The FSA (UK) published by end of October 2006 radical proposals for move to principles-based regulation that refers to MiFID. Details of the proposed NEWCOB (New Conduct of Business Rules of the FSA Handbook) are set out in CP06/19 : ‘Reforming Conduct of Business Regulation’ with Annex and CP06/20: ‘Financial promotion and other communications’.
LIBA, AFB, FOA, ICMA, ISDA, and […]
Archive for November, 2006
LIBA and other London based associations have responded to the FSA (UK) on COB
Published by November 29th, 2006 in www.nordicsecurities.org, United Kingdom (UK) and LIBA. 0 CommentsFSA (SE) announce regulations by 2006-12-15
Published by November 29th, 2006 in www.nordicsecurities.org, Sweden, FSA (SE) and Finance Ministry (SE). 0 CommentsThe FSA(SE) has on 2006-11-29 announced draft regulations by 2006-12-15. Consultations will be carried out until end of January 2007.
A draft bill will be presented to Lagrådet (Legal Council) in January and a bill will be presented to the Parliament in February 2007.
FSA (SE) sends letter to Ministry of Finance about transaction reporting requirements
Published by November 28th, 2006 in www.nordicsecurities.org, Sweden and FSA (SE). 0 CommentsThe FSA (SE) has sent a letter on 2006-11-17 to the Ministry of Finance (SE) about transaction reporting requirements and its justifications for superequivalent requests (i.e. requirements above MiFID requirements) in response to the letter from SSDA on the same issue.
SSDA submits cost calculations on transaction reporting to the FSA (SE)
Published by November 28th, 2006 in www.nordicsecurities.org, Sweden and SSDA (SE). 0 CommentsSSDA has accounted for some cost calculations on transaction reporting in a letter to the FSA dated 2006-10-24. The calculations are not all comprehensive but rather examples from some member firms of the cost estimated for implementation of requirements suggested by the FSA that are superequivalent (i.e. above the basic requirements of MiFID).
Such extra requirements refers to client […]
FSA (UK) publishes Policy Statement on Organisational systems and controls
Published by November 27th, 2006 in www.nordicsecurities.org, United Kingdom (UK) and FSA (UK). 0 CommentsThe FSA (UK) has published on 2006-11-24 a Policy Statement on ‘Organisational systems and controls – Common platform for firms’ which is a feed-back after the consultation on the paper CP06/09 published in May 2006.
The common platform sets out a single set of rules and guidance on systems and control measures for investment firms and credit institutions […]
FSA (UK) publishes paper on The Overall Impact of MiFID
Published by November 27th, 2006 in www.nordicsecurities.org, United Kingdom (UK) and FSA (UK). 0 CommentsThe FSA (UK) published on 2006-11-24 a paper on The Overall Impact of MiFID that sets out the FSA’s assessment of the overall costs and benefits for the financial services industry of implementing MiFID in the UK. The paper indicates that, under certain assumptions, MiFID could generate some £200 million per year in quantifiable ongoing benefits, […]
MiFID transposition and application - State of Play in the Member States
Published by November 21st, 2006 in www.nordicsecurities.org, Sweden, Denmark, Finland, Finance Ministry (DK), Finance Ministry (FI), Finance Ministry (SE), United Kingdom (UK), France (FR), EU, Germany, Finance Ministry (DE) and EC. 0 CommentsEC has made a survey of the State of Play on transposing MiFID into national legislation, Report. It seems as if only 9 out of 27 member states that responded to the Questionnaire expect to meet the transposition deadline of 31st January 2007.
EC say they will be rigorous in exercising its enforcement functions under the Treaty on delayed member […]
FSA (DK) proposes regulation of COB, best ex, transaction reporting and, firm quotes
Published by November 16th, 2006 in www.nordicsecurities.org, Denmark, FSA (DK) and DSDA (DK). 0 CommentsThe FSA (DK) (Det danske Finanstilsyn) has published proposed regulation on investor protection and conduct of business, Investor protection, and on Best execution measures. Responses are due 2006-11-17.
DSDA has responded, DSDA response on COB and Best Execution
In addition the FSA(DK) has published regulation on Transaction reporting and on the obligation to make public firm quotes and post-trade disclosure Firm […]
FSA (UK) publishes its General Counsel’s legal advice on best execution
Published by November 14th, 2006 in www.nordicsecurities.org, United Kingdom (UK) and FSA (UK). 0 CommentsThe FSA (UK) published 2006-11-03 its General Counsel’s Division’s legal advice regarding the scope of the best execution duty under MiFID. The advice was not prepared on the basis that it should be used or relied upon by persons other than the FSA (UK) and those reading it should if necessary take their own advice if they […]
Commission feedback on transparency in bond markets and other non-equity markets
Published by November 14th, 2006 in www.nordicsecurities.org, EU and EC. 0 CommentsThe Commission is required by Article 65(1) of the Markets in Financial Instruments Directive (2004/39/EC), known as ‘MiFID’, to present a report to the European Parliament and the Council by the end of 2007 concerning pre- and post-trade transparency obligations to transactions in classes of financial instrument other than shares.
The European Commission published on 2006-11-13 […]
FSA (SE) publishes proposal on Transaction Reporting Requirements
Published by November 8th, 2006 in www.nordicsecurities.org, Sweden, FSA (SE) and Nordic Countries in common. 0 CommentsThe FSA (SE) has published a revised proposal on Transaction Reporting Requirements. It comes as a memo and a specification of the requirements (both in Swedish). There is also a proposed Transaction Report Format for Reporting Parties (in English). As an harmonised regulation on this issue will be pursued, FSA (SE) has sent the documents to […]
FSA publishes radical proposals for move to principles-based regulation
Published by November 3rd, 2006 in www.nordicsecurities.org, United Kingdom (UK) and FSA (UK). 0 CommentsFSA publishes radical proposals for move to principles-based regulation that refers to MiFID. Details of the proposed NEWCOB (New Conduct of Business Rules of the FSA Handbook) are set out in CP06/19: ‘Reforming Conduct of Business Regulation’ with Annex and CP06/20: ‘Financial promotion and other communications’.
CP06/19, see above, also includes proposed amendments to other (non-COB) parts of […]
Ministry of Finance (FR) publishes MiFID law proposal for consultation
Published by November 2nd, 2006 in www.nordicsecurities.org, Other countries and France (FR). 0 CommentsThe French Ministry of Finance published on 2006-11-02 a law proposal mainly transposing MiFID Level 1 measures into French law (Code Monetaire et Financier). The proposed changes are presented in three documents for consultation:
1 – Authorisation
2 - COB rules, client classification, information to clients, best execution, conflicts of interest, etc;
3 – Investment advice and tied […]
