The Applicant in this case, The Burns Anderson Independent Network plc, was authorised to conduct investment business under the Financial Services Act 1986, by virtue of its membership of the Personal Investment Authority (PIA). An allegation had been made to the PIA ombudsman that the Applicant...

The background to this action involved allegations of fraud by the Plaintiff, (some of which had been proved) against the Defendants which had already given rise to protracted litigation.

The Appellant in this case, referred to throughout the Court of Appeal's judgment as ‘Paula’, was the principal beneficiary under a settlement which contained a trustee exemption clause in the following terms:

The New York Stock Exchange, Inc. (NYSE) and the National Association of Securities Dealers, Inc. (NASD) have proposed changes to their rules regarding the supervision and review of its member firms' supervision of electronic communications. The rule changes provide brokerage firms with more...

This paper examines the impact of electronic trading on the regulation of the financial services industry and the improvements that are required to the current regulatory structure. Comments are addressed particularly to the wholesale markets, although many of them can certainly be applied to...

The Single Market in financial services (investment funds, banking, insurance and investment services) has had a long gestation and has been a mixed success. It is now faced with a new challenge, the adaptation of the Community regulatory framework to an electronic environment. This paper...

Over the last ten or 15 years, there has been a fundamental change in focus in the regulation of the broker/dealer community in the USA. While examination of a firm's net capital compliance is still undertaken by the various self regulatory organisations (SROs), the scrutiny over sales practice...

This paper sets out to examine, on an elemental basis, the key mechanisms and techniques which could be used to build up a management relationship with a firm's regulator. It is aimed at being both a reminder for the more seasoned hands and a guide for new starts. As with most subjects of this...

This paper examines the current framework in the UK for the prevention and detection of corporate fraud, in the light of recent figures which demonstrate that losses from reported fraud far exceed losses from other kinds of theft. The responsibilities of external auditors and corporate...

Over the past two decades, technology has revolutionised the way securities are traded. The high‐speed communications, automated execution and borderless trading made possible by technological advances pose unique challenges for securities regulators. Regulators should look carefully at how...