News

As reported earlier the FSA has brought its second prosecution pursuant to section 191(3) of the Financial Services and Markets Act 2000 for a change of control offence. Semperian PPP Investment Partners Limited Partnership, a private equity fund, acquired an authorised firm before receiving the necessary approval from the FSA – although it notified the […]

The FSA has censured Wills & Co, a retail stockbroking firm, for (amongst other things) serious failings in sales practices, staff supervision and complaints handling procedures in breach of Principles 2, 3, 6, 7, 9 and 11. The FSA also used its powers to vary the permission of Wills & Co to prevent it offering […]

Jersey foundations are drawing interest from other countries – Twenty-seven Jersey foundations have been established since they were introduced into Jersey law in July 2009. The Foundations (Jersey) Law 2009 permits the establishment of foundations which are incorporated bodies that can hold assets, transact business and sue and be sued in their own name. The […]

On the 18th February 2010 The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies […]

U.S. criminal tax evasion case may involve HSBC – An investor in Virginia pleaded guilty on Tuesday to criminal tax evasion involving an international bank, said by a person briefed on the case to be HSBC, one of the world’s largest private banks. The case shows that authorities are expanding beyond UBS, the giant Swiss […]

FSMT upholds FSA decision to impose total prohibition order on dishonest chief executive of insurance intermediary firms – The Financial Services and Markets Tribunal (FSMT) has published its decision in the case of David John Marriott and FSA, which was heard on 1 December 2009 (Decision). Mr Marriott was a controller and chief executive of […]

CEBS publishes high-level principles for risk management – On 16 February 2010, the Committee of European Banking Supervisors (CEBS) published its high level principles for risk management (principles). On 8 April 2009, CEBS announced that it intended to consolidate into a comprehensive guidebook its various existing principles and guidelines addressing risk management issues and that […]

FSA fines oil executives £1.16m for market abuse – On 16 February 2010, the FSA published the Final Notices it has issued to three executives of Genel Enerji A.S. (Genel), a Turkish oil exploration company: Mehmet Sepil, chief executive officer, who was fined £967,005. Murat Ozgul, chief commercial officer, who was fined £105,240. Levent Akca, […]