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Showing 9301 - 9310 of 9426 matches filtered by 'Funds and asset management'

  • BoE: The Bank of England’s approach to the supervision of financial market infrastructures/Draft MoU between FCA and BoE including PRA

    18/12/2012
    The first document sets out BoE’s proposed approach to the supervision of central counterparties and securities settlement systems. Responsibility for... the supervision of central counterparties and securities settlement systems will transfer to BoE from FSA following the enactment of the Financial Services Bill. The transfer of responsibility is expected to take effect on 1 April 2013. It will sit alongside BoE’s existing responsibilities for oversight of recognised payment systems. Section 1 of the paper gives an overview of the critical role of financial market infrastructures and how that relates to BoE’s supervision and its financial stability objective. Section 2 provides a high-level description of the regulatory regime and the legal instruments available to BoE. Section 3 sets out some supervisory priorities for BoE, and Section 4 describes how BoE supervisors will engage with supervised institutions in practice. Sections 5 to 8 give an overview of policy making, enforcement, fees, and accountability, transparency and complaints. Section 9 sets out next steps. Annex 1 sets out how these changes will affect payment systems already overseen by BoE. In addition, BoE has published a draft MoU which sets out the framework BoE and FCA, and where appropriate PRA, will use to cooperate with one another in relation to markets and market infrastructures.
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  • EC: Proposal for a Directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions

    18/12/2012
    A marked-up Presidency compromise text of the above dated 11 December 2012 has been published.
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  • SFO: Weavering Hedge Fund: criminal charges

    17/12/2012
    SFO notes that criminal proceedings have been issued by SFO against Ulf Magnus Peterson, founding director of Weavering Capital (UK) by... written charge. The first hearing in his case will take place at Westminster Magistrates' Court on 7 January 2013. He is charged with false accounting, fraudulent trading; fraud by abuse of position and forgery between 2003 to 2009.
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  • FSB: Second meeting of FSB’s Regional Consultative Group for the Commonwealth of Independent States

    17/12/2012
    The meeting took place on 14 December 2012 in Moscow and this short note reports that matters under discussion included: policy... priorities for the FSB under the Russian G20 presidency on the global financial regulatory reforms; the global Legal Entity Identifier; policy framework for domestic systemically important banks and the potential impact of the financial regulatory reforms on emerging markets and developing economies.
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  • FSA: PS12/24: Consumer redress scheme in respect of unsuitable advice to invest in Arch cru funds

    17/12/2012
    This PS summarises feedback to CP12/9. FSA notes that it received over 230 responses which included concerns from consumers and... MPs over the scheme. FSA says that “we received no new evidence or arguments to suggest that the proposed scheme would not be an appropriate way of dealing with this issue or that we do not have the power to make rules to implement the scheme [under FSMA s404]”. However, FSA has amended some of its original proposals over concerns that the IFA sector is already engaged with RDR implementation and that a redress scheme would lead to higher FSCS levies and PII costs. A modified s404 FSMA scheme will be implemented, which gives consumers the opportunity to ‘opt-in’ to have their sale reviewed, rather than requiring firms to review proactively all sales. FSA has also amended the start date of the scheme from 1 January 2013 to 1 April 2013 to give firms more time to prepare for the scheme. Firms will have until 29 April 2013 to identify all consumers for whom the firm advised, arranged or managed investments in an Arch cru fund and identify all cases that fall within the scope of the scheme. Firms must write to all consumers within and outside the scope of the scheme by 29 April 2013. The letter will either explain to the consumer that the firm will review the advice it gave to them if they decide to opt in to the scheme, or it will explain that their case falls outside the scope of the scheme. If consumers do not receive a letter from the firm by 29 April 2013 they should call or write to FSA to make it aware of this. Consumers that do not respond will receive up to two reminder letters following this first letter. They will have until 22 July 2013 to opt in to the scheme.
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  • FSA: PS12/23: Client assets regime: changes following EMIR

    17/12/2012
    This PS sets out its final rules on client assets to accommodate EMIR and covers feedback received to CP12/22. EMIR... is only addressed insofar as it affects CASS and does not address wider concerns on the implementation of EMIR more generally. It is also noted that the PS does not summarise feedback to, or publish final rules for, Parts II and III of CP12/22. These parts of the consultation closed on 30 November 2012 and FSA is still considering the feedback it has received. The final rules are included as an annex to this paper and come into force on 1 January 2013.
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  • FSA: Handbook Notice 125/Instruments

    17/12/2012
    On 13 December 2012 the FSA Board made changes to the Handbook which amend CASS to bring it in line with... EMIR (Client Assets Sourcebook (European Markets Infrastructure Regulation) Instrument 2012 2012/76)
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  • EC: Proposal for a Regulation of the European Parliament and of the Council on European Venture Capital Funds

    13/12/2012
    A text provisionally agreed with the European Parliament has been published.
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  • ESMA: Short selling

    13/12/2012
    ESMA has published the text of a formal request by which the EC seeks its technical advice on the evaluation of... the Regulation on Short Selling and certain aspects of credit default swaps.
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