Financial Services Authority (FSA)
UK financial firms face £1 billlion start-up bill for Mifid
UK-based financial services firms could face a £1 billion bill for implementing the Markets in Financial Instruments Directive (Mifid), the UK’s Financial Services Authority (FSA) estimates.
"Dear CEO" letters categorise firms under the CRD The FSA outlines the various classifications for firms governed by Basel II.
The UK regulator has published "Dear CEO" letters categorising individual firms in preparation of the Capital Requirements Directive (CRD).
FSA’s Huertas hits out at CPDOs
Thomas Huertas, director of wholesale firms at the Financial Services Authority, has lashed out at the use of constant proportion debt obligations (CPDOs), a new breed of synthetic credit investments.
FSA warns of default risk
The growing use of credit derivatives and the rise of private equity mean that a large-scale default could be a much more complex and serious event in the future, according to the UK Financial Services Authority.
In Brief: FSA calls for comments on industry guidance
The move towards more principles-based regulation means the UK regulator will rely more on industry guidance.
UK authorities issue best practice guide for business continuity
An operational risk benchmarking exercise completed by financial institutions and UK authorities in 2005 has led to the creation of a new business continuity practice guide for the UK financial industry.
In Brief: FSA publishes Handbook development newsletter
To keep the industry abreast of accelerating changes to the Handbook, the UK regulator has issued the October notice of changes.
Hidden dangers
Do op risk managers still care about the impact of reputational risk? Possibly not, reports Peter Madigan
FSA plan to implement Mifid released
The Financial Services Authority has set out a Markets in Financial Instruments Directive plan with details on upcoming consultations and publications before transposition and implementation of the directive.
FSA warns of complacency in stress testing
Financial institutions should use more extreme scenarios in stress testing, the UK Financial Services Authority (FSA) has warned.
In brief: FSA publishes fact sheet on passporting
The UK’s FSA has issued details about passporting in and out under the Prospectus Directive
FSA releases policy statement on the restructured Handbook
The UK’s Financial Services Authority (FSA) has provided feedback on the comments for CP06/10, ‘Strengthening Capital Standards – Restructuring the Handbook’.
A compliance can of worms?
Regulatory News
ERM: is the industry all bark and no bite?
This months OR&C Intelligence survey suggests that firms are preparing to buy into ERM but there are concerns that the change may not happen. Ellen Davis reports
International oversight needed for derivatives, say regulators
The complexity of the derivatives market means international regulation is the only way forward, according to the heads of three major regulatory agencies.
FSA closes GLG insider trading case
The UK’s Financial Services Authority today said it has fined hedge fund manager GLG Partners (GLG) and Mr Philippe Jabre, a former managing director of the firm, £750,000 each for market abuse, in a ruling that closes the high-profile insider trading…
Trade associations slam UK regulator's proposals for benchmarking
The UK Financial Services Authority’s (FSA) proposals for using benchmarking for over-the-counter derivatives and structured products have been roundly criticised by the International Capital Market Association (ICMA), the International Swaps and…
Isda complains about FSA treatment of CFDs
The International Swaps and Derivatives Association has complained that proposed UK rules regarding disclosure requirements for contracts for difference (CFD) transactions will hamper the growth of the market.
Markit to supply FSA with CDS pricing
The UK Financial Services Authority (FSA) has picked Markit to supply pricing information on credit derivatives.
Time to get cracking on Mifid
I always find the purple and green backlighting that the Financial Services Authority uses on the stage sets at its events to be a bit disconcerting – something about the colour combination makes my eye ache.
Trade bodies slam FSA 'achingly difficult' guidelines to Basel II
Leading industry associations have called for the UK's Financial Services Authority (FSA) to make its handbook on the European Capital Requirements Directive (CRD) easier to understand.
FSA publishes Handbook Development newsletter
The FSA in the UK has just released its Handbook Development newsletter, which contains information about recent Handbook-related and other developments, an updated timetable for forthcoming publications and information about forthcoming conferences and…
Trade bodies slam FSA 'achingly difficult' guidelines to Basel II
Leading industry associations have called for the UK's Financial Services Authority (FSA) to make its handbook on the European Capital Requirements Directive (CRD) easier to understand.