30/07/2010
The FSA is to update its Remuneration Code as it absorbs the rules required by the EC’s Capital Requirements Directive (CRD3) and the UK’ s Financial Services Act 2010 (FS Act).
The FSA’s current Code applies to the largest banks, building societies and broker dealers. However, CRD3 will bring additional firms within its scope, including hedge funds.
Although, the FSA does not intend the updated its code to be exactly equivalent with CRD3, changes will broadly align with the Directive’s remuneration guidelines. The proposed changes include:
The scope of the code – as this
17/06/2010
UK Chancellor George Osborne has announced the abolition of the Financial Services Authority (FSA), giving most of its power to the Bank of England, transforming the central bank into one of the most powerful regulatory bodies in the world.
In his first speech at the annual Mansion House dinner, Obsorne confirmed that the FSA will continue in its role as the UK’s financial advisory body until 2012 when it will be broken up, with the part that monitors financial institutions continuing as the “Prudential Regulatory Authority” but operating as a full subsidiary of the Bank of England.
20/04/2010
The FSA has announced that it is to launch a formal enforcement investigation into Goldman Sachs following recent allegations made against the firm by the Securities and Exchange Commission (SEC).
The US regulatory body has accused Goldman of defrauding investors by selling them a collateralised debt obligation (CDO) but failing to tell them that US hedge fund Paulson & Co, which took a short position on the CDO, had played a role in selecting the security’s underlying assets.
Within nine months, almost of the mortgages in the CDO had been downgraded, resulting in losses of
23/03/2010
Senior city professionals from Deutsche Bank, BNP Paribas and $15bn hedge fund Moore Capital were among seven individuals arrested as part of the Financial Services Authority’s (FSA’s) largest ever operation against insider dealing.
16 addresses in the London, South East and Oxfordshire areas were searched, and documents and computers seized, as part of the joint operation between the FSA and the Serious Organised Crime Agency (SOCA), which began in late 2007.
It is alleged that the city professionals passed inside information to traders who then profited substantially from the subsequent trades. A seventh individual was
07/10/2009
UK regulator the Financial Services Authority (FSA) has revealed plans for a new survey of the hedge fund sector which will see 50 of the UK’s biggest fund managers assessed for systemic importance. The move is part of efforts to address calls for fresh data collection made at the G20 in April and by FSA chairman Lord Turner in his March report.
The FSA survey, expected to be initiated this month, will gather information on issues such as concentration of risk positions and use of leverage, with a view to establishing the ‘footprint’ of funds and managers.
01/10/2009
The Financial Services Authority (FSA) has issued an official Feedback Statement confirming its opposition to restricting short-selling, in favour of a more disclosure-led approach.
19/08/2009
Genuine attempts made by UK-based activist investors to improve corporate governance at investee companies have received the official seal of approval from city watchdog the Financial Services Authority (FSA).
