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Showing 11961 - 11970 of 12046 matches filtered by 'Banking and finance'

  • HMT: Speech by Mark Hoban: Banking union in the eurozone (9 July 2012)

    10/07/2012
    Text of the above, given in Brussels, follows. He discusses the banking union and recent banking scandals, including LIBOR. He... notes “we will need to go further now and work with the Commission to extend the market abuse regime to cover attempted manipulation of benchmarks. Regulators need full access to telephone records, including those with retail clients. Retail customers can be responsible for market abuse, as well as victims of it. And as the investigation of the fixing of LIBOR and other rates demonstrated in the 21st Century, written records simply won't suffice”.
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  • HMT: Response to the consultation on the amendments to the Payment Service Regulations 2012

    10/07/2012
    This webpage summarises the responses to the February 2012 consultation, notes changes being made as a result of the feedback and... notes that the Regulations will enter into force on 1 October 2012.
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  • HoL EU Sub Committee A - Economic and Financial Affairs: MiFID II - getting it right for the City and EU financial services industry

    10/07/2012
    The report concludes that while a review of the existing MiFID I regulatory package was necessary; the proposals for MiFID II... will cause serious damage to the EU financial services industry if they are not corrected as a matter of urgency. It argues that third country access proposals would force the likes of the USA and China out of affected markets; a, criticises its “one-size-fits-all” approach on transparency and the new category of OTFs risks creating red tape through an overly complicated regulatory framework.
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  • TSC: LIBOR

    10/07/2012
    TSC has published the uncorrected evidence of the hearing attended by Paul Tucker on 9 July 2012
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  • TSC: LIBOR

    10/07/2012
    TSC has published correspondence received from Barclays relevant to the evidence session taking part today attended by Marcus Agius. It... is noted that these documents were sent as a result of a request made by Andrew Tyrie following comments made by Bob Diamond last week. The letters are from FSA to Marcus Agius (September 2010 and April 2012 concerning SIF issues and a supervisory visit respectively); a letter from Marcus Agius to Adair Turner in response to the second FSA letter and a letter dated 9 July 2012 from Marcus Agius to Andrew Tyrie (this is a covering letter for the others, with some additional explanatory material).
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  • The Consumer Credit (Total Charge for Credit) (Amendment) Regulations 2012/1745

    09/07/2012
    These Regulations implement Directive 2011/90/EU amending Part II of Annex I to Directive 2008/48/EC of the European Parliament and of the... Council providing additional assumptions for the calculation of the annual percentage rate of charge (“the 2011 Directive”) (OJ No L296, 15.11.2011, p35). They amend certain provisions of the Consumer Credit (Total Charge for Credit) Regulations 2010 (S.I. 2010/1011) (“the 2010 Regulations”) which set out assumptions for the purposes of calculating the total charge for credit and the annual percentage rate of charge. Regulation 3 inserts a definition of “open-end consumer credit agreement” into the 2010 Regulations that expands for the purposes of these Regulations the definition in s189 CCA 1974. Regulation 4 implements the changes made by the 2011 Directive to the assumptions for calculating the total charge for credit and the APR. It does so by substituting regulation 6 of the 2010 Regulations. Regulation 6 makes transitional provision disapplying the requirements to advertisements published in a catalogue before 1 February and giving advertisers a period of one month from 1 January 2013 in which to replace other types of credit advertisement published prior to that date.. (Date in force: 1/01/13)
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  • BIS: Monitoring indicators for intraday liquidity management

    09/07/2012
    The proposed monitoring indicators for intraday liquidity management detailed in this consultation are intended to allow banking supervisors to monitor a... bank's intraday liquidity risk management. These are also help supervisors to gain a better understanding of banks' payment and settlement behaviour and their management of intraday liquidity risk. Responses are required by 14 September 2012.
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  • BoE: FPC meeting (22 June 2012)

    06/07/2012
    FPC has now published the full record of the above-mentioned meeting. It agreed the following policy recommendations. FSA to work... with banks to ensure they build a sufficient cushion of loss-absorbing capital in order to help to protect against the currently heightened risk of losses which may temporarily be above that implied by the official transition path to Basel III standards. FSA to encourage banks to improve the resilience of their balance sheets. Banks work to assess, manage and mitigate specific risks to their balance sheets stemming from current and future potential stress in the euro area. FSA to clarify to banks that they are free to use their regulatory liquid asset buffers in the event of a liquidity stress and that FSA considers whether adjustments to microprudential liquidity guidance are appropriate, taking some account of this additional liquidity insurance. UK banks work with the FSA and BBA to ensure greater consistency and comparability of their Pillar 3 disclosures
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  • ESMA: Guidelines on certain aspects of the MiFID suitability requirements/Guidelines on certain aspects of the MiFID compliance function requirements

    06/07/2012
    ESMA has published two final sets of guidelines aimed at both market participants and national competent authorities who should incorporate them... into their supervisory practices. It is noted that ESMA found a number of shortcomings in the implementation of the MiFID suitability requirements, including failure to ask clients the right questions; failure to collect the necessary and relevant information; failure to interpret correctly the information provided by the client; and failure to recommend a suitable investment when the right information has been provided. The suitability guidelines focus on the need for firms to have in place appropriate arrangements to enable them to meet the suitability requirements on an on-going and consistent basis for any client, and irrespective of the distribution channel used.  The compliance function guidelines focus on: the responsibilities of the compliance function for monitoring, reporting and advising; the organisational requirements of the compliance function for the standards of effectiveness, permanence and independence; the extent of interaction of the compliance function with other functions, and the outsourcing of the tasks of the compliance function; and approaches for competent authority review of compliance function requirements. Competent authorities will have two months following the publication of the official translations of these documents to confirm their compliance or intention to comply, with reasons for non-compliance, to ESMA. The guidelines will then apply 60 days after the end of the reporting period for competent authorities. Financial market participants are not required to report whether they comply with these guidelines.
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  • HoC: Bank of England (Appointment of Governor) Bill

    06/07/2012
    The second reading of this Bill took place on 6 July. The purpose of the Bill is to give TSC,... or its successor bodies, the power to consent to the appointment of the Governor of BoE. John McDonnell MP notes that “the Government’s Financial Services Bill is creating an immensely powerful post in the Governor of the Bank of England … Between the time of choosing the appointment of the Governor of the Bank of England as the subject of my private Member’s Bill and debating it, the world has changed somewhat. Last week’s revelations about the role of Barclays bank—and, more than likely, others—in the LIBOR scandal have given the Bill a new context, and there is a new significance in the appointment of the Governor of the Bank of England”. Mark Hoban responded by arguing that “we are improving the parliamentary scrutiny of the Bank. As a result of the Financial Services Bill, we will see more regular reports into regulatory failure … There are risks, however, in giving the Treasury Committee a veto over appointments. There could be an impact on market stability, with a risk of undermining market confidence”. The debate was adjourned and will resume on 13 July 2012.
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