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EU financial services update
Market abuse
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
Distance Marketing Directive: it’s getting closer
The Distance Marketing of Consumer Financial Services Directive must be implemented in the UK by 9 October 2004, which means that in less than a year UK providers of financial products and services to consumers by distance means will have to comply with potentially onerous new rules. Sara MacKenzie of Denton Wilde Sapte summarises the Directive’s main provisions and highlights issues arising from FSA implementation.
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
Discipline and enforcement – prohibition orders, injunctions, restitution and redress
After covering the FSA’s wide-ranging powers to conduct general and specific investigations and the challenges that may be raised to their exercise, John Virgo, barrister and Philip Ryley, solicitor turn their attention to non-disciplinary enforcement. In this article they look at the regulator’s use of prohibition orders, injunctions, restitution and redress.
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
Endowments and beyond – pushing the complaints envelope
In previous articles, Adam Samuel has looked at the basic nuts and bolts of safe endowment complaint handling. This month he looks in more depth at the problems arising from critical illness deductions and limitation.
Online Published Date:
01 December 2003
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Vol 16 No 4 - 01 December 2003
The Financial Services and Markets Tribunal: not toothless in Hoodless
In a recent decision, the Financial Services and Markets Tribunal for the first time made significant findings against the FSA. Partner Sidney Myers and senior associate Arnondo Chakrabarti, of international law firm Allen & Overy’s Regulatory Investigations Group, consider the decision’s impact.
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
Stricter enforcement
Enforcement’s standard practice is to require production of documents and attendance at interview under its statutory powers, according to clarification advice posted on the FSA website at the beginning of December. However, it may also depart..
Online Published Date:
01 December 2003
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Vol 16 No 4 - 01 December 2003
Market-timing & late-trading – just a US problem?
Is the UK safe from market timing and late trading in securities of mutual funds that have emerged in the US? Not necessarily, according to the FSA Chairman Callum McCarthy. Asked whether the UK’s unit trust industry had experienced similar..
Online Published Date:
01 December 2003
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Vol 16 No 4 - 01 December 2003
Two years on it’s time to take stock
“The regulatory framework established has been a resounding success,” Ruth Kelly, Financial Secretary to the Treasury, declared at the start of November as the Government launched its first review of operation of the Financial Services..
Online Published Date:
01 December 2003
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Vol 16 No 4 - 01 December 2003
EU regulation streamlined to meet Financial Services Action Plan deadline
The European Commission is to expedite decision-making and strengthen regulatory and supervisory cooperation across EU financial services. It will extend the ‘four-level’ approach proposed by the Committee of Wise Men on the Regulation..
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
All change
New chief executives like to make their mark early and this commonly takes the form of restructuring. John Tiner, who became chief executive of the FSA on 22 September, has lost no time in announcing a shake-up of the organisation.The model that..
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
News
Fines and bans for ex-Credit Suisse Financial Products senior managers
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003
Moving on
For the last three years Compliance Monitor
has joined forces with leading City recruitment consultancy Joslin Rowe to survey opinion amongst compliance professionals on a variety of topics: how are compliance departments coping with the statutory..
Online Published Date:
01 December 2003
Appeared in issue:
Vol 16 No 4 - 01 December 2003