On 15 December 2009, the Guidelines Monitoring Group (Group) published its second report on disclosure and transparency in the private equity industry (dated 14 December 2009) (Report). The Report considers compliance by private equity firms with the requirements and recommendations of the Walker Guidelines on disclosure and transparency in private equity (Guidelines) which were published […]

Treatment of client money on firm’s administration CASE = Yesterday, Mr Justice Briggs delivered his judgment in the matter of Lehman Brothers International (Europe) v CRC Credit Fund Ltd & Ors [2009] EWHC 3228 (Ch) on the identification and distribution of the client money held by Lehman Brothers International (Europe) (LBIE) at the time it […]

This news update provides an update about the Offshore Funds (Tax) (Amendment) Regulations 2009 (SI 2009/3139), made on 1 December 2009. The amendment regulations On 1 December 2009, the Offshore Funds (Tax) (Amendment) Regulations 2009 (SI 2009/3139) (the amendment regulations) were made. The amendment regulations, which come into force on 22 December 2009 but take […]

Insurance Brokerage Firm penalised for failing to conduct basic checks – London, 3rd December 2009. The Financial Services Authority has banned two insurance brokers for colluding to conceal a criminal conviction. The FSA also cancelled permission for an Insurance Brokerage firm to carry on regulated activities. Margaret Cole, the FSA’s director of enforcement and financial […]

HM Revenue & Customs (HMRC) is giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO) or risk being investigated. The New Disclosure Opportunity, announced in the April Budget, required taxpayers with undisclosed overseas income to first notify HMRC of an intention to disclose and then send in full […]

On the 26th November Sir David Walker published his Final Recommendations on corporate governance in UK banks and other financial institutions (BOFIs). These set out the final conclusions and recommendations following consultation on his preliminary report published in July. The Final Recommendations aim to bring about significant cultural and organisational changes in corporate governance. The […]

On 19 November 2009, the FSA published a speech by Sheila Nicholl, FSA Director of the Conduct Policy Division, entitled “Conducting business with consumers – Delivering the best outcomes”. The speech also helpfully clarifies the responsibilities of the two newly created ‘conduct’ divisions: the Conduct Risk Division, led by Dan Waters and the Conduct Policy […]

Regal Petroleum plc publicly censured and fined £600,000 – The London Stock Exchange has issued a public censure and fine of £600,000 against Regal Petroleum plc (Regal). These sanctions were imposed by the AIM Disciplinary Committee for a number of serious breaches of the AIM Rules with regard to its oil exploration wells in the […]