FSA: Credit crisis no excuse for non-compliance
FSA chief executive stresses market turmoil is no excuse for failing to meet requirements
LONDON – Chief executive of the UK Financial Services Authority (FSA) Hector Sants says the current financial market turmoil is no excuse for the industry to shirk its regulatory compliance responsibilities.
Speaking to industry representatives at the regulator’s annual asset management conference, Sants said: “While I acknowledge the current environment is causing many firms to look at cost controls, management needs to carefully consider any headcount reduction exercise that could compromise essential functions, especially those in roles such as operations, risk and compliance.”
Sants also pledged to continue the FSA’s crackdown on instances of market abuse, after a number of insider-trading cases and an investigation into the role of market rumours in reducing UK bank HBOS’s share price. HBOS announced today that it is to be taken over by rival Lloyds TSB.
“We will continue to use all the powers at our disposal – civil, criminal and administrative – to combat market abuse and insider dealing. This is part of a concerted effort to ensure all market participants take this issue seriously. This year we have brought three criminal prosecutions for insider dealing, and anticipate there will be more to come,” said Sants.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Foreign banks want level playing field in US Basel III redraft
IHCs say capital charges for op risk and inter-affiliate trades out of line with US-based peers
CFTC’s Mersinger wants new rules for vertical silos
Republican commissioner shares Democrats’ concerns about combined FCMs and clearing houses
Adapting FRTB strategies across Apac markets
As Apac banks face FRTB deadlines, MSCI explores the insights from early adopters that can help them align with requirements
Republican SEC may focus on fixed income – Peirce
Commissioner also wants a revival of finders’ exemption, more guidance for UST clearing
Streamlining shareholding disclosure compliance
Shareholding disclosure compliance is increasingly complex due to a global patchwork of regulations and the challenge of managing vast amounts of data
Banks take aim at Gruenberg’s brokered deposit rule
Regulatory lawyers question need to reverse 2020 rulemaking just four years later
Time running out to backload Emir derivatives reporting
Significant slice of legacy trades still not ready for new formats, as October 26 deadline looms
Gensler to stick to Treasury clearing timetable
SEC chief promises to keep up the pressure for done-away trades