News

JFSC Guidance Note: Certain aspects of the Accounts Orders for: TCB, IB, FSB and GIMB On the 23rd December 2009 the JFSC issued a Guidance Note on certain aspects of the Accounts Orders for: TCB, IB, FSB and GIMB. This guidance note aims to provide guidance to both registered persons and their auditors in respect […]

FSA fines soared 53% in 2009 The FSA handed out heavier fines to fewer firms in 2009, figures show. According to law firm Reynolds Porter Chamberlain (RPC), the FSA fined 39 firms a total of £34.8m this year. This compares with 50 fines in 2008 worth £22.6m. RPC says 2009 saw eight companies fined £1m […]

London branch of Toronto Dominion Bank receives second FSA fine for systems and controls failings On 17 December 2009, the FSA published the Final Notice it has issued to Toronto Dominion Bank (London Branch) (TD), fining it £7 million for breach of Principles 2 and 3 of the Principles for Businesses. The FSA found that, […]

A new information service has recently been launched which makes it much easier for offshore finance professionals, or those with offshore clients, to stay right up to date with vital industry and regulatory announcements. Offshore Announcements regularly scans an unlimited number of trusted industry websites, and sends notification of any updates directly to each user’s […]

New York residents Raj Rajaratnam and Danielle Chiesi have been charged with a 17-count indictment involving conspiracy and securities fraud crimes stemming from their alleged involvement in the largest hedge fund insider trading case in history. Rajaratnam was the managing member of Galleon Management and a portfolio manager for Galleon Technology Offshore. Chiesi was an […]

The FSA has published proposals for enhancing the professionalism of investment advisers under the Retail Distribution Review (RDR). The FSA is proposing 1.    a new in-house governance structure to ensure these enhanced standards are met, both initially and on an ongoing basis, through achieving a higher level of qualification, meeting higher standards of continuing professional […]

The Financial Services Authority (FSA) has fined the director of a West Midlands-based IFA firm MFP Group £75,000 and banned from the industry for repeatedly lying. The fine was increased from £50,000 after a 2008 FSA investigation into director Simon Kuun – where he was judged to lack the honesty and integrity expected of an […]

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 […]