FSA has published the minutes of a meeting held on 6 December 2011, in which FSA presented the main areas of regulatory change for counterparty credit risk and firms asked questions about the implementation of CRD IV for counterparty credit risk.

OFT has announced that it is conducting an extensive review of the payday lending sector which will investigate levels of compliance with CCA and the extent to which businesses in the payday sector are meeting the standards set out in OFT's irresponsible lending guidance. It will involve inspections of 50 major payday lending companies, including compliance work with trade associations and surveys of industry and consumer bodies. It is noted that OFT has already conducted a sweep of over 50 payday lending websites and written to the main trade bodies outlining areas where it considers advertising standards need to be improved. The final report of the review will be published later this year.

This statement notes that, during its review of the functioning of the SEPA Council in 2012, the EC will consider the governance of the whole SEPA project and how to take better account of consumer, small and medium-sized enterprises, retailers and other user interests. The EC will also review the composition of the EPC, the interaction between the EPC and an overarching governance structure, such as the EPA Council. The EC will also include a review of the existing direct debit refund rights in the EU within the scope of its report under Article 87 PSD. The EC will present that report no later than 1 November 2012 to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank.

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.

Michel Barnier has appointed the members of this group, which is set to examine structural aspects of the EU's banking sector. Erkki Liikanen, currently Governor of the Bank of Finland and a former member of the EC, will chair the group. Among its other members is Carol Sergeant, chair of the HMT steering group tasked with devising a suite of simple financial products. The group is set to present its final report toe the EC by the end of summer 2012. Its mandate will be to determine whether, in addition to ongoing regulatory reforms, structural reforms of EU banks would strengthen financial stability and improve efficiency and consumer protection, and if that is the case it will make proposals as appropriate.

ESMA has advised that, until further notice, the information required on prospectus will only be available at the relevant National Competent Authority (a list of Competent Authorities together with a hyperlink to their webpage giving either direct access to the prospectus list or to the prospectus electronic files is available via the second link below).

The report sets out some suggested amendments to the proposal in a “side by side” comparison of text.

This SI provides a mechanism for relieving double taxation in respect of the bank levy imposed by Schedule 19 to the Finance Act 2011 (c.11) (“Schedule 19”) and an equivalent foreign levy imposed by the law of the Federal Republic of Germany pursuant to a convention and protocol made between the UK and the Federal Republic of Germany. It will have effect in relation to periods of account ending on or after 1 January 2011. (Date in force: 14/03/12)

The order brings into effect a Convention and Protocol made between the UK and the Federal Republic of Germany for the Avoidance of Double Charging of Bank Levies (“the Convention”). The Convention scheduled to the Order aims to eliminate double taxation where a bank is chargeable to the bank levy and also the equivalent levy in the Federal Republic of Germany. It does this by allocating the primacy of taxing rights that each country has under its domestic law over the same bank or by providing relief from double taxation. (Date in force: 14/03/12)

TSC has published the uncorrected evidence of the hearing which took place on 14 March 2012 attended by Adair Turner and Martin Wheatley of FSA. In addition to MMR, topics include: regulation vs innovation and the recent enforcement action against HBOS.