Introduction
Welcome to the latest edition of our financial services updater which includes a new feature, know-how corner, which is a video summary of this week's highlights.
Highlights this week include:
- Government sets out plans to split retail and investment banking
- BCBS reports to G20 leaders on global implementation of its standards
To view know-how corner our video summary concerning this week's highlights please click here.
ARROW visit coming up? It is important that firms properly prepare themselves for an ARROW visit. There are many ways in which we can assist in this preparation to ensure that the process runs smoothly. For further information please contact either Jonathan Herbst or Peter Snowdon.
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Banking
Government sets out plans to split retail and investment banking
HM Treasury has published a White Paper entitled Banking reform: delivering stability and supporting a sustainable economy. The White Paper sets out the Government’s proposals for taking forward for implementation the recommendations of the Independent Commission on Banking (ICB), chaired by Sir John Vickers.
The ICB recommended a package of measures, consisting of the ring-fencing of vital banking services, increasing banks’ loss-absorbency and enhancing competition in the banking sector. The White Paper is intended to clarify how the Government will implement these proposals.
The structure of the White Paper is as follows:
- Chapter 1: Context of the reforms.
- Chapter 2: Ring-fencing. This chapter sets out the Government’s proposals for the ring-fencing of critical banking services whose temporary interruption would have a significant direct impact on the domestic economy. It begins with a discussion of which services should be inside and outside the ring-fence. It also covers the relationship between the ring-fence entity and the rest of the banking group in which it sits.
- Chapter 3: Loss absorbency. This chapter sets out the Government’s proposals with respect to increasing banks’ capacity to absorb losses. It concerns proposals on the ‘primary loss-absorbing capacity’ held by banks, proposals for a bail-in tool, a leverage ratio and depositor preference.
- Chapter 4: Competition. This chapter sets out a number of specific measures the Government proposes to take forward to further improve competition in UK banking.
- Annex A: Impact assessment.
The Government states that it will introduce all necessary legislation as soon as Parliamentary time allows, and remains committed to completing all primary and secondary legislation by the end of this Parliament in May 2015.
The deadline for responding to the White Paper is 6 September 2012.
View Government sets out plans to split retail and investment banking, 14 June 2012
View Banking reform: delivering stability and supporting a sustainable economy, 14 June 2012
CLLS response to the Commission Green Paper on shadow banking
The Regulatory Law Committee of the City of London Law Society (CLLS) has published its response to the European Commission’s Green Paper on shadow banking.
The CLLS states that while the Green Paper outlines in high level terms the Commission’s initial thinking in relation to shadow banking, it has not yet put forward a clear scope or objective for any more detailed regulatory policy proposals which may follow. Therefore, the CLLS states that a clear regulatory policy objective or set of objectives should be explained before more detailed proposals are developed.
The CLLS also states that the most difficult hurdle that the Commission faces is how to define shadow banking. The CLLS urges the Commission not to publish legislative proposals in this area unless and until either:
- A more definite and finite definition of shadow banking is identified.
- Clear statements can be made as to the categories of regulated and unregulated activity which are definitely not intended to be captured within the definition of shadow banking.
View CLLS Regulatory Law Committee response to the European Commission’s Green Paper on Shadow Banking, 7 June 2012
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Capital adequacy
BCBS reports to G20 leaders on global implementation of its standards
The Basel Committee on Banking Supervision (BCBS) has published an interim report which details the progress its members have made to date in implementing the Basel III regulatory framework (including Basel II and Basel 2.5, which now form integral parts of Basel III). The interim report also describes certain implementation issues that have been identified. The interim report is based on the information that was available to the BCBS on 31 May 2012.
The interim report notes:
- As of end-May 2012, 21 of 27 BCBS member countries had implemented Basel II, which had been due to come into force from end-2006. In addition, Indonesia and Russia have implemented Basel II Pillar 1 (minimum capital requirements). Argentina, China, Turkey and the United States are in the process of implementing Basel II.
- In relation to Basel 2.5‚ 20 BCBS member countries have final rules in force. Argentina, Indonesia, Mexico, Russia, Turkey and the United States have not issued final regulations. Russia and the United States have issued draft regulations which partially cover Basel 2.5. Saudi Arabia has issued final regulations but these are not yet in force.
- Draft Basel III regulations have not yet been issued by seven BCBS member countries including Hong Kong, Russia, and the United States. The majority of these jurisdictions believe that they can issue final regulations in time to implement by the deadline of 1 January 2013. However, for others, depending on their domestic rule-making process, meeting the deadline could be a significant challenge.
View Basel Committee reports to G20 leaders on global implementation of its standards, 11 June 2012
View Report to G20 leaders on Basel III implementation, 11 June 2012
ECB Financial stability review
The European Central Bank (ECB) has published its financial stability review (the Review).
In the preface to the Review the ECB states that:
“Financial stability can be defined as a condition in which the financial system - which comprises financial intermediaries, markets and market infrastructures - is capable of withstanding shocks and the unravelling of financial imbalances. This mitigates the likelihood of disruptions in the financial intermediation process that are severe enough to significantly impair the allocation of savings to profitable investment opportunities. Understood this way, the safeguarding of financial stability requires identifying the main sources of risk and vulnerability”.
The purpose of the Review is to promote awareness in the financial industry and among the public of issues that are relevant for safeguarding the stability of the euro area financial system. The ECB believes that by providing an overview of sources of risk and vulnerability for financial stability, the Review plays a role in preventing financial crises.
The Review notes that continued turbulence related to specific markets and countries in the first half of 2012 confirms that the financial stability outlook remains fragile. This, in turn, has demonstrated that there is no room for complacency and that Member States should step up their initiatives to strengthen the fiscal and banking components of a robust monetary union.
View ECB Financial stability review, 12 June 2012
EBA consultation on draft ITS on supervisory reporting requirements for leverage ratio
The leverage ratio is a new monitoring tool, which is introduced in the CRD IV proposals (the draft revised Capital Requirements Directive (CRD) and the draft Capital Requirements Regulation (the CRR)). The CRD IV specifies that institutions and competent authorities shall evaluate the risk of excessive leverage and that indicators for this risk shall include the leverage ratio determined in accordance with Article 416 of the CRR. The leverage ratio is defined as Tier 1 capital divided by a measure of non-risk weighted assets.
The European Banking Authority (EBA) has now published a Consultation Paper on draft implementing technical standards (ITS) on supervisory reporting requirements for the leverage ratio. The draft ITS provides uniform templates, which contain data fields that will provide competent authorities with the necessary information on the leverage ratio and its components for the supervisory review and evaluation according to Article 94(6) of the CRD. The information will also be used by the EBA for its report on the leverage ratio framework which must be delivered to the European Commission by 31 October 2016.
The draft ITS set out in the Consultation Paper will become part of the general supervisory reporting framework. In this respect, they are in addition to the draft ITS that the EBA proposed in its earlier Consultation Paper on supervisory reporting for institutions and should be read in conjunction with them.
The deadline for comments on the Consultation Paper is 27 August 2012. The draft ITS have been developed on the basis of the European Commission’s legislative proposals for the CRD IV. Once the consultation is complete, and to the extent that the final text of the CRR changes before the adoption of the ITS, the EBA will adapt its draft ITS to reflect any developments.
View Consultation Paper on draft implementing technical standards on supervisory reporting requirements for leverage ratio, 7 June 2012
EBA consultation on draft ITS on supervisory reporting requirements for liquidity coverage and stable funding
The European Commission’s legislative proposal for a Capital Requirements Regulation (CRR) envisages introducing a liquidity coverage requirement from 1 January 2015 following an observation and review period. Such a requirement aims to improve short term resilience of the liquidity risk profile of institutions. According to the proposed CRR, the Commission will also consider introducing a stable funding requirement in 2018 following an observation and review period, to address funding problems arising from maturity mismatches.
The European Banking Authority (EBA) has now published a Consultation Paper on draft implementing technical standards (ITS) on supervisory reporting requirements for liquidity coverage and stable funding. The reporting requirements have two purposes:
- To inform the economic impact assessment of the liquidity requirements the EBA is asked to perform during the monitoring period.
- To enable competent authorities to monitor institutions’ compliance with the liquidity requirements once they have been introduced as binding minimum standards.
The draft ITS provides for the liquidity coverage reporting to be done at least monthly and the stable funding reporting at least quarterly.
The draft ITS set out in the Consultation Paper will become part of the general supervisory reporting framework. In this respect, they are in addition to the draft ITS that the EBA proposed in its earlier Consultation Paper on supervisory reporting for institutions and should be read in conjunction with them.
The deadline for comments on the Consultation Paper is 27 August 2012. The draft ITS have been developed on the basis of the European Commission’s legislative proposals for the CRD IV. Once the consultation is complete, and to the extent that the final text of the CRR changes before the adoption of the ITS, the EBA will adapt its draft ITS to reflect any developments.
View Consultation Paper on draft implementing technical standards on supervisory reporting requirements for liquidity coverage and stable funding, 7 June 2012
EBA consultation on draft RTS on the concept of gain on sale associated with future margin income in a securitisation context
Article 29 of the draft Capital Requirements Regulation (CRR) establishes, as a general principle, that institutions shall exclude from their own funds increases in equity resulting from the sale of the assets being transferred in a securitisation transaction. This includes increases associated with future margin income that result in a gain on sale for an institution.
The European Banking Authority (EBA) has now published a Consultation Paper on draft regulatory technical standards (RTS) on the concept of gain on sale associated with future margin income in a securitisation context. The objective of the draft RTS is to specify further the concept and the treatment of a gain on sale, meaning any increase (or part of the increase) in equity under the applicable accounting standard arising from future margin income in the context of a securitisation transaction.
The deadline for comments on the Consultation Paper is 12 August 2012. The draft ITS have been developed on the basis of the European Commission’s legislative proposals for the CRD IV. Once the consultation is complete, and to the extent that the final text of the CRR changes before the adoption of the RTS, the EBA will adapt its draft RTS to reflect any developments.
View Consultation Paper on draft regulatory technical standards on the concept of gain on sale associated with future margin income in a securitisation context, 12 June 2012
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Clearing & settlement
Euroclear Belgium, Euroclear France and Euroclear Nederland to sign up to TARGET2-Securities
Three Euroclear central securities depositories (CSDs) operating in the euro-zone, namely Euroclear Belgium, Euroclear France and Euroclear Nederland, have agreed to sign up to the Eurosystem’s TARGET2-Securities project (T2S).
The boards of the three CSDs have agreed for each CSD to sign the T2S Framework Agreement. As a result, the three CSDs will outsource settlement transaction processing to T2S. Clients of the three CSDs will continue to have accounts directly with the respective CSD and receive the full range of post-trade services from that CSD. The migration date and fees for connecting to and using T2S will be determined after completion of market consultation.
View Euroclear Belgium, Euroclear France and Euroclear Nederland to sign up to TARGET2-Securities, 12 June 2012
Domestic reform: Lessons from Lehmans
On 13 June 2012, the financial services team held it latest 40-minute briefing on Domestic Reform: Lessons from Lehmans.
This briefing looked at the FSA’s plans to strengthen its intensive regulatory and supervisory approach towards firms holding client money and safe custody assets. In addition, it also considered whether the fall out from the Lehman Brothers International (Europe) client money Supreme Court judgment will lead to a review and reform of the CASS rules.
To access the recording of this session please click here.
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Collective investment schemes
AIMA’s guide to sound practices - Business continuity management for hedge fund managers and funds of hedge funds managers
The Alternative Investment Management Association (AIMA) has published an updated version of its guide to sound practices which relates to business continuity management for hedge fund managers and funds of hedge funds managers (the Guide).
The Guide sets out principles that small-to-medium sized alternative investment firms should consider when developing a business continuity plan (BCP) as part of a business continuity management process. In particular, it describes the management organisation, infrastructure and processes that should be established to address a broad range of potential business disruptions, subsequent operation in recovery mode and resumption of normal activity. It also includes guidelines for undertaking business analysis, and testing procedures.
AIMA has updated and re-sequenced the material in the Guide to more faithfully reflect the structure of a hedge fund’s typical BCP in order to make it easier for the drafter of a hedge fund or fund of hedge funds BCP to successfully complete their task.
AIMA has also added new material to the Guide setting out some of the crisis scenarios that may arise and what mitigations may be utilised. AIMA has also expanded the sections covering crisis management, recovery and resumption and testing.
View AIMA’s guide to sound practices - Business continuity management for hedge fund managers and funds of hedge funds managers, 12 June 2012
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Insurance
EIOPA Financial Stability Report 2012
The European Insurance and Occupational Pensions Authority (EIOPA) has published its first half-yearly update of its Financial Stability Report 2012. The report looks at the stability of the insurance, reinsurance and occupational pension fund sector in the European Economic Area. This includes developments in financial markets, the macro-economic environment, and the insurance, reinsurance and occupational pension fund sectors as of 4 May 2012, unless otherwise indicated.
View EIOPA Financial Stability Report 2012, 11 June 2012
FOS online technical resource on motor insurance: Compensation for “loss of use”
The Financial Ombudsman Service (FOS) has published a new online technical resource concerning motor insurance and compensation for “loss of use”. The online technical resource sets out how the FOS decides whether to tell a business to pay compensation to a consumer for “loss of use”. The FOS also considers whether compensation for “loss of use” is justified in every motor insurance case it looks at.
In the online technical resource the term “loss of use” refers to circumstances where the consumer has been unable to use their motor vehicle because their insurer:
- Incorrectly refused to settle a claim.
- Avoided the policy (treated it as though it never existed) in error.
- Took too long to settle a claim (for example, the insurer took too long to carry out repairs agreed with the consumer).
View FOS online technical resource on motor insurance: Compensation for “loss of use”, 8 June 2012
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FSA Handbook
Handbook Release 126
The FSA has published Handbook Release 126. This Handbook Release contains pages to be inserted into paper versions of the FSA Handbook in order to bring it up to date.
The following sourcebooks and manuals have been updated:
- Glossary of definitions.
- FEES manual.
- Professional standards sourcebook.
- Supervision manual.
View Handbook Release 126, 11 June 2012
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Market abuse
Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse)
The Council of the European Union has published its latest Presidency compromise proposal concerning the draft Regulation on insider dealing and market manipulation.
This proposal has been prepared ahead of a meeting of the working party on financial services on 14 June 2012. Additions and changes to the previous Presidency proposal have been denoted by bold underlining.
View Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse), 11 June 2012
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Regulation & compliance
FSB publishes implementation monitoring report on compensation practices
The Financial Stability Board (FSB) has published a report on the progress made by member jurisdictions and firms in implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards (the FSB Principles and Standards).
The report describes the developments in implementing the FSB Principles and Standards since the FSB’s October 2011 thematic peer review. Key findings in the report include:
- Almost all FSB member jurisdictions have now completed the implementation of the FSB Principles and Standards in their national regulation or supervisory guidance.
- Notable progress has been made in implementing the Basel Committee’s Pillar 3 disclosure requirements issued in July 2011, but more needs to be done.
- There remain important differences in terms of applying the FSB Principles and Standards. In particular, implementation choices vary with respect to the application of the principle of proportionality and to the identification of employees as material risk takers.
- Supervisory attention on compensation issues at the domestic level continues to increase. Most authorities report that firms in their jurisdiction have made good progress and that those firms - especially the ones deemed significant for the purposes of the FSB Principles and Standards - do not show major implementation gaps.
- Cross border supervisory cooperation on compensation issues is improving, but more progress can be made.
The findings in the report confirm the conclusion in the 2011 thematic peer review that achieving lasting change in behaviour and culture within firms is a long-term challenge requiring a sustained commitment and that additional time is needed for a common supervisory understanding to evolve and for effective and consistent implementation of the FSB Principles and Standards to take place.
View Implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards - Progress Report, 13 June 2012
View FSB publishes implementation monitoring report on compensation practices, 13 June 2012
FSB report - A global legal entity identifier for financial markets
The G20 Cannes Summit Declaration stated that:
"We support the creation of a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions. We call on the FSB to take the lead in helping coordinate work among the regulatory community to prepare recommendations for the appropriate governance framework, representing the public interest, for such a global LEI by our next Summit."
The Financial Stability Board (FSB) has now published a report which sets out recommendations and proposals to implement a global LEI system that will uniquely identify parties to financial transactions. The report is provided for consideration at the forthcoming G20 summit in Los Cabos, Mexico. The report targets the launch of a global LEI system by March 2013.
In its report the FSB recommends a three-tier structure for the global LEI system comprising:
- A regulatory oversight committee (ROC). The ROC would have the ultimate responsibility for the governance of the global LEI system. The FSB recommends that the governance principles and obligations are set out in a global LEI Regulatory Oversight Committee Charter (the Charter) that would be drawn up in the autumn. Endorsement of the Charter by the FSB or G20 would establish the ROC. Membership of the ROC would be open to all authorities wishing to participate in the global LEI system who are committed to the objectives and commitments highlighted in the Charter.
- A central operating unit (COU). The COU would be the pivotal operational arm of the global LEI system and would have responsibility for delivering high quality operations. In particular, the COU would be responsible for ensuring the application of uniform global operational standards and protocols.
- Local operating units (LOU). LOUs will be the local implementers of the global LEI system and provide the primary interface for entities wishing to register for an LEI. LOUs will offer facilities such as local registration, validation and maintenance of reference data.
FSB chairman, Mark Carney stated:
"The FSB strongly supports the implementation of a global legal identifier system that uniquely identifies counterparties to financial transactions. This system would be a building block for many financial stability and regulatory objectives, and it would deliver substantial benefits to financial firms."
View FSB report - A global legal entity identifier for financial markets, 8 June 2012
Global Developments in Securitization Regulation
The Technical Committee of the International Organization of Securities Commission (IOSCO) has published a Consultation Report entitled Global Developments in Securitization Regulation. The Consultation Report sets out the key themes of a project that was undertaken by IOSCO’s task force on unregulated markets and products.
The project followed a request from the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation for IOSCO, in coordination with the Basel Committee on Banking Supervision, to conduct a stock-taking exercise in relation to requirements for risk retention and measures enhancing transparency and standardisation of securitisation products, and to develop policy recommendations as necessary. Therefore, the project:
- Described and analysed global regulatory and industry initiatives on risk retention, transparency and disclosure standardisation.
- Identified and assessed material differences in regulatory and industry approaches and their impact.
- Recommended approaches to addressing differences that were identified as material.
The purpose of the Consultation Report is to:
- Provide a background to the project.
- Describe the work undertaken.
- Describe the global securitization market.
- Draw together the key themes and observations from the project. In particular, the extent of differences in regulatory approach between jurisdictions.
- Seek public comment on policy issues arising from the project.
Comments on the Consultation Report should be submitted by 6 August 2012.
View Global Developments in Securitization Regulation, 7 June 2012
Treasury Committee publishes report on the Financial Services Bill
With the Financial Services Bill (the Bill) about to undergo detailed scrutiny in the House of Lords, the Treasury Select Committee (the Committee) has published a further report setting out its main outstanding concerns and some proposed remedies.
Points raised in the report include:
- The Committee disagrees with the Government’s general position that the governance of the Bank of England (BoE) should primarily be a matter for the bank itself.
- There was insufficient time for the House of Commons to debate whether the Committee should have a veto over the appointment of the Governor of the BoE.
- The Committee recommends that, when public funds are at risk, the Chancellor of the Exchequer should be given a general power to direct the BoE.
- The Committee is concerned about the risk of group think within either the Financial Policy Committee (FPC) or the Monetary Policy Committee where BoE executives are in the majority. The Committee recommends that external members should be in the majority on both committees.
- The Committee recommends that secondary legislation giving effect to the macro-prudential tools receive enhanced Parliamentary scrutiny. The Committee notes that at the Report stage of the Bill the suggestion of a super-affirmative procedure was not ruled out. The Committee hopes that the Lords will implement this proposal.
- The Committee notes that the Bill does not require HM Treasury and the FPC to agree on a set of indicators for financial stability. However, the Committee has received assurances that such indicators will be available and recommends that such a requirement be on the face of the Bill. The Committee does not recommend specific indicators. Instead it calls for primary legislation to contain a more general requirement that the FPC and HM Treasury shall agree on a set of such indicators.
- The Committee argues that a convincing case for a strategic objective for the Financial Conduct Authority (FCA) has yet to be made. The Government argues that the FCA’s strategic objective of "ensuring that relevant markets function well" will focus on the new regulatory culture of the FCA. However, the Committee believes that the strategic objective risks diverting the FCA’s focus and that without it, the FCA would be able to concentrate on a single set of objectives
- The Committee believes that it is at the very least uncertain whether the FCA's strategic objective is a supplement to its operational objectives or a check and balance to them.
- The Bill contains no proposal for specific objectives related to competition for the Prudential Regulation Authority (PRA). The Committee recommends that the Lords consider amending the Bill to make competition an objective of the PRA.
- The Committee calls on the Bill to be amended to ensure that Parliament, through the Committee itself, may request retrospective reviews of the FCA’s work.
- The Committee argues that the issue of the PRA veto over the FCA received insufficient attention in Public Bill Committee. The Committee believes that the Government has not yet demonstrated that if the veto is granted, it should be given to the PRA rather than the FPC.
View Treasury Committee publishes report on the Financial Services Bill, 8 June 2012
Financial Services Bill - Second Reading in Lords
There has been published in Hansard the debate concerning the Second Reading of the Financial Services Bill (the Bill) in the House of Lords.
Many of the concerns raised by the Lords were set out in the Treasury Committee’s report on the Bill. Points raised include:
- That the Bill is unnecessarily complicated because, instead of drafting a new template for the financial services industry, it consists of amendments to existing legislation.
- That the de-merger of prudential and conduct of business regulation is unnecessary and will create a lot of overlap and confusion. A number of processes are effectively shared including: business model analysis, enforcement and vetting of key board appointments.
- That HM Treasury should be able to set out how the Financial Policy Committee (FPC) should interpret its remit.
- That there are a number of issues to be discussed relating to the powers and responsibilities of the office of Governor and the role of the Court of the Bank of England (BoE). There is a risk that too much power and responsibility could be placed into the hands of the Governor of the BoE.
- That the Bill is missing a key aspect - the role of the Monetary Policy Committee (MPC) and the co-ordination between the MPC and the FPC.
View Financial Services Bill - Second Reading in Lords, 11 June 2012
Consolidated version of FSMA reflecting the Financial Services Bill as introduced to the House of Lords
HM Treasury has published a consolidated version of the Financial Services and Markets Act 2000 (FSMA) which reflects how it will be amended by the Financial Services Bill in the form it took when introduced for its second reading in the House of Lords.
Changes to FSMA are made in the following ways:
- Inserted and substituted text is underlined.
- Repealed text is either struck through or where whole sections are repealed, this is shown as a dotted line.
View Consolidated version of FSMA reflecting the Financial Services Bill as introduced to the House of Lords, 12 June 2012
FSA enforcement
A former investment banker and his wife have been prohibited from performing any function in relation to any regulated activity on the grounds they are not fit and proper persons, as a result of their involvement in serious criminal offences spanning the period 2000 to 2008 (the Relevant Period). On 8 October 2010, Mr. and Mrs. Littlewood each entered guilty pleas to eight counts of insider dealing contrary to Part V of the Criminal Justice Act 1993. On 2 February 2011, Mr. Littlewood was sentenced to a custodial sentence of 3 years and 4 months and Mrs. Littlewood was sentenced to a custodial sentence of 12 months suspended for 2 years.
During the Relevant Period, Mr. Littlewood was employed at Dresdner Kleinwort Wasserstein Ltd (DKW) and at Shore Capital and Corporate Ltd (Shore Capital) in corporate finance roles involving mergers and acquisitions. Mrs. Littlewood worked in various corporate finance roles from 1998 to 2001. As a result of Mr. Littlewood's employment in both DKW and Shore Capital, he had legitimate access to inside information and on a number of occasions during this employment, he disclosed inside information to his wife and, through her, to her friend (Mr. Sa’aid). Mrs. Littlewood used the inside information obtained through her husband’s position to facilitate the placing of trades in eight separate stocks by herself or by Mr. Sa'aid, just prior to announcements to the market. As a result of the trades, Mr. Littlewood, his wife and Mr. Sa'aid made profits of around £590,000.
The FSA rejected Mr. Littlewood's representations that it would be unfair to take regulatory action against him whilst confiscation proceedings before the criminal court were ongoing.
View FSA Final Notice - Christian Littlewood, 31 May 2012
View FSA Final Notice - Angie Littlewood, 31 May 2012
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Seminars
Invitation to buy-side regulatory workshop
The coming months will see the buy-side readying itself for a number of key regulatory developments, both in the UK and in Europe.
To help asset managers, custodians, administrators and other buy-side players prepare for the new regulatory requirements to be introduced by the Alternative Investment Fund Managers Directive (AIFMD), the review of the Markets in Financial Instruments Directive (the MiFID Review), the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) and other initiatives, Norton Rose LLP’s financial services group is running its 2012 workshop on managing regulatory change.
This workshop will take place on Thursday 12 July 2012 at 2.30pm. It is designed to look at the practical issues for the industry, identifying the key regulatory changes and how you can plan for and implement them.
If you can not access this link, please copy and paste the address below into your web browser.
http://www.nortonrose.com/invitations/2012/uk-and-eu-financial-services-reform-managing-regulatory-change-for-the-buy-side-66878.aspx
40 minute briefing series - May to September 2012
We are pleased to announce that the invitation for the next series of 40 minute briefings is now available.
If you can not access this link, please copy and paste the address below into your web browser.
www.nortonrose.com/invitations/2012/your-guide-to-the-key-regulatory-challenges-in-2012-65614.aspx
Financial services regulatory products: Phoenix, Pegasus, OTC Oracle and AIFMD expert
Having difficulty keeping up with the pace of the Government's regulatory reform proposals?
Phoenix is our new financial services product that is an online resource designed to help those who are starting their UK regulatory reform projects. It sets out the latest developments and timing of the Government's reform programme plus the key resource papers from the Treasury, Bank of England, FSA and the ICB. The latest Norton Rose LLP briefing notes, videos and webcasts are also available.
The Phoenix main page can be found here.
Behind the curve on the MiFID review?
We have launched a second online resource product called "Pegasus". Pegasus is a new financial services product that is an online resource designed to assist those starting work on MiFID review projects.
The Pegasus main page can be found here.
G20 commitment on clearing
Our third online resource product is OTC Oracle. OTC Oracle is designed to assist clients track the implementation of the G20 commitment to have all standardised OTC derivatives traded on exchanges or electronic trading platforms, where appropriate, and cleared through CCPs by the end of 2012. OTC Oracle sets out the latest developments and timing plus the key resource papers from each of the EU, Canada, Hong Kong and Singapore.
The OTC Oracle main page can be found here.
AIFMD expert
Our fourth online resource product is AIFMD expert. AIFMD expert is designed to assist clients and contacts of Norton Rose LLP when conducting their projects on the Alternative Investment Fund Managers Directive. It sets out the latest developments and timing of the AIFMD plus the key resource papers from the Commission, ESMA and the FSA. Clients and contacts are also given access to the latest Norton Rose LLP briefing notes, slides and webcasts.
The AIFMD expert main page can be found here.
Financial services Fireside Fridays
Please click on the links below:
Financial services & markets webinars
We are currently experiencing significant changes in the European financial services regime that could have a particular impact on both financial firms and non-financial firms that trade energy, commodities and emissions. To assist our clients we have produced a series of short webinars which will look at the forthcoming regulatory changes and their impact on the financial regulation of trading.
Financial services webcasts
Please click on the links below:
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