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  • FSA: FG12/19: General guidance on proportionality: The Remuneration Code (SYSC 19A) & Pillar 3 disclosures on remuneration (BIPRU 11)

    25/09/2012
    Following the July 2012 consultation, FSA has now published finalised guidance. The guidance sets out FSA’s proportionate approach to implementing... the Remuneration Code and the Pillar 3 remuneration disclosure rules. It also clarifies how firms may comply with the Remuneration Code and disclosure rules in a manner that takes account of their size, internal organisation and the nature, scope and complexity of their activities. In addition, FSA has published a summary of feedback received..
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  • FSA: Transition to the PRA: detailed information

    25/09/2012
    FSA has published this document which is in Q&A format and covers topics under the following general main headings: general; authorisation... and transitional arrangements; supervision; policy material; fees and costs; coordination with FCA. It concludes with a list of key documents already published and in the pipeline.
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  • FSA: The UK notification process for market-making activities and primary market operations

    25/09/2012
    As of 1 November 2012 the Regulation (EU) No 236/2012 of the European Parliament and the Council on short selling and... certain aspects of credit default swaps (the Short Selling Regulation) will be directly applicable in the UK. This will result in the current UK short selling regime being repealed from 1 November and consequently removed from FINMAR 2. This document sets out information on definitions, exemptions, general principles and criteria of market making activities and notifications.
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  • FSB: Meeting notes

    25/09/2012
    FSB has published press releases, giving synopses of meetings held by the FSB Regional Consultative Groups for Europe and Sub-Saharan Africa... on 24 and 25 September 2012 respectively. Topics for the former included LEI, LIBOR and resolution regimes.
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  • LSE: Corporate governance for main market and AIM companies

    25/09/2012
    This guide is designed to assist companies in understanding all aspects of governance and the nuances of its application whether they... are aspiring to the highest standards of operation, preparing for an IPO or as part of best practice once listed as a public company. Individual chapters are written by FRC, trade associations and various law firms.
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  • FSA: Charges relating to an unauthorised investment scheme

    24/09/2012
    In this press release, FSA notes that it has charged Benjamin Edward Weymouth Wilson with seven offences relating to an unauthorised... investment scheme he operated. Trading as SureInvestment, he operated a scheme that purported to carry out futures trading for the benefit of its investors. The charges follow searches of two premises in Poole owned or controlled by the individual that were conducted by FSA with the assistance of the Dorset Police in June 2011. The press release includes full details of the exact charges. He has been bailed to attend City of London Magistrates Court on 5 October 2012.
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  • EC: Stakeholder consultation on the implementation of a data and transaction reporting framework for wholesale energy markets

    24/09/2012
    The purpose of this consultation is to assist the EC in the preparation of implementing acts to be adopted in accordance... with Articles 8(2), 8(5) and 21(2) of Regulation (EU) No. 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency. Specifically, this consultation aims to help the EC to collect the necessary information to ensure it can meet the objectives of REMIT in keeping reporting obligations to a minimum and not creating unnecessary costs or administrative burdens for market participants. Responses are required by 7 December 2012. Alongside the consultation, a report entitled “"REMIT Technical Advice for setting up a data reporting framework” (dated June 2012) has been published. This sets out key recommendations in relation to developing such a framework.
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  • BIS: Principles for the supervision of financial conglomerates - final report

    24/09/2012
    The report provides a set of principles which supersedes the compendium of principles on this topic developed in 1999 and published... in 2001. They include guidance for policymakers on the powers and authority necessary for supervisors of financial conglomerates. They also focus on supervisory responsibility and guidance for supervisors on the governance, capital, liquidity and risk management frameworks of financial conglomerates.
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  • FSA: Solvency II

    24/09/2012
    FSA has updated its webpage to note “recent media coverage has centred on Commissioner Barnier’s comment on the possibility of a... delay of one year, i.e. transposition in July 2014 and implementation from 1 January 2015. No new timetable has been confirmed; the current timetable remains with transposition by 30 June 2013 and implementation from 1 January 2014”.
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  • BIS/BERR: Business bank

    24/09/2012
    Vince Cable has announced the first steps in creating a Government-backed business bank. The Government will build a single institution that... will address long-standing, structural gaps in the supply of finance, identified in Tim Breedon’s report on non-bank finance. It will also control the Government’s interests in a new wholesale funding mechanism which will be developed to unlock institutional investment to benefit small businesses. The bank will operate at arms-length from Government and will operate through the wholesale markets. It is emphasised that it will not have any retail presence and will not displace or subsidise banks. More detail on the design of the bank and the types of interventions it will support will be provided in the autumn.
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