)(Amendment) Order 2010; Credit and Store Cards Review – response of UK Cards Association; Now available on FSnet: Client briefing “Resolution arrangements for investment banks”

Tuesday, 19 January 2010
FSA provides guidance on stress and scenario testing; The G-20 mutual assessment process and the role of the fund; Unfair contract terms – FSA statement on use of commission clawback terms; UKFI publishes updated Framework Document and Investment Mandate

Monday, 18 January 2010
European Commission consults on tying / other potentially unfair commercial practices in the retail financial service sector; Work programme for the Spanish Presidency of the Council of the EU; Duties and liabilities of UCITS depositaries; CML good practice for lenders in working with asset managers; Business For New Europe event – Friend or foe: speech by Lord Mandelson; Updated FAQs on prospectuses

Friday, 15 January 2010
European Commission on monitoring and enforcement practices in corporate governance; FSA bans insurance broker for failing in his duties as a director; MiFID Q&As

Thursday, 14 January 2010
FSA “Dear CEO” letter: requirements on firm’s liquidity risk management

Wednesday, 13 January 2010
HM Treasury calls for greater choice in business finance; FOS corporate plan and budget for 2010/11; FSA/UKLA Listing Practitioner’s Guides; The Banking Act 2009 (Exclusion of Insurers) Order 2010; The Transfer of Tribunal Functions Order 2010

Tuesday, 12 January 2010
Financial Stability Board financial reform agenda; FSMT decision – Chhabra and Patel v FSA; Work programme of the ECOFIN Council during the Spanish Presidency; New chief financial ombudsman appointed; FSA Factsheet - UK Regulated Covered Bonds; Responses to European Commission consultation on legal certainty of securities holding and transactions; MiFID Q&As; Challenge to Damages (Asbestos-related Conditions) (Scotland) Act 2009 rejected; CEA's key concerns on third wave of Solvency II consultations

Monday, 11 January 2010
Basel Committee review on the differentiated nature and scope of financial regulation

Friday, 8 January 2010
FSA “Dear CEO” letter: significant influence functions with regard to Recognised Bodies; FSA quarterly consultation paper; European Commission’s European Financial Integration Report 2009

Thursday, 7 January 2010
Bank payroll tax – updated questions and answers; FSA prosecutes four directors for conspiracy to make misleading statements; European Court rules on interpretation of insider dealing; CEBS revised framework on common reporting; House of Commons’ Treasury Committee report on the Pre-Budget Report 2009; MiFID pre-trade transparency waivers

Wednesday, 6 January 2010
HM Treasury consults on UK implementation of amendments to the Capital Requirements Directive; Transposition of Company Law and Anti-Money Laundering Directives

Tuesday, 5 January 2010
FSA modifications by consent for COMP rules; Ministry of Justice consults on powers of sale in residential mortgages; Bank of England publishes principles on statutory oversight of payment systems; ABI Good Practice Guide on ensuring positive customer experiences of buying insurance online; UKLA List!;FSA Handbook development newsletter; ABI Solvency II bulletin