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  • HoL: Financial Services Bill

    04/07/2012
    A further sitting of the Committee stage was held on 3 July. Amendments discussed covered clause 3 of the Bill. ... The Hansard transcription follows. The Committee stage continues on 10 July 2012.
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  • SFO: Oxford Publishing Ltd

    04/07/2012
    This press release notes a High Court Order instructing Oxford Publishing Limited to pay £1,895,435 in recognition of sums it received... which were generated through unlawful conduct related to subsidiaries incorporated in Tanzania and Kenya. In 2011, the firm became aware of the possibility of irregular tendering practices involving its education business in East Africa and, following an investigation voluntarily reported certain concerns in relation to contracts arising from a number of tenders which its Kenyan and Tanzanian subsidiaries, OUPEA and OUPT, entered into between the years 2007 and 2010.
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  • FSA: Sage Financial Services Limited/Burns-Anderson Limited

    03/07/2012
    FSA reports that these firms have been put into liquidation and has provided a Q&A, in which it advises consumers that... financial advisers who were part of their networks of financial adviser firms will not be able to give advice for the time being (FSA provides a full list of such firms).
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  • IAIS: 2012 Common Framework

    03/07/2012
    IAIS has published the 2012 draft of the Common Framework for the Supervision of Internationally Active Insurance Groups (known as “ComFrame”).... This is described as an integrated, multilateral and multidisciplinary framework for the group-wide supervision of internationally active insurance groups. It builds on, and complements, the IAIS’ Insurance Core Principles, standards and guidance and are applicable to all insurers and insurance groups, unless otherwise specified. Responses are required by 31 August 2012.
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  • ESMA: Call for evidence - empty voting

    03/07/2012
    ESMA has now published a feedback statement in respect of the above. Following analysis of responses received and work conducted... by the EC on the Transparency Directive, ESMA has concluded that feedback has not been sufficiently decisive to justify any regulatory action at European level. ESMA will not conduct any further research on empty voting at present.
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  • FSA: Policy Development Update 148

    03/07/2012
    The latest edition of FSA's publication, giving information about recently issued publications and an updated timetable for forthcoming publications
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  • EC: Legislative proposals – PRIPS/IMD/UCITS

    03/07/2012
    The EC has announced the above-mentioned proposals on key information documents for PRIPS; a revision of IMD and a proposal intended... to boost protection for buyers of investment funds. .The PRIPS proposal foresees that every manufacturer of investment products will have to produce a KID, which will follow a common standard as regards structure, content, and presentation. Changes to IMD include consumer protection enhancement and new rules on conflicts of interest and disclosure. Changes to UCITS address the definition of the tasks and liabilities of all depositaries acting on behalf of a UCITS fund; rules on the remuneration of UCITS managers and a common approach to how core breaches of the UCITS legal framework are sanctioned.
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  • EP: Plenary Vote on Solvency II Delaying Measure

    03/07/2012
    The European Parliament held a plenary vote on the Solvency II delaying "mini-directive" (2012/0110). The Directive was adopted by 667 votes... to 17 (with 8 abstentions).
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  • HoC: LIBOR (FSA investigation)/Banking union (2 July 2012)

    03/07/2012
    George Osborne has made a further statement in HoC, in which he confirms that the Government is to propose amendments to... the Financial Services Bill in the autumn “to ensure that all future fines paid by the financial services industry should go to the taxpayer” – this arrangement will be backdated to fines received from 1 April 2012. He has asked Martin Wheatley (CEO designate of FCA) to review what reforms are required to the current framework for setting and governing LIBOR. This will include looking at whether participation in the setting of LIBOR should become a regulated activity, at the feasibility of using actual trade data to set the benchmark, and at making initial recommendations on the transparency of the processes surrounding the setting and governance of LIBOR. The review will also look at the adequacy of the UK’s current civil and criminal sanctioning powers, with respect to financial misconduct and market abuse with regard to LIBOR and potentially other price-setting mechanisms in financial markets. Martin Wheatley will report in the summer on this matter. A further inquiry, on professional standards in the banking industry, has been announced. A motion to establish a Parliamentary Joint Committee, to be chaired by Andrew Tyrie, will take place soon and it is hoped that the Joint Committee will report at the end of the year. A link to the transcript of George Osborne’s statement and MPs’ reactions follows.  The second link is to David Cameron's earlier statement in HoC, in which he noted the latter enquiry and also commented on the banking union as discussed at the EC summit last weekend: "on the specific proposal of a banking union, I ensured that Britain will not be part of any common deposit guarantees or under the jurisdiction of any single European financial supervisor. I am very clear that British taxpayers will not be guaranteeing any Eurozone banks".
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  • FSA: Speech by Adair Turner: FSA’s Annual Public Meeting (3 July 2012)

    03/07/2012
    FSA has published the text of the above, in which Adair Turner discusses FSA’s work in the past within the context... of what the FSA has achieved over four years since the onset of the financial crisis. He also considers the recent investment banking issues and suggests “it’s fair to say that in the past the FSA has tended to a somewhat caveat emptor approach to wholesale conduct issues. … An insurance company or pension funds may be itself a large institution, but sitting behind the company or pension fund are retail investors: and any poor practice which unreasonably shifts income to the industry is at the expense of some end retail customer. There are no free lunches, and shoddy wholesale practice is not a victimless act, even in those cases where it is not defined as a crime. We will therefore need to think carefully how far we should shift our past approach to the supervision of wholesale conduct, and what resources and skills we need to be more effective in this area”. This will be an issue covered by an FCA approach document expected in the autumn. He also notes that FSA’s “best current estimate” of the cut over from FSA to FCA/PRA is April 2013, adding “it depends on the parliamentary timetable up to Royal Assent and the time needed thereafter for secondary legislation and regulations. From the point of view of the leadership and staff of the FSA, we want legal cut over to be as soon after March 1 as possible”.
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