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Showing 9421 - 9430 of 9543 matches filtered by 'Funds and asset management'

  • 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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  • HMT/HMRC: Finance Bill 2013

    12/12/2012
    This consultation asks for comments on clauses of the Bill, which must be received by 6 February. It is set... out clause-by-clause with an explanatory note behind it. Relevant items include: the bank levy; REITs and qualifying insurance policies.
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  • European Parliament: Financial transaction tax

    11/12/2012
    The press release gives a synopsis on progress on this matter so far, with a debate on Tuesday 11 December and... the vote on Wednesday 12 December taking place which will consider whether the legal conditions for enhanced cooperation have been met. The EC will publish a revised proposal for the countries taking part later, which will then also have to be evaluated by the European Parliament
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  • FSA: “Dear CEO” letter: Review of outsourcing arrangements in the asset management sector

    11/12/2012
    The letter notes that FSA is assessing the risk to its objectives arising from asset management firms outsourcing operational activities to... external service providers. Discussions and research undertaken by FSA have identified that the asset management industry outsources a growing number of activities, and that the small number of outsource providers are usually part of complex international banking groups. At group level, these organisations will have balance sheet exposure to activities other than the provision of outsourcing activities. FSA’s concern is that if an outsource provider were to face financial distress or severe operational disruption, UK asset managers would not be able to perform critical and important regulated activities, thereby causing detriment to customers. FSA states that it is not confident that across the industry, effective recovery and resolution plans are in place for the asset management sector as a whole and raises several specific concerns. It is asking firms to review their current contingency plans taking into account the observations in this letter to ensure compliance with their obligations under SYSC 8.
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