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The MiFID review: “execution-only” business

Herbert Smith Freehills LLP
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European Union
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February 23 2011

More than three years after its implementation, the European Commission published its consultation on the review of the Markets in Financial Instruments Directive ("MiFID")1 on 8 December 2010

Client money and assets: emerging issues

Herbert Smith Freehills LLP
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United Kingdom
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March 31 2011

FSA fines for client money and asset failings continue to make the headlines

CASS audit reports

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

The CASS audit report sets out whether a firm has complied with CASS rules and explains the extent of any breaches

Prohibition on the use of general liens in custody agreements

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

Subject to certain exceptions, the use of general liens in custody agreements will be prohibited from 1 March 2011

Review of CASS and Lehman client money litigation

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

The FSA considers that a comprehensive review of CASS will be necessary to ensure that it continues to provide the required degree of client protection and market certainty

Client assets and the special administration regime

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

The Government has introduced The Investment Bank Special Administration Regulations 2011 and The Investment Bank (Amendment of Definition) Order 2011 into Parliament

Restriction of TTCA for certain retail clients

Herbert Smith Freehills LLP
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European Union, United Kingdom
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January 31 2011

The use of TTCA in spread betting and contract for differences (CFD) transactions is now only permissible in relation to non-retail clients (i.e. those categorised as professional clients or eligible counterparties

Client Assets Unit - increased firm visits and enforcement actions

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

It is clear that the FSA regards client asset failings as an industry-wide problem and has established a specialist Client Assets Unit (Unit) to tackle these failings

Intra-group client money deposits

Herbert Smith Freehills LLP
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European Union, United Kingdom
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January 31 2011

To prevent intra-group contagion (a situation painfully illustrated by the placement of 50 of Lehman Brothers International (Europe)'s client money with a group bank which became insolvent), firms will be subject to a 20 maximum limit on intra-group client money deposits in client bank accounts from 1 June 2011

CASS operational oversight controlled function (CF10a) and CMAR

Herbert Smith Freehills LLP
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United Kingdom
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January 31 2011

All firms holding client money or assets must apportion responsibility for CASS operational oversight to an appropriate senior manager or director performing a significant influence function (SIF) within the firm