20
FEB
2014

Iranian Bank sues the Treasury

Image Source Bank Mellat, last year, successfully challenged an order by the Treasury in 2009 prohibiting UK financial institutions from doing business with them. The Bank is now making a legal claim  for substantial damages for the loss of business and damage to reputation. The Treas
12
FEB
2014

Happy EMIR day!

So today is the first day of trade reporting under EMIR.  A few sleepless nights for ‘in scope’ firms and a few unanswered questions from ESMA. However, the decision makers at ESMA have updated their Q & A’s yesterday.  Yes that is correct, YESTERDAY. I found the
11
FEB
2014

Position Limits

The CFTC are looking to impose position limits on their futures markets, which is proving hugely unpopular with some of the largest global trading houses which use the markets for hedging. The new rules are aimed at preventing excessive speculation distorting commodity prices and is p
07
FEB
2014

Pushing Back (William Roache)

Yesterday’s headlines were that William Roache was found not guilty on all charges of rape and indecent assault. An innocent man, yet one whose life and reputation have been thrown into turmoil through accusations which were found to have no basis in law. Yesterday an ex SAC man
05
FEB
2014

Hester Returns

Stephen Hester, a very capable person who previously was unfairly forced out of the Royal Bank of Scotland, despite doing a sterling job for a far less than market salary, has found a new challenge. RSA have employed him to lead them out of the problems arising  from a recently discov
31
JAN
2014

CRD 4 – Remuneration policies

The CRD4 rules were rushed in just before Christmas but they apply from 1st January 2014. Compliance manuals, monitoring programmes and ICAAPs will all need to be updated to reflect these changes and some of these changes are significant. Today I will only mention the remuneration pol
30
JAN
2014

Insider Trading

I am sure we all applaud the regulator’s increasing attempts to punish and remove insider trading from the UK. It can only help enhance the reputation of the UK as the premier business centre of the world.  News yesterday was that a potential insider trader has appeared at Westm
24
JAN
2014

Fee Tariff Data – Part two

Following on from my previous blog, I have seen a number of instances where refunds have been obtained because incorrect data was submitted. The data refers to income received from regulated activities so non regulated activities, if you have any, would not be included.  Something lik
20
JAN
2014

FCA Fee Tariff Data Request

It is that time of year again when the FCA need to calculate how much to charge you for their services. A few years ago it was basically dependent on how many staff you had conducting regulated activities.  Now it is more complicated – to say the least. If you are regulated by t
14
JAN
2014

Rabobank Bankers Charged by the US Authorities

Three former Rabobank bankers have now been charged by the US Authorities with allegedly manipulating Libor and other key benchmark interest rates. The investigation widens, seemingly daily. What has been apparent for a while is that it is very hard to remain compliant, even if a firm