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Financial Services Daily News: archive

August 2008

Wednesday, 27 August 2008
CESR call for evidence on identifying regulatory arrangements for post-trading infrastructures; Implementation of the compliance principles in banks; Impact of the prospectus regime on EU financial markets

Tuesday, 26 August 2008
Report on solutions to legal barriers regarding post-trading within the EU; FSA censures mortgage broker; FSA PPI factsheet

Friday, 22 August 2008
European Commission and ECB welcome EPC's clarification of SEPA payment cards scheme; FSA "Dear CEO" letter on valuation and product control; Use of FSA logo; FSA fines motor dealers £175,000 for PPI failings

Thursday, 21 August 2008
Possible changes to trading book capital requirements; Risk-based contributions in EU deposit guarantee schemes; FSA bans financial adviser for pension transfer failings

Wednesday, 20 August 2008
CESR consults on risk management principles for UCITS; FSA issues alert about investor scam; CESR updates list of Accepted Market Practices; Client seminar: “MENA update”; CEIOPS report on issues regarding the valuation of structured credit products

Tuesday, 19 August 2008
CEIOPS’ issue paper on the supervisory review process and undertakings’ reporting requirements

Monday, 18 August 2008
OFT guidance note on credit advertising; Information Commissioner’s decision regarding request of information from the FSA; Court ruling on assignment of claims to the Financial Services Compensation Scheme

Friday, 15 August 2008
CESR/CEBS/CEIOPS work programme 2008; BCSB report on the provision of information on cheque clearing

Thursday, 14 August 2008
FSA fines Credit Suisse for systems and controls failings; IMA model terms of business; FAQs on how the FSA’s Regulatory Decisions Committee works

Wednesday, 13 August 2008
FSA bans Doncaster mortgage broker for involvement in fraud; EU open hearing on retail investment products; Implementation issues relating to Basel II; CEA FAQs on group support mechanism

Tuesday, 12 August 2008
BERR update on consumer credit legislation; FSA bans and fines mortgage broker £100,000 for mortgage fraud; CESR and CEBS hearing on the review of commodities business; JMLSG revised guidance on equivalent jurisdictions for anti-money laundering purposes

Monday, 11 August 2008
OFT response to consumer law review

Friday, 8 August 2008
CESR updates FAQs on prospectuses; Major international financial institutions report on containing systemic risk; FSA changes RDR timetable

Thursday, 7 August 2008
CEBS amends public statement of consultation practices

Wednesday, 6 August 2008
FSA mortgage effectiveness review: arrears findings; Financial Ombudsman News; European Commission publishes updated questions and answers on MiFID

Tuesday, 5 August 2008
FSA's findings on the investment quality of advice processes

Monday, 4 August 2008
FSA concludes HBOS rumours investigation; Feedback on new EU retail product framework for real estate funds; CEBS appoints new secretary general; OFT guidance on implementation of the Unfair Commercial Practices Directive; New EU regulation could reduce financial services growth; OFT consults on irresponsible lending

Friday, 1 August 2008
European Commission consults on credit rating agencies; SIFMA issues global recommendations for credit rating agency reform; FSA’s feedback on definition of capital; FSA calls for the fair treatment of annuity customers; FSSC publishes Sector Skills Agreement for financial services; Final report on Credit Risk Transfer: developments from 2005 – 2007

July 2008

Thursday, 31 July 2008
FSA fines firm for serious failings in the sale of single premium PPI; FSA’s preliminary view of Aviva’s reattribution offer; CEBS open hearing on options and discretions in the CRD; Correction to Financial Services and Markets Act 2000 (Collective Investment Schemes)(Amendment) Order 2008; Lloyd’s ICA 2009: minimum standards and guidance; FSA’s Insurance Newsletters; CESR and ERGEG response to the Commission in relation to the Third Energy Package

Wednesday, 30 July 2008
National Occupational Standards for countering financial crime; FSA insider dealing investigation results in arrests made; Mortgage finance: interim analysis; ABI discussion paper on rights issues and capital raising

Tuesday, 29 July 2008
IOSCO announces next steps on credit rating agencies; Nick Prettejohn’s speech at FSA Annual Meeting; FSA appoints new managing director of retail markets; HM Treasury consults on asset management taxation; FSA fines insurance intermediary £735,000 for not treating customers fairly

Monday, 28 July 2008
FSA to simplify guidance on investment disclosure; Extension of Financial Services Compensation Scheme to EEA branches of UK insurers; HM Treasury consults on changes to Part 7 of the Companies Act 1989; FSA Handbook Notice; FSA handbook development newsletter; CESR Annual Report 2007; Updated Q&A on the Payment Services Directive; FOS policy statements on transparency and accessibility; FSA statement on the use of the phrase 'consequential loss' in general insurance contracts

Friday, 25 July 2008
FSA insider dealing case; ABI’s Customer Impact Panel Annual Report 2007/08; Hector Sants' speech at FSA Annual Public Meeting; ABI calls for Chancellor to promote saving and stability; The Legislative Reform (Lloyd’s Order) 2008; FSCS Annual Report 2007/08

Thursday, 24 July 2008
FSA fines PMSG Insurance Services Ltd and withdraws approval for its compliance officer; Legislative Reform Order for credit unions and industrial & provident societies

Wednesday, 23 July 2008
Tripartite authorities consult on special resolution regime; Revisions to the Basel II market risk framework; FSA's approach to mortgage fraud; Regulatory Enforcement and Sanctions Act 2008 receives royal assent; Proceeds of crime/SOCA statutory instruments

Tuesday, 22 July 2008
HM Treasury consults on implementation of the Payment Services Directive; FSA consults on disclosure of liquidity support; ERGEG and CESR consult on market abuse framework for energy markets; FSA grants new waiver to firms on complaints handling; FSA censures Mandrake Associates and prohibits director for failings in mortgage endowment complaints handling; OFT annual report 2007-08

Monday, 21 July 2008
CEBS summary of banks’ and supervisors’ reactions to rogue trading at SocGen; FSA pathfinder for Money Guidance; Revised CEBS Charter; Transposition of Company Law and Anti-Money Laundering Directives; HM Treasury proposals for a Legislative Reform Order to amend Lloyd’s Act 1982; Now available through FSnet: Insurance and Reinsurance Newsletter (July issue)

Friday, 18 July 2008
Parliamentary Ombudsman report on Equitable Life; Issuer liability for fraudulent misstatements; CESR to advise on UCITS asset management company passport; Transparency in payment messages related to cross-border wire transfers; Impact assessment report on private placement; ECB issues T2S user requirements: management summary; SFO Annual Report 2007/08

Thursday, 17 July 2008
FSA publishes latest Capital Markets Bulletin; Revision of EU framework for investment funds; FSA bans mortgage brokers for serious regulatory failures; OFT market study into personal current accounts

Wednesday, 16 July 2008
IMA publishes market timing guidelines for managers of investment funds; FSA fines mortgage firm and bans adviser for false mortgage applications; ISLA European agent lender disclosure model; Charlie McCreevy speech on retail investment products; Interpretation of competing jurisdiction clauses; Lamfalussy league table

Tuesday, 15 July 2008
Bank of England Annual Report 2008; Financial Services Global Competitiveness Group; The Financial Services and Markets Act 2000 (Collective Investment Schemes)(Amendment)(No.2) Order 2008; CEBS standardises COREP reporting dates

Monday, 14 July 2008
CESR, CEBS and CEIOPS consult on joint guidelines for the assessment of mergers and acquisitions; European Parliament resolution on SWFs; IAIS and OECD questionnaire on corporate governance of insurers; Treasury Committee inquiry into banking reform; Now available through FSnet: Client briefing “Changes to the Capital Requirements Directive”

Friday, 11 July 2008
Fair value measurement and related disclosures of financial instruments in illiquid markets; FSA quarterly consultation paper; FSA bans and fines former broker for dishonesty and using high pressure sales tactics; OFT consumer credit licence register; FOS on compensation for distress, inconvenience or other non-financial loss; “Financial Stability and Transparency” and “The run on the Rock”: Government responses; Money laundering and terrorist financing vulnerabilities of commercial websites and internet payment systems; CESR publishes data on approved and passported prospectuses; ABI guidance on improving customers’ retirement experience

Thursday, 10 July 2008
Structured products: Industry principles for managing distributor-individual investor relationship; FSA’s enforcement annual performance account 2007/08; FSA bans and fines mortgage broker for serious regulation failures; The Consumer Credit (Information Requirements and Duration of Licences and Charges) (Amendment) Regulations 2008; IAIS standards for market conduct

Wednesday, 9 July 2008
Council conclusions on transparency and rating agencies; FATF publishes money laundering/terrorist financing risk assessment strategies report; ESME advice on the European Commission's review of commodities firms under MiFID and CAD and proposed guidelines under the Third Energy Package; Commission publishes views on insurance guarantee schemes

Tuesday, 8 July 2008
HM Treasury announces new initiatives relating to the Financial Capability Action Plan; FSA RDR Professionalism Working Group; FSA bans and fines mortgage broker for mortgage fraud; The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order

Monday, 7 July 2008
BIS report on ratings in structured finance

Friday, 4 July 2008
Speech by Charlie McCreevy on the financial turmoil and the role of the EU Commission; Consumer Credit Act 1974, Section 155: Right to recover brokerage fees; New discrimination Directive extends to financial services; The Regulated Covered Bonds (Amendment) Regulations 2008; Council issues corrigendum note re. Solvency II

Thursday, 3 July 2008
FSA update on disclosure of Contracts for Difference; Amendments to the Capital Requirements Directive – feedback on responses; 2008 work programme of French Presidency of the Council of the EU; FATF best practice paper on trade based money laundering; Industry initiatives to increase transparency in the European securitisation markets

Wednesday, 2 July 2008
FSA fines IT professional for market abuse; Financial stability and depositor protection: further consultation; Consumer awareness of the FSA and financial regulation; SEC proposes amendments to enhance Regulation of foreign broker activities in the US

Tuesday, 1 July 2008
FSA progress report on TCF; FSA Annual Report 2007/08; OFT revokes credit licence of debt management business; GSMA and EPC to accelerate deployment of mobile payment services; Credit union and cooperative legislative reform

June 2008

Monday, 30 June 2008
CEIOPS Annual report 2007 and Work Programme for 2008; CEBS consults on technical aspects of diversification; Hybrid capital – speech by Thomas Huertas, FSA; Consumer Credit Act 1974 – Post-contract information requirements; FSA Handbook Notice; FSA handbook development newsletter; The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2008

Friday, 27 June 2008
Now available through FSnet: Insurance and Reinsurance Newsletter (June issue); New pan-European non-display trading platform; FSA obtains bankruptcy order against “boiler room” accomplice; Commission refers Hungary to the European Court of Justice

Thursday, 26 June 2008
European Parliament recommendations on the future structure of supervision; FSA PPI comparison tables

Wednesday, 25 June 2008
Margaret Cole speaks at Freshfields Bruckhaus Deringer seminar; Financial Ombudsman News

Tuesday, 24 June 2008
IOSCO reports on funds of hedge funds; FSPP 2008 survey of regulated firms; Draft Proceeds of Crime Act 2002 (Investigative Powers of Prosecutors in England, Wales and Northern Ireland: Code of Practice) Order 2008

Monday, 23 June 2008
IOSCO review of regulatory issues relating to real estate funds; LSE fines firm for repeated breach of AIM Rules; CEBS annual report 2007; FSA case studies on mortgage advertising; Updated FAQs on disclosure of significant short positions in companies undertaking rights issues; Transposition of Company Law and Anti-Money Laundering Directives

Friday, 20 June 2008
FSA publishes Market Watch newsletter; Deputy Governor of Bank of England appointed and proposals for the Banking Reform Bill; FSA and BCSB memorandum of understanding; Updated FAQs on disclosure of significant short positions in companies undertaking rights issues; HMT consults on deregulating retail freight forwarding insurance; Treasury Committee publishes report on inherited estates

Thursday, 19 June 2008
CEBS report on the valuation of complex and illiquid financial instruments; CEBS report on banks’ transparency; Speech by Margaret Cole at the Enforcement Law Conference; Market Wide Pandemic Exercise: Progress Report

Wednesday, 18 June 2008
CEBS consults on liquidity risk management; Basel Committee consults on principles for sound liquidity risk management and supervision; FSA FAQs on the disclosure of significant short positions in companies undertaking rights issues; FSA feedback on review of the interaction of its solo and group capital requirements; FSA fines stockbroking firm for inadequate data security controls; HMT summary of responses on implementation of the Payment Services Directive; Court of Appeal considers an application for judicial review of the Financial Ombudsman Service

Tuesday, 17 June 2008
Regulation of credit rating agencies; European Commission Expert Group on Credit Histories; MoU on cross-border financial stability

Monday, 16 June 2008
Permitted links under Solvency II; CEIOPS publishes new QIS4 documents; MoU between New York Insurance Department and BaFin; Control of business transfers under FSMA; CESR publishes data on approved and passported prospectuses; Implementation of MiFID in Italy: distribution of illiquid financial products by intermediaries; Now available through FSnet: updated enforcement decisions table

Friday, 13 June 2008
FSA disclosure regime for significant short positions in companies undertaking rights issues; Report on fair value measurement and modelling; Tripartite Authorities publish discussion paper on the Resilience Benchmarking Project; Update on implementation of the Consumer Credit Act 2006; FSA fines Woolworths for failing to disclose information to the market in a timely manner; The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) (Amendment) Regulations 2008; CEIOPS publishes new QIS4 documents

Thursday, 12 June 2008
Speech on Solvency II by Sally Dewar, Managing Director, Wholesale, FSA; Solvency II: Shaping World Class Regulation – speech by Stephen Haddrill (ABI); The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2008; IOSCO publishes final report on private equity; Response to consultation on proposals to amend the Consumer Credit Act 1974

Wednesday, 11 June 2008
Regulating financial services – speech by Callum McCarthy (FSA); FSA action against mortgage brokers; BBA report on colleges of supervisors

Tuesday, 10 June 2008
OECD declaration on sovereign wealth funds and recipient country policies; FSMA Market Abuse Regime – responses to consultation on sunset clauses; European Multilateral Clearing Facility N.V. applies to become a recognised overseas clearing house; OFT guide on consumer credit licensing; Solvency II - partial UK impact assessment; European Financial Conglomerates news May 2008; The Building Societies (Financial Assistance) Order 2008

Monday, 9 June 2008
ESME report on role of credit rating agencies; UKLA update; Report on Art. 10 of the Prospectus Directive and the Transparency Directive; CEIOPS’ QIS4 on best estimate valuation tool

Friday, 6 June 2008
Competition Commission publishes provisional findings on supply of PPI in the UK; Action against Member States for failing to implement the Third Anti-Money Laundering Directive; Commission takes action against five Member States; FSA publishes Market Watch newsletter; FSA publishes report on fairness of terms in consumer contracts; FSA Small Businesses Practitioner Panel Annual Report 2007/08; Client seminar: "Enforcement - why, what, how?"

Thursday, 5 June 2008
FSA appoints three senior advisors; FSA seeks to close down illegal 'landbanking' company; CML outlines steps to tackle credit crunch problems; Client seminar: "Enforcement - why, what, how?"

Wednesday, 4 June 2008
FSA consults on change to with-profits funds rules; Commission’s open hearing on retail investment products; Public hearing on Insurance Guarantee Schemes; ECOFIN conclusions on clearing and settlement

Tuesday, 3 June 2008
Revised Gilt Repo Code of Guidance published; FSA issues final notice against three directors of Independent Insurance Company Limited; FSA fee rates and FOS levies for 2008/09; HMT publishes response to consultation on Government sterling sukuk issuance; CEIOPS publishes updated Q&A on QIS4

Monday, 2 June 2008
FSA speech on Key Features Documents; Study on the effect of the market turmoil on mortgage and loan markets and TCF guidance; HM Treasury paper on Embracing Financial Globalisation; CESR and CEBS hearing on the review of commodities business; CEIOPS publishes key issues on solvency for the European occupational pension sector

May 2008

Friday, 30 May 2008
Chancellor announces new FSA chairman; CEBS’ public hearing on liquidity risk management; FOS report on mortgage endowment complaints; IOSCO’s recommendations to address subprime crisis; Cash Ratio Deposits (Value Bands and Ratios) Order 2008; FSA granted permission to appeal in Fox Hays v FSA; FSA and OFT concordat on the Consumer Protection from Unfair Trading Regulations and the Enterprise Act; FSA publishes policy statement on regulating connected travel insurance

Thursday, 29 May 2008
IOSCO final report on code of conduct for credit rating agencies; The simplified regime for financial promotions; FOS’ annual review of personal finance disputes; European Commission study on financial services provision and prevention of financial exclusion; Now available through FSnet: Client briefing “Corporate finance communications under the MiFID conduct of business rules”; Correction: FSA Handbook Notice; CEIOPS final advice on insurance group issues and proportionality; English and Scottish Law Commissions publish summary of responses to consultation on reforming insurance contract law

Wednesday, 28 May 2008
FSA consults on DEPP and EG; FSA feedback on liquidity requirements; European Commission publishes new Q&A on the Payment Services Directive; OFT statement on OFT v Abbey National PLC and seven others; CEIOPS publishes issues paper on the proposed ORSA; Confidentiality and data protection in the activity of FIUs; CEIOPS publishes main conclusions of its 22/23 May 2008 meeting; FSA discussion paper on transparency as a regulatory tool; Transposition of Company Law and Anti-Money Laundering Directives

Tuesday, 27 May 2008
FSA handbook development newsletter; European Commission consults on the mandates of the Committees of Supervisors; ECB invites CSDs to join the TARGET2-Securities initiative; Charlie McCreevy speech on insurance; FSA Handbook Notice; Lamfalussy league table; Now available through FSnet: Insurance and Reinsurance Newsletter (May issue)

Friday, 23 May 2008
Mortgage broker censured for financial promotions and sales-related failings; CEBS consults on options and discretions in the Capital Requirements Directive; Consumer Credit Directive published in OJ; Guide on Financial Services and Markets Tribunal; FSA fines three mortgage brokers for inadequate sales procedures; Report by the Presidency of the Working Party on Financial Services on Solvency II

Thursday, 22 May 2008
FSA occasional paper on operational risk modelling issues; CESR protocol on the operation of notifications under article 41 of MiFID; CESR paper on criteria used to determine liquid shares; Joint HMT/FSA response to the European Commission on Mortgage Credit; Recent market events and the FSA’s response – speech by Hector Sants; Solvency II - updated and new QIS4 documents

Wednesday, 21 May 2008
CESR consults on common operation of the Market Abuse Directive; CESR updates FAQs on prospectuses; OFT and FSA joint Action Plan - progress report; Guide on Consumer Credit Appeals Tribunal; New QIS4 documents published

Tuesday, 20 May 2008
CESR’s second report on the role of credit rating agencies in structured finance; CESR’s advice on Canadian and South Korean GAAPs; Government’s response on transforming tribunals; OFT’s response to Treasury committee inquiry into inherited estates; Extract of EECS’s database of enforcement decisions

Monday, 19 May 2008
Industry expresses concerns about MiFID Q&A; OFT guidance on unfair relationships; FSA Financial Crime Newsletter; Speech by Sarah Wilson, FSA, on the future of life assurance: Managing risks; The Business Protection from Misleading Marketing Regulations and The Consumer Protection from Unfair Trading Regulations

Friday, 16 May 2008
CESR and CEBS consult on commodities business; FSA fines Thinc Group £900,000 for sub-prime record keeping failings; Lessons from the financial crisis – speech by Callum McCarthy; Principles-based regulation – Lessons from the sub-prime crisis – speech by Hector Sants; Speech by Jonathan Fischel, FSA, on mortgages; EU supervisory framework and financial stability arrangements – Council's conclusions; CEIOPS publishes updated annexes of the Luxembourg Protocol

Thursday, 15 May 2008
Banking Reform and Saving Gateway Bills; UNIDROIT convention on substantive rules regarding intermediated securities; Integration of EU Mortgage Credit Markets – Council’s conclusions; Undertaking given to FSA in connection with breach of Unfair Terms in Consumer Contracts Regulations; European Commission to create Expert Group on Financial Education

Wednesday, 14 May 2008
Actions to reduce foreign exchange settlement risk; Recognition of ICE Clear Europe Ltd; Third country equivalence for the purposes of the Third Money Laundering Directive; New Solvency II QIS4 documents published

Tuesday, 13 May 2008
6Guidance for business on the Consumer Protection from Unfair Trading Regulations; Structured Products: Principles for Managing Distributor-Individual Investor Relationship; FSA fines Land of Leather and its CEO for PPI failings; Solvency II Presidency Compromise Text; Now available through FSnet: "The EU Commission's business insurance sector inquiry: outcomes from the final report and next steps" seminar materials

Monday, 12 May 2008
FSA updates passporting FAQs; Lamfalussy league table

Friday, 9 May 2008
FSA reviews insurance comparison websites

Thursday, 8 May 2008
FAQs on politically exposed persons; Speech by Hector Sants on the future of financial regulation; BIBA publishes high level principles for placement of risk with multiple insurers; Commission consults on insurance guarantee scheme

Wednesday, 7 May 2008
ESME paper on the concept of transferable securities and financial instruments; Report on CESR’s wholesale day; ISLA consults on draft amended GMSLA; FSA consults on FSCS: EEA branches of UK insurers; FSA prohibits mortgage broker in South London area

Tuesday, 6 May 2008
ISLA consults on European agent lender disclosure; International working group of sovereign wealth funds; The Retail Distribution Review Interim Report – speech by Amanda Bowe; Speech by Mr Malcolm D Knight on weaknesses revealed by the market turmoil

Friday, 2 May 2008
FSMT decision Salman Khan v FSA; Bank of England’s Financial Stability Report; Devitt Insurance Services Limited and Screentrade panel undertaking

Thursday, 1 May 2008
Customer suitability in the retail sale of financial products and services; Treating customers fairly in wholesale markets; Level 3 Committees’ Impact Assessment Guidelines; Inquiry into Offshore Financial Centres; OECD countries agree new good practices on financial education; CEIOPS uploads responses to consultation paper No. 24 and 25

April 2008

Wednesday, 30 April 2008
FSA interim report on the retail distribution review; Call for advice on the review of the Financial Conglomerates Directive; FSA publishes feedback on the review of the prudential rules for personal investment firms; FSA publishes Market Watch newsletter; Now available through FSnet: Client briefing "To remit or not to remit – part 3?" (McGrath and another and others v Riddell and others)

Tuesday, 29 April 2008
FSA’s internal audit report on Northern Rock; Fraud in relation to non-cash payments in the EU; Feedback on money laundering and terrorist financing cases and typologies

Monday, 28 April 2008
Identification and management of risk concentrations; FSA Handbook Notice; Information Commissioner’s decision with respect to the FSA; FSA handbook development newsletter

Friday, 25 April 2008
OFT v Abbey National PLC and seven others; EU Commission publishes updated Q&A on MiFID; FSSC launches new quality standard for financial advisers; Equivalence of supervisory regimes in Switzerland and the USA for the purposes of the Financial Conglomerates Directive and the Banking Consolidation Directive; FSA on data security in financial services; New statutory instruments published

Thursday, 24 April 2008
Thomas Huertas speech on securitisation and the "originate and distribute" model; Commission proposes amendments to the Settlement Finality Directive and the Financial Collateral Arrangements Directive

Wednesday, 23 April 2008
AMI proposals for the mortgage market; Financial Ombudsman News; Transposition of Company Law and Anti-Money Laundering Directives; FSA/HMT publish discussion paper on enhancing group supervision under Solvency II

Tuesday, 22 April 2008
Charlie McCreevy speech on post-trading arrangements in Europe; Bank of England launches special liquidity scheme

Monday, 21 April 2008
CESR launches work to strengthen market confidence; Consultation on FSCS funding – tariff changes; IMA proposals for a revised SORP for authorised funds; Client seminar: The EU Commission's business insurance sector inquiry - outcomes from the final report and next steps

Friday, 18 April 2008
FSA publishes Capital Markets Bulletin; IOSCO updates methodology for assessing implementation of its objectives and principles of securities regulation; ISDA proposes harmonisation of netting in Europe; Now available through FSnet: Insurance and Reinsurance Newsletter (April issue); Client seminar: The EU Commission's business insurance sector inquiry - outcomes from the final report and next steps; European Commission consults on Insurance Block Exemption Regulation

Thursday, 17 April 2008
Amendments to the Capital Requirements Directive; Basel Committee announces steps to strengthen the resilience of the banking system; Best practices for the hedge fund industry; FOS budget for 2008/09 finalised and approved; European Commission publishes new Q&A on the Payment Services Directive; Now available through FSnet: "MiFID 6 months on – a European perspective" seminar materials

Wednesday, 16 April 2008
FSA fines mortgage broker; Accountants jailed for investment fraud and conspiracy to corrupt a US official; OECD Financial Markets Committee calls for reform of financial markets; OFT consumer detriment report

Tuesday, 15 April 2008
European Commission publishes Q&A on the Payment Services Directive; A risk-based approach to anti-money laundering supervision in the UK; FATF’s revised mandate for 2008-2012; FSCS publishes new edition of Outlook; IFSB technical note on strengthening liquidity management; FSA varies permission given to Ideal Insurance Services Limited

Monday, 14 April 2008
IMF report on the recent financial turmoil; CESR publishes Q&A on MiFID; IOSCO updates its objectives and principles of securities regulation; Leading-practice disclosures for selected exposures

Friday, 11 April 2008
FSA applies for permission to appeal Fox Hayes FSMT decisions; Speech by Dan Waters on regulation of hedge funds; HM Treasury on amendments relating to Part VII of FSMA 2000 - Control of Business Transfer in the Insurance Sector; CEIOPS publishes revised Annex to the draft advice on proportionality – QIS4; Speeches by Hector Sants and Callum McCarthy at the FSA’s Insurance Sector Conference

Thursday, 10 April 2008
FSA fines third party administrator £525,000 for customer documents failings; HM Treasury launches Mortgage Finance Working Group; OECD countries and Sovereign Wealth Funds; OFT warns 13 companies about their debt collection practices; Charlie McCreevy on international developments in insurance regulation; Lord Hunt publishes report on review of the Financial Ombudsman Service

Wednesday, 9 April 2008
Draft Building Societies (Financial Assistance) Order 2008; Adoption of Directive on credit agreements for consumers; European Commission to create new CESAME II Group; Margaret Cole speech on enforcing financial services regulation; Chairman’s overview of the FSPP; Speech by Kerstin af Jochnick, Chair of CEBS; Lamfalussy league table

Tuesday, 8 April 2008
Definition of capital instruments for financial conglomerates; Equivalence of Canadian and South Korean GAAPs; OFT’s guidance for consumer credit group licence holders and applicants; Fox Hayes v FSA – was the FSA penalty excessive?; New tribunal to deal with consumer credit appeals; FSA's Major Retail Thematic Work Plan 2008/2009; Client seminar: The EU Commission's business insurance sector inquiry - outcomes from the final report and next steps; FSA quarterly consultation paper

Monday, 7 April 2008
CEBS’ proposal for a common EU definition of Tier 1 hybrids; European Commission report on non-equities market transparency; FSA publishes international regulatory outlook; Important changes to the Consumer Credit Act 1974; Statement of principles for professionalism; Islamic Financial Services Board guidance note on capital adequacy and technical note on strengthening liquidity management; CEBS advice on review of the large exposures regime; Consultation on the introduction of a plea negotiation framework for fraud cases in England and Wales; Proceeds of crime-related statutory instruments; Legal opinion on the Solvency II proposal

Friday, 4 April 2008
Ministry of Justice publishes consultation paper on Rome I Regulation on law applicable to contractual obligations: should the UK opt in?; Commission feedback statement on "substitute" retail investment products; Credit Risk Transfer: developments from 2005 – 2007; Transposition of Financial Services Action Plan Directives

Thursday, 3 April 2008
FSA fines stockbroker £122,500 for poor sales practices; Commission launches investigation into UK restructuring aid package for Northern Rock; FOS publishes new business guides; CEIOPS: Launch of QIS 4 for the Solvency II project; Review of implementation of the IORP directive; Charlie McCreevy speech on policy response to financial turmoil

Wednesday, 2 April 2008
FSA occasional paper: UK Listing Rules and Firm Valuation; Transfer of client assets: Client agreements in relation to a Transfer of Business; FSA publishes consultation paper on Client Assets sourcebook (CASS); CESR review of old standards and the implementation of UCITS Guidelines; HM Treasury launches consultation to update the Myners principles; OFT publishes Annual Plan 2008-09; CEIOPS’ Survey on proposals for amending the IMD and the Luxembourg Protocol; The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) Order 2008; Proposals for a modernised US financial regulatory structure; Fourth Quantitative Impact Study: Call for advice and technical specifications

Tuesday, 1 April 2008
New Banking Code launched; Feedback on FSA’s Discussion Paper on platforms; CESR advice on the equivalence of Chinese, Japanese and US GAAP; FSA policy statement on the Dispute Resolution: Complaints sourcebook; FSA Mortgage Effectiveness Review; Risks and challenges in the emissions trading market; CEIOPS general protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union

March 2008

Monday, 31 March 2008
Duties to notify the OFT of changes in information; FSA handbook notice; Effective inspection and enforcement at the OFT; FSA handbook development newsletter; Transposition of Company Law and Anti-Money Laundering Directives; CEIOPS Committee on Consumer Protection; Main conclusions of the CEIOPS Members’ Meeting

Friday, 28 March 2008
OFT interim guidance on implementation of the Unfair Commercial Practices Directive

Thursday, 27 March 2008
FSA review of its supervision of Northern Rock; Proposed changes to the Code of Conduct for credit rating agencies; CESR/CEBS/CEIOPS consultation on information on the payer accompanying funds transfers

Wednesday, 26 March 2008
IMF board endorses work agenda on Sovereign Wealth Funds; Preliminary findings of the investment quality of advice processes review

Tuesday, 25 March 2008
FSA issues discussion paper on transparency, disclosure and conflicts of interest in the commercial insurance market; Draft Consumer Credit (Information Requirements and Duration of Licences and Charges) (Amendment) Regulations 2008

Thursday, 20 March 2008
FSA warning on market abuse; FSA fines firm for failing to maintain adequate capital and providing misleading information; Management changes at the FSA; The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2008; Socimer case: contractual provisions for valuing securities on default

Wednesday, 19 March 2008
European Parliament Committee on Economic and Monetary Affairs publishes draft report on Solvency II; Now available through FSnet: Insurance and Reinsurance Newsletter (March issue)

Tuesday, 18 March 2008
Latest edition of "List!"; Financial Ombudsman News; Treasury letter to ECOFIN Council outlining issues requiring urgent attention; Client guide: “Recent developments in class actions and third party funding of litigation”; Now available through FSnet: Client guide on Treating customers fairly

Monday, 17 March 2008
Firms’ implementation of a risk-based approach to anti-money laundering; Sovereign Wealth Funds; Regulation of Modified Credit Agreements; The Consumer Credit Appeals Tribunal Rules 2008; FSSC launches online consultation for new training & competence standards; FSnet-Insurance

Friday, 14 March 2008
European Commission report on new EU retail product framework for real estate funds; The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (SI 2008/705); The Stamp Duty Land Tax (Open-ended Investment Companies) Regulations 2008; Briefing: Price-fixing does not constitute a criminal conspiracy to defraud (Norris v Government of the United States of America); Client seminar: MiFID 6 months on - a European perspective; FSnet - Insurance

Thursday, 13 March 2008
Budget 2008

Wednesday, 12 March 2008
FSA publishes commentary on systems and controls, in light of the Société Générale “rogue trader”; The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

Tuesday, 11 March 2008
APACS creates enhanced intelligence unit to aid fight against fraud; The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008; Institute of International Bankers' Annual Conference, Speech by Callum McCarthy Chairman, FSA; FSA appoints two new Directors; The Financial Services Practitioner Panel to launch its 2008 survey of regulated firms; "Bed and Breakfast" share dealings by directors etc: Model Code implications

Monday, 10 March 2008
HM Treasury consults on proposals to modernise Lloyd’s of London

Friday, 7 March 2008
FSA policy statement on regulated covered bonds; FSA consults on changes to the sponsor regime; Civil Justice Council consults on a mortgage arrears protocol; Charlie McCreevy speech on recent financial turmoil; Risk management practices during recent market turmoil

Thursday, 6 March 2008
Money Service Businesses – re-registration under the Money Laundering Regulations 2007; ECOFIN interim report on financial market stability;CEIOPS’ public hearing on insurance groups supervision and proportionality under Solvency II

Wednesday, 5 March 2008
Misleading marketing and unfair trading regulations

Tuesday, 4 March 2008
Thoresen review of generic financial advice – final report; Treasury warns of higher risk of money laundering and terrorist financing; CESR database on shares admitted to trading on EU regulated markets; FSA publishes new rules on telephone recording; Key regulatory challenges for platforms

Monday, 3 March 2008
Changes to consumer credit licence fees; CEBS publishes electronic guidebook; FSA handbook changes (including changes to telephone taping); Skipton Financial Services in breach of Data Protection Act; FSA handbook development newsletter; Now available through FSnet: The Financial Ombudsman Service under review

February 2008

Friday, 29 February 2008
CEBS/CEIOPS/CESR work programme priorities for 2008/2010; European Commission Communication on the Europe's financial system; BCBS’s chairman speech on recent market turmoil; Lamfalussy league table; Now available through FSnet: Insurance and Reinsurance Newsletter (February issue)

Thursday, 28 February 2008
UK Parliament's Treasury Committee announces new inquiry into inherited estate held by life assurance companies' with-profits endowment funds; European Commission publishes amended proposal for the Solvency II Framework Directive; MoU between Cayman Islands Monetary Authority and FSA; Draft SIs on business protection from misleading marketing and on consumer protection from unfair trading; FSA appoints Alexander Justham as Director of Markets; Clive Briault speech on the FSA’s retail strategy; FSA Q&A on regulatory fees and levies; Government response to House of Lords Select Committee report on UK economic regulators; The FSA’s commitment to risk-based regulation; European Commission publishes FAQs on sovereign wealth funds

Wednesday, 27 February 2008
Commission report on cross-border payments in euro; LSE publishes post-MiFID rules; UKLA publishes updated passporting factsheet; European Parliament and Council adopt directive concerning technical amendments to the Reinsurance Directive (2005/68/EC)

Tuesday, 26 February 2008
UKLA List!; CESR’s hearing on the role of credit rating agencies in structured finance; CEIOPS publishes two consultation papers on proportionality and insurance groups supervision relating to Solvency II; Draft Northern Rock plc Compensation Scheme Order 2008; Draft Serious Crime Act 2007 (Amendment of the Proceeds of Crime Act 2002) Order 2008

Monday, 25 February 2008
FSA consults on Funds of Alternative Investment Funds; Tax framework for Funds of Alternative Investment Funds; Banking (Special Provisions) Act 2008; Banking/investment groups and financial conglomerates: equivalence of supervisory arrangements in Switzerland and the US; AIC guidance on the requirements of the Listing Rules regarding investment policies

Friday, 22 February 2008
CESR feedback on improving the functioning of the MiFID database; BIS report on liquidity risk: management and supervisory challenges; Transposition of Company Law and Anti-Money Laundering Directives; CESR feedback statement on possible level 3 work on the Transparency Directive

Thursday, 21 February 2008
FSA prohibition orders against two individuals for making false mortgage applications; Proceeds of Crime Act: statutory instruments; Final report on the Thoresen Review of Generic Advice; Client seminar: “Banking reform in the UK”; The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008

Wednesday, 20 February 2008
FSA consults on simplifying disclosure on information about services and costs; Joint CESR/ERGEG call for evidence on record keeping, transparency, supply contracts and derivatives for electricity and gas; CEIOPS publishes main conclusions of Members’ Meeting; Orders made under the Proceeds of Crime Act 2002

Tuesday, 19 February 2008
CESR publishes changes to the database of shares admitted to trading on regulated markets; Letter from EU Commission to FMLC clarifying Prospectus Directive – “Offer to the Public”; HM Treasury publishes final draft of the Banking (Special Provisions) Bill; ABI publishes industry report on customer impact survey 2007/08; CEIOPS publishes conclusions from public hearing on consumer protection; Implementation of MiFID in Spain

Monday, 18 February 2008
CESR advice on the content and form of key information document (KID) disclosures for UCITS; Lamfalussy league table

Friday, 15 February 2008
HM Treasury proposals for a UK recognised covered bonds legislative framework; BERR publishes Government response to consultation on removing barriers to the sharing of non-consensual credit data

Thursday, 14 February 2008
Unauthorised stockbroker sentenced to 15 months imprisonment; Tackling mortgage fraud – speech by Philip Robinson; EU Commission announces next steps in its work on insurance guarantee schemes; Directive making technical amendments to MiFID; CESR consults on the role of credit rating agencies in structured finance

Wednesday, 13 February 2008
Sarah Wilson speech on Treating Customers Fairly; Extension of deadline for responses to joint CESR/CEBS Call for Evidence on commodities; European Commission report on investment funds; CESR updates list of Accepted Market Practices

Tuesday, 12 February 2008
FSA bans broker and fines him £21,000 for dishonesty and misleading customers; OFT report on credit card comparisons

Monday, 11 February 2008
Foreign judgment is admissible evidence under POCA; European Commission’s policy priorities for the insurance sector

Friday, 8 February 2008
House of Lords report on Solvency II; Solvency II; FSMT decision confirms FSA's variation and cancellation of general insurance broker's Part IV permission; HM Treasury consults on super-equivalent provisions of market abuse regime; FSCS publishes plan and budget for 2008/09; Credit crisis and credit rating agencies; Financial Ombudsman News; Now available on FSnet: Client briefing on the FSA's new rules for non-investment insurance

Thursday, 7 February 2008
FSA Business Plan and Budget for 2008/09; IOSCO addresses subprime crisis; FSA consults on regulatory fees and levies for 2008/09

Wednesday, 6 February 2008
CESR publishes 2008 MiFID Level 3 work programme; Consumer Protection from Unfair Trading Regulations

Tuesday, 5 February 2008
Tripartite initiative: Resilience re-benchmarking exercise 2007/08; FSA review of the selling practices by smaller retail stockbrokers

Monday, 4 February 2008
European Commission publishes Q&A on the Payment Services Directive; Lamfalussy league table; FSA response to Lord Hunt review of FOS

Friday, 1 February 2008
FSA’s Life Insurance Newsletter; FSA’s General Insurance Newsletter; CEIOPS publishes background documents to QIS4; European Commission’s new system of consumer investigations; EU Commission refers Czech Republic, Poland and Spain to Court of Justice over non-implementation of MiFID; CESR publishes interim report; FSA regulatory developments and the challenges ahead – speech by Clive Briault; Now available on FSnet: Client briefing on significant amendments to the German Investment Act

January 2008

Thursday, 31 January 2008
Consultation on financial stability and depositor protection; FSA financial crime newsletter; The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (Eurex Clearing AG) (Amendment) Regulations 2008 (SI 2008 No.164); FSA bans director of mortgage advisory firm for failing to consider regulatory responsibilities; FSA’s FAQs on unfair contract terms

Wednesday, 30 January 2008
FSA’s Financial Risk Outlook

Tuesday, 29 January 2008
House of Commons Treasury Committee’s report on Northern Rock; Calculation of own funds of financial conglomerates - CEBS/CEIOPS recommendations; Now available through FSnet: Insurance and Reinsurance Newsletter (January issue); FSMT decision on withdrawal of approval and cancellation of permission to carry on regulated activities; FSMT decision on FSA supervisory notice varying permission with immediate effect

Monday, 28 January 2008
FSA thematic review on use of dealing commission; FSA update on current regulatory challenges – speech by Dan Waters; FSA handbook development newsletter; FSA handbook notice; EU Consumer “MarketWatch” launch; Lamfalussy league table; Insurance and Reinsurance Newsletter (January issue)

Friday, 25 January 2008
Transposition of Company Law and Anti-Money Laundering Directives

Thursday, 24 January 2008
Summary of public consultation on the reorganisation and winding-up of credit institutions; FSA and HM Treasury submission to the Commission’s call for evidence on substitute products; Landmark House of Lords decision on claims for repayment of VAT

Wednesday, 23 January 2008
Hedge Fund Working Group publishes Hedge Fund Standards; EU Council conclusions on the Single Market Review; Disclosures to promote transparency and market discipline for institutions offering Islamic financial services; The impact of private equity on the UK financial services sector

Tuesday, 22 January 2008
Call for Advice on commodities; FSA publishes early reporting FAQs

Monday, 21 January 2008
ABI/CRA research paper on customer agreed remuneration; CEIOPS’ reply to the European Commission’s call for evidence on product transparency and distribution requirements for “substitute” retail investment products; CEBS renews its Bureau and elects new Chair and Vice Chair; European Commission publishes updated Q&A on MiFID

Friday, 18 January 2008
OFT requests furniture retailer Land of Leather to make credit advertising clearer; The Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations (SI 2008/52); CEBS publishes summary of Pillar 3 workshop discussions

Thursday, 17 January 2008
European Commission publishes updated Q&A on MiFID; Delayed – OFT test case on unauthorised overdraft charges; Consumer Commissioner Kuneva welcomes European Parliament decision to back new rules on consumer loans; FSA fines HFC Bank £1.085 million for PPI failings

Wednesday, 16 January 2008
Contract certainty in the insurance industry – update; Update on MiFID transposition; Transposition of Financial Services Action Plan Directives; FSSC launches project for NOS for financial sector risk management

Tuesday, 15 January 2008
FSA reviews structure of UK Listing Regime; Institutional arrangements for financial sector supervision; FSA fines firm for using high pressure sales tactics; FSA speech: changes to sponsor regime and inside information in the context of public takeovers; OFT test case on unauthorised overdraft charges commences in High Court; English and Scottish Law Commissions publish issues paper on insurable interest

Monday, 14 January 2008
FOS publishes corporate plan and 2008/2009 budget; Slovenian Presidency’s work programme for ECOFIN

Friday, 11 January 2008
FSA appoints Sally Dewar as Managing Director, Wholesale; FSA's good practice guide for CIS managers on treating customers fairly

Thursday, 10 January 2008
ABI publishes guidance paper on non-disclosure and TCF – claims for long term protection insurance products; Lamfalussy league table

Wednesday, 9 January 2008
Commission adopts Regulation on “equivalence mechanism” in relation to third country GAAPs

Tuesday, 8 January 2008
EU Commission publishes a comparative analysis of insurance guarantee schemes in the EU; OFT publishes revised consumer credit guidance; ESME report on MiFID and admission of securities to official stock exchange listing; First report of ESME on the Transparency Directive; FSA bans Eric Stevens for misconduct

Monday, 7 January 2008
FSA quarterly consultation paper

Friday, 4 January 2008
Now available through FSnet – client briefing on claims co-operation clauses in insurance policies: notification of claims

Thursday, 3 January 2008
FSA modification by consent of BIPRU 7.11.26(2) and 7.11.39(2); Communication from Commission on removing obstacles to cross-border investments by venture capital funds; Legislative and Regulatory Reform (Regulatory Functions) Order 2007; CEBS paper on supervisory colleges and home-host cooperation; FSA handbook development newsletter; HM Treasury paper on property authorised investment funds; Commission seeks advice on commodity and exotic derivatives and related business