Industry Regulations K - Z
Kanjorski Amendment : This is a provision of the Dodd-Frank financial reform act of 2010 that gives U.S. federal regulators the power to break up or otherwise constrain the activities of large financial institutions - if such firms pose a “grave risk” to the system. More >>
KYC/KYB : Internal anti-money laundering procedures. Know Your Customer (KYC), Know Your Customer’s Business (KYB), Transaction monitoring, Exceptions reporting. More >>
Large exposure reporting - FSA008 : On FSA008, the firm will only be required to report those exposures which equal or exceed 10% of the firm's Capital Resources at the reporting date; any previously large exposures during the quarter that are not large on the reporting date should not be included in the data item. More >>
Liquidity Risk - FSA : The far-reaching overhaul, designed to enhance firms’ liquidity risk management practices. The FSA’s new requirements are designed to protect customers, counterparties and other participants in financial services markets from the potentially serious consequences of imprudent liquidity risk management practices. More >>
MiFID : The Markets in Financial Instruments Directive 2004/39/EC (known as "MiFID") as subsequently amended is a European Union law that provides harmonised regulation for investment services across the 30 member states of the European Economic Area (the 27 Member States of the European Union plus Iceland, Norway and Liechtenstein). More >>
MiFID II : MiFID II migrates the European regulatory landscape from a principles-based philosophy toward a more U.S.-style rules-based regulatory regime. It also extends the MiFID framework across asset classes and into markets in which central bid/offer markets and pre- and post-trade transparency have never existed. More >>
NF Z 42-013 : The standard NF Z 42-013 provides a set of specifications for the AFNOR, the French standardisation organisation official, on technical and organisational measures to implement for recording, storing and retrieval of electronic documents to ensure preservation and integrity. More >>
Passporting : Where a financial adviser in an European Economic Area (EEA) state is advising clients located in another EEA state it must ensure it satisfies the legal requirements of that state. The financial adviser can do this by ‘opting in’ to MiFID and obtaining a passport for such services. Having successfully applied for and received the passport, the adviser no longer requires authorisation in other Member States for matters covered by the passport. More >>
PRIPS : The intention of PRIPs is to achieve consistent and effective standards for investor protection across a wide range of investments, and ensure there is a level-playing field for distributors and providers of investment products. More >>
Public Records Office : Formerly known as the PRO, The National Archives is the UK government's official archive, containing over 1,000 years of history. They give detailed guidance to government departments and the public sector on information management and advise others about the care of historical archives. More >>
RDR : Created in 2006 by the Financial Services Authority, the Retail Distribution Review (RDR) programme is intended to enhance consumer confidence in the retail investment market. The target for full-implementation of 31 December 2012.The main objectives include ensuring independent advice is truly independent and reflects investors’ needs, the service being offered is clearly identifiable and understandable and the costs of advice to the investor is known from the outset. RDR also requires all investment advisers to be qualified to a new, higher level. More >>
Sarbanes-Oxley Act : The Sarbanes–Oxley Act of 2002 is a federal law enacted to set new or enhanced standards for all U.S. public company boards, management and public accounting firms. More >>
SEC 17a -4 : "The Securities Exchange Act, SEC CFR Rule 17a requires that all transaction records,
relating to any securities transaction, must be kept in non-rewritable and non-erasable format including documents in email, fax and mail." More >>
Solvency II : Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry. It aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current solvency requirements. More >>
SOX : The most common acronym used to describe the Sarbanes-Oxley Act of 2002. More >>
TCF : Treating customers fairly (TCF) is central to the delivery of the retail regulatory agenda, which aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal. More >>
The Financial Services Compensation Scheme (FSCS) : The scheme whereby compensation maybe paid to customers of an authorised firm if it is unable, or likely to be unable, to pay claims against it. More >>
Treating Customers Fairly (TCF) : Central to the FSA retail regulatory agenda, it demands that Firms must be able to demonstrate that they are consistently delivering fair outcomes to consumers at all staff levels. More >>
Turner Review : Following the banking crisis, the Chancellor of the Exchequer asked Lord Turner, in his capacity as Chairman, to review and make recommendations for reforming UK and international approaches to the way banks are regulated. More >>
Unfair contract terms : The Financial Services Authority (FSA) has powers under the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations) to challenge unfair terms in standard form consumer contracts. More >>
Regulation Z : The purpose of this regulation is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. More >>
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