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  • FSA: Speech by Andrew Bailey: Prudential regulation: challenges for the future (4 October 2012)

    05/10/2012
    Text of the above, given at the Edinburgh Business School, follows. Topics include integrated vs prudential and conduct of business... regulation; PRA objectives, particularly with regard to banks and insurance firms; resolution and bail-outs; the Vickers reforms. He comments: “To be clear, in this world of judgement-based regulation, we will not get all the calls correct, not least because the future is uncertain. But, I am a lot more comfortable that we have a framework in which we can apply judgement more consistently and be held to account for those judgements in a more open way".
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  • IOSCO: Principles for oil price reporting agencies

    05/10/2012
    This final report sets out principles intended to enhance the reliability of oil price assessments that are referenced in derivative contracts... subject to regulation by IOSCO members. Among the measures expected of price reporting agencies: ensuring methodologies provide sufficient information to explain how assessments are produced, including how changes to a methodology will be communicated to stakeholders; the adoption of internal quality control procedures applicable to the submission and evaluation of market data used in an assessment; the adoption of conflict of interest policies aimed at reducing the possibility of any undue influence in the assessment process and the establishment of audit trails and complaints processes to include recourse to an independent third party. In addition, the principles ask for a commitment to make available to market authorities audit trails and other related documentation intended to facilitate determination of the reliability of assessments or to investigate and prosecute illegal conduct affecting a derivatives market. The principles recognise that there is no requirement on any physical market oil participant to submit transaction data to price reporting agencies. IOSCO recommends that market authorities consider whether to prohibit trading in any commodity derivatives contract that references a price reporting agency-assessed price unless that assessment follows the principles. IOSCO proposes, in collaboration with the IEA, IEF and OPEC, to evaluate the implementation of the principles after 18 months. Should they conclude that implementation has been ineffective, further recommendations may be developed,
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  • CP12/27*: Quarterly Consultation (No. 34)

    05/10/2012
    This CP invites comments on miscellaneous amendments to the Handbook to: amend COBS and GLOSS so that the wording of... the exemption from RDR rules for certain Holloway policies reflect FSA’s policy intention (Chapter 2); amend SYSC to make the rules on voiding and recovery consistent with FSA’s revised approach to the application of the remuneration principles proportionality rule to firms subject to the Remuneration Code (Chapter 3); update rules and guidance in accordance with the revised Basel Core Principles to address transactions with related parties (Chapter 4); make changes to the appropriate qualifications lists in TC (Chapter 5); make amendments to the RDR adviser charging and remuneration rules in respect of referrals to discretionary investment managers (Chapter 6); make various minor amendments in COBS to clarify that a cost-neutral approach is not prohibited for new business in a with-profit fund (Chapter 7); make various amendments to COLL and other parts of the Handbook including to remove out of date references and provide clarity (Chapter 8); make changes to EG and DEPP to include investigation and enforcement powers in relation to financial and non-financial counterparties under EMIR; and changes to REC to set out how parts of existing regime will interact with EMIR (Chapter 9); and make amendments to LR in respect of depositaries issuing global depositary receipts and the appointment of a sponsor for the submission of supplementary circulars (Chapter 10). Comments on Chapters 2, 3, 5, 6 and 9 should be received by 5 November 2012 and on Chapters 4, 7, 8 and 10 by 5 December 2012
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  • EC: Consultation by the high-level expert group on reforming the structure of the EU banking sector (the Liikanen report)

    04/10/2012
    Responses to the Liikanen report are available to download individually via the following link..
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  • EBA: Work programme 2013

    04/10/2012
    EBA’s annual work programme describes and summarises the main objectives and deliverables of the EBA in the forthcoming year. Items highlighted... include: the single rule book; addressing key risks in the EU banking sector (including the analysis of the consistency of outcomes in risk weighted assets), producing guidelines on responsible mortgage lending, and on arrears handling and forbearance in the mortgage market, and regulatory technical standards PII. A detailed list of EBA’s tasks appears in the annex (second link below).
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  • EC: Opinion of the European Economic and Social Committee on ‘What changes for Europe’s banking sector with the new financial rules?’ (own-initiative opinion)

    04/10/2012
    This has been published in the Official Journal.
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  • EC: Hypo Tirol Bank AG

    04/10/2012
    The EC has concluded that a planned capital injection of €220m for the Austrian bank Hypo Tirol Bank AG was in... line with EU state aid rules. Hypo Tirol commits to pay out dividends to its owner – the State of Tirol – once an appropriate core tier-1 ratio is reached.
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  • EC: Single Market Act II

    04/10/2012
    The EC has adopted Single Market Act II, putting forward twelve key actions for rapid adoption by the EU institutions. Actions... include: the facilitation of e-commerce in the EU by improving payment services (by proposing a revision of PSD and making a legislative proposal on multi-lateral interchange fees for card payments); proposals on possible forms of long-term investment funds and the modernisation of insolvency proceedings. The EC is committed to delivering all key legislative proposals by spring 2013 and proposals for all key non-legislative actions by the end of 2013 and calls on the European Parliament and the Council to fast-track all key legislative actions and adopt them as a priority by spring 2014.
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  • FRC: Proposed revision of Practice Note 23: (revised): Special considerations in auditing financial instruments

    04/10/2012
    FRC has issued a consultation on the proposed update of the guidance to auditors on the audit of financial instruments. ... Responses are required by 4 January 2013.
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  • The Inheritance Tax (Market Makers and Discount Houses) Regulations 2012 (Draft)

    04/10/2012
    The proposed legislation extends business property relief from inheritance tax to businesses carrying on the business of a market maker, within... the definition given MiFID, in a regulated market of an EEA member state. (Expected date in force: 31/12/12)
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