banks benefit from more flexible basel rules
The Basel III banking regulations have been eased to give global banks more time to comply with their liquidity requirements.
Regulation
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dfm admin fees – hidden commission or spirit rdr
Barclays Wealth has defended its plan to charge asset managers administration fees when recommending their funds in private client portfolios, claiming the approach does fall within the “spirit of RDR”.
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cisi approved 5400 advisers before rdr
The Chartered Institute for Securities & Investment (CISI) issued more than 5,400 statements of professional standing (SPS) before RDR came into force, the professional body has revealed.
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european commission unveils aifmd
The European Commission has published what it said is the final text of how the long-debated Alternative Investment Fund Managers’ Directive is to be implemented, and sparked an immediate response from Europe’s fund management industry.
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irish luxembourg funds industry associations
The main Irish and Luxembourg funds industry associations have largely welcomed the publication, on Wednesday, of the final so-called AIFM Directive Level 2 regulations, saying that they bring much-needed clarity to the situation.
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dates that need to be in 2013 regulation diary
The new year will start with the long-awaited implementation of RDR, although this is not the only regulatory deadline that the financial services industry will have to keep in mind over 2013.
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fsa bans gracechurch chief and compliance officer
Two senior managers of Gracechurch Investments have been banned by the FSA after the firm put pressure on its clients to invest in small caps.
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hmrc publishes package of fatca docs
HM Revenue & Customs has quietly, and at last, published three major and eagerly-awaited documents pertaining to the pending introduction of the American tax regulations known as FATCA.
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ima mimics morningstar in past performance
The IMA has issued guidance to its members on the presentation of past performance for RDR share classes which falls in line with Morningstar’s lead on the subject last month.
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ubs fined 940m over libor scandal
UBS has been fined £940m by financial regulators including the FSA for attempts the manipulate the Libor interbank lending rate.
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As a matter of fatca
On 24 Oct, the US Internal Revenue Service (IRS), announced that implementation of the US Foreign Account Tax Compliance Act (Fatca) has been delayed by 12 months until 2014. Although welcomed by the industry, wealth managers should not take their foot off the gas when it comes to compliance.
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fsa pursues ban and fines for arch cru
The FSA has published decision notices calling for the prohibition of Robin Farrell and Robert Addison from performing any role in financial services, and asking to fine them £650,000 and £200,000 respectively for their hand in the Arch cru crisis.
