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But for the grace of God? BoNY Receives Record Fine for CASS Breaches

Introduction On 14 April 2015, the FCA published its final notice fining The Bank of New York Mellon London Branch and the Bank of New York Mellon International Limited (together, “BoNY”) a total of £180 million (reduced to £126 million on account of early settlement) for failure to arrange adequate protection of safe custody assets […]

FCA Legislation Update (PDU 20)

On 9 March 2015, the FCA published its policy development update for February 2015 (PDU 20) which details forthcoming FCA publications relating to a number of areas, as detailed below: Business Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 19)  Benchmarks – PS to CP14/28 Q1 2015 Q1 2015 Review of the client […]

CASS RP Bites on Small Alternative Investment Fund Managers

Life for “small AIFMs” [1] will change in a big way on 1 April 2015 and, despite the date, it’s no joke… In Policy Statement 13/5, the FCA made certain amendments to its client assets (CASS) rules in order to ensure that they remained consistent with the Alternative Investment Fund Management Directive (AIFMD) and to […]

FCA Legislation Update

On 9 May 2014, the FCA published its Policy Development Update for April 2014 (PDU no. 13). As in previous occasions, this details forthcoming FCA publications relating to a number of areas, including those detailed below Business Standards Initiative Current Expected Publication Date Previous Expected Publication Date Review of client assets regime for investment businesses […]

CASS RP Changes on the Horizon?

On 14 January 2014, HM Treasury published the “Final review of the Investment Bank Special Administration Regulations 2011” conducted by Peter Bloxham.  The report meets Parliament’s requirement that the Treasury hold an independent review of the special administration regime (SAR) for investment banks within two years of it coming into force. Five firms have gone […]

FCA Continues the Focus on Client Assets

The Financial Conduct Authority has levied its first penalty under the new penalty regime for inadequate compliance with the Client Money rules. On 11 June 2013, the FCA published details of the £120,900 fine (including a 20% discount for early settlement) levied on Xcap Securities (a retail stockbroking and asset management firm) for failure to […]

FCA Legislation Update

On 26 April 2013, the FCA published its first Policy Development Update (PDU) for April 2013 which details forthcoming FCA publications relating to a number of areas, including RRP, client assets and EMIR, as detailed below. High level standards Initiative Current Expected Publication Date Previous Expected Publication Date Recovery and Resolution Plans: policy statement to CP11/16 […]

FCA Update on RRP and CASS

On 26 April 2013, the FCA published Policy Development Update No 157.  This summarises the anticipated publications dates for various pieces of regulatory guidance.  Of note are the following: a policy statement (PS12/5) to CP11/16 on recovery and resolution plans, due for publication in Q2 2013; a policy statement to part 2 of CP12/22 on […]

CASS RP Webinar Tomorrow

Just a reminder that I am giving a webinar on CASS Resolution Packs for Insurance Intermediaries tomorrow at 3:30 pm.  The event is free and you can register here.

Webinar on CASS RP for Insurance Intermediaries

On 16 April 2013 I am a guest speaker in a webinar being given by the Forum for Regulatory Change.  The presentation will focus on the future requirements for insurance intermediaries to prepare and maintain CASS Resolution Packs.  It will summarise the law in this area as it applies to insurance intermediaries and will leverage […]

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