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  • TSC: LIBOR

    10/07/2012
    TSC has published the uncorrected evidence of the hearing attended by Paul Tucker on 9 July 2012
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  • EC: Legislative proposals: PRIPS/IMD/UCITS

    10/07/2012
    Further to last week's announcement, final versions of the proposals have now been published. 
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  • HMT: Response to the consultation on the amendments to the Payment Service Regulations 2012

    10/07/2012
    This webpage summarises the responses to the February 2012 consultation, notes changes being made as a result of the feedback and... notes that the Regulations will enter into force on 1 October 2012.
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  • HMT: Speech by Mark Hoban: Banking union in the eurozone (9 July 2012)

    10/07/2012
    Text of the above, given in Brussels, follows. He discusses the banking union and recent banking scandals, including LIBOR. He... notes “we will need to go further now and work with the Commission to extend the market abuse regime to cover attempted manipulation of benchmarks. Regulators need full access to telephone records, including those with retail clients. Retail customers can be responsible for market abuse, as well as victims of it. And as the investigation of the fixing of LIBOR and other rates demonstrated in the 21st Century, written records simply won't suffice”.
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  • HoL EU Sub Committee A - Economic and Financial Affairs: MiFID II - getting it right for the City and EU financial services industry

    10/07/2012
    The report concludes that while a review of the existing MiFID I regulatory package was necessary; the proposals for MiFID II... will cause serious damage to the EU financial services industry if they are not corrected as a matter of urgency. It argues that third country access proposals would force the likes of the USA and China out of affected markets; a, criticises its “one-size-fits-all” approach on transparency and the new category of OTFs risks creating red tape through an overly complicated regulatory framework.
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  • SEC: Key definitions for derivative products

    10/07/2012
    SEC has unanimously approving rules and interpretations for key definitions of certain derivative products. The SEC rules and interpretations further... define the terms “swap” and “security-based swap” and whether a particular instrument is a “swap” regulated by CFTC or a “security-based swap” regulated by the SEC. The SEC action also addresses “mixed swaps,” which are regulated by both agencies, and “security-based swap agreements,” which are regulated by CFTC but over which SEC has antifraud and other authority. Once both agencies adopt the final rules, they will become effective 60 days after the date of publication in the Federal Register. The compliance date of such rules for purposes of certain interim exemptions under the federal securities laws will be 180 days after the date of publication in the Federal Register. The final rule text and a fact sheet will be available after both agencies adopt the final rules.
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  • TSC: LIBOR

    10/07/2012
    TSC has published correspondence received from Barclays relevant to the evidence session taking part today attended by Marcus Agius. It... is noted that these documents were sent as a result of a request made by Andrew Tyrie following comments made by Bob Diamond last week. The letters are from FSA to Marcus Agius (September 2010 and April 2012 concerning SIF issues and a supervisory visit respectively); a letter from Marcus Agius to Adair Turner in response to the second FSA letter and a letter dated 9 July 2012 from Marcus Agius to Andrew Tyrie (this is a covering letter for the others, with some additional explanatory material).
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  • Upper Tribunal: First Financial Advisers Limited

    10/07/2012
    FSA has refused an application from First Financial Advisers Limited for Stephen Danner to be approved to perform Controlled Function CF30... on the grounds that FSA could not be satisfied that he is a fit and proper person within the meaning of s61 FSMA due to concerns over his honesty, integrity and reputation; competence and capability; and financial soundness (it was noted that he had not failed the test of honesty, but FSA maintained that the application should be refused on all the other grounds). Stephen Danner was an IFA who had run his own business, SD Asset Management Limited. This firm had been recommended to invest in two FSA–authorised open ended investment companies: the CF Arch cru Investment Portfolio Fund and the CF Arch cru Specialist Portfolio Fund (“the CF Arch cru Funds”), which FSA’s investigation focused on. The Tribunal did not uphold the reference, saying “we do not accept Mr Davies’ submission that the FSA should have examined the files of Mr Danner more widely than they did in this case. The burden is on the Applicant; this is because it is the Applicant, either directly or through the candidate, who will have the relevant information that the Authority or the Tribunal should be invited to consider in support of the application”.
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  • The Authorised Investment Funds (Tax) (Amendment) Regulations 2012/1783 (previously reported on when in draft)

    10/07/2012
    These Regulations amend the Authorised Investment Fund (Tax) Regulations 2006 (S.I. 2006/964, “the principal Regulations”) to make provision for certain transactions... undertaken in relation to property AIFs. (Date in force: 1/08/12)
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  • BIS: Margin requirements for non-centrally-cleared derivatives - consultative document

    09/07/2012
    This consultation paper sets out high-level principles on margining practices and treatment of collateral, and proposes margin requirements for non-centrally-cleared derivatives.... These principles will apply to all transactions that involve either financial firms or systemically important non-financial entities. It is noted that responses, required by 28 September 212, will be considered in formulating a final joint proposal on margin requirements on non-centrally-cleared derivatives by year-end.
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