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  • FRC: Thinking about financial reporting disclosures in a broader context

    15/10/2012
    FRC has published this discussion paper which sets out a road map for a disclosure framework for financial reporting aimed at... improving the quality of disclosure and their value to the users. It covers the reduction of clutter in financial reports by avoiding duplication in disclosures and using tests of materiality more rigorously. Responses are required by 31 January 2013.
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  • SFO: Kaupthing Bank

    15/10/2012
    In this press release, it is noted that SFO has discontinued the investigation into the circumstances surrounding the collapse of Icelandic... bank Kaupthing hf on the grounds that there is insufficient evidence to justify its continuation. SFO will continue its close cooperation with the Special Prosecutor's Office in Reykjavik.
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  • FSA: Arch Cru

    15/10/2012
    FSA has published two webpages giving consumers the latest news on the Arch Cru matter, including an FAQ.
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  • EC: Commission implementing Decision of 5 October 2012 on the recognition of the legal and supervisory framework of Canada as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating age

    15/10/2012
    This has been published in the Official Journal.
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  • ESMA: CEREP

    15/10/2012
    ESMA has noted that the CEREP database has been updated with new statistical data on the performance of credit ratings including... transition matrices and default rates. The new set of statistics covers ratings data up to 30 June 2012.
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  • ICSA: Improving engagement practices by companies and constitutional Investors

    15/10/2012
    Areas covered in the consultation document include: whether the nature of the discussion between a company and its investors needed to... change, with more emphasis on a dialogue which built and encouraged a long-term relationship with, and commitment to, the company; what improvements can be made to the process of holding engagement meetings; whether companies and institutional investors should seek feedback on the quality of meetings, and how that might be most effectively done. Responses are required by 30 November 2012. Subject to the outcome of the consultation, it is intended that guidance will be issued in March 2013.
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  • EC: Towards a genuine economic and monetary union – interim report

    15/10/2012
    Topics discussed include the single supervisory mechanism; resolution and deposit guarantee mechanisms.
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  • FSA/BoE: The PRA’s approach to insurance supervision

    15/10/2012
    This paper sets out how PRA will carry out its role in respect of insurers. It is designed to provide... the overall description of PRA and its approach. A final version will be approved for publication by the PRA Board ahead of PRA taking on its statutory responsibilities for prudential regulation in 2013. Thereafter it is intended to be a standing reference, and will be revised and reissued in response to significant legislative and other developments which require changes to PRA’s approach. More details on how, and under what circumstances, PRA will conduct investigations and reports to HMT on possible regulatory failures will be published in due course. Section I describes PRA’s proposed statutory objectives, and its approach to advancing them. Section II outlines how PRA will determine the focus of its supervision in identifying the key risks to its objectives. Section III examines the measures that the PRA will expect insurers to have in place to ensure their businesses are run in a safe and sound manner, both in guarding against failure and in reducing the adverse effects that failure could have on policyholders and financial stability. Section IV sets out more detail on PRA’s supervisory approach (including enforcement powers) . Section V outlines its approach to setting and communicating expectations of insurers. Section VI concludes with next steps.
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  • EBA: Follow-up review of banks ‘transparency in their 2011 Pillar 3 reports

    12/10/2012
    EBA has published a document giving details of a follow-up review aimed at assessing the disclosures European banks’ made in response... to the Pillar 3 requirements set out in the CRD. EBA reports that weaknesses remain in the areas of banks disclosures of credit risk – on Internal Ratings Based approaches (IRB) and securitisation activities – and market risk. The introduction of new disclosure requirements in CRD 3 in particular in the areas of securitisation and market risk may explain some of the weaknesses identified. EBA has also performed an analysis of banks’ Basel III implementation disclosures, in particular as regards the impact on own funds, and of the 2011 EBA Capital Exercise related disclosures. Information provided by credit institutions in these two areas were found to be of varying quality. In all disclosure areas, EBA identified some best practices which credit institutions are encouraged to follow, in order to enhance the general quality of Pillar 3 information. With a view of both facilitating compliance with the requirements as well as enhancing the quality and comparability of disclosures, EBA will supplement information on best practices with further explanations on the objective and content of the disclosure requirements, which banks are also encouraged to consider while preparing their Pillar 3 disclosures. Some improvements in the quality of disclosures were noted in the area of remuneration and own funds. On the latter, credit institutions provided appropriate details of capital items and a meaningful breakdown of deductions. With regards to the timing, formats or verification of disclosures, no significant changes have been made in banks’ practices of reporting Pillar 3 information. However, information was generally published nearer to the reporting date of banks’ annual accounts and annual report but EBA will still push for publication of these reports at the same time to allow investors to have the complete set of publicly available information at once. EBA plans to implement a strategy for enhanced transparency and to that end will keep on identifying best practices of public disclosures in the publications as well as the CRD requirements for which compliance has to be improved and will work on these improvements, including in the area of comparability of disclosures
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  • Euro Banking Association: Banks preparing for SEPA migration – a guide to the SEPA migration – end-date regulation

    12/10/2012
    The report is intended to provide a concise overview of the SEPA Migration End-Date Regulation, which came into force on 31... March 2012 and looks at the practical implications the Regulation will have on the business of payment service providers.
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