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  • FSA: CP12/28**: Regulatory fees and levies: policy proposals for 2013/14

    29/10/2012
    To accommodate regulatory reform, FSA is consulting on the changes its fees methodology so it can be adapted for PRA/FCA to... fund them in 2013/14, including the introduction of some separate fee-blocks for PRA and FCA firms; the basis for PRA/FCA minimum fees; revision of fee discounts for EEA) firms with branches in the UK; the basis for PRA/ FCA to levy restructuring special project fees; and the basis for FCA to allocate the cost of funding the inherited FSA-defined pension benefit deficit. The CP also contains proposals to make some amendments and clarifications to fees for UKLA; to remove the current 30% fees discount for firms in the A.1 fee-block who only accept deposits from wholesale depositors; and amend the on-account payment rule to incorporate Recognised Investment Exchanges, Recognised Clearing Houses and Designated Professional Bodies. Responses are required by 7 January 2013. In April 2013, FSA expects PRA and FCA to consult on the 2013/14 proposed actual rates for fees and levies, based on the outcome of this CP. These April CPs will be published alongside their Business Plans. It is thought that the FCA consultation will include the proposed levies for FOS and MAS in 2013/14. A separate consultation will take place in January 2013 on the FCSC management expenses levy limit.
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  • FSA: CRD IV transitional provisions on capital resources

    29/10/2012
    This webpage sets out FSA’s proposals in relation to transitional provisions on CRD IV and notes that it will consult on... proposals in due course once the CRD IV legislation has been adopted.
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  • FSA: FSA fines and bans Martin Edward Rigney of Topps Rogers Financial Management

    29/10/2012
    The Financial Services Authority (FSA) has fined Martin Rigney of Topps Rogers £117,330 and banned him from performing any function in... relation to any regulated activity in the financial services industry. Rigney was a Partner and the only adviser working at Topps Rogers. Rigney promoted and advised retail customers to invest in Unregulated Collective Investment Schemes (UCIS) without assessing their eligibility to receive UCIS promotions or explaining why his recommendations were suitable. As a result of his advice, customers invested a substantial proportion of their investment portfolios in these complex, high risk products when they were unlikely to be suitable.
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  • FSB: Enhanced disclosure task force report - the risk disclosures of banks

    29/10/2012
    This report proposes seven fundamental principles for enhancing the risk disclosures of banks: that they should be clear, balanced and understandable;... comprehensive and include all of the bank’s key activities and risks; present relevant information; reflect how the bank manages its risks. consistent over time; comparable among banks and provided on a timely basis. The report also highlights a number of examples of leading or best practice disclosures to assist banks.
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  • IOSCO: IOSCO Reviews Implementation of Commodity Derivatives Market Principles

    29/10/2012
    The International Organization of Securities Commissions has published today the final report Survey on Implementation of the Principles for the Regulation... and Supervision of Commodity Derivatives Markets, which reviews how Market Authorities comply with IOSCO's recommendations on commodity derivatives markets. Results of the survey indicate that the majority of respondents were broadly compliant with the IOSCO Principles on the Regulation and Supervision of Commodity Derivatives Markets, which were published in October 2011 and endorsed by the G20 a month later at its summit in Cannes.
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  • IOSCO: Survey on implementation of the principles for the regulation and supervision of commodity derivatives markets

    29/10/2012
    The survey reviews market authorities comply with IOSCO’s recommendations on commodity derivatives markets. It indicated that the majority of respondents were... broadly compliant and that where respondents were not in compliance with the principles it was generally because there was no commodity derivatives market in that jurisdiction. IOSCO noted a number of areas where there was a lower rate of positive responses by IOSCO members: the reporting to a market authority of large trader positions for relevant on-exchange commodity derivatives contracts (Principle 12); a framework that provides for detection and enforcement action against manipulative or abusive schemes that take place across multiple markets, including between on-exchange markets and OTC markets or between on-exchange markets and underlying physical commodity markets (Principle 16); and the publication of aggregate positions of different classes of large traders, especially commercial and non-commercial participants, within the bounds of maintaining confidentiality (Principle 21).
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  • Telegraph: Barclays in court over mis-selling claims

    29/10/2012
    Guardian Care Homes is claiming about £38m from Barclays as part of a lawsuit against the bank over what the company... alleges were millions of pounds of interest rate swaps wrongly sold to it by the lender's investment banking arm. Barclays is vigorously contesting the lawsuit and is expected to ask the court to throw out the Libor-rigging claims, which it is set to argue are not relevant to the mis-selling case. The claims will be heard in the London High Court before Lord Justice Julian Flaux and is viewed in the legal industry as a likely test case for how the English courts will decide on swap mis-selling and Libor-rigging cases
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  • FSA: Policy Development Update 152

    26/10/2012
    The latest edition of FSA's publication, giving information about recently issued publications and an updated timetable for forthcoming publications.
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  • The Controlled Foreign Companies (Excluded Banking Business Profits) Regulations 2012 (Draft)

    26/10/2012
    These regulations provide an exclusion from a Controlled Foreign Company (CFC) charge under Part 9A of the Taxation (International and other... Provisions) Act 2010. The exclusion applies in relation to Chapter 6 of those CFC rules, which imposes a CFC charge in relation to finance trading companies, including banks, based on the level of capital held by those companies. The general condition within the primary legislation refers to how much capital it would be reasonable for an independent company to hold. These regulations offer an alternative safe harbour for banks, based on a comparison between the capital held by the CFC and the capital held by the banking group of which the CFC is a member.
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  • UK Payments Council: Consumer research with ‘older old’ consumers and those living with cognitive, physical and sensory disabilities

    26/10/2012
    This research was intended to identify potential actions to enhance payment services for older consumers and those with sensory, physical or... cognitive impairment can experience barriers. The Payments Council concludes that “there are some significant barriers to effective use of payments services and that the resulting difficulties are very real. It is also clear that the reality is that workarounds are widespread and that these compromise security and consumer protection, and leave some of the most vulnerable open to abuse. In some cases, where barriers or difficulties in using payments services arise, it may be that solutions will require a modification to existing operating practice or systems”.
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