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  • FSA: Re-Give Limited

    08/10/2012
    FSA has published this press release which notes that, in August 2012, it told the firm, an industrial and provident society,... to “unwind” its (unregulated) 5% bond by cancelling all applications for the bond and refunding all those who had invested. Re-Give did agree to contact all investors, explaining the position and provide refunds. FSA now reports that it is aware that a number of investors have still not had their investment returned and asks customers who have not heard from the firm to contact it. It is further noted that FSA has “serious concerns about Re-Give’s activities as a registered society” and has instructed it to take down its website.
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  • FSA: Modification by consent of COLL 6.8.3R (3A)(C)(V)

    08/10/2012
    This modification by consent will allow authorised funds to make appropriate transfers between the capital and income accounts of funds. It... will facilitate conversions by unitholders (for example, from higher-AMC to lower-AMC share classes). It is available until 5 October 2013 subsequently withdrawn or superseded by a permanent change to the rule in question through the regulator’s usual consultation process.
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  • IAIS: Global Insurance Market Report (GIMAR)

    08/10/2012
    IAIS has published this report which documents the performance of primary insurers and reinsurers as well as key developments in the... global insurance market. It combines an analysis of publicly available data and confidential data submitted by global reinsurers and covers a period between 2007 and 2011. The report shows that the global primary insurance and reinsurance sectors have been resilient in the face of the financial crisis and major natural catastrophes.
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  • HMT: Bank fines to be used to support Britain’s Armed Forces community

    08/10/2012
    This press release announces that the Government is changing the rules so that fines from banks and other financial services firms... no longer go to the industry. The new arrangements apply to fines received from 1 April 2012 (it is specifically noted that it includes the Barclays LIBOR fine) and will apply to all fines imposed by FCA and PRA; and to fines imposed by BoE in the course of exercising its regulatory powers in relation to financial services. It is noted that compliant financial services firms will still be protected from paying costs directly attributable to the misconduct of others, as the regulators will be able to cover enforcement case costs for the year from penalties before revenue is passed to HMT. However, in future any benefit above these costs will go to the taxpaying public, rather than the financial services industry.
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  • IOSCO: Board meeting (3-4 October 2012)

    08/10/2012
    IOSCO has published a note of the above. Specific topics discussed include: benchmarks for financial markets and IFRS. It is... noted that In with regard to possible new areas of work, the board considered developing a mandate on the impact of differing regulatory requirements on cross-border activity in securities markets and investor protection in the context of retail financial services and products.
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  • Parliamentary Commission on Banking Standards: Panel on consumer and SME experience of banks

    08/10/2012
    This is the uncorrected evidence from the PCBS panel hearings held on 26 September 2012 attended by representatives from FSCP, Consumer... Focus and Which? and (separately) CBI, BCC and the Federation of Small Businesses. Topics discussed include regulation and retail products; the interest rate swaps product issue, MMR and bank switching.
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  • EIOPA: Solvency II timetable

    05/10/2012
    EIOPA has published the text of a letter from Gabriel Bernardino to Michel Barnier. He expresses strong concerns over the... “stagnant Omnibus II negotiations” and “the lack of a clear and credible timetable for the implementation of the regime” and says that “if we have to continue supervision on this basis, there is a huge danger that supervisors will not be able to identify or analyse risks correctly … which may have serious consequences for policyholder protection”.
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  • EBA: New bank liquidity rules: dangers ahead

    05/10/2012
    This is a position paper by EBA’s Banking Stakeholder Group intended to provide EBA and European policy makers with a technical... discussion of several areas where the new rules risk to have unintended effects unless properly calibrated and carefully implemented. Among specific matters discussed: whether new liquidity ratios’ anticipated costs are consistent with expected benefits. caveats and possible adjustments concerning liquid assets that banks are allowed to use to meet their liquidity buffer; the link between liquidity ratios and possible changes in credit risk weights for government debt; covered bonds and of potential calibrations which may be introduced in net cash outflows experienced by a bank under a 30-day distressed scenario.
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  • FSA: Minutes of the Insurance Standing Group (18 September 2012)

    05/10/2012
    Topics include: policy and implementation updates and a timetable of relevant matters coming up in the UK and Europe.
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  • FSA: Market Watch 43

    05/10/2012
    This edition of FSA’s newsletter discusses ex-dividend dates and the market abuse regime and finalised guidance on strategy trades.
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