Overview

The August 2010 issue of Norton Rose’s asset management regulation newsletter, which details the latest UK and international regulatory developments affecting asset managers between 14 July 2010 and 10 August 2010, covers the following:

Collective investment schemes
• CESR sets out final guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS
• Consultation Paper - CESR’s template for the KII document
• Consultation Paper - A guide to clear language and layout for the KII document
• Consultation Paper - CESR’s guidelines for the transition from the Simplified Prospectus to the KII document
• Consultation Paper - CESR’s Level 3 guidelines on the selection and presentation of performance scenarios in the KII document for structured UCITS
• Assessing possible sources of systemic risk from hedge funds - A report on the findings of the Hedge Fund Survey and Hedge Fund as Counterparty Survey
• Unregulated collective investment schemes: project findings
• FSA secures £3.7 million compensation for victims of Upton & Co unauthorised collective investment scheme
• IMA to review sectors

FSA Handbook
• Handbook development newsletter no 125
• Handbook Notice 102

Market abuse
• FSA fines father and son for market abuse

Regulation & compliance
• Public hearing on the “Review of the Markets in Financial Instruments Directive (MiFID)”
• CESR announces next steps on European access to financial information disclosed by listed companies
• CESR report on trends, risks and vulnerabilities in financial markets
• CESR proposes changes to MiFID to improve securities markets’ functioning, transparency and investor protection
• CESR updates the list of measures recently taken by Members regarding short-selling
• A new approach to financial regulation: judgement, focus and stability
• FSA consults on changes to its Remuneration Code
• IMA encourages the FSA to maintain a proportionate approach to remuneration

Securities
• Responses to Commission consultation on short selling

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