Overview

This financial services regulatory briefing from Macfarlanes covers the following recent developments:

25.08.2010 - Prudential regime for trading activities
The FSA has issued discussion paper 10/4 entitled “The prudential regime for trading activities – a fundamental review”. This comes on the back of proposals made by the BASL Committee on Banking Supervision and by the Turner Review in relation to the prudential regime for banks.

11.08.2010 - FSA /HMT response to consultation on Market Abuse Directive
The Market Abuse Directive (MAD) was implemented on 1 July 2005 and affects all firms and individuals participating in a regulated market. The European Commission launched a call for evidence in June 2010 as part of its review of the MAD and has now published the FSA/HMT joint response to the consultation.

16.08.2010 - European Commission proposal for revision of the Financial Conglomerates Directive
The Financial Conglomerates Directive (2002/87/EC) (FICOD) was introduced on 16 December 2002 to address the evolving phenomenon of financial groups that combine the provision of services and products across a range of financial sectors.

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