Overview

Stephenson Harwood provides an overview of recent financial services developments, including: CESR publishes updated FAQs; the BBA announces binding commitments to support SMEs; and the FSA fines father and son for insider dealing.

Contents:
Financial Services
• Prospectuses - CESR common positions: FAQs updated
• The BBA, AFME & ISDA: joint response to European Commission consultation on derivatives and market infrastructures
• CESR updates table of members’ short selling measures
• CEBS publishes statement on timing of results of EU-wide stress test of banking sector
• HMRC anti-money laundering guidance for money service businesses
• The European Commission updates Payment Services Directive Q&As
• The BBA announces binding commitments to support SMEs
Recent FSA speeches and publications
• The FSA consults on “tough” responsible lending proposals
• The FSA and Pensions Regulator statement on pensions transfer advice
• The FSA publishes Handbook Development Newsletter No. 124
• The FSA publishes letter on legal expenses insurance
• The FSA issues new modification by consent for deposit-takers subject to SCV requirements
Enforcement
• The FSA fines father and son for insider dealing
• The FSA fines mortgage company for unfair treatment of customers in arrears
• The FSA secures £3.7 million compensation for victims of Upton & Co unauthorised collective investment scheme

To read this update click ‘View Briefing’