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.

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EBA publishes consultation paper on draft ITS

TheEuropean Banking Authority (EBA) has published a consultation paper on draft implementing technical standards (ITS) under the Capital Requirements Directive (CRD IV), specifying the format, structure, contents list and annual publication date of the supervisory information to be disclosed by competent authorities in the banking sector. In its

29 August 2013

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Regulation to continue eating into banks' margins

According to a KPMG report out last week, banks may never see a return to pre-crash profitability. The five largest lenders in the UK are once again making money, but the report warns that burgeoning regulation will have a structural impact on banks’ profit making capability. The report suggests that the return on equity drop – from 20 – 25 per ce...

27 August 2013 /regulation

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Resolution adopted on the FTT

The European Parliament has adopted a legislative resolution on the Directive to implement enhanced co-operation in the area of financial transaction tax (FTT), amending the European Commission’s February proposal. The amendments are in relation to the scope of the tax, tax rates and seeking to make evading the FTT far more expensive than paying ...

27 August 2013

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MiFID - operation of notifications of suspension of....

MiFID - operation of notifications of suspension of instruments from trading The European Securities and Markets Authority (ESMA) has published an updated protocol created to ensure effective co-operation between competent authorities with respect to their obligations under the Markets in Financial Instruments Directive (MiFID) relating to the sus...

23 August 2013

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Lithuanian Presidency to agree rules on MiFID by end Dec

Lithuanian Presidency aims to agree new rules on MiFID and MiFIR by end December 2013 The Lithuanian Presidency of the Council of the European Union has published its work programme on economic and financial matters for the period July to December 2013. Priority will be given to work on the banking union and by the end of the year the Presidency ...

23 August 2013

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EBA consultation on hypothetical capital of a CCP...

EBA consults on the reporting of the hypothetical capital of a CCP under EMIR and the CRR The European Banking Authority (EBA) has launched a consultation on Implementing Technical Standards (ITS) for the reporting of the hypothetical capital of a central counterparty (CCP). These are required by the European Markets Infrastructure Regulation (EM...

23 August 2013

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FCA final guidance on code of practice

The FCA has updated Finalised Guidance (FG13/3) on its Code of Practice for the relationship between external auditor and the supervisor. The Final Guidance sets out five principles that seek to regulate the relationship between external auditors and supervisors, covering: the auditor’s duty to report; sharing of information between the parties

22 August 2013

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CIIA guidance receives regulatory approval

The Chartered Institute of Internal Auditors (CIIA) published guidance on effective internal audit in the financial services sector. The guidance has been produced by an independent committee established by the CIIA, with representation and observers from leading banks, insurers, the Financial Conduct Authority (FCA), the Prudential Regulation A

21 August 2013

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PRA-the good way to go to make Solvency II regime manageable

Andrew Bailey the Deputy Governor, Prudential Regulation and Chief Executive Officer of the Prudential Regulatory Authority (PRA) in a speech to insurers set out the challenges of the changing regulatory world for insurers. He said that, like for Banks, the PRA’s approach to supervision of insurance firms will ensure that senior individuals are

21 August 2013

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FCA consults the client assets regime under EMIR

The Financial Conduct Authority (FCA) has launched a consultation paper proposing material changes to the client assets rules that hold client money, custody assets, collateral and/or mandates (or rely on exemptions contained within CASS) in relation to investment business. The proposals introduce new annual disclosure requirements by firms to cl

20 August 2013