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  • EC: Jyske Bank Gibraltar Limited v Administración del Estado

    25/04/2013
    The EC has published a press release with regard to this ECJ judgment. Jyske, a branch of the Danish bank... NS Jyske Bank, is a credit institution established in Gibraltar which operates in Spain under the rules on the freedom to provide services, that is to say, without being established there. In January 2007, the Spanish financial intelligence unit requested Jyske to provide it with certain information. It considered that there was a very high risk that Jyske was being used for money laundering operations in the context of its activities in Spain. IIn June 2007, Jyske sent some of the information requested, but it refused to provide the data on the identity of its clients and documentation on suspicious transactions carried out in Spain, relying on the banking secrecy rules applicable in Gibraltar. The Consejo de Ministros (Council of Ministers, Spain) imposed on it two public reprimands and two financial penalties totalling €1 700 000. Jyske considered that the Anti Money Laundering Directive imposes on it an obligation of disclosure only vis-à-vis the Gibraltar financial intelligence unit and that, therefore, the Spanish legislation does not comply with the Directive. The bank, therefore, brought an action before the Tribunal Supremo (Supreme Court, Spain), which decided to refer a question to the ECJ. The judgment finds that the Directive does not expressly preclude the possibility of requiring credit institutions carrying out activities in Spain under the freedom to provide services to forward the required information in respect of the fight against money laundering and terrorist financing directly to the Spanish financial intelligence unit. ECJ notes that the mechanism for cooperation between financial intelligence units suffers from “certain deficiencies” and concludes that “where there is no effective mechanism, at the time of the facts, ensuring full and complete cooperation between the financial intelligence units and allowing money laundering and terrorist financing to be combatted just as effectively, that legislation is proportionate”.
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  • EC: Proposal for a Council Regulation conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions/Proposal for a Regulation of the European Parliament and of the Council amending

    25/04/2013
    Final compromise texts, dated 25 March 2013, have now been published.
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  • EIOPA: Survey of EU practice on default investment options

    25/04/2013
    EIOPA undertook a mapping exercise of existing practices and approaches in member states in respect of investment options, default investment funds... and life styling, in order to get acquainted with similarities/differences in existing approaches among member states as well as map the current situation and identify possible gaps between approaches chosen. This paper summarises the results of this survey.
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  • FCA/Council for Licensed Conveyancers: MoU

    25/04/2013
    This MoU sets out a general framework for how the entities will work together  
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  • FOS: Appointment

    25/04/2013
    FOS has announced the appointment of Amerdeep Somal as the new independent assessor for the service. She takes on the role... of independent assessor from Linda Costelloe Baker, who steps down at the end of her term in May 2013. Amerdeep Somal is a commissioner and board member at the IPCC, a judge at the Immigration and Asylum Tribunal and public appointments assessor at the Office of the Commissioner for Public Appointments
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  • HMT: Special administration regime for payment and settlement systems

    25/04/2013
    This consultation seeks industry views on the Government’s proposal: to introduce legislation allowing in certain circumstances for a special administration regime... to be applied to operators of recognised inter-bank payment systems, operators of securities settlement systems, and key service providers to these firms, in order to protect the stability of the UK financial system should any of these firms become insolvent. Responses are required by 19 June 2013.
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  • HoC: Work and Pensions Committee: Improving governance and best practice in workplace pensions

    25/04/2013
    This report raises concerns over a number of issues, including: the way that contract-based DC schemes are governed; charges (particularly in... relation to member-borne consultancy charging to auto-enrolled members, and charges for deferred scheme members) – the report suggests that if no significant progress is made by the industry towards such charges the Government should ban them, and concerns over regulation. The Committee states that it is not convinced that FCA is the appropriate body to regulate contract-based pension schemes and says that if it remains the responsible body, FCA must adopt a pensions-specific and proactive regulatory strategy and set up a well-resourced team dedicated solely to regulating contract-based pension schemes. It urges FCA and the Pensions Regulator to establish stronger joint working arrangements than those that existed with FSA.
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  • Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds

    25/04/2013
    This has now been published in the Official Journal.
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  • BoE/HMT: Funding for lending scheme

    24/04/2013
    An extension to the scheme has been announced. Three specific changes are being made: the scheme will be extended to the... end of January 2015; the incentives to boost net lending will be heavily skewed towards SMEs and the scheme will be expanded to count lending by banking groups involving financial leasing corporations and factoring corporations. All participating banks and building societies will be required to report net lending related to these non-bank credit providers for the purpose of calculating their borrowing allowances during the extension period. In addition, banks and building societies will have the option of reporting this lending for the purpose of calculating their borrowing allowance for the remainder of 2013. The fee structure and operation of the scheme will be unchanged during the extension period, other than as outlined above. Documentation pertaining to the scheme can be accessed via the link below.
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  • CC: Business Plan 2013/14

    24/04/2013
    This plan sets out the aims and objective for CC’s final operational year (it expects that in April 2014 it will... be replaced by CMA subject to the passage of the Enterprise and Regulatory Reform Bill, which will take on the functions of CC and OFT’s competition functions and consumer enforcement powers).
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