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  • BIS: FSI Survey - Basel II, 2.5 and III Implementation

    26/07/2012
    The Financial Stability Institute has conducted a survey on the implementation of Basel II, 2.5 and III in jurisdictions that are... neither members of BIS nor members of the EU.
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  • ESMA: Review of Greek government bonds accounting practices in the IFRS financial statements for the year ended 31 December 2011

    26/07/2012
    The review considered a sample of 42 European financial institutions, each with significant exposure to Greek government bonds totalling an estimated... gross exposure of around €80bn. It found a good level of consistency regarding the level of impairment losses, showing an improvement compared to June 2011 when there were significant variations between various financial institutions. However, the review also found that issuers fell short of meeting IFRS disclosure requirements in particular in relation to transparency of gross exposure, maturities, valuation methodologies and fair value levels used, as well as the impact of impairment on profit or loss. The review identified a lack of transparency on credit default swaps and their impact on exposure, e.g. whether issuers were buyers or sellers of these instruments. The review also highlighted a lower level of transparency regarding Greek government bonds that had been reclassified as well as exposures to Greek non-sovereign debt.
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  • EIOPA: 2012 report on market developments

    26/07/2012
    The short report provides a general overview on the developments in cross-border arrangements of Institutions for IORPs. EIOPA has now... published the cover letter sent to Jonathan Faull of the EC to accompany the recently published report on the role of insurance guarantee schemes in the winding-up procedures of insolvent insurance undertakings in the EU/EEA.
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  • FSA: General guidance on proportionality - The Remuneration Code (SYSC 19A) & Pillar 3 disclosures on remuneration (BIPRU 11)

    26/07/2012
    FSA has published a guidance consultation which proposes to amend the general guidance on proportionality which will further clarify how firms... may comply with the Remuneration Code and disclosure rules in a manner that takes account of their size, internal organisation and the nature, scope and complexity of their activities. The proposed new framework would replace the current four-tier structure (based on capital resources) with three new levels (based on total assets). Responses are required by 6 September 2012.
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  • Law Societies Joint Brussels Office: Company law and financial services (July 2012)

    26/07/2012
    This details the current status of various relevant Directives and European-level proposals
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  • EC: Summary of responses to the public consultation on bank accounts

    26/07/2012
    Further to a March 2012 consultation on bank accounts, the EC has now published a summary of responses received. Responses... showed that consumers would generally be in favour of further action at EU level with respect to bank accounts, but that responses from financial institutions indicated that the current legal framework already guarantees sufficient protection of the interests of consumers and, if any action were to be taken in this area, it should be at national level.
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  • HoL: Financial Services Bill

    26/07/2012
    A further sitting of the Committee stage was held on 25 July. Amendments discussed covered clause 5 of the Bill. ... The Hansard transcription follows. Committee stage continues on 8 October when further amendments will be discussed
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  • CFA/CCTA/BCCA/FLA: Payday and short-term loans

    25/07/2012
    These trading associations have agreed to a number of new consumer protections for customers taking out a payday or short-term loan.... The addendum sets out the enhanced consumer protections for payday and short-term loan customers and sits within or alongside the trade associations’ existing codes of practice. The new standards in this addendum will be implemented by 26 November 2012. The good practice customer charter is for customers who have or who are considering applying for a payday or short-term loan with a lender who is a member of the above-mentioned associations and will also be implemented by 26 November 2012
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  • CP12/14**: Tracing employers’ liability insurers – historical policies

    25/07/2012
    The proposals in the CP require all firms who may have actual or potential liability for UK commercial lines employers’ liability... (EL) insurance claims to take reasonable steps to conduct effective searches of their records for historical EL policies (a historical policy is defined as a UK commercial lines employers’ liability insurance policy or other evidence of cover issued or renewed before 1 April 2011) when they receive a request from a consumer, their representative or other third party (including a qualifying tracing office). It proposes that firms must put in place and operate in accordance with a tracing policy. FSA also proposes that firms must respond to all enquiries within one month unless the request is from a qualifying tracing office and no evidence of a historical policy is found and also sets out what the responses should say to the requester. The requirements will apply to the same firms that the original requirements apply to (both UK-authorised firms - including UK branches of non-EEA insurers authorised in the UK - and EEA firms passporting into the UK, whether providing cover cross-border services or through a branch). The requirements will also apply to firms carrying out contracts of insurance and managing agents, including in either case business accepted under reinsurance to close. Responses are required by 17 October 2012. FSA intends to publish final rules, if approved, in January 2013, for implementation within six months from the making of the rules.
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  • CP12/15**: Client assets firm classification; oversight, reporting and the mandate rules

    25/07/2012
    There are two consultations contained within this paper. Chapter 2 (Clarifying the CASS firm classification and operational oversight regime) and Chapter... 3 (Changes to the Client Money and Assets Return (CMAR) and guidance) should be read concurrently. Chapter 4 sets out proposals on the mandate rules (CASS 8). FSA notes that, since introducing the CF10a controlled function, it has noticed some shortcomings in the CASS firm classification and operational oversight requirements (CASS 1A) and is proposing some additional amendments to CASS 1A in this CP to address these. There are also proposed changes based on feedback received on the language and presentation of a number of the questions within the CMAR as well as the CMAR guidance notes. With regard to CASS 8, FSA says that it has identified that there is now a large degree of inconsistency in understanding among firms and their auditors which could lead to customer detriment or increased costs to firms. It is proposing to clarify the scope of the mandate rules, but does not propose to change the purpose of the mandate rules or the internal controls required by the mandate rules. Responses should be received by 30 September 2012. FSA plans to issue a PS in November 2012, with the final rules coming into force on 1 January 2013.
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