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 

PRA will notify firms in scope for Solvency II

The Prudential Regulatory Authority (PRA) has published 36 questions and answers (Q&As) following on from its Solvency II industry briefing. Answers have been provided to a number of questions including: . proportionality (Qs 1 – 8); . the PRA's supervisory statement 4/13 (Qs 9 – 21); . the standard formula (Qs 22 – 24); . early warning indicat...

27 January 2014

Retired Member 

PRA publishes rulebook for CRD IV

The Prudential Regulatory Authority (PRA) is rewriting its handbook in order to create the PRA rulebook that will apply only to PRA authorised firms. The rulebook will aim to be consistent with PRA objectives, be clear in intent, straightforward in presentation and as concise as possible. The PRA has published the following sections reflecting im...

23 January 2014

Retired Member 

FCA confirms policy development timelines

The Financial Conduct Authority (FCA) has published its ninth policy development update which contains a timetable of forthcoming publications including: In Q1/2 2014 a policy statement to CP13/5 on “Client Assets Review (includes consultation on EMIR indirect client clearing)”; In Q3/4 2014 a policy statement to CP11/22 on “Transposition of Sol...

23 January 2014

Retired Member 

MiFID waivers from pre-trade transparency requirements

The European Securities and Markets Authority (ESMA) has published a compilation of Committee of European Securities Regulators positions and ESMA opinions on waivers from pre-trade transparency under the Markets in Financial Instruments Directive (MiFID). The document is aimed at competent authorities under MiFID to ensure that, in their supervis...

13 January 2014

Retired Member 

PRA sets out key decisions on capital standards under CRD IV

The Prudential Regulation Authority (PRA) has announced key decisions on capital standards ahead of the introduction of a new European capital regime (CRD IV) next year. These decisions aim to enhance the stability of the financial sector and strengthen the capital regime in the UK and detail: key decisions that affect the minimum level of Commo...

07 January 2014

Retired Member 

New capital regime calls for increasd operational efficiency

Money, as they say, does not grow on trees. Balance sheets must balance, and capital requirements must be met. Next year will see the implementation of the new European capital regime - the Capital Requirements Directive (CRD) and Capital Requirements Regulation (CRR). Essentially, banks will be required to hold higher ratios of capital in relatio...

06 January 2014 /regulation /retail

Retired Member 

The 2013 Mortgage Market in 140 Characters or Less

2013 has been a pivotal year in the mortgage market – final rules for MMR, new regulatory bodies with the PRA and FCA, house sales and mortgage sales starting to rise, a new Governor of the Bank of England, controversial government initiatives and as the year ends, the EU Directive vote is passed and brings more work for lenders and regulators in ...

20 December 2013 /regulation

Retired Member 

ESMA updates questions and answers on EMIR reporting

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document on “Implementation of the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR)”. The following questions and answers sections have been updated: OTC questions on: the calculation of the clearing threshold - qu...

18 December 2013

Retired Member 

Government agrees Solvency II should apply from 1 Jan 2016

The House of Commons European Scrutiny Committee has published a report which includes the Government’s views on the proposed Regulation to amend the transposition date of Solvency II to 31 January 2015 and set new repeal date for Solvency II of 1 January 2016. The Government is in favour of the proposed changes to the dates in the Solvency II Dir...

16 December 2013

Retired Member 

Solvency II: PRA IMAP data request

The Prudential Regulation Authority (PRA) has updated its Solvency II news webpage to detail that, on 8 November 2013, it had sent a request to firms in the internal model approval process (IMAP) for a smaller volume of data for the mid-year calculation of the early warning indicators (EWIs). This information will add to the year-end 31 December 2...

13 December 2013