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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.

originally founded 01 Jul 2010

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EIOPA publish final guidelines for Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) has published the final guidelines to ensure that national competent authorities (NCAs), insurance companies and groups take active steps toward implementing key elements of Solvency II in a consistent and convergent way. The guidelines cover the following key areas: system of gov...

21 November 2013

Retired Member

Solvency II deferred until 1 January 2016

The European Commission has published a proposal to amend the Solvency II Directive to set later dates for its transposition (31 January 2015) and its application (1 January 2016). The proposed Directive also amends the repeal date of Solvency I (1 January 2016). Related Link: http://ec.europa.eu/transparency/regdoc/rep/1/2013/EN/1-2013-680-EN-...

20 November 2013

Retired Member

Guernsey FSC consults on opt in AIFMD

The Guernsey Financial Services Commission (GFSC) has launched a consultation on an opt in Alternative Investment Fund Managers Directive (AIFMD) equivalent regime for Guernsey licensed fund managers and depositaries. The consultation is intended to facilitate the requirements of the AIFMD into the local regulatory regime thereby providing locally...

19 November 2013

Retired Member

ESMA publishes guidelines for AIFs

The European Securities and Markets Authority (ESMA) has published final guidelines on the reporting obligations for alternative investment fund managers (AIFMs) under the AIFM Directive (AIFMD). The guidelines require AIFMs (which includes hedge funds, private equity and real estate funds) to report certain information to national supervisors on ...

18 November 2013

Retired Member

EBA-the real game changer is harmonisation of Reg reporting

In a speech on the new role of the European Banking Authority (EBA) in the banking union the chairperson of the EBA emphasised that the real game changer is the new EBA Technical Standard on supervisory reporting approved in July. The standard will deliver a comprehensive set of supervisory data, which will enable the EBA to compare all EU institu...

18 November 2013

Retired Member

ESMA publishes its 2014 work programme

The European Securities and Markets Authority (ESMA) has published its 2014 work programme which sets out ESMA’s main priorities and clarifies how they will be delivered. The work programme covers the Single Rulebook, ESMA's contribution to financial stability, financial consumer protection, convergence and ESMA's operational set up. This includes...

15 November 2013

Retired Member

Speech given by ESMA on their future plans

The Chair of the European Securities and Markets Authority (ESMA) has given a speech in which he considered ESMA’s work to date and laid out ESMA’s plans for the future, emphasising in particular: that ESMA seeks greater legal powers to ensure it can uphold the EU’s increased role in financial market regulation and supervision; the importance of m...

14 November 2013

Retired Member

A different kind of Water Bill HR3317

I read with interest, as I am sure many US Governed Financial Institutions do, the suggested bill introduced to the US house ‘HR3317 – to deter Money Laundering and Terrorism Financing’. Clearly, the Bill, which was only introduced in October 2013 by Maxine Waters, and is of course not yet law, seeks to further tighten up penalties for offences. To...

13 November 2013 /regulation

Retired Member

Role of BoE as General Insurance supervisor clarified

Julian Adams, Deputy Head of the Prudential Regulatory Authority and Executive Director of Insurance, has given a speech focused on the Bank of England’s (BoE) role in supervising insurance companies, detailing: how the BoE through the PRA has adapted its supervisory approach to take account of lessons learned from the financial crisis; and how th...

12 November 2013

Retired Member

BoE- A framework on stress testing the UK banking systems

The Bank of England (BoE) has published a discussion paper called “A framework for stress testing the UK banking system”. The paper sets out the key features of the proposed stress-testing framework in the medium term. These include: the expected coverage of institutions; considerations around scenario design and the approach to modelling the im...

11 November 2013