i-law

Compliance Monitor

European Union financial services update
In this month’s update on EU financial services developments we review the following: ISD update: the Commission’s plans for a radical overhaul of the Investment Services Directive; Investor protection: publication of a Commission’s communication on the application of the investor protection rules to investment firms; Insurance solvency margins: European Union plans to harmonise insurance companies’ solvency margins.
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
The Wise Men’s journey: where should they go?
This year has witnessed tremendous change in European financial markets, from the launch of the euro and the publication of the EU Financial Services Action Plan to consolidation amongst equity exchanges and heightened competition from alternative trading systems. In this article Michael McKee offers the British Bankers’Association perspective on 12 hectic months.
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
The FSA Authorisation Manual
Simon Morris of CMS Cameron McKenna looks at the structure and detail of CP63, the draft FSA Authorisation Manual.
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
The “new” role for human resource management: influencing behaviour under the FSA regime
In the first of a two-part article on the implications of the FSA’s regulatory approach for people management and development, Viv Pyne of PricewaterhouseCoopers considers the shift in emphasis from rule-based compliance to a culture of commitment underpinned by risk management and looks at the tools available to achieve organisational competence.
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
E, it’s not easy
E-commerce is a moving target and both domestic and international legislators and regulators are continually retraining their sights. It is essential therefore for compliance professionals to keep up to date with their thinking and the emergent laws..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Wise men display caution
The EU “wise men” group, chaired by Alexandre Lamfalussy, a former Belgiam central banker, has called on EU member states to make regulation more responsive to the rapid pace of change in the financial services and capital markets but..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Safe harbours
The supplement to CP59 “Market abuse: a draft conduct of market conduct”, which was issued at the beginning of December, seeks views on three subjects: (1) the prohibition on requiring or encouraging another person to abuse the market,..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Pensions review update
Phase two of the pension review, which focuses on mis-selling to younger people, will cost around UK£7.5 billion in compensation according to latest FSA estimates. The forecast for redress for the priority cases remains unchanged at UK£4..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Exempt professional firms
The Financial Services Authority is obliged under the Financial Services and Markets Act to oversee the operations of professional firms that engage in investment business but not as their main activity and to this end it has issued CP69 “The..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Trained and competent
The final text of the Training and Competence Sourcebook is now available (www.fsa.gov.uk/pubs/policy/p60.pdf). The FSA says in the executive summary that “The proposed record-keeping rules were broadly supported by all sectors of the..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Don’t look back
As Compliance Monitor predicted back in July/August, the Financial Services Authority has turned its attention to the questionable but nigh-on ubiquitous practice of performance “cherry picking” in financial advertising. A new Task..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
No longer polarised
The Financial Services Authority has persuaded the Government that the 1988 polarisation rules which clearly distinguish independent financial advisers from tied agents, who may only sell the products (life insurance, personal pensions and unit..
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
News
Complaints against the FSA
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000
Mortgage regulation
The Financial Services Authority recently issued Consultation Paper 70, “Mortgage Regulation: the FSA’s High Level Approach”.The mortgage market will also be affected by Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and the provisions of the Consumer Credit Act 1974 and Unfair Terms in Consumer Contracts Regulation 1999 must be kept in mind. In this article James Perry and David Toube of Ashurst Morris Crisp navigate the legislation and draft regulations.
Online Published Date:  01 December 2000
Appeared in issue:  Vol 13 No 5 - 01 December 2000

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