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  • EC: Banco CEISS

    14/05/2013
    The EC has concluded that a modification to Banco CEISS' restructuring plan, described as “opening the door” for an acquisition of... the bank by Unicaja Banco, is in line with EU state aid rules.
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  • BoE: Code of conduct for FPC members

    13/05/2013
    Specific matters addressed in the code include conflicts of interest and approach to communications of various kinds.
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  • CFA: Short-term Lending Compliance Board

    13/05/2013
    CFA has announced the formation of this new independent body set up to raise standards in the payday lending sector. ... It will be responsible for supervising a wide-ranging and robust monitoring and compliance programme, including: auditing of payday lending firms through the services of KPMG; monitoring standards and enforcing the CFA Code of Practice, introduced in November 2012; identifying any gaps and deficiencies in the Code that could lead to consumer detriment and advocating change in relation to new regulatory developments and emerging issues; having the powers to sanction lenders for non-compliance including public naming and shaming, possible expulsion from CFA and ultimately referral to OFT and, from 2014, FCA. Seymour Fortescue, chairman of the Portman Group and former CEO of the Banking Code Standards Board, has been appointed chairman.
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  • Commission Delegated Regulation (EU) No …/.. of 30.4.2013 amending Regulation (EC) No 809/2004 as regards the disclosure requirements for convertible and exchangeable debt securities

    13/05/2013
    This draft Delegated Regulation seeks to increase legal clarity concerning the prospectus disclosure requirements for convertible or exchangeable debt securities, in... particular concerning the disclosure regime applicable to the issuer of the underlying shares or to the underlying shares themselves. It also expands the application of disclosure requirements concerning the statements on working capital and capitalisation and indebtedness to convertible or exchangeable debt securities provided that they correspond to equity securities, pursuant to Article 2(1)(b) of Directive 2003/71/EC, and their underlying shares are not admitted to trading on a regulated market.
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  • EC: Credit rating agencies

    13/05/2013
    It is reported that the Council has adopted a Directive and a Regulation amending the EU's rules on credit rating agencies.... Under the rules approved, investors or issuers will be able to claim damages from a credit rating agency if they suffer a loss due to an infringement committed by the agency intentionally or with gross negligence. The Regulation calls on the EC to prepare a report by 1 July 2016, reviewing the situation in the credit rating market, and if necessary to follow it up with appropriate legislative proposals on some of the new provisions
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  • FSCS: Estimates of levy for interest on legacy loans

    13/05/2013
    FSCS has set out details on how it calculates and estimates the potential future charges for interest payable to HMT ... in respect of loans taken out to fund compensation for the failures of Bradford & Bingley, Landsbanki (Icesave), Kaupthing Singer & Friedlander, Heritable and London Scottish.
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  • HMT: Transposition of the Alternative Investment Fund Managers Directive

    13/05/2013
    HMT has published summaries of responses to its two consultations and has noted instances where its approach has changed as a... result of the feedback and has clarified other issues. The Government will now not impose any new requirements on sub-threshold managers of authorised funds as part of its implementation of the Directive. It will apply a registration-only regime to sub-threshold managers of property funds, but in addition will retain the requirement for an operator with Part 4A permission. As the regulations stand, the AIFM must be exclusively managing AIFs within the scope of regulation 70 or 71 in order to benefit from the grandfathering, but as it is acknowledged this is a less flexible approach than permitted by AIFM Directive, the Government will amend the regulations to permit an AIFM to also manage other AIFs. In the draft regulations, once an AIFM becomes authorised, the AIFMD depositary regime applied from that point including the requirement that the depositary has the new Part 4A permission .Following feedback, and to ensure maximum flexibility this has been amended so that during the transitional year, the depositary of an authorised AIFM need not have the new Part 4A permission. The depositary will, however, need to comply with the other relevant Directive requirements with respect of the AIFs of that AIFM. The Government will amend the regulation to permit investment by EEA charities, noting that it recognises the need to ensure arrangements are not open to abuse. With regard to marketing, it intends to proceed as proposed with some minor changes to the regulations to take account of technical comments raised. It states that FCA will assess whether a scheme is in compliance with UK retail investor rules on a case-by-case basis and will set out more details in due course around how it will consider the regime in which the scheme operates as part of this assessment.
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  • The Pension Schemes (Miscellaneous Amendments) Order 2013/1114

    13/05/2013
    This instrument: (i) provides a definition of CSLA (current standard lifetime allowance) in the formula for calculating the maximum amount that... can be paid as a tax free lump sum from a registered pension scheme in certain specified circumstances; (ii) repeals incorrect return penalty legislation relating to UK registered pension schemes that is now obsolete; and (iii) reinstates the power for HMRC to de-register pension schemes in certain circumstance (Date in force: 1/06/13)
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  • The Stamp Duty and Stamp Duty Reserve Tax (Singapore Exchange Securities Trading Limited) (Recognised Foreign Exchange) Regulations 2013/1113

    13/05/2013
    These regulations prescribe the market known as Singapore Exchange Securities Trading Limited as a recognised foreign exchange for the purposes of... stamp duty and stamp duty reserve tax (SDRT) relief. (Date in force: 1/06/13)
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  • City of London Police: Pension liberation activity

    10/05/2013
    The City of London Police reports that it has dismantled a suspected organised crime gang believed to be cold-calling and text... messaging pension holders across the UK with fraudulent offers. Seven men were arrested on suspicion of conspiracy to defraud and money laundering, and have since been released on bail. The investigation forms part of a wider cross government multi-agency operation (including FCA. SOCA, the Pensions Regulator and SFO) against pension liberation activity, with thousands of people estimated to have released up to £400m into high risk and non-existent investment schemes, many of which are based overseas.
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