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Business and Other Briefings
FSA: The Financial Services Authority (FSA) has published new rules requiring firms to record telephone conversations and other electronic communications to help deter & detect market abuse in the UK. From March 2009, firms will have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets.
Following consultation, the retention period for recorded calls and communications has been reduced from 3 years to 6 months. Mobile phone conversations have been exempted from the taping rules but this will be reviewed in 18 months time. In addition, discretionary investment managers will not be required to record telephone conversations and electronic communications with firms that are subject to the taping rules.
Press release ~ Closed consultation: Chapter 19 of CP07/9: 'Conduct of Business regime: Non-MIFID deferred matters' ~ PS08/1: Telephone Recording: recording of voice conversations and electronic communications
FSA: The Financial Services Authority (FSA) has published a consultation paper on amendments to the sponsor regime for Listed companies. The consultation paper (closes on 6 June 2008) sets out proposed changes to the sponsor regime (the rules governing sponsors are set out in LR8 of the Listing Rules.
The key proposals are to: clarify the application of the Principles for sponsors; remove the existing concept of the suitability experienced employee to demonstrate competence and replace it with a firm-wide approach to sponsor competence; modernise the approach to sponsor independence by focusing on procedures for identifying and managing conflicts; and revise guidance as to what will generally be accepted as appropriate systems and controls for sponsors.
HM Treasury: Exchequer Secretary to the Treasury, Angela Eagle MP, has launched a consultation (closes on 30 May 2008) to modernise the governance arrangements of Lloyd's of London and to remove restrictions which impede the way the Lloyd's insurance market operates through a Legislative Reform Order (LRO).
Press release ~ Proposals for a Legislative Reform Order to amend Lloyd’s Act 1982 ~ Lloyd's of London
UK-IPO: A public consultation (closes 26 May 2008) on the amendment & consolidation of the Trade Mark Rules 2000 has been launched by the UK Intellectual Property Office – See ‘Consultations’ for more details.
This Brief gives details of an article: How HMRC will handle late applications to apply to re-register under the Money Laundering Regulations 2007.
This Brief gives details of an article: Animal Rescue Charities - VAT liability of the sale of abandoned dogs and cats.
This Brief gives details of an article: VAT: access to Intrastat data.
