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  • FCA: AIFM Directive

    05/06/2013
    This webpage notes that FCA has sent a communication to all firms who had expressed an interest in being authorised by... 22 July 2013; with a link to the draft VoP forms, inviting then to submit a draft application as quickly as possible. It is also noted that FCA has signed supervisory cooperation agreements in the form of MoUs with 34 non-EEA authorities as part of its implementation of the Directive following approval by ESMA. These will come into effect from 22 July 2013.
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  • FCA Handbook Notice 2/Instruments

    05/06/2013
    At its Board meeting on 3 June 2013 (and further to the publication of yesterday’s PS), FCA passed the Unregulated Collective... Investments Schemes and Close Substitutes Instrument 2013/46
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  • FCA Handbook Notice 2/Instruments

    05/06/2013
    At its Board meeting on 3 June 2013 (and further to the publication of yesterday’s PS), FCA passed the Financial Conglomerates... Directive (FCA Handbook Amendments) Instrument 2013/45
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  • FCA Handbook Notice 2/Instruments

    05/06/2013
    At its Board meeting on 3 June 2013 (and further to the publication of yesterday’s PS), FCA passed the Employers' Liability... Insurance: Disclosure by Insurers (No 4) Instrument 2013/47
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  • FCO: Speech by Mark Boleat: The future of the European financial services market (5 June 2013)

    05/06/2013
    Text of the above, given at the British Embassy in Berlin, follows. Topics include: MiFIR; bank bonuses and the repo... market. He comments: “Last week there were signs of a major rethink on the structure of FTT, and it is clear that the proposals currently on the table will be significantly modified so as to avoid the consequences outlined above. This is very welcome, but surely such a badly thought through proposal should never have seen the light of day … simply having a single supervisor for the Eurozone is not enough. We need to see more progress on the accompanying deposit insurance scheme to act as a deterrent to bank runs … there will have to be a resolution authority and a common fiscal back stop for the SSM”,
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  • Final Notice: Sesame Limited

    05/06/2013
    FCA has fined the firm £6,031,200 for two sets of failings: failing to ensure that investment advice given to its customers... was suitable; and failings in the systems and controls that governed the oversight of its appointed representatives. FCA notes that the firm had failed to explain to customers all of the key risks and had failed to give a balanced view of the advantages and disadvantages of life settlement products and had failed to take reasonable care to organise and control its affairs responsibly and effectively, and had failed to improve its oversight of the appointed representatives. The firm agreed to settle the case at an early stage of the investigation and therefore qualified for a 30% discount.
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  • HMRC: FATCA

    05/06/2013
    HMRC has published guidance in respect of implementation of the International Tax Compliance (United States of America) Regulations 2013, together with... a draft of the Regulations.
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  • OFT/CC: Speech by Sir David Currie: The new UK Competition and Markets Authority – what does it offer to Scotland? (3 June 2013)

    05/06/2013
    Text of the above, given at the Scottish Competition Law Forum, follows. He discusses the emerging vision and strategy for... CMA. It is noted that consultations on 14 pieces of new guidance will be launched over the summer. He also states that a full CMA board is not yet in place – interviews for non-execs take place later this week and exec positions in around a month.
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  • The Stamp Duty and Stamp Duty Reserve Tax (ICE Clear Europe Limited) Regulations 2013/1382

    05/06/2013
    These Regulations give relief from stamp duty and stamp duty reserve tax to certain transfers of, or agreements to transfer, traded... securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving ICE Clear Europe Limited and its nominees, (through whom transactions on the facility are cleared) or clearing participants of ICE Clear Europe and its nominees. (Date in force: 1/07/13)
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  • TSC: Report: Appointments of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial Policy Committee

    05/06/2013
    TSC has published a report concluding that the individuals have the professional competence and personal independence to be external members of... FPC, but notes concerns about the appointment of Dame Clara Furse, relating to: her awareness of the importance of asserting the independence of the FPC and her explanation of her role on the board of Fortis in relation to the purchase of part of ABN AMRO and Fortis’s subsequent bailout, and the lessons she said that she had learnt from that experience. TSC notes the importance of FPC’s independence from government influence; the role of external members in challenging views of BoE members and states it will expect to see evidence that the concerns raised in this report have been taken on board.  TSC has also published the individuals' CVs and responses to a questionnaire.
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