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Showing 9531 - 9540 of 9701 matches filtered by 'Funds and asset management'

  • The Financial Services and Markets Act 2000 (Threshold Conditions) Order 2013 (Draft)

    31/01/2013
    This Order amends the threshold conditions set out in Schedule 6 FSMA. In giving or varying permission under Part 4A FSMA... or imposing or varying a requirement or giving consent under that Part, FCA or PRA must ensure that the person concerned will satisfy, and continue to satisfy the relevant threshold conditions for which that regulator is responsible. Part 4A of the 2000 Act was inserted by the Financial Services Act 2012 (c.21) and replaces Part 4 of the 2000 Act. The functions of FCA and PRA are set out in the 2000 Act, as amended by the Financial Services Act 2012. Part 1B of Schedule 6, as inserted by this Order, sets out the conditions for which FCA is responsible where the person concerned carries on, or is seeking to carry on, regulated activities which do not consist of or include a PRA-regulated activity. Part 1C of Schedule 6, as inserted by this Order, sets out the conditions for which FCA is responsible where the person concerned carries on, or is seeking to carry on, a PRA-regulated activity. Part 1D of Schedule 6, as inserted by this Order, sets out the conditions for which PRA is responsible where the person concerned carries on, or is seeking to carry on, a PRA-regulated activity relating to the effecting or carrying out of contracts of insurance or in connection with Lloyd’s. Part 1E of Schedule 6, as inserted by this Order, sets out the conditions for which PRA is responsible where the person concerned carries on any other PRA-regulated activity. Part 1F of Schedule 6, as inserted by this Order, sets out the conditions for which FCA and PRA are responsible where the person concerned qualifies for authorisation under Schedule 3 FSMA (EEA passporting rights). Part 1G of Schedule 6, as inserted by this Order, sets out the conditions for which FCA and PRA are responsible where the person concerned qualifies for uthorisation under Schedule 4 FSMA (Treaty rights). (Date in force: 1/04/13)
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  • ESMA: Q&A: implementation of the Regulation on short selling and certain aspects of credit default swaps (2nd update)

    30/01/2013
    The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on... the requirements of the Short Selling Regulation, that came into force on 1 November 2012. Additional Q&As complement the sections relating to the scope of the Regulation including the treatment of ETFs and ADRs/GDRs, the calculation of net short position, the calculation and reporting for the specific situation of group and fund management activities and the treatment of derivatives on sovereign debt with respect to duration adjustment issue. A full new section is now dedicated to the application of the restriction on uncovered CDS positions.
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  • ESMA: Opinion on the emergency measure by the Greek Hellenic Capital Market Commission under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps

    29/01/2013
    The above-mentioned measure is expected to enter into force on 1 February 2013 at 8:30:00 hours (CET) and to be applicable... until 24:00:00 (CET) on 30 April 2013. ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on short selling and certain aspects of credit default swaps: It considers that there are adverse developments relating to the Greek banking sector which constitute a serious threat to financial stability and to market confidence in Greece; that it is appropriate and proportionate and considers the duration of the measure is justified. It is noted that HCMC has said that the measure may be lifted during the period of enforcement of the measure, if appropriate,
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  • FRC: Outcome of investigation: Lehman Brothers International (Europe)

    29/01/2013
    FRC has announced the outcome of its investigation into the conduct of Members of the ICAEW and Ernst & Young LLP... (“E&Y”), as auditors to Lehman Brothers International (Europe) (“LBIE”). It has decided that no action should be taken against E&Y or any individuals in connection with their conduct in this matter. It is noted that at the start of the investigation, it appeared that LBIE failed to comply with CASS rules in a number of respects, however E&Y signed off their accountant’s report to the effect that LBIE was in compliance with them. Among the concerns raised was whether the treatment of money LBIE received from affiliates, post MiFID, complied with CASS and another was whether money relating to LBIE Prime Brokerage clients required segregation. In the course of the investigation, the investigation team obtained and reviewed E&Y’s audit files and hard copy documentation. The team also interviewed E&Y audit team staff. This matter was referred to an expert to consider the case. Following this, it has been decided that there is no realistic prospect that a tribunal would make an adverse finding against E&Y in the UK or members within that firm. The investigation will therefore be closed and no further action taken.
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  • HMT: Financial Services Act 2012: summary of consultation responses on draft secondary legislation and Government response

    29/01/2013
    HMT has published a summary of responses in respect to three consultations (Implementing the Wheatley Review/Financial Services Bill: the FPC’s macro-prudential... tools on the levers that the Bank of England’s new Financial Policy Committee will have to address risks it identifies to financial stability/A new approach to financial regulation: draft secondary legislation on the remaining secondary legislation related to the Act) which include HMT’s responses to specific issues raised in the responses.
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  • EC: Council Decision of 22 January 2013 authorising enhanced cooperation in the area of financial transaction tax

    25/01/2013
    This has been published in the Official Journal.
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  • FSA: Policy Development Update 155

    25/01/2013
    The latest edition of FSA's publication, giving information about recently issued publications and an updated timetable for forthcoming publications.
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  • HMRC: Draft guidance on proposed changes to the taxation of unauthorised unit trusts and their investors

    24/01/2013
    In December 2012, the Government published a draft clause to be introduced in Finance Bill 2013 to provide a power for... HMT to introduce regulations about the tax treatment of the trustees or unit holders of unauthorised unit trusts, together with a proposed SI setting out in draft The Unauthorised Unit Trusts (Tax) Regulations 2013. This draft guidance is published to help customers understand the provisions in the draft legislation. Responses to the guidance are required by 28 February 2013,
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  • HMT: Transposition of the Alternative Investment Fund Managers Directive

    23/01/2013
    Further to the publication of this consultation earlier this month and in response to a number of enquires, HMT has updated... paragraph 2.21 has been updated to make clear that the Government’s proposed approach towards sub-threshold AIFMs managing UCIS AIFs is to replicate the current approach towards UCIS operators. The intent is to maintain a regulatory regime as close as possible to the status quo for such entities.
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