The Financial Services Authority is an independent non-governmental body formed in 1997 following reforms in the regulation of financial services. The FSA's four statutory objectives are: increasing public knowledge of the financial system; ensuring appropriate protection for consumers; maintaining market confidence; and reducing financial crime.
", "In respect of the City Code, a condition of an offer relating to the minimum of acceptances by target shareholders which the bidder is seeking to obtain. The City Code requires the acceptance condition to be set at shares carrying over 50% of the voting rights attributable to equity share capital alone and the equity and non-equity share capital combined.
", "A person authorised for the purposes of FSMA (Section 31), and includes a person authorised by the FSA through a Part IV (of FSMA) permission to carry on regulated activities.
", "ecommending or effecting any transaction in the performance of any advisory or discretionary service for a customer on the basis of its suitability to the customer receiving the service.
", "The purchase and takeover of an ongoing business. If undertaken by the existing management it is a management buy-out.
", "A malpractice, forbidden by the FSA, of effecting transactions with unnecessary frequency or in excessive size, or advising a customer to do so.
", "An investment vehicle with a fixed number of issued shares. Because the supply of shares is limited, they rise and fall in value according to supply and demand. An investment trust is an example of a closed-end fund. A closed-end fund is in contrast to an open-end fund.
", "Brief increase in value following a steep decline and before continuation of decline -a false dawn!
", "An attempt by a potential bidder to acquire a significant stake in a target in the market in a short space of time as the market opens.
", "A social, economic, and political organisation of European countries whose aim is integration for all member nations. It has been so called since November 1993 under the Maastricht Treaty, before which it was known as the European Community (EC), and before that as the European Economic Community.
", "Welcome package for an executive as an incentive.
", "FSA rules governing the conduct of general insurance business regulated by the FSA.
", "The anticipated proceeds of an asset at the end of its useful life, less the costs incurred in selling it. It is used when calculating the annual charge for the straight-line method of depreciation.
", "In contrast to a closed-end fund, an open end fund expands and contracts according to market demand, issuing new shares/units/participations in response to demand. The price of shares/units/participations does not fall and rise according to demand or lack of demand therefore, but is calculated broadly inline with the value of the fund's underlying assets. An example of an open-end fund is a unit trust.
", "Where numerous trades are made without any real change in ownership taking place, the activity being intended to encourage others to trade in the stock.
", "In the context of US investment, a person satisfying specific criteria in terms of the United States Investment Company Act 1940. Where material is distributed to such persons certain restrictive requirements concerning such material and the sale of securities may be dispensed with.
", "To buy shares with the object of raising the price beyond its fundamental value with the object of selling to unsophisticated investors, following which the price would be likely to fall to more sustainable levels.
", "Investment trust the share capital of which is split. Typically such a trust has a specified life-span of 10 years - under the split capital growth and income are separated and allotted to their own shares, so that investors can elect to buy shares offering income or capital or a combination.
", "A market where trading volume is low, leading to a wide spread of bid and offer prices being quoted.
", "Directive The Directive on Undertakings for Collective Investment in Transferable Securities.
", "Money given to corporate start-ups and other new high-risk enterprises by investors who seek above average returns and who are often willing to take illiquid positions.
", "A form of capital allowance giving tax relief to companies acquiring fixed assets which are then depreciated.
", "Securities and Exchange Commission: the US Government regulatory agency which oversees stock, bond and commodity markets, but not banking.
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