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  • IAIS: Global Systematically Important Insurers: proposed policy measures

    17/10/2012
    IAIS has published this consultation, which proposes a framework of policy measures for G-SIIs based upon the general framework published by... the FSB with adjustments that, as with the proposed assessment methodology, reflect the factors that make insurers different from other financial institutions. The proposal consists of three main types of measures – enhanced supervision; effective resolution and higher loss absorption capacity. Responses are required by 16 December 2012.
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  • ESMA: Restoring investors’ trust in Europe’s markets (17 October 2012)

    17/10/2012
    Text of the above, given at BBA, follows. Topics include: factor which has contributed to the undermining of investor trust... in the securities market; investor protection; the single rule book; MiFID; EMIR; interest rate benchmarks and credit rating agencies.
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  • EC: Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions

    16/10/2012
    This has now been published in the Official Journal.
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  • FSA: Changes to authorisations

    16/10/2012
    In this press release FSA notes the effect of the FCA/PRA split on authorisations. The Prudential Business Unit and the... Conduct Business Unit will assess future dual-regulated firms, but it is noted that the application submission process will not change – the change will concern how the application is processed internally. here will be a CBU case officer and a PBU supervisor responsible for each application and they will coordinate to minimise duplication or the impact on applicant firms and individuals. The final decision will need to be agreed by both PBU and CBU to ensure a single FSA decision during transition to the new regulatory structure.
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  • EIOPA: QIS for occupational pensions

    16/10/2012
    EIOPA is launching the first Quantitative Impact Study (QIS) on IORPS as part of its process to advise the EC on... the review of the IORP Directive. This will assess the financial impact of different sets of options for the valuation of the holistic balance sheet and the calculation of capital requirements. It will also deal with the quantification of the security and benefit adjustment mechanisms existing in different countries. The exercise is targeted at IORPs that run defined benefit pension plans. It is noted that the nine European countries in which defined benefit pension plans are most prevalent have volunteered to participate in the study (ie. Belgium, France, Germany, Ireland, Netherlands, Norway, Portugal, Sweden and UK). The exercise will be performed by either selected IORPs or by the national supervisory authorities themselves using real or aggregate data; or by actuarial firms acting on behalf of NSAs; or a combination. EIOPA will coordinate the QIS at the European level, will be in charge of a Q&A procedure and will analyse the individual data in order to ensure consistency of the results. The exercise runs until 17 December 2012 and the report on the QIS outcome is expected to be released in spring 2013.
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  • FSA: Journey to the FCA

    16/10/2012
    FSA has published a paper that sets out how the UK’s new financial conduct regulator will operate together with the text... of an accompanying speech made by Martin Wheatley at Thomson Reuters Newsmaker to mark the launch of the paper. The document sets out how FCA may use some of its new powers in practice; its approach and how it differs from FSA’s approach and looks at organisational and cultural changes that are already underway. It is noted that staff will be encouraged to be “more confident in making bold, firm and predictable decisions … FCA staff will ask more probing questions; in doing so we will develop a better understanding of firms’ motivations” In his speech, .Martin Wheatley noted: “a new department will act as the radar of our new organisation – combining better research into what is happening in the market, and analysis of the risks to our objectives. This will then feed into our policymaking and our supervision of firms. … This will include getting a better understanding of why consumers act in the way they do, so we can adapt our regulation to their common behavioural traits. Fewer firms will have regular direct contact with supervisors, as we shift resources to allow us to deal more quickly and effectively with emerging issues, and run more cross-industry projects to get to the root cause of problems. … a key new power will mean that we can step in and ban the sale of products that pose unacceptable risks to consumers for up to 12 months, without consulting first. We will also be able to ban misleading advertising. … Our new approach will mean that we will take competition into account in all our work. We will weigh up the impact on competition of new measures we propose. We will also consider whether competition could lead to better results than other action we could take. Responses to the document are required by 14 December 2012.
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  • FSA: Speech by Adair Turner: Regulatory reform and deleveraging risks (13 October 2012)

    16/10/2012
    Text of the above, given at the Bretton Woods Committee 2012 International Council Meeting in Tokyo, follows. Topics include: bank... capital and liquidity; resolution regimes; trading book capital; shadow banking; risk weights and a suggested approach to deleveraging and deflationary risks.
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  • HMT: A new approach to financial regulation: draft secondary legislation

    16/10/2012
    This is a consultation which invites comments on key pieces of secondary legislation underpinning the Financial Services Bill on the following... provisions: s22A FSMA as amended covering the allocation of regulator responsibility between PRA and FCA; s55C FSMA, setting out the threshold conditions that authorised persons must meet in order to become and remain authorised; clause 47 of the Financial Services Bill, transferring regulation of mutual societies to PRA and FCA; s192 A-N FSMA regarding the regulators’ power of direction and information gathering rules over parent undertakings of authorised persons or recognised UK investment exchanges and, by virtue of Schedule 7 of the Bill, recognised UK clearing houses; s213 FSMA on the allocation of responsibility for rule-making with regards to FSCS between FCA and PRA; and s234B FSMA on the power to designate bodies that can make super-complaints about the impact of the market in the UK for financial services on the interests of consumers.  The Government will subsequently lay these instruments for Parliamentary scrutiny once the Financial Services Bill has achieved Royal Assent, reflecting the views of consultation respondents where appropriate. Responses to the consultation are required by 24 December 2012
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  • HoL EU Sub Committee A - Economic and Financial Affairs: Reform of the EU banking sector

    16/10/2012
    The uncorrected evidence in respect of hearings which took place in October 2012 has now been published.
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  • HoL: Financial Services Bill

    16/10/2012
    A further sitting of the Committee stage was held on 16 October 2012. Amendments discussed covered clauses 27-56 of the Bill... (including the clause re warning notices.  (Lord Flight: I am concerned that, if it is just left to an individual and their chums in the FSA to go ahead and publish warning notices without any sort of fair judicial review, there is scope for injustice. It is not helpful to the consumer either because, if the FSA is subsequently proven to have got it wrong and to have been unfair, it damages its own reputation. ... I merely ask the Minister whether there is an intent to have some form of judicial review, as we are about to debate. Without some knowledge of that, it is not possible to know how to react to the comments. Lord Sassoon: All I can say to my noble friend-which I hope he would expect me to say-is that I am not going to pre-empt what I hear in the next debate. I want to listen to the next debate and hear what the Committee has to say. I am not responsible for the groupings here.  Lord Flight: In anticipation thereof, I shall withdraw my amendment but, if it is not dealt with satisfactorily, I intend to put it to a vote at Third Reading".) . Committee stage continues on 17 October when further amendments will be discussed.
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