On 1 March, the UK Financial Services Authority ("FSA") published its new framework for financial penalty-setting. Explaining the tri-partite objectives of the new policy of deterrence, discipline and disgorgement, Margaret Cole (Director of Enforcement and Financial Crime) said:
UK Regulation
The Big Seven Say ‘Yes’ – UK Banks Back New Code for Financial Reporting Disclosure
The Turner Review, published in March this year, identified a concern that in spite of banks’ efforts to enhance disclosures during 2008 and 2009, investor confidence in financial reports appeared to remain low.
Just Jargon? The New UK Listing Regime — “Premium” and “Standard” Listings
In January 2008, the Financial Services Authority (the “FSA”) began a review of the UK listing regime. In what appears to be a diametric move from the increasing heavy handed approach of the FSA in other areas of financial regulation, under the new listing rules UK companies will now be allowed to take advantage of an easier route to achieving a listing on the main market of the London Stock Exchange.
“You win some, you lose some” — Recent Appeals and Decisions Involving the UK Financial Services Authority
Two high-profile decisions have been published in the last two weeks regarding actions brought by UK Financial Services Authority ("FSA") against members of the financial services industry. Both cases show signs of an increased willingness on the part of those subject to FSA enforcement action to challenge the enforcement wing of the FSA but with variable levels of success.