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Showing 12061 - 12070 of 12212 matches filtered by 'Banking and finance'

  • EPC: SEPA guidance

    03/08/2012
    This document considers Regulation (EU) N°260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and... business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 and is aimed at payment service providers and users. It aims at clarifying the impact of the Regulation on various operational issues and includes commentary on key provisions in the text and an FAQ.
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  • HMT: Sergeant review of simple financial products

    02/08/2012
    The independent simple financial products steering group set up by HMT has published its interim report and consultation. The report sets... out the rationale for simple products, analyses the target market, proposes a set of products to be taken forward for development (specifically and easy access savings account, 30 day notice savings account and life cover) and suggests a structure for the governance of the simple products standard. It recommends that an independent accreditation body be set up to monitor the overall effectiveness of the initiative, as well as managing the accreditation process and ensuring that standards continue to be met, to include a “kite mark” to make simple products easily identifiable to consumers.. The report invites comment on a simple income replacement product for loss of income due to sickness, to be received by 12 October 2012. It notes that further consumer research is required on the development of simple products thereafter. A final report is due to be published in February 2013.
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  • FSA: CP12/18**: Data collection on remuneration practices

    01/08/2012
    This CP sets out FSA’s proposals on remuneration data reporting requirements for BIPRU firms and third country BIPRU firms. In particular,... it looks at two data items: the Remuneration Benchmarking Information Report and the High Earners Report and includes draft data templates that firms will be required to complete. The consultation relates to amendments to the Remuneration Code (SYSC 19A) and to SUP 16. Responses are required by 30 September 2012. FSA intends to publish a PS at the end of October 2012 containing final rules, which will come into effect on 1 November 2012. The deadline for firms to submit their first Remuneration Benchmarking Information Report and High Earners Report to FSA will be 31 December 2012.
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  • FSA: CRD IV implementation

    01/08/2012
    In this statement, FSA notes that CRD IV will not be adopted earlier than the autumn and is unlikely to enter... into force on 1 January 2013 as per the EC’s original proposal. FSA says that it will keep the situation under active review and will continue to undertake all preparatory work that is possible in the absence of finalised legislative text, in full expectation that the EU legislation will follow the Basel III implementation timetable.  It expects all firms in scope of CRD to do likewise and reminds those investment firms that are currently subject to CRD that they will be impacted by the CRD IV legislation and that they too should prepare accordingly. FSA is proceeding with the necessary preparatory work to be ready to begin collecting data under Common Reporting for the period beginning 1 July 2013, should the legislation and related standards be finalised by this date.
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  • HMT: Financial sector resolution: broadening the regime

    01/08/2012
    Following the Banking Reform White Paper in June 2012, the Government undertook to explore the case for addressing gaps in the... resolution regime framework for non-banks. These proposals take this work forward. The consultation sets out proposals and questions on enhancing the mechanisms available for dealing with the failure of systemically important non-banks. It covers four broad groups: investment firms and parent undertakings; CCPs; non-CCP financial market infrastructures and insurers. It includes indicative draft legislative clauses for certain key aspects of the envisaged resolution regimes for investment firms, the parent undertakings of investment firms and deposit-taking institutions and CCPs and it is noted that a full suite of indicative draft clauses will be published on HMTs website early during the consultation period. Responses are requested by 24 September 2012.
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  • BIS: Public recapitalisations and bank risk: evidence from loan spreads and leverage

    01/08/2012
    This working paper analyses the balance sheets and syndicated loan portfolios of 87 large internationally active banks during the period 2000-2010,... approximately half of which were rescued during the crisis. It suggests that banks that were later rescued took on higher risk in their loan books before the crisis than banks that were not. It reports that although the riskiness of loan signings started diminishing across the board in 2009, there was no consistent evidence that rescued banks reduced their risk relatively more than non rescued banks during the crisis.
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  • EC: Commission sends supplementary statement of objections to Visa

    31/07/2012
    The EC has informed Visa of additional concerns about possible violations of EU antitrust rules concerning MIFs set by Visa. The... SSO relates to MIFs set by Visa for transactions with consumer credit cards in the EEA. The EC’s preliminary view is that these MIFs restrict competition between banks and infringe EU antitrust rules that prohibit cartels and restrictive business practices. At this stage, the EC states that it also doubts that Visa's MIFs are necessary to create efficiencies that benefit merchants and consumers and could therefore be entitled to an exception from these rules.
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  • SFO: LIBOR

    31/07/2012
    SFO notes that the Director of SFO, David Green QC, is satisfied that existing criminal offences are capable of covering conduct... in relation to the alleged manipulation of LIBOR and related interest rates. The investigation, announced on 6 July 2012, involves a number of financial institutions.
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  • FSA: FSCS levies for specified deposit-taker defaults

    30/07/2012
    FSA notes that it has received several enquiries about updating the estimates concerning the 2008/09 banking defaults. This note sets out... in one place information relevant to these costs, including an explanation on how the levy is calculated and an overview of the levies for each year.
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  • FSCP: The FSA’s conduct regulation regime

    30/07/2012
    FSCP has undertaken a review of the effectiveness of FSA as a conduct regulator focusing on three areas of its recent... work: PPI replacement products; packaged bank accounts; and the impact of firms’ in-house reward and incentive structures. Based on the findings of these case studies, FSCP sets out a series of recommendations for FCA’s approach to conduct regulation. It highlights that FCA must: act quickly to prevent widespread consumer detriment; make effective use of consumer and market intelligence; utilise the full suite of its powers; ensure risks are prioritised and resources are used effectively; deliver a credible deterrence and build a culture within FCA to deliver its regulatory vision. 
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