Examples of financial jargon

'4.7.9A E Conduct of the following type falls within APER 4.7.2E:

An approved person with responsibility for a firm's compliance with TC ('A') failing to implement a system requiring A's prior approval before any other approved person ('B') within that firm carries out an activity within a controlled function different to the activity that B carried out within that controlled function immediately prior to the proposed change.'

(Annex C from Reviewing the FSA Handbook)

'General saving for old savings

12. - (1) The revocation by these Regulations of a provision previously revoked subject to savings does not affect the continued operation of those savings.

(2) The revocation by these Regulations of a saving on the previous revocation of a provision does not affect the operation of the saving in so far as it is not specifically reproduced in these Regulations but remains capable of having effect.'

(From Schedule 1 to other Income Tax (Construction Industry Scheme) Regulations)

'Outlook

Our view of the High Yield market remains constructive. However, interest rates appear to be a headwind. High yield has lower duration than most fixed income products, but it is being impacted, nevertheless. The current environment is negatively influenced by technicals more than fundamentals. We continue to see default rates decline which is benefited by an improving economy.

In the recent lending environment, the average High Yield company has been able to dramatically repair their balance sheet, lowering the likelihood of defaults for the coming years. With declining default rates, we believe the High Yield market still sells at an attractive yield spread premium relative to US Treasury bonds. This will allow for further spread tightening for the high yield market. On asset allocation we continue to view the gilt market as relatively attractive and expect it to outperform US Treasuries over the next 3 to 6 months. We believe the Bank of England has at most one more rate hike. Anecdotal evidence of a slowdown in housing prices will keep interest rates in check so we will maintain our neutral weight of 35% to Gilts.'

(From a financial institution's Interim report)

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