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  • FSA: Handbook Notice 123/Instruments

    28/09/2012
    On 27 September 2012, the FSA Board made changes to the Handbook in instruments which amend Chapter 5 of LR to... remove the requirement to obtain shareholder approval for a voluntary cancellation of listing in circumstances where a shareholder vote would not be appropriate (Listing Rules (Cancellation of Listing) (Amendment) Instrument 2012/51
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  • FSA: Handbook Notice 123/Instruments

    28/09/2012
    On 27 September 2012, the FSA Board made changes to the Handbook in instruments which implement changes to PR due to... the Prospectus Regulation being amended by the EC (Prospectus Regulation (Amendment No 2) Instrument 2012/57
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  • FSA: Complaints figures

    28/09/2012
    FSA has published the latest data showing complaints against financial firms and the most complained about financial products during the first... half of 2012. Between January and June 2012, the total volume of complaints to all financial services firms increased by 59% to 3,577,599. This is the highest number of complaints since FSA began reporting the data in 2006. PPI accounted for 62% of all complaints. Compared to the second half of 2011, specific PPI complaints increased by 129%. Credit cards saw the second highest increase in consumers complaining, growing by 33% in the first half of 2012. Banking complaints increased by 5% to 828,040. Complaints about current accounts and endowments fell by 13% and 2%, respectively.
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  • FSA: Handbook Notice 123/Instruments

    28/09/2012
    On 27 September 2012, the FSA Board made changes to the Handbook in instruments which modify the arrangements in Chapter 8... of LR for the submission of a sponsor’s annual confirmation and change the form of confirmation (Listing Rules (Sponsors) (Amendment No 2) Instrument 2012/50
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  • FSA: Handbook Notice 123/Instruments

    28/09/2012
    On 27 September 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 (Handbook Administration (No 27) Instrument 2012/44
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  • Upper Tribunal Decision: Stefan Chaligné/Patrick Seajean/Cheickh Tidiane Diallo/FSA: Tribunal upholds FSA decision to ban and fine Swiss fund manager and two former Cantor Fitzgerald traders for market abuse

    28/09/2012
    On 22 December 2010, FSA’s RDC issued decision notices to the individuals stating that they had breached s118 FSMA. They... were alleged to have deliberately increased the closing prices of various quoted stocks by artificial, manipulative trading. The decision notices went on to impose various sanctions: all of the applicants were made subject to a prohibition order; Messrs Sejean and Diallo had their approved person status withdrawn (the other individual was not an approved person)l Mr Chaligné was made subject to a financial penalty of £900,000 plus the disgorgement of the personal benefit he hadobtained, amounting to £266,924; and Mr Sejean was subjected to a penalty of £550,000. The decision notice addressed to Mr Diallo stated that the RDC would have subjected him to a financial penalty of £100,000, but for its conclusion that its doing so would inflict serious financial hardship upon him. It decided instead not to impose any monetary penalty, but to direct FSA to publish a statement to the effect that he had committed market abuse. The Tribunal upheld all of the prohibitions and ruled that the penalty to be imposed on Mr Chaligné is to consist of a disgorgement element of €362,950, plus £900,000. The penalty to be imposed on Mr Sejean is to be £650,000, subject to adjustment for his personal circumstances in such manner to be determined at a later hearing (“this is nevertheless one of the (rare) cases in which we consider the RDC was too lenient to the extent that it is appropriate for us to direct an increase in the penalty. Mr Sejean was an established market participant, earning at the relevant time about £375,000 a year. It should not be thought that earnings of that magnitude can be achieved by disregard of the law, market rules or ordinary standards of honest behaviour” – penalties in respect of market abuse cases are discussed at some length in the Decision).  FSA has published an accompanying press release, with comment from Tracey McDermott.
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  • FRC: Updates to UK Governance and Stewardship Codes

    28/09/2012
    FRC has announced limited changes to the UK Corporate Governance Code and Stewardship Code intended to increase accountability and engagement through... the investment chain. Both Codes will continue to apply on a “comply or explain” basis. Changes to the UK Corporate Governance Code include: FTSE 350 companies are to put the external audit contract out to tender at least every ten years with the aim of ensuring a high quality and effective audit, whether from the incumbent auditor or from a different firm; audit committees are to provide to shareholders information on how they have has carried out their responsibilities, including how they have assessed the effectiveness of the external audit process; boards are to confirm that the annual report and accounts taken as a whole are fair, balanced and understandable, to ensure that the narrative sections of the report are consistent with the financial statements and accurately reflect the company’s performance; companies are to explain, and report on progress with, their policies on boardroom diversity; companies are to provide fuller explanations to shareholders as to why they choose not to follow a provision of the Code. Changes to the Stewardship Code include: clarification of the respective responsibilities of asset managers and asset owners for stewardship, and for stewardship activities that they have chosen to outsource; investors are to explain more clearly how they manage conflicts of interest, the circumstances in which they will take part in collective engagement, and the use they make of proxy voting agencies; asset managers are encouraged to have the processes that support their stewardship activities independently verified, to provide greater assurance to their clients. The updated codes will apply from 1 October 2012. FRC has also published an updated edition of its Guidance on Audit Committees to reflect the changes to the UK Corporate Governance Code, and set out on its website transitional arrangements with respect to the introduction of ten year retendering, to ensure it can be introduced without significant disruption. FRC will carry out further consultation on whether changes are needed to those parts of the UK Corporate Governance Code dealing with remuneration when the Government’s legislation on remuneration reporting and voting has been finalised. Any changes following this consultation will be effected in the next edition of the Code. All documents, including feedback statements, can be downloaded via the following link..
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  • ABI: Financial advice

    27/09/2012
    ABI has published a brochure aimed at consumers for the post-RDR world entitled “Financial Advice is Changing: What it means for... you” ABI notes figures from its latest consumer survey showing that just under 5% of people are familiar with the changes to financial advice and a further 18% of people have heard something about the changes but are not sure what they mean for them.
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  • BoE/FSA: Record of the interim FPC meeting (14 September 2012)/ Adjustments to FSA’s liquidity and capital regime for UK banks and building societies

    27/09/2012
    BoE has now published the minutes of its meeting. It judged that the risks to financial stability had not altered... sufficiently since its previous meeting to warrant a change to its current set of policy recommendations, as set out in its June 2012 Financial Stability Report. This will be reviewed formally by FPC at its November 2012 meeting. In a press release, FSA has published more details of the adjustments made to the liquidity and capital regimes for UK banks and building societies.
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  • EBA: Publication timeline of the final individual results of the capital exercise

    27/09/2012
    EBA notes that the final report on banks’ implementation of capital plans following its 2011 recommendation on the creation of temporary... capital buffers to restore market confidence will be published on 3 October 2012. Banks’ individual data will be released after close of European markets.
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