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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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Retired Member

PRA approach to Solvency II

The PRA has published the slides used at its industry briefings on the European Insurance and Occupational Pensions Authority (EIOPA) guidelines on preparing for Solvency II. The PRA’s expectation is to hold meetings with internal and external stakeholders during the EIOPA consultation and workshops will be convened to gain technical input in ear...

15 May 2013

Retired Member

FSB Data Gaps Initiatives and OTC Derivative Reforms Monitor

The Financial Stability Board (FSB) has announced that it has developed a common data template for systemically important global financial institutions (G-SIBs) to improve data to support financial stability. The FSB has harmonised the collection and pooling of improved consolidated data on bilateral counterparty credit exposures of G-SIBs as wel...

13 May 2013

Retired Member

Cross-border Concerns Raised to G20 April Meeting

The UK Chancellor together with the Brazilian, French, Japanese, South African, German, Russian and Swiss Ministers and the European Commission Commissioner for Internal Market and Services have written to the US Treasury Secretary expressing concern at the lack of progress in developing workable cross-border rules as part of the reforms of the O...

10 May 2013

Retired Member

Implementation of OTC Derivatives Market Reforms: FSB Report

The Financial Stability Board (FSB) has published its fifth progress report on the global implementation of OTC derivative markets reforms. The reports charts the regulatory reform progress across all 19 FSB member jurisdictions. In respect of trade reporting it outlines that reporting for at least some asset classes will have come into force fo...

09 May 2013

Retired Member

Concerns escalated to G 20 on EU Financial Transaction Tax

The Global Financial Markets Association together with various associations from Australia, Canada, Japan and Korea have escalated their concerns on the European Financial Transaction Tax (FTT) to the G20 Finance Ministers meeting. They explain in an letter that the FTT will have unprecedented extraterritorial impacts and will apply to transactio...

08 May 2013

Retired Member

UK takes action to combat tax evasion

HM Treasury have announced that it has agreed with France, Germany, Italy and Spain to develop and pilot the multilateral exchange of tax information. A wide range of financial information will be automatically exchanged between the countries to help catch and deter tax evaders as well as to provide the template for wider multilateral automatic i...

07 May 2013

Retired Member

FCA on oversight of member controls by RIEs and MTFs

The Financial Conduct Authority (FCA) has published a Guidance Consultation on the approach it expects recognised investment exchanges (RIEs) and multi-lateral trading facilities (MTFs) to take in respect of the oversight of member firm’s systems and controls to monitor compliance by their users. The FCA expects the RIE or MTF to: operate a pro...

03 May 2013

Retired Member

Insurance Self-Assessment and Peer Review initiative launch

The International Association of Insurance Supervisors (IAIS) announced the launch of this initiative which aims to assess the supportiveness of supervisors to enhancing inclusive insurance markets. The assessment tool is intended to establish a baseline, acting to generate regulatory change and supporting the implementation and promotion of the ...

30 April 2013

Retired Member

EU and US agree project plan on insurance dialogue

The European Insurance and Occupational Pensions Authority (EIOPA) announced that a high level work plan had been agreed for 2013 – 2017 on joint EU and US insurance initiatives with a focus on professional secrecy and confidentiality, reinsurance and collateral movements as well as initiatives on solvency and capital requirements, group supervisi...

29 April 2013

Retired Member

Policy Updates for Insurers in respect of Solvency II

FSA Policy development update 157 sets out publication timings for regulatory changes. For insurers this includes in Q3/4 2013: a policy statement following CP 11/23 on Solvency II and linked long-term insurance business; feedback on CP 11/22/ and CP 12/13 on transposition of Solvency II; and a policy statement on the review of the client money ...

26 April 2013