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  • The Finance Act 2012

    23/07/2012
    The Bill has now received Royal Assent.
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  • BIS/BERR: Consumer credit licences

    20/07/2012
    This press release announces that the Government is to give OFT the power to suspend a consumer credit licence with immediate... effect where there is an urgent need to protect the interest of consumers. The power will be introduced by an amendment to the Financial Services Bill at Committee stage in HoL. OFT intends to consult in the autumn on how it will use this power and will publish guidance in early 2013 before the power comes into effect.
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  • BoE: LIBOR

    20/07/2012
    BoE notes that, at its hearing on 17 July, TSC requested papers relevant to BoE’s interaction with the US Federal Reserve... and with BBA LIBOR Review in 2008. The submission contains all papers relevant to the BBA Review. It provides a brief commentary and timeline of the events around the BBA Review in 2008, together with the supporting documents.
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  • FSA: Speech by Adair Turner: Macro-prudential policy in deflationary times (20 July 2012)

    20/07/2012
    Text of the above, given during the FPC regional visit to Manchester, follows. He discusses FPC’s challenges and proposed policy... solutions. He argues that “while the excesses of the pre-crisis period were striking – as also were the extraordinary bonuses paid for activities whose value to the real economy of businesses and households is quite unclear – it would be a dangerous mistake to assume that simply cleaning the stables – punishing the manipulators, and preventing future mis-selling – is a sufficient response to the financial crisis. Any idea that the financial crisis of 2008 occurred just because of individually bad behaviours, or even because of bad cultures in particular banks or across banking, is dangerously simplistic”.
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  • Pensions Regulator: Incentive exercises

    20/07/2012
    The Pensions Regulator has reviewed its guidance on incentive exercises and replaced it with a short principles-based statement on incentive exercises... following publication last month of an industry code on this area. It is noted that the regulator has abbreviated its guidance to avoid any confusion arising from two standards - focusing on the overarching principles published in its December 2010 guidance. The guidance also addresses the role of trustees, which is not covered in detail in the industry code. It remains the regulator’s view that trustees should approach such exercises with caution and presume that they will not be in most members’ interests. This will involve taking advice, where necessary, and acting in accordance with their legal obligations to scheme members.
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  • The Financial Services and Markets Act 2000 (Threshold Conditions) Order 2013 (Draft)

    20/07/2012
    This draft is described as having been published to assist Parliamentary consideration of the Financial Services Bill. It amends the... threshold conditions set out in Schedule 6 to FSMA. In giving or varying permission under Part 4A FSMA or imposing or varying a requirement or giving consent under that Part, FCA or PRA must ensure that the person concerned will satisfy, and continue to satisfy the relevant threshold conditions for which that regulator is responsible
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  • The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012/1906 (previously reported on when in draft)

    20/07/2012
    This Order implements the requirement in Article 18 of Commission Regulation (EU) 1031/2010 of 12 November 2010 on the timing, administration... and other aspects of auctioning of greenhouse gas allowances (OJ L 302, 18.11.2010, p.1) (“the emission allowance auctioning regulation”) for the UK to have enacted legislation enabling the FSA to authorise certain categories of people to make them eligible to bid in auctions of emissions allowances on their own account or on behalf of clients, and implements related provisions in Articles 6(5) and 59 of that Regulation. (Date in force: 20/07/12)
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  • ESMA: MoUs

    20/07/2012
    ESMA has published a number of MoUs concerning the supervision of credit rating agencies which have been signed in recent months.... The co-signatories are ASIC, MAS, SFCHK, SEC, SNV and AMF/OSC/BCSC.
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  • EC: Market abuse - manipulation of benchmarks

    20/07/2012
    The EC has announced that it will adopt amended proposals on insider dealing and market manipulation to include specific provisions prohibiting... the manipulation of benchmarks and to make such manipulation a criminal offence. A press release with further details will be published on 25 July 2012.
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  • FOS: Out of pocket because of computer troubles at RBS, NatWest and Ulster Bank?

    20/07/2012
    FOS has published this factsheet for consumers which provides a synopsis of questions FOS has been asked about following the RBS... computer problems.
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