Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Retired Member 

HMRC updates guidance notes on UK FATCA regulations

HM Revenue & Customs (HMRC) has published updated guidance notes that reflect contributions from UK businesses and advisors on the HMRC webpage for the implementation of the International Tax Compliance (United States of America) Regulations 2013. The updated guidance notes supersede the version published on 14 August 2013. Further amendments ...

12 March 2014

Retired Member 

EIOPA updates Solvency II submission of information to NCAs

The European Insurance and Occupational Pensions Authority (EIOPA) has updated its questions and answers (Q&As) on the submission of information to national competent authorities (NCAs) in connection with the Solvency II Directive. Q&A 30 has been added. Related link: https://eiopa.europa.eu/publications/eiopa-guidelines/qa-on-eiopa-guidel...

12 March 2014

Retired Member 

EBA publishes procedure to settle cross-border disagreements

The European Banking Authority (EBA) has published a decision setting out the procedural rules to regulate the establishment and functioning of an independent panel to facilitate the impartial settlement of cross-border disagreements between competent authorities. The EBA decision includes rules on: the composition and appointment of the panel (Ar...

11 March 2014

Retired Member 

FCA opens test environment for CRD IV reporting

The Financial Conduct Authority (FCA) has updated its webpage on the supervisory reporting framework under the Capital Requirements Directive (CRD IV). All firms affected by CRD IV can now register with the FCA to take advantage of the test environment for their report. The aim is to ensure that both the technical construction and the software f...

11 March 2014

Retired Member 

FCA explains its role in regulating the commodity markets

The Financial Conduct Authority (FCA) has published a new webpage setting out its role in regulating the commodities markets. The FCA has set out its views on the regulatory challenges arising from commodity derivative markets and the key changes that will be introduced by implementing the G20 commitments reflected in the Markets in Financial Ins...

10 March 2014

Retired Member 

UK and Singapore to increase financial services cooperation

The UK and Singapore have agreed to set up a UK-Singapore Financial Dialogue designed to deepen financial and economic cooperation between the two countries. This dialogue will form the basis for a regular and structured exchange of views on domestic and international financial issues. London and Singapore are two of the world’s leading internat...

10 March 2014

Retired Member 

IRS releases final regulations to implement FATCA

The U.S. Department of the Treasury and Internal Revenue Service (IRS) has released the last substantial package of regulations necessary to implement the Foreign Account Tax Compliance Act (FATCA). In pursuit of its objective to detect and deter offshore tax evasion, FATCA seeks to obtain information on accounts held by US taxpayers in other coun...

07 March 2014

Retired Member 

FRB approves supervision of U.S. bank holding companies

The Federal Reserve Board (FRB) has approved a final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organisations. The final rule establishes a number of enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations to help increase the resiliency of t...

06 March 2014

Retired Member 

EU FTT will impact on European households and slow recovery

A study, commissioned by the International Regulatory Strategy Group (IRSG) and authored by London Economics, considers the impact of the proposed financial transactions tax (FTT) on European households' savings in six EU member states. The member states covered in this study include four that plan to introduce the FTT (Germany, Italy, Spain and S...

06 March 2014

Retired Member 

PRA to supervise branches of international banks

The Prudential Regulatory Authority (PRA) has published a consultation paper "Supervising International Banks: the PRA's approach to branch supervision". This outlines how the PRA will supervise UK branches of banks based outside the EEA and explains in more detail the PRA's approach to EEA branches and subsidiaries. The PRA's framework ...

06 March 2014