In November 2011, the Rapporteur for the review of MiFID, Markus Ferber launched a consultation based on a questionnaire with regard to the above. The responses, from a variety of international regulators (including FSA) , industry bodies and firms, are available to download via the following link.

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.

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".

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.

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)

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.

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

This consultation sets out proposed principles relating to customer protections, including suitability and disclosure obligations with regard to the distribution by intermediaries of complex financial products to retail and non-retail customers. It is noted that the report was prompted by concerns regarding the assessment of customer suitability in relation to the distribution of complex financial products arising out of and in connection with recent market turmoil. It also supports the call by the G20 for action to review business conduct rules As part of its work in developing this report, IOSCO surveyed members on current regulatory frameworks with respect to conduct of business rules and required disclosures to customers regarding the distribution of complex financial products and industry associations were also surveyed on their practices. A summary of the outcome of these surveys, including lessons learned from the financial crisis and the relevant actions undertaken by members, is included as an appendix. Responses are required by 21 May 2012.

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 a foreign territory where the reciprocity condition in paragraph 67(7) of Schedule 19 has been met. It will have effect in relation to periods of account ending on or after 1 January 2011. (Date in force: 14/03/12)