The FSLA glossary seeks to provide definitions and descriptions of terminology relevant to financial services law and the financial services industry. It is a collaborative effort - if you think a term is missing, please suggest a definition using the Submit Term link. Suggestions for improving an existing entry should be sent to website@fsla.org.uk.
|
|
Submit Term |
|
| Pages: 1 |
| ARROW |
Advanced Risk Responsive Operating frameWork. ARROW provides the link between the FSA's statutory objectives and its regulatory
activities, and is designed to:
- identify the main risks to FSA's objectives as they arise;
- measure the importance of those risks;
- mitigate those risks where their size justifies this;
- monitor and report on progress of our risk management.
See further http://www.fsa.gov.uk/Pages/Doing/Regulated/supervise/index.shtml
|
| | |
| CESR | See Committee of European Securities Regulators.
|
| | |
| Committee of European Securities Regulators |
Each Member State of the European Union has one member on the Committee, and the European Commission is also represented.
The members are nominated by the Members States and are the Heads of the national
public authorities competent in the regulation of securities markets.
The role of CESR is to:
- Improve co-ordination among securities regulators
- Act as an advisory group to assist the EU Commission
- Work to ensure more consistent and timely day-to-day implementation of community legislation in the Member States
|
| | |
| Financial Ombudsman Service | The scheme provided under Part XVI of FSMA (The Ombudsman Scheme) under which certain disputes may be resolved quickly and with minimum formality by an independent person (‘person’ being defined in accordance with the Interpretation Act 1978). See the DISP section of the Handbook for details on procedures and jurisdiction. |
| | |
| Financial Services and Markets Act 2000 | FSMA provides the framework within which the single regulator for the UK financial services industry, the Financial Services Authority operates. FSMA also establishes the framework for single ombudsman and compensation schemes to provide further protection for consumers. |
| | |
| Financial Services Authority | The single financial services regulator in the UK, established by the Financial Services and Markets Act 2000. |
| | |
| FOS | See Financial Ombudsman Service
|
| | |
| FSA | See Financial Services Authority.
|
| | |
| FSMA | See Financial Services and Markets Act 2000.
|
| | |
| Handbook | The FSA's book of rules and guidance. Go to: http://fsahandbook.info/FSA/html/handbook |
| | |
| Markets in Financial Instruments Directive | Directive 2004/39/EC harmonising the organisational and conduct of business requirements that apply to investment firms and the conditions governing the operation of regulated markets and multilateral trading facilities. MiFID replaces the Investment Services Directive (93/22/EEC). |
| | |
| MiFID | See Markets in Financial Instruments Directive . |
| | |
| Retail Distribution Review (RDR) | The FSA Discussion Paper published in June 2007 (DP07/1). The paper looks to re-invent the distribution of retail financial services in the UK. Specifically promoting discussion in the following areas: - sustainability of the distribution sector;
- impact of incentives on advice processes;
- professionalism and reputation of the sector;
- consumer access to financial products and services; and
- regulatory barriers and enablers for the market solutions.
|
| | |
| Solvency II | Fundamental review of the capital adequacy regime for
the European insurance industry that aims to establish a revised set of
EU-wide capital requirements. The framework consists of three ‘pillars’. Pillar 1
sets out the minimum capital requirements firms will be required to
meet for insurance, credit, market and operational risk. Pillar 2 will
be the supervisory review process – because of this, supervisors may
decide that a firm should hold additional capital against risks not
covered in pillar 1. The aim of pillar 3 disclosures is to harness
market discipline by requiring firms to publish certain details of
their risks, capital and risk management.
|
| | |
|
Glossary V2.0 |
