The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Swift Trade, a non-FSA authorised Canadian company with global operations, £8m for market abuse. The Tribunal described this as being “as serious a case of market abuse of its kind as might be imagined”.

Between 1 January 2007 and 4 January 2008, Swift Trade engaged in a systematic and deliberate form of manipulative trading known as “layering”. The manipulative trading caused a succession of small price movements in a wide range of individual shares on the London Stock Exchange (LSE) from which Swift Trade made substantial profits. . .

http://www.fsa.gov.uk/library/communication/pr/2013/009.shtml

In July 2012 the Basel Committee on Banking Supervision (BCBS) agreed a revised Regulatory rules text on the capital requirements for bank exposures to central counterparties.

Capital requirements for bank exposures to central counterparties

These rules set out the capital treatment for bank exposures to qualifying central counterparties (QCCP).  A QCCP is defined as ‘an entity that is licensed to operate as a CCP (including a license granted by way of confirming an exemption), and is permitted by the appropriate regulator/overseer to operate as such with respect to the products offered. This is subject to the provision that the CCP is based and prudentially supervised in a jurisdiction where the relevant regulator/overseer has established, and publicly indicated that it applies to the CCP on an ongoing basis, domestic rules and regulations that are consistent with the CPSS-IOSCO Principles for Financial Market Infrastructures’. . .

http://www.fsa.gov.uk/portal/site/fsa/menuitem.10673aa85f4624c78853e132e11c01ca/?vgnextoid=24445ec45227c310VgnVCM2000004fbc10acRCRD&vgnextchannel=de5a7a662c93c310VgnVCM2000004fbc10acRCRD&vgnextfmt=default

We are consulting further on aspects of the changing Handbooks of rules and guidance to reflect the new UK regulatory structure.

Why are we issuing this consultation paper?

We have already set out our approach to creating the Handbooks of rules and guidance for the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), which replace the FSA on 1 April 2013. We have also consulted on changes to the existing FSA Handbook. Most provisions in the FSA Handbook will be adopted (or ‘designated’) by the FCA and PRA into their respective Handbooks, according to each regulator’s scope and powers. . .

http://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtml

In consultation with the International Monetary Fund (IMF), Greek authorities  have agreed to plans for the next twelve months to significantly strengthen tax  administration.

The plans come following a report in December in which the IMF condemned the   Greek government for its lack of progress in implementing the reforms necessary   to target delinquent taxpayers and collect outstanding tax dues. The report   said that Greek authorities had achieved just half of the quantitive objectives   placed upon them as part of the nation’s financial assistance program. . .

http://www.tax-news.com/news/Greece_Commits_To_Tax_Administration_Improvements____59341.html

On January 17, 2013, the United States Treasury Department and the Internal Revenue Service (IRS) issued comprehensive final regulations implementing the information reporting and withholding tax provisions for foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA).

FATCA was enacted by Congress in March 2010 and is intended to ensure that the US tax authorities obtain information on financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest, with FFIs. Failure by an FFI to disclose information would result in a requirement to withhold 30% tax on US-source income.

http://www.tax-news.com/news/US_Issues_Final_FATCA_Regulations____59287.html