This guidance consultation looks at the key components of the standard for independent advice; the requirements for firms providing restricted advice; the requirements for how firms hold themselves out; advice tools and investment strategies, and how their use may influence the ability of firms to meet the independent advice rules; and professional standards and how differences between the qualifications and skills of advisers may affect the ability of advice to meet the independent advice rules. Responses are required by 9 April 2012.

This guidance consultation looks at the key components of the standard for independent advice; the requirements for firms providing restricted advice; the requirements for how firms hold themselves out; advice tools and investment strategies, and how their use may influence the ability of firms to meet the independent advice rules; and professional standards and how differences between the qualifications and skills of advisers may affect the ability of advice to meet the independent advice rules. Responses are required by 9 April 2012.

This press release notes that the Council has adjusted its position in negotiations with the European Parliament on the draft OTC derivatives regulation This is designed to facilitate rapid agreement with the Parliament, so as to enable the regulation to be adopted in first reading. The main change to a general approach agreed by the Council in October 2012 relates to the procedure for authorising CCPs, in particular to the powers of the CCP's home member state versus those of the college of supervisors and ESMA. (27/02/12)

The US Securities and Exchange Commission is in the process of examining equity tracings practices such as co-location, the rebates paid by venues to encourage transactions and direct market access. The SEC is also investigating the extent to which self-regulatory organisations that operate exchanges are complying with their own rules.

Tracey McDermott, the FSA director of enforcement and financial crime has called for an increase in whistle blowing stating that FSA will pursue approved persons seen to have failed to prevent wrongdoing through reporting information.

ESMA reports that it has published the official translations of its final version of this document,, first published on 21 December 2011. This triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. (24/02/12)

In its “top news from the Commission” press release covering the next month, it is highlighted that the EC is to propose a set of rules on CSD, intended to increase the safety of settlements, in particular for cross-border transactions; increase the efficiency of settlements, in particular for cross-border transactions, by introducing a true internal market for the operations of national CSDs and to increase the safety of CSDs by applying high prudential requirements in line with international standards. The release date for the proposals is to be confirmed.

The High Court has ruled that the Quinn family will be allowed to make the argument that the Anglo Irish Bank unlawfully breached Market Abuse regulations. The Anglo Irish Bank replied that they will go ahead with a defence and counterclaims stating that the "IBRC, on behalf of the State, is seeking repayment in full of all outstanding monies due to it and believes there is no basis whatsoever to any of the claims being made by the Quinn family".

Text of the above, given at the CEPS Lunchtime Meeting in Brussels, follows. He gives an overview of progress on state aid for banks and the effect of the sovereign debt crisis. He concludes “we can no longer afford zombie banks … I am confident that – in the landscape that will emerge from this crisis – our work is preparing Europe’s banks to stand on their feet and focus on their traditional mission of financing the real economy.” (24/02/12)

This 100th edition features four guest editors (journalists from the Sunday Times, Which? Money and Money Marketing, the head of external affairs at CML) who discuss their views on complaints-handling in the wider context of customer service in the financial services sector and choose their “personal favourites” from all the case studies published in Ombudsman News. In addition, the “top 10” questions from readers are set out.