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Showing 9101 - 9110 of 9305 matches filtered by 'Funds and asset management'

  • EC: Actions expected to be adopted in 2013

    28/02/2013
    The EC has published an updated version of this document which sets out legislative and non-legislative proposals in tabular format.
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  • EC: Commission Delegated Regulation (EU) No ../.. of 19.12.2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regards to exemptions, general operating conditions, depositaries, leverage, transparency and supervision

    28/02/2013
    This is the text of statement by Finland, Denmark, Czech Republic, Latvia, Sweden, Ireland, Netherlands, UK, Germany, Austria, Luxembourg and Portugal... in which they raise their concerns over the manner in which the post-Lisbon process of producing delegated acts is being conducted. It notes that the EC’s draft Delegated Act for the AIFMD Regulation departs from ESMA's advice in a number of areas, without explanation, adding that whilst the EC is not obliged to follow EMA advice: “the credibility of the process of producing delegated acts must be ensured. One avenue forward would be to openly consult the Member States. We therefore urge the Commission to adopt a more open and consultative approach in future, when drawing up delegated acts”. It also states that Member States had only had the opportunity to give comments on the draft Delegated Act in mid-March-April 2012, concluding “his large opaque piece of the AIFMD regulatory package sets enormous challenge to the hearings of stakeholders and the national parliamentary process”..
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  • FSA: Notification of the temporary prohibition of short selling

    28/02/2013
    FSA has published a press release on the above, following a decision by CONSOB, in the shares of Banco Popolare, Mediolanum,... Banca Carige shares and INTESA. This temporary prohibition for the duration of 27 February 2013 applies on all UK trading venues on which the above instruments are traded. The prohibition does not extend to those market makers who are legitimately undertaking market-making activities in these instruments and for which they have previously notified FSA of their intention to use the market maker exemption in these instrument.
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  • IOSCO: Report on investor education initiatives relating to investment services

    28/02/2013
    This report was written to provide IOSCO members and the public with an overview of the different approaches that supervisory authorities... and self-regulatory organizations take to educate retail investors on issues relevant to financial products that are distributed by intermediaries. It sets out the results of a fact-finding survey of members of the IOSCO Committee on Market Intermediaries..
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  • The Payment to Treasury of Penalties (Enforcement Costs) Order 2013/418

    28/02/2013
    This Order relates to provisions of FSMA and the Financial Services Act 2012 (c.21) (“the 2012 Act”) which require the regulator... of financial services (FSA for the period up to 31 March 2013 and, for the period after that date, FCA PRA and BoE) to pay to HMT the amounts received by the regulator by way of penalties imposed under FSMA or (in the case of BoE) under the Banking Act 2009 (c.1). The regulator must make the payment after deducting its enforcement costs. This Order supplements the definitions of enforcement costs in FSMA and the 2012 Act in two ways. The effect of article 2 is that the expenses incurred in connection with the exercise or consideration of the possible exercise of any of the powers specified in article 2(1) is to be regarded as an enforcement cost by FSA (for the purposes of s109 of the 2012 Act) or FCA (for the purposes of paragraph of Schedule 1ZA to FSMA). The enactments specified are powers to initiate insolvency proceedings in relation to a person who is carrying on a regulated activity in breach of the general prohibition in s19 FSMA and powers to take enforcement action under various regulatory regimes other than the regime provided for by FSMA itself. Article 2 also specifies the enforcement powers of BoE under the Uncertificated Securities Regulations 2001 for the purposes of s110(4)(b) of the 2012 Act. The effect of article 3 is that the expenses incurred in connection with the exercise or consideration of the possible exercise of powers in relation to the investigation of, or (in England and Wales or Northern Ireland) prosecution of the offences specified in article 3 is to be regarded as an enforcement cost by FSA (for the purposes of s109 of the2012 Act), FCA(for the purposes of paragraph 20 of Schedule 1ZA to FSMA), PRA (for the purposes of paragraph 28 of Schedule 1ZB to FSMA) and BoE (for the purposes of s110 of the 2012 Act). All offences under the law of a part of the UK, other than those already specified by the 2012 Act or FSMA or those offences which only certain regulators may prosecute are specified for this purpose. (Date in force: 1/04/13)
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  • The Payment to Treasury of Penalties Regulations 2013/429

    28/02/2013
    These Regulations amend the following regulations to provide that the amounts received by the regulator by way of penalties imposed under... the regulations is to be paid by the regulator to HMT: The Money Laundering Regulations 2007;The Transfer of Funds (Information on the Payer) Regulations 2007; The Regulated Covered Bonds Regulations 2008; The Payment Services Regulations 2009; The Electronic Money Regulations 2011; The Recognised Auction Platforms Regulations 2011; The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012. These provisions reflect the provisions made by the Financial Services Act 2012 (c. 21) (see in particular s109) in relation to the payment to HMT of penalties received by the regulators under FSMA. The Treasury are to pay the sums received into the Consolidated Fund. The amendments made to the Money Laundering Regulations 2007 relate to amounts received by FSA in the financial year beginning 1/04/12. In the case of all other amendments, the amendments relate only to amounts received after 1/04/13. This reflects the fact that no amount by way of penalties has been received or is expected to be received under the other regulations in the financial year beginning 1/04/2012. (Date in force: 1/04/13)
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  • EC: Commission Delegated Regulation (EU) No ../.. of 19.12.2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regards to exemptions, general operating conditions, depositaries, leverage, transparency and supervision

    26/02/2013
    According to Article 58(1) of Directive 2011/61/EU, the Council may object to a delegated act within a period of three months.... During the silence procedure within the framework of Working Party on Financial Services, which ended on 21 February 2013, no delegation indicated an intention to object to the delegated act. It is suggested that COREPER invites the Council to confirm this, adding that this implies that, unless the European Parliament objects to it, the delegated act shall be published and enter into force in accordance with Article 58(2) of Directive 2011/61/EU,,
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  • FSA: Policy Development Update 156

    25/02/2013
    The latest edition of FSA's publication, giving information about recently issued publications and an updated timetable for forthcoming publications
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  • FSA: Recovery and resolution planning

    25/02/2013
    In this note, FSA states that it expects to publish rules formalising the recovery and resolution framework shortly after cut-over to... PRA and intends to publish an updated RRP information pack for firms after the formation of PRA to reflect lessons learned and evolving information requirements. Firms will be required to update their recovery plan once a year as part of their normal risk management and submit it to supervisors for review when requested. Firms will not have to update their resolution information pack on an annual basis as a matter of process. Instead, firms should respond to requests for resolution planning information from their supervisors, much as has been the case to date. These information requests will form part of bilateral engagement between the authorities and firms, aimed to operationalise their preferred resolution strategy.. A further update on RRP requirements and the FSA/PRA medium-term strategy for resolvability will be announced alongside publication of the RRP rules.
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  • FSA Handbook Notice 127/Instruments

    22/02/2013
    On 21 February 2013 the FSA Board made changes to the Handbook in two instruments which: make a number of technical... adjustments to fees, clarify existing practice, remove certain discounts, and bring into line invoicing arrangements for certain fee-payers (Fees (Miscellaneous Amendments) (No 6) Instrument 2013//4); and make changes to COBS to clarify rules on new business in with-profits funds (Conduct of Business Sourcebook (With-Profits Business) (Amendment) Instrument 2013//5).
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