FCA fines ex-JP Morgan banker £792,900 for ‘London Whale’ trade role
Achilles Macris has been fined £792,900 by the Financial Conduct Authority for his role in the so-called ‘London Whale’ trades.
Regulation
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Actor Greg Wise takes aim at HMRC tax loopholes in TV documentary
A documentary programme on Britain’s Channel 4 to be aired on Monday (8 February) will see actor Greg Wise pose as a client while two financials advisers offer to help him exploit HMRC’s tax loopholes.
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FCA fires warning shot on CFDs
A review of the client acquisition practices with regards to contract for difference products has raised a number of concerns, the Financial Conduct Authority has warned.
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ESMA finds strong evidence of ‘closet tracker’ funds
The European Securities and Markets Authority (ESMA) said a study it undertook found that up to 15% of large, actively-managed Ucits equity funds are potentially just tracking the underlying market index.
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Billions scammed from 900,000 investors in Chinese Ponzi scheme
Chinese authorities have arrested 21 people involved in a peer-to-peer (P2P) lending scheme suspected of defrauding 900,000 investors of around CNY50bn (£5.3bn).
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Talk of UK commissions return draws ire
A return to commission payments would be a huge step backwards and contrary to the retail distribution review, said industry leaders after the Financial Conduct Authority’s (FCA) interim chief executive failed to rule out a return to commission payments.
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Bank of England’s Bailey named FCA chief executive
The new chief executive of the UK’s Financial Conduct Authority (FCA) has been named as Andrew Bailey, the Bank of England’s deputy governor for prudential regulation and chief executive of the Prudential Regulation Authority (PRA).
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HKEX to push ahead with ‘bond connect’ sceme
Hong Kong Exchanges and Clearing (HKEX) has outlined plans to push ahead with the introduction of a ‘Bond Connect’ scheme to give foreign investors wider access to the Chinese debt market, similar to the way the Stock Connect program bolsters trading between Hong Kong and Shanghai.
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One year Mifid II delay might not be enough, says Esma chief
Delaying the implementation of Mifid II until January 2018 still might not give enough time for the European Securities and Markets Authority (Esma), national regulators, and market participants to make the necessary IT changes, says Esma chair Steven Maijoor.
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ESMA called on to complete non-EU AIFMD passport reviews
The European Securities and Markets Authority has come under pressure to complete its assessment on whether nine countries, including the US, Singapore and Hong Kong, should get access to the marketing ‘passport’ under the Alternative Investment Fund Managers Directive (AIFMD).
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EU membership benefits outweigh costs – Sears
Membership of the European Union has brought significant benefits to the UK asset management industry, Guy Sears told the Treasury Select Committee on Tuesday.
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Authorised UK firms hit with £363m FSCS levy
Firms authorised by the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will have to collectively pay £363m ($518m, €475m) to fund the Financial Services Compensation Scheme (FSCS) in 2016/17, an increase of 13.1% from £319m in 2015/16.
