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Showing 12061 - 12070 of 13383 matches filtered by 'Banking and finance'

  • FMLC: Issue 168: Securitisation risk retention

    12/08/2013
    FMLC has published the text of a letter it has sent to EBA with regard to its consultation on draft regulatory... technical standards on the retention of net economic interest and other requirements related to exposures to transferred credit risk under Articles 394, 395, 397 and 398 of Regulation (EU) No [xx/2013] and on [...] (EBA/CP/2013/14) raising issues of legal uncertainty and urging EBA “to ensure that its final draft RTS clearly reflect the legislative text pursuant to which they are produced”.
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  • The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013/1970

    09/08/2013
    These Regulations amend the Companies Act 2006 (c.46) (“the Act”) to insert new sections which provide for the preparation by companies... of a strategic report. The Regulations also amend the requirements for the contents of the directors’ report set out in Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) and in Schedule 5 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008/409). The Regulations amend the Act to substitute for summary financial statements the strategic report and supplementary material. Regulation 3 inserts a new Chapter 4A into Part 15 of the Act. New s414A requires companies (other than those eligible for the small companies regime for accounts) to prepare a strategic report. New s414B prescribes the content of that report, including a requirement to provide information regarding the employment of people of each sex within the company. New s414D require that the report shall be approved by the directors and signed by one of them. Regulation 5 repeals s417 (contents of directors’ report: business review) of the Act. It will no longer be a requirement for a business review to be prepared as part of the directors’ report. Regulation 6 amends section 416 (content of directors’ report) of the Act to omit the need for a statement by the company of its principal activities in the course of the year. Regulations 7 and 8 amend the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) and the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (S.I. 2008/409) regulations which prescribe the contents of the directors’ report to remove certain items of information from the report, and limit the need to provide information on a company’s purchase of its own shares to public companies. S.I. 2008/410 is amended to require quoted companies to make certain disclosures regarding greenhouse gas emissions. Regulations 9 to 12 amend section 426 of the Act to substitute for a summary financial statement a copy of the strategic report and supplementary material. (Date in force; 1/10/13)
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  • Final Notice: Guaranty Trust Bank (UK) Limited

    09/08/2013
    Further to Wednesday’s update, FCA has now published the press release in relation to this matter as well as a revised... Final Notice.(the original Final Notice was taken down late Wednesday/early Thursday). FCA has imposed a fine of £525,000 on the firm, saying it had failed to: maintain adequate and risk sensitive systems and controls to identify, assess and manage potential money-laundering risks; carry out and document, adequate customer due diligence and carry out enhanced due diligence when establishing relationships with higher risk customers; and to conduct the appropriate level of on-going monitoring for its existing higher risk customers.
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  • FCA: The FCA approach to advancing its objectives

    09/08/2013
    The above-mentioned document was originally published on 24 July 2013. FCA notes that two bullets were missed from the section... “The principles of good regulation” starting on page 46. FCA has now uploaded a corrected version.
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  • FCA: Board minutes

    09/08/2013
    FCA has published minutes of its meeting held on 27 June 2013. Topics discussed include: RDR “state of the nation”... report; presentation setting out the potential expectations gap between FCA and regulated firms and FCA professional standards report.
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  • CC: Payday lending investigation

    08/08/2013
    CC has published an administrative timetable in relation to this investigation.
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  • ICO: Bank of Scotland

    06/08/2013
    ICO has imposed a penalty of £75,000 after customers’ account details were repeatedly faxed to the wrong recipients. The information... included payslips, bank statements, account details and mortgage applications, along with customers’ names, addresses and contact details. The documents were faxed over a three year period, with the first incident reported to the bank in February 2009 by a third party organisation. ICO notes that the errors continued, not only after the firm had been advised on numerous occasions, and even as ICO was investigating the breaches.
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  • DECC: Consultation on the proposal to amend the definition of “debtor” in Section 189 of the Consumer Credit Act (1974) for the purposes of the Green Deal

    06/08/2013
    Further to the May 2013 consultation, this document sets out feedback and the Government responses. In addition to the updating... of s189, DECC also plans to amend the CCA to provide that a Green Deal Plan will be restricted-use credit; and a debtor-creditor-supplier agreement, irrespective of whether the improver and the debtor are the same person and hence whether the supply contract and credit agreement are ‘linked’ in the usual sense under CCA. Further amendments will be made, if necessary or appropriate, to ensure that other CCA provisions are effective in such cases and there is no diminution in consumer protection. These amendments will be made via an affirmative statutory amendment which we intend to lay in Parliament in the autumn. DECC is to consult on proposals to make consequential amendments to CCA to account for multiple debtor scenarios in the coming months.
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  • BIS/BERR: Reform of consumer law – Government response to consultations on misleading and aggressive practices and the European Consumer Rights Directive/Draft legislation

    06/08/2013
    The Government response to the June 2013 proposals and a report setting out recommendations of the Law Commissions follow. It... is confirmed that “while most of the Directive is subject to maximum harmonisation, there are some areas where Member States have some flexibility, mainly relating to how the Directive is applied to a list of 13 exempted sectors. The Government intends not to extend the provisions to the exempted sectors in the majority of cases. That includes financial services and property sectors and those activities which are regulated by the Gambling Act 2005, on the basis that these sectors are subject to appropriate sector specific legislation”. However, BIS/BERR has also published draft Consumer Contracts (Information, Cancellation and Additional Payments) Regulations and the Consumer Protection from Unfair Trading (Amendment) Regulations for consultation, including FAQs. With regard to the former, it is noted that “financial services are generally exempt although warranties, credit agreements and insurance which are offered in conjunction with the sale of a non-financial goods or services, will still need to meet the requirements for cancellation of ancillary contracts and for express consent for additional payments “. With regard to the latter, it is noted that “the new rights cover all sectors except financial services (other than consumer credit agreements and debt collection) and land transactions (other than residential lettings)”. Responses to the consultation are required by 11 October 2013.
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