12/12/2013
AIFMD - The Burden and the Maitland Solution
The Alternative Investment Fund Managers Directive entered into force on 22 July 2013
Legal, Regulation & Compliance
12/12/2013
Governance & Stewardship Principles and Policy Guidelines Strengthened at Standard Life Investments
In addition, specific reference is made to Standard Life Investments’ support for arrangements that would require directors and senior executives to retain an appropriate proportion of the shares they own after they leave a company.
12/12/2013
Former B&B Group Finance Director fined £30,000 for failings ahead of 2008 rights issue
On 16 May 2008, Willford received information that suggested that B&B’s financial outlook might be weaker than expected
12/12/2013
One Arrested in FCA Insider Dealing Investigation
The Financial Conduct Authority with the assistance of the North Yorkshire and West Yorkshire Police has this morning executed a search warrant in Harrogate.
12/12/2013
Ecclestone will fight BayernLB damages claim
The fresh threat of legal action is the latest fallout from the deal eight years ago, in which private equity fund CVC acquired control of Formula One from a group of banks including BayernLB.
12/12/2013
CMS Cameron McKenna partners vote yes to Dundas & Wilson takeover
CMS Cameron McKenna and Dundas & Wilson partners have said yes to a £277m-tie-up that will go live in May 2014.
12/12/2013
Pope Attacks Mega-Salaries and Wealth Gap in Peace Message
Pope Francis said in the first peace message of his pontificate that huge salaries and bonuses are symptoms of an economy based on greed and inequality and called again for nations to narrow the wealth gap.
12/12/2013
FOS upholds £100K Keydata complaint against John Joseph Financial Services
The FOS has upheld a complaint against a high-profile adviser over a Keydata recommendation, despite the client being an experienced Tep investor and it making up a small part of their portfolio.
12/12/2013
Dutch regulators step up monitoring of currency, commodities mkts
The move by the Dutch central bank (DNB) and financial markets regulator AFM came weeks after they were criticized by Finance Minister Jeroen Dijsselbloem for failing to act on early signals of rigging of the Libor benchmark interest rate.
12/12/2013
Iceland jails former Kaupthing bank bosses
Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.
12/11/2013
Bankers and Hedge Fund Managers: 82% Believe FCA Fails to Balance Investor Protection and Growth Promotion
Despite the low vote of confidence for the FCA, only 12% globally believed that the US' Securities and Exchange Commission had found the balance between growth and protection, with the figure the same for US respondents.
12/11/2013
FCA fines Lloyds Banking Group firms a total of £28,038,844 for serious sales incentive failings
The Financial Conduct Authority has fined Lloyds TSB Bank plc and Bank of Scotland plc, both part of Lloyds Banking Group, £28,038,844 for serious failings in their controls over sales incentive schemes.
12/11/2013
Dropping the cloak of secrecy – UK proposes to adopt public register of beneficial ownership of companies
Before the European summer in 2013, the UK government announced proposals that would require companies to obtain and hold information about their ownership and control
12/11/2013
Libor Traders Said to Face U.K. Fines as Soon as Next Month
U.K. regulators may issue the first penalties against individuals in their probe of Libor manipulation as soon as next month
12/11/2013
November’s compensation for mis-sold IRHPs hits £81.2m, reports FCA
Banks have responded to FCA calls to speed up the compensation process over mis-sold interest-rate hedging products, said Clive Adamson.
12/11/2013
RBS agrees $100m US settlement over sanction breaches
The bank was deemed to have “lacked adequate risk management and legal review policies and procedures” when dealing with dollar payments conducted outside the US.
12/11/2013
Russian banker to be extradited from Austria
He is wanted by the Russian authorities after a Russian court sentenced him to five years in jail in June 2011 for fraud.
12/10/2013
FCA to crackdown on asset management charging structures
Mr Wheatley explained the charging structures relating to investment management have sparked concerns for the regulator, which has noted a distinct lack of transparency and accountability.
12/09/2013
SandP faces European derivatives case in the Netherlands
Sixteen European institutional investors are suing rating agency Standard and Poor's, and the Royal Bank of Scotland, for $250 million over losses on so-called toxic financial products during the 2007-08 financial crisis
12/09/2013
Treatment of sovereign risk in the Basel capital framework
It is sometimes asserted that the Basel capital framework prescribes a zero risk weight for bank exposures to sovereigns.