Financial Services Authority (FSA)
FSA to consult on ending audit requirements for small firms
The Financial Services Authority (FSA) has issued a consultation paper proposing the removal of statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs).
New US NPR questions
The US notice of proposed rulemaking (NPR) has finally been published.
GLG poaches Morgan Stanley's European strategy co-head
Ben Funnell has quit his position as co-head of European strategy in London to join GLG Partners as a fund manager. He will work on mixed-asset fund strategies alongside Noam Gottesman, a partner of the London-based hedge fund.
FSA publishes changes to handbook of rules
The FSA has published a handbook notice that details recent changes made by its board.
FSA provides overview of approach to CRD
The FSA presented an overview of the authority’s approach to the Capital Requirements Directive (CRD) at its CRD implementation conference. Hector Sants, managing director of wholesale and institutional markets, highlighted the biggest developments in…
UK’s FSA to probe retail access to hedge funds
The UK’s Financial Services Authority (FSA) is to consult next year on widening the range of funds that can be marketed to retail investors, which should include new authorised funds of hedge funds.
FSA to probe hedge fund valuations
The UK's Financial Services Authority is to investigate hedge fund managers who it said could be overstating their assets to gain larger bonuses.
Banks get stressed
The UK's Financial Services Authority has called on banks to improve stress testing of possible disruptive events, while the Basel Committee declared last year that firms must supplement their value-at-risk models with stress tests. But some bankers…
FSA releases second bulletins on CRD
The FSA has published its second set of Capital Requirements Directive (CRD) implementation bulletins for banks, building societies and investment firms. This newsletter aims to help institutions identify key points in the consultation paper, as well as…
FSA publishes second CRD paper
LONDON – The UK Financial Services Authority indicates its intention to implement both the qualitative and quantitative aspects of the Basel II framework robustly in its new consultation paper on the Capital Requirements Directive , published in late…
FSA simplifies training and competence rules
The UK Financial Services Authority has confirmed that its detailed rules on training and competence (T&C) will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers.
FSA slaps £750,000 fine on GLG and its former trader
The UK's Financial Services Authority (FSA) hit London-based hedge fund, GLG, and its former senior trader, Philippe Jabre, with a fine of £750,000 each on Wednesday for market abuse.
QIS5 results delayed until June, says BIS
BASEL, SWITZERLAND – The results of quantitative impact study five will be delayed until June, according to officials from the Bank for International Settlements in Basel, Switzerland
FSA puts flu on the agenda
The UK's Financial Services Authority (FSA) has urged banks to draw up business continuity plans in the case of a global pandemic, a month after the first human cases of avian flu emerged in Europe.
Back offices must be reformed to reduce risk, says FSA
The Financial Services Authority (FSA), the UK’s financial markets regulator, has said that it is still concerned about backlogs in the credit derivatives market despite improvements, and has warned that banks need to further develop the robustness of…
FSA opens doors to securitisation
The UK's Financial Services Authority has outlined a new approach to insurance securitisation. A vital capital and risk management tool for banks, securitisation currently sits outside the mainstream of the insurance industry, but there are growing signs…
A pillar of solvency
Paul Sharma, head of policy for banking, insurance and securities at the UK's Financial Services Authority, talks about life at the sharp end of insurance reform. Nicholas Dunbar reports
Sponsor's article > Man Group Case Study: Examining External Loss Events for Operational Risk Assessments
Man Group plc is a leading global provider of alternative investment products and solutions, as well as one of the world’s largest futures brokers. In the sectors in which it is active, particularly hedge funds, operational risk is the chief danger the…
Isda rejects call for more hedge fund oversight
The International Swaps and Derivatives Association today protested against calls from UK authorities for closer oversight of hedge funds, saying the market could be trusted to manage its own risk.
AIMA says hedge funds do not need tighter regulation
Responding to the UK Financial Services Authority's (FSA) recent discussion paper on hedge funds, the Alternative Investment Management Association (AIMA) has said that no evidence has been offered to suggest that hedge fund managers are likely to cause…
JP Morgan goes live on T-Zero
JP Morgan went live on T-Zero’s post-trade processing platform for credit derivatives on Monday. It is the first dealer to join the platform since Goldman Sachs initially used the technology after its trade with KBC Alternative Investment Management on…
Creditex and Markit credit fixings used for Delta and Northwest
Creditex and Markit have, in partnership with major credit derivative dealers, conducted credit event fixing to generate cash settlement prices for Delta Airlines and Northwest Airlines, whose bonds defaulted on September 14.
Pillar II problems cause tempers to fray
LONDON – Tempers are continuing to boil over proposed Pillar II regulatory implementation, both in the industry and at the UK's Financial Services Authority (FSA). One attendee at the late July Pillar II standing group meeting described the event as …
MiFID's Cold Reception
The UK's Financial Services Authority is worried about what the new regulations will mean for British investment firms.