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  • FSCS: Interim levy – tariff issues

    02/07/2012
    FSCS has published a statement on reporting of annual eligible income from CIS. FSCS notes that it as been dealing... with a large number of requests from firms to resubmit tariff data (submitted in 2010 for FSCS levy year 2010/11) under the relieving provisions at 2.3R of FEES. During the course of this levy review process, some firms in the sub-class SD01 were reporting annual eligible income relating to CIS on different bases. FSCS decided to seek advice from leading counsel as to how CIS income should be reported by firms looking to report on the eligible-only income basis and has thus become aware that some firms will have reported CIS income incorrectly and might wish to apply to restate their tariff data under FEES 2.3.
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  • Solvency II and linked long term insurance business

    29/06/2012
    The FSA has published feedback received on their proposed guidance to Solvency II for unit- and index-linked pensions
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  • Final Notice: Sachin Karpe

    29/06/2012
    Further to the recent Upper Tribunal Decision, FSA has now published this Final Notice which imposes a financial penalty of £1,250,000... and a prohibition n the order with effect from 27 June 2012
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  • BoE/FSA: Financial Stability Report/Bank liquidity

    29/06/2012
    BoE and FSA clarify the position with regard to the above following a meeting of the interim FPC on 22 June... 2012. FPC recommended that FSA works with banks to ensure they build a sufficient cushion of loss-absorbing capital in order to help to protect against the currently heightened risk of losses. That cushion may temporarily be above that implied by the official transition path to Basel III standards and would support additional lending to the real economy, including via the planned ‘funding for lending’ scheme. Banks should continue to restrain cash dividends and compensation in order to maximise the ability to build equity through retained earnings. FPC also reiterated its recommendation to FSA to encourage banks to improve the resilience of their balance sheets; recommends that banks work to assess, manage and mitigate specific risks to their balance sheets stemming from current and future potential stress in the euro area; that FSA makes clearer to banks that they are free to use their regulatory liquid asset buffers in the event of a liquidity stress; that FSA considers whether adjustments to microprudential liquidity guidance are appropriate and that UK banks work with FSA and BBA to ensure greater consistency and comparability of their Pillar 3 disclosures. BoE has published a Financial Stability Report provides a detailed description of the risks facing the financial system which was introduced at a press conference by Mervyn King. FSA has published a statement emphasising that its liquidity guidance regime means that liquid asset buffers can be drawn down in the event of liquidity stress and used for the duration of the period of stress and announcing that it will adjust its guidance to certain banks on appropriate levels of liquid asset buffers. FSA notes that, for those banks which hold pre-positioned collateral at BoE, FSA will take some account of their potential access to central bank liquidity when formulating its guidance on appropriate liquidity buffers. Details will be discussed with banks on an individual basis.
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  • BIS/BERR: Executive pay consultation on enhanced shareholder voting rights

    29/06/2012
    BIS/BERR has published a summary of responses to its consultation.
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  • IMA: Proposed industry guidance on enhanced disclosure of fund charges and transaction costs incurred by UK authorised funds

    29/06/2012
    IMA has published guidance in which it recommends additional information - above and beyond the current European regulatory requirements - to... be made easily available to investors via fund managers’ websites for each of their funds: It recommends explaining the purpose of entry and exit charges as well as enhanced disclosure of transaction costs,
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  • ESMA: An overview of the proxy advisory industry - considerations on possible policy options

    29/06/2012
    ESMA has now published the responses to this discussion paper, available to download individually via the following link.
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  • SEC: New procedures for reviewing clearing submissions under Dodd-Frank Act

    29/06/2012
    SEC has adopted rules that establish procedures for its review of certain clearing agency actions. These detail how clearing agencies will... provide information to SEC about security-based swaps that the clearing agencies plan to accept for clearing
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  • FS12/2: Solvency II and linked long-term insurance business - feedback on CP11/23

    29/06/2012
    The FS summarises comments on the proposals in CP11/23 and FSA’s response to them. The final amended Handbook text will... be included in a further PS on Solvency II, which will include all the Handbook changes consulted on as part of implementing the Directive. This is expected to be published in the near future. FSA notes that “given the importance of this business in the UK life insurance sector, we are surprised that we had so few responses from those with an interest in this market”.
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  • FSA: Handbook Notice 121/Instruments

    29/06/2012
    On 24 May 2012, the FSA Board made changes to the Handbook in instruments which make minor administrative corrections to... the Handbook, none of which represents any change in FSA policy (see para 2.4 of the Handbook Notice for a full synopsis) (Handbook Administration (No 26) Instrument 2012 31 - http://media.fsahandbook.info/Legislation/2012/2012_31.pdf - NB: over 50 pages long); update the appropriate qualifications list in TC (Training and Competence Sourcebook (Qualifications Amendments No 6) Instrument 2012 /32 - http://media.fsahandbook.info/Legislation/2012/2012_32.pdf); amend the liquidity rules in BIPRU and SUP (Liquidity Standards (Miscellaneous Amendments No 6) Instrument 2012 /33 - http://media.fsahandbook.info/Legislation/2012/2012_33.pdf); and implement changes to PR due to the Prospectus Regulation being amended by the EC (Prospectus Regulation (Amendment) Instrument 2012 /34 - http://media.fsahandbook.info/Legislation/2012/2012_34.pdf - NB: over 80 pages long)).
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