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Showing 18831 - 18840 of 19303 matches filtered by 'news item'

  • ECB: Migrating to SEPA

    23/08/2012
    ECB has published a “key facts” webpage, which includes a table setting out key dates and lists of specific requirements for... businesses and consumers.
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  • FSA: Remuneration Code templates

    23/08/2012
    FSA has published revised self-assessment templates and tables with regard to the above.
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  • HMT: Financial sector resolution: broadening the regime

    23/08/2012
    Further to the above-mentioned consultation paper, HMT has now published a volume of draft clauses together with explanatory notes. Specific... topics covered: special resolution regime generally and for UK clearing houses; bank holding companies - sale and transfer to bridge bank; application of Banking Act 2009 to investment firms; public interest directions to UK clearing houses and insolvency.
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  • HoC: Implementing the new Basel regulatory capital rules

    23/08/2012
    This library research paper provides an overview for MPs.
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  • SFO: Asil Nadir

    23/08/2012
    SFO has published a press release giving details of the sentencing of Asil Nadir. On seven of the 10 counts... of theft, there will be concurrent sentences of five years' imprisonment. On the other three counts there will be concurrent sentences of five years' imprisonment with each other but consecutive to the other seven sentences. The total sentence therefore is ten years. Half of this sentence is to be served after which the defendant will be released on licence for the remainder of the total.
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  • CP12/19***: Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes

    22/08/2012
    FSA has published proposals to ban the promotion of UCIS and similar products to the vast majority of retail investors in... the UK. FSA notes that the CP follows on from extensive work it undertook which found that only one in every four advised sales of UCIS to retail customers were suitable, taking into account the customer’s needs and requirements. FSA found that many promotions breach the restrictions and only a minority of advice is suitable. FSA also raises concerns over new products being brought to the market that employ various legal structures to provide access to the same investment strategies as are often seen in (eg. securities issued by SPVs to used to allow retail investment in TLPIs). FSA proposes to introduce new rules for them intended to create a level playing field and improve standards of consumer protection. Specific measures proposed: ¶ changing the financial promotion rules to limit the type of customer to whom firms may promote financial promotions for UCIS and closely substitutable investments; ¶ Handbook guidance on the effect of the financial promotion rules on advised sales to clarify that personal recommendations generally amount to a financial promotion and, as a result of the marketing restrictions, advice on a non-mainstream pooled investment may result in an unlawful promotion if no valid exemption is available; ¶ a rule requiring firms to maintain a record of the basis on which the promotion has been made and requiring distribution firms to ensure their compliance oversight function (CF10) confirms the compliance of each financial promotion for products within scope of this consultation, including financial promotions in the context of advised sales, with the marketing restriction rules; and; ¶ updating the retail investment product definition to clarify the position on advice on UCIS and substitutable products in relation to RDR independence requirements. ¶ Responses are required by 14 November 2012. FSA intends to publish a PS setting out finalised rules and guidance in Q1 2013.
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  • ESMA: Publication of the translations of ESMA guidelines on certain aspects of the MiFID suitability requirements

    22/08/2012
    ESMA has published official translations of the above, which has triggered a transitional period of two months within which national competent... authorities have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance.
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  • IOSCO: Technological challenges to effective market surveillance: issues and regulatory tools

    22/08/2012
    IOSCO has published this consultation, which seeks views on a number of high-level recommendations aimed at helping market authorities improve market... surveillance. It sets out a number of questions for consultation and outlines proposed recommendations to assist market authorities in addressing the challenges posed by the latest technological developments to effective market surveillance, particularly with regard to improving surveillance capabilities on a cross-market and cross-asset basis and making data collected for surveillance purposes more useful to market authorities. The paper examines current regulatory market surveillance and audit trail capabilities of securities markets and considers the feasibility of both existing and additional regulatory tools to deal with the challenges arising for market surveillance in contemporary markets. Responses are required by 10 October 2012. IOSCO will issue a final report once it has analysed the responses to this consultation.
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  • MoJ: Claims management regulation - proposals for amendments to the Conduct of Authorised Persons Rule

    22/08/2012
    Further to the recent press release accompanying MoJ’s annual report (see 13 August 2012 news update), the Claims Management Regulator at... MoJ has launched a consultation which proposes amendments to include the following: claims management companies (CMCs) to only be allowed to agree contracts in writing with their clients, before any fees can be taken; be required to inform their clients of any suspension or variation to the business authorisation once in effect and to only be allowed to refer to their regulatory status as being regulated by the claims management regulator - rather than the MoJ which until now could be misconstrued as MoJ endorsement. The paper also discusses CMR work with FSA and FOS on PPI (between April 2011 and March 2012 CMCs operating in the PPI sector generated 74% of consumer complaints overall - of these, the majority of complaints related to some 15 - 20 CMCs – MoJ acknowledges that the possible detriment suffered by clients of those CMCs is not necessarily representative of the services offered by CMCs as a whole). Responses to the consultation are required by 3 October. The paper notes that the aim is to implement the final proposals in April 2013.
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  • SFO: Asil Nadir

    22/08/2012
    SFO’s press release notes that Asil Nadir has been found guilty of 10 counts of theft conducted between 1987 and 1990.... He is to be sentenced tomorrow (23 August). The jury found him not guilty on three counts of theft. Matters relating to compensation and costs are to be heard on 27 September 2012
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