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  • FSA: Sinaloa Gold plc/Glen Lawrence Hoover

    19/07/2012
    FSA notes that it has secured a court order against Sinaloa Gold Plc and one of its directors, Glen Lawrence Hoover,... a US resident, which will see money returned to 79 UK victims of a boiler room scam. The High Court ruled that Sinaloa had offered shares to the public through boiler room fraudsters, and without a prospectus and that Glen Lawrence Hoover was knowingly concerned in Sinaloa’s breaches. Both parties were ordered to pay a total of £1,097,092.11 to FSA for distribution to the victims, and not dispose of any assets held worldwide until the payment has been made. In December 2010, shortly after becoming aware of the scam, FSA obtained an injunction and freezing order against the parties securing £127,000. Therefore, while the court order stipulates that over a million pounds should be returned to investors, only £127,000 is currently available to be repatriated.
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  • FSA: Technical provisions question bank: IMAP firms with life insurance obligations

    19/07/2012
    Further to the update of 9 July 2012 with regard to IMAP, FSA has now published the question bank for life... assurers.
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  • Upper Tribunal Decision: Mark Anthony Financial Management/Mark Ainley

    19/07/2012
    This is a joint reference by the firm and individual, a sole trader using the above-mentioned trading name. FSA had... decided to withdraw Mark Ainley’s approval to perform controlled functions, issue a prohibition order against him, cancel the firm’s Part IV permission and impose a fine of £150,000 against him. FSA alleged that he had submitted false and misleading mortgage applications on his own behalf and on behalf of clients knowing them to be false. The individual argued that he had been misled by others in relation to his own mortgage applications and by his clients, in relation to the mortgage applications which he submitted on their behalf. He also argued that the prohibition order was unnecessarily severe and the fine disproportionate. The Tribunal dismissed the reference and agreed that FSA should withdraw approval, issue a prohibition order and cancel the firm’s permission. A further hearing will discuss whether the imposition of a fine was appropriate and what the level should be (however, the Decision states that “we consider that behaviour such as that of Mr Ainley clearly requires that a substantial financial penalty should be imposed”).
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  • EBA: Green Paper on shadow banking

    18/07/2012
    EBA has adopted this opinion on the EC’s Green Paper.
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  • EC: Caixa Geral de Depósitos

    18/07/2012
    The EC has temporarily approved, under EU State aid rules, an injection of € 1 650m of core Tier 1 capital... into Caixa Geral de Depósitos S.A. (CGD) for reasons of financial stability. Portugal committed to provide a restructuring plan for CGD within six months of the injection. The EC will take a final decision on the compatibility of the capital injection with EU state aid rules when assessing the restructuring plan.
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  • EC: Commission Delegated Regulation (EU) No…/.. of 12.7.2012 supplementing Regulation (EC) 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Market Authority, including rules on the right of defence and temporal provisions

    18/07/2012
    This is the “final” version of the Regulation (dated 12 July 2012).
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  • FSA: MoU with Reserve Bank of India

    18/07/2012
    FSA has published this MoU (dated 12 July 2012) which is intended to provide a formal basis for cooperation in the... area of banking supervision, including the exchange of supervisory information.
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  • HMT: UK response to the 1 March ECJ ruling that insurance benefits and premiums after 21 December 2012 should be gender-neutral

    18/07/2012
    HMT has published feedback on its consultation in December 2011 re the above, including its response on key issues and details... of the legislative approach to be implemented. It is confirmed that it will repeal paragraph 22 of schedule 3 with effect from 21 December 2012 (see draft regulations at Annex A of this document). It invites further feedback from stakeholders after 21 December 2012 and notes that the Government will continue to engage with the EC to discuss whether and how further clarity can be provided on the application of the Gender Directive. It is emphasised that insurers should seek their own legal advice when considering how to amend their practices to comply with the Test Achats case and the Gender Directive.
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  • The Individual Savings Account (Amendment) (No. 2) Regulations 2012/1871

    18/07/2012
    This SI amends the Individual Savings Account Regulations 1998 (S.I. 1998/1870) (“the principal regulations”) to provide changes to the rules concerning... the operation and management of ISAs (including Junior ISAs) in certain circumstances. These include changes which allow that subscriptions may be made which do not count towards the annual subscription limits where there has been a default or failure in relation to an ISA. Other changes include those that relax some of the requirements relating to ISAs transferred in bulk between account managers; allow The Share Foundation to open and manage Junior ISAs in respect of certain “looked after children”; and allow account managers to provide more favourable terms in relation to cash ISAs that are connected with other tax advantaged accounts. (Date in force; 8/08/12)
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  • The Child Trust Funds (Amendment) Regulations 2012/1870

    18/07/2012
    These Regulations amend regulation 12 of the Child Trust Funds Regulations.1450 ((qualifying investments for an account), so that a deposit account... or share account which is a qualifying investment will not be connected with another investment for the purposes of regulation 12(8) of the CTF Regulations where both are held in an ISA account, junior ISA account or a child trust fund. (Date in force: 8/08/12)
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