The FSA consults on changes to the approved persons’ regime to improve corporate governance. On 28 January 2010, the FSA published a consultation paper entitled: “Effective corporate governance (Significant influence controlled functions and the Walker review)” (CP10/3). The FSA’s proposals reflect its ongoing work on governance in regulated firms and address a number of the […]

Islamic finance and ensuring the agreement is upheld in the event of a dispute – what should investors or other parties to an agreement with an Islamic finance institution do to ensure that the agreement is upheld in the event of a dispute? They should: ensure they obtain and fully review the constitutional documents of […]

On 19 May 2010, the FSA published a press release announcing that, with the assistance of the City of London Police, it has carried out searches at an address in East London and that a man aged 39 has been arrested in relation to allegations of insider dealing. The FSA has not provided any further […]

MLROs should treat domestic PEPs the same as foreign ones, says FSA – Firms should treat domestic politically exposed persons in much the same way they treat foreign PEPs, the Financial Services Authority told money laundering reporting officers yesterday. HM Treasury also told the MLROs that it was thinking about extending the time limit that […]

A former hedge fund trader pleaded guilty to insider dealing yesterday in a landmark deal under which he may testify against his suspected co-conspirators, if they are charged, in the hope of receiving a lighter sentence. Anjam Ahmad, 39, who worked at AKO Capital, is the first person to strike a plea deal with the […]

The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006 – A May 2010 report from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited. The report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward […]

European Union finance ministers approved a draft law to tighten hedge-fund regulations in the face of objections from the U.K. The proposal, which would impose transparency standards on hedge-fund managers based outside of the EU, was adopted at a regular ministerial meeting in Brussels today. The draft law also would set restrictions on investment managers’ […]

The Terrorism and Crime (Bailiwick of Guernsey)(Amendment) Regulations, 2010. Made and Coming into operation and Laid before the States – 17th May, 2010. THE HOME DEPARTMENT, in exercise of the powers conferred on it by section 15C of the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 and all other powers enabling it in that […]