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Clifford Chance: FSA Update

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Clifford Chance
January 21, 2013
5 pages

In this issue:

FSA fines and bans insurance broker for misappropriating funds and selling worthless policies
Tribunal rules on revocation of prohibition order
FSA in discussions on PPI deadline
FSA issues statement on trading losses
Final guidance published on risks to customers posed by financial incentives
FSA consults further on FSCS funding
FSA publishes policy on ILAS BIPRU Firm Automatic Scalar
Interim Financial Policy Committee issues guidance on use of new direction powers
Treasury Select Committee releases report on future FCA approach

Latest UK Financial Services News

Charles Russell: Restrictions on the retail distribution of unregulated collective investment schemes (“UCIS”) and close substitutes

June 19, 2013 Unregulated Collective Investment Schemes

Weil: CLO Briefing: Recent European Regulatory Developments

June 18, 2013 Financial Services (EU)

Akin Gump: Final Draft of UK Transitional Rules for Marketing and Managing Alternative Investment Funds Passed on for Parliamentary Approval

June 18, 2013 Treasury Consults (Quickly) on AIFMD

FSA Assesses City's Bribery Act Efforts; Not Impressed

Allen & Overy: FSA thematic review into anti-bribery and corruption systems and controls

WilmerHale: FSA Review into Anti-Bribery and Corruption Systems and Controls in Investment Banks

Baker Botts: New UK Government Assessment Shows Anti-Bribery Controls Lacking

Greenlight: FSA Fines Hedge Fund For Market Abuse

Taylor Wessing: Disclosing inside information – can investors still be brought 'over the wall'?

Gibson Dunn: A Tale of Market Abuse Highlighting Traps for the Unwary

Jones Day: FSA's Fine of David Einhorn and Greenlight Capital for Insider Trading Violation

FCA Consults on AIFMD

SJBerwin: UK's regulator consults further on AIFMD implementation

Nabarro: Second FSA consultation paper on transposing the AIFMD

Proskauer: UK Regulators Propose Implementing Rules and Regulations on AIFMD

FSA fines Willis Ltd; Sheds Light on "Adequate Procedures"

Paul Hastings: Willis Limited Hit with Record Fine for Failure of Anti-Corruption Controls

K&L Gates: FSA Anti-Corruption Enforcement - No Bribery Act Required

Shoosmiths: Throwing light on the meaning of adequate procedures? [FSA Decision re: Willis Limited]

The Financial Services Act 2013

Willkie Farr & Gallagher: Enforcement Under The New UK Regulatory Architecture

Morrison Foerster: The UK’s Financial Services Act 2012: Some Key Features

Macfarlanes: Twin Peaks Regulation - What next?

Independent Commission on Banking's Final Report on Banking Reform

Ashurst: UK banking reform: change is coming

Linklaters: Government White Paper on Banking Reform

ReedSmith: Banking Reform: Delivering Stability and Supporting a Sustainable Economy

FSA Revises Remuneration Code

Herbert Smith: Remuneration: FSA Guidance replaces tiering with new proportionality regime

Shearman & Sterling: FSA Proposes to Amend Proportionality Provisions of the Remuneration Code

Linklaters: FSA Remuneration Code: consultations on proportionality tiers and remuneration data collection

"Disguised Remuneration" Legislation

Squire Sanders: Disguised Remuneration – the Effect on Image Rights Payments

Linklaters: Final Guidance on Disguised Remuneration Published

Pinsent Masons: Share plans - Disguised Remuneration – HMRC draft guidance brings some further clarification on some issues but no significant changes in approach

Mandatory Taping of Mobile Calls For UK Finance Sector

Schulte Roth & Zabel: FSA Makes Amendments to Telephone Taping Rules

Travers Smith: "Telephone taping": removal of the mobile phone exemption

McDermott Will & Emery: FSA Approves Taping Relevant Communications Conducted on Mobile Phones

Retail Distribution Review

Taylor Wessing: FSA publishes top questions on RDR

Ropes & Gray: New UK Distribution Rules Effective December 31 – the Impact on Fund Managers

Ashurst: RDR: Adviser charging and inducements

FSA's Client Assets Sourcebook (CASS)

SJBerwin: The FSA publishes further changes to its CASS rules

Slaughter & May: Reforming the UK Client Money Regime: A regulatory response to the Lehman litigation

Debevoise & Plimpton: FSA Review of the Client Money Rules for Insurance Intermediaries

UK Stewardship Code

Herbert Smith: Stewardship Code – new requirement for asset managers to include a statement of compliance on their websites

Norton Rose: The UK Stewardship Code - focus on asset managers

Morrison Foerster: The UK Stewardship Code

OFT's Equity Underwriting Study

Dechert: OFT Concludes Its Market Study on Equity Underwriting and Associated Services

Linklaters: OFT finds lack of competitive pressure on equity underwriting fees

Hogan Lovells: And now for some good news for banks ... OFT proposes no further investigation on equity underwriting fees

Sullivan & Cromwell: UK Bank Levy: Amendments to the UK Bank Levy Regime and its Interaction with French and German Bank Levies

Sullivan & Cromwell: Bank Levies in the UK, France and Germany: A Comparison of the New Levies on Banks

Clifford Chance: UK Bank levy – revised draft legislation published

The Walker Review

Morgan Lewis: Guidelines Monitoring Group Updates Walker Guidelines

Ashurst: Upper Tribunal decision in FSA's case against Swift Trade Inc is a warning to those offering market access trading facilities to customers

SJBerwin: The UK’s Walker Guidelines

The Turner Review

Taylor Wessing: Arch cru: FSA issue public censure (but no fine) against Authorised Corporate Director

Clifford Chance: Turner Review Part 2: How to regulate banks which are "too big to fail"?

DentonWildeSapte: Turner Review Feedback – a victory for FSA?

Springwell v JPMorgan: Mis-selling To Sophisticated Clients

SJBerwin: Mis-selling claims compared: England and Germany take different approaches

Norton Rose: Mis-selling claim - Springwell Navigation Corporation v JP Morgan Chase Bank

Slaughter & May: The doctrine of contractual estoppel in the financial services arena [JPMorgan v Springwell]

Tax on UK Bank Bonuses (Boni)

Sullivan & Cromwell: UK Bank Payroll Tax on Certain Bonuses Paid by Financial Institutions - Final Legislation and Additional Developments

Fried Frank: UK Bank Payroll Tax – Further Clarifications and Exclusions Issued

Pinsent Masons: Bank Payroll Tax