A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
On 14 March 2013 HM Treasury published a further consultation on the transposition of the AIFMD into UK law (here is our post on the January 2013 Treasury consultation).
The consultation document is here; the accompanying press release is here; and the draft regulations published alongside the consultation (“The Alternative Investment Fund Managers Regulations 2013″) are here.
From the press release:
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HM Treasury has today published its promised consultation on making AIM company shares eligible for ISAs. The effect of the proposed changes is that High Growth Segment company shares, when and if there are any, will also be eligible for ISAs.
The Treasury press release is here and the consultation document is here.
The key proposed change (see paragraph 3.3 of the consultation document) is that:
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The Government today confirmed that the regulation of consumer credit will move from the Office of Fair Trading to the new Financial Conduct Authority in April 2014.
HM Treasury / BIS announcement here.
HM Treasury press release here and consultation document here.
Financial Service Authority press release here and consultation document here.
HM Treasury today announced a consultation on “key policy decisions” for the transposition of the Alternative Investment Fund Managers Directive into UK law. The consultation document is here. From the press release:
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The Bill received Royal Assent on 19 December 2012, becoming the Financial Services Act 2012.
HM Treasury confirmed on the same day that the Prudential Regulation Authority and the Financial Conduct Authority will start work on 1 April 2013: i.e. that is the legal cutover day to the new regulators.
The Treasury also confirmed that the FCA will take on responsibility for consumer credit regulation from 1 April 2014.
Summary of industry stance and the Treasury / FSA consultations promised in the New Year, from Pinsent Masons.
HM Treasury today published the legislation, to be contained in the Financial Services Bill, by which section 397 of the Financial Services and Markets Act 2000 will be replaced and extended to capture the making of misleading statements to manipulate benchmarks such as LIBOR. The draft legislation is here.
HM Treasury has today announced that the Government is accepting the recommendations of the Wheatley Review of LIBOR in full. The Treasury’s press release is here and the ministerial statement is here (pdf). We covered the Wheatley recommendations in this post.
Section 397 of the Financial Services and Markets Act 2000 will be extended to capture the making of misleading statements to manipulate benchmarks such as LIBOR. From the ministerial statement:
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On 12 October 2012 HM Treasury published the draft Banking Reform Bill, “to implement key elements of the Independent Commission on Banking’s recommendations”. The Treasury press release is here and the draft Bill is here.
See also: Final report of the Independent Commission on Banking, September 2011
HM Treasury yesterday started a consultation on the FPC’s proposed macro-prudential tools. The press release is here and the consultation document is here. From the press release:
“This document seeks comments on the Government’s intention to:
- make the FPC responsible for setting the level of the UK’s counter-cyclical capital buffer;
- provide the FPC with a direction-making power to impose sectoral capital requirements; and
- provide the FPC with a time-varying leverage ratio direction-making tool, but no earlier than 2018 and subject to a review in 2017 to assess progress on international standards.
The document contains draft secondary legislation that will provide the FPC with its directive tools, and an Impact Assessment that contains illustrative estimates of the net benefits of the FPC’s macro-prudential tools.”
The consultation closes on 11 December 2012.
