FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
156 Section six – Appendices Appendix 7 Listing Rules cases 2006/07 2005/06 Brought forward from 2005/06 1 0 New cases 0 4 Disciplinary action taken 0 3 Cases discontinued 1 0 Carried forward to 2007/08 0 1 Commencement of civil/criminal proceedings 2006/07 2005/06 (firms and individuals) Recommendation by the FSA to commence proceedings 19 4 Authority granted to the FSA to commence proceedings 19 4 Authority for the FSA to commence proceedings refused by the RDC 0 0 Skilled Person’s reports: Section 166 of FSMA gives the FSA the power to commission ‘reports by skilled persons’. We use this typically to obtain an independent view of aspects of a firm’s activities which cause us concern. We used this power in 18 cases in 2006/07 (2005/06: 17). The total estimated cost to the firms and individuals covered was £3.8 million (2005/06: £3.7 million). Estimated costs per report ranged from £2,000 to £750,000 (2005/06: £400 to £976,000). Subjects of reports included: • controls to prevent money laundering; • controls over trading; • systems for the prevention of fraud; • client money calculations; • management of operational risk; • corporate governance; and • reviews of past mortgage business.
Section six – Appendices Appendix 7 157 Designated Professional Bodies in the UK as at 31 March 2007 The Law Society The Law Society of Scotland The Law Society of Northern Ireland The Institute of Chartered Accountants of Scotland The Institute of Chartered Accountants in England & Wales The Institute of Chartered Accountants in Ireland The Association of Chartered Certified Accountants Institute of Actuaries Council for Licensed Conveyancers Royal Institution of Chartered Surveyors The FSA has a duty under Part XX of FSMA to keep itself informed about the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by members of the professions in relation to which they are established; and the way in which such members are carrying on exempt regulated activities. We continued to discharge these regulatory functions during 2006/07. UK Recognised Investment Exchanges and Recognised Clearing Houses Recognised Investment Exchanges Recognised Clearing Houses 31 March 2006 7 2 31 March 2007 7 2 Recognised Investment Exchanges London Metal Exchange Limited ICE Futures EDX London Limited Liffe Administration & Management Nymex Europe Limited virt-x Exchange Limited London Stock Exchange plc Recognised Clearing Houses LCH.Clearnet Ltd CRESTCo Ltd
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156<br />
Section six – Appendices<br />
Appendix 7<br />
Listing Rules cases <strong>2006</strong>/<strong>07</strong> 2005/06<br />
Brought forward from 2005/06 1 0<br />
New cases 0 4<br />
Disciplinary action taken 0 3<br />
Cases discontinued 1 0<br />
Carried forward to 20<strong>07</strong>/08 0 1<br />
Commencement of civil/criminal proceedings <strong>2006</strong>/<strong>07</strong> 2005/06<br />
(firms and individuals)<br />
Recommendation by the <strong>FSA</strong> to commence proceedings 19 4<br />
Authority granted to the <strong>FSA</strong> to commence proceedings 19 4<br />
Authority for the <strong>FSA</strong> to commence proceedings refused<br />
by the RDC 0 0<br />
Skilled Person’s reports:<br />
Section 166 of FSMA gives the <strong>FSA</strong> the power to commission ‘reports by<br />
skilled persons’. We use this typically to obtain an independent view of<br />
aspects of a firm’s activities which cause us concern.<br />
We used this power in 18 cases in <strong>2006</strong>/<strong>07</strong> (2005/06: 17). The total<br />
estimated cost to the firms and individuals covered was £3.8 million<br />
(2005/06: £3.7 million). Estimated costs per report ranged from £2,000 to<br />
£750,000 (2005/06: £400 to £976,000). Subjects of reports included:<br />
• controls to prevent money laundering;<br />
• controls over trading;<br />
• systems for the prevention of fraud;<br />
• client money calculations;<br />
• management of operational risk;<br />
• corporate governance; and<br />
• reviews of past mortgage business.
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