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  • EC: UNNIM Banc SAU/BBVA

    25/07/2012
    The EC has concluded that restructuring aid granted by Spain to UNNIM Banc SAU (UNNIM) in the context of the sale... of its banking activities to Banco Bilbao Vizcaya Argentaria (BBVA) is in line with EU state aid rules.
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  • EIOPA: Registration of insurance undertakings

    25/07/2012
    This compilation of registered financial institutions is intended to provide easily accessible information in accordance to Article 8 of EIOPA Regulation.... EIOPA has prepared this compilation from information received from EEA national competent authorities. This version is limited to insurance undertakings. Other registered financial institutions will be added in due course.
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  • ESMA: Guidelines on ETFs and other UCITS issues/consultation on recallability of repo and reverse repo arrangements

    25/07/2012
    This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS,... management technique or financial instrument in question and are detailed in Annex III of the document. For index-tracking UCITS and index-tracking leveraged UCITS, ESMA details the information that should be communicated to investors in relation to the index tracked, such as the replicating model and the associated risks or the anticipated tracking-error. With regard to UCITS ETFs, ESMA’s guidelines provide a clear definition of these products together with a recommendation on the use of the specific identifier “UCITS ETF” in the name of the UCITS to enable investors to differentiate these funds from other UCITS. The guidelines also detail the circumstances under which UCITS ETFs should be open for direct redemptions at the level of the UCITS for investors that have acquired units or shares in the secondary market. With regard to efficient portfolio management techniques (securities lending, repo and reverse repo activities), ESMA’s guidelines provide clarification on the information that should be communicated to investors when UCITS enter into such arrangements. ESMA also sets out clear rules on securities lending arrangements, how risk diversification limits of the UCITS Directive should be calculated and applied and sets out qualitative and quantitative criteria to be respected by collateral received by UCITS in the context of OTC financial derivative transactions and efficient portfolio management techniques. Annex IV comprises a consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted. Responses are required by 25 September 2012.
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  • FSA: PII for firms which sold Arch cru funds

    25/07/2012
    Further to the recently highlighted Opinion on Arch Cru, FSA has published this “Dear CEO” letter noting that since FSA published... its CP on the Arch Cru consumer redress scheme it has been contacted by IFAs who are concerned that their PII cover may not operate as they expected it to, ie. that when they come to renew their policies, cover for Arch cru claims will be excluded and that the IFAs will therefore face significant liabilities to consumers without the benefit of any insurance cover. Concerns as to types of PII covered and the costs incurred were also raised. FSA states that it is “not our intention to dictate what risks insurers should cover, nor are we seeking to require insurers to go beyond the cover as described in the relevant PII policies, but we are certainly prepared to consider taking action where insurers seek to breach or avoid their obligations to the detriment of consumers. We would remind insurers of their contractual and/or common law duty to act with due regard to the interests of their insured” and has asked firms to respond to questions in this letter within 21 days.
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  • FSA: Statement on the use of XBRL for CRD IV and Solvency II

    25/07/2012
    FSA has published a note on the use of eXtensible Business Reporting Language (XBRL) for financial and regulatory reporting purposes. ... For quantitative reporting under CRD IV and Solvency II, FSA intends to collect only the regulatory data using the XBRL standards and formats. It is considering the implications of this and invites views from stakeholders. It will explore the further use of XBRL for reporting by firms beyond the scope of CRD IV and Solvency II separately.
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  • Law Commission/Scottish Law Commission: Unfair Terms in Consumer Contracts: a new approach?

    25/07/2012
    This issues paper considers unfair terms in contracts between businesses and consumer and makes proposals for reform with regard to the... price and main subject matter exemption under UTCCR and reviews proposals in its 2005 paper, asking respondents whether they still agree with those recommendations. Responses are required by 25 October 2012.
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  • HoL: Financial Services Bill

    25/07/2012
    Further amendments to be moved in Committee have been published.
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  • BIS: Basel III monitoring

    24/07/2012
    BIS is monitoring the impact of the Basel III rules text and liquidity rules text on participating banks, noting that the... exercise will be repeated semi-annually with end-December and end-June reporting dates. It has published instructions on how banks should complete the questionnaire (a link to which is not included here) and includes discussion of general issues such as the scope of the exercise. In addition, BIS has published an FAQ.
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  • EC: Gan Eurocourtage/Allianz

    24/07/2012
    The EC has cleared under the EU Merger Regulation the proposed acquisition by the French subsidiary of the German Allianz insurance... group of a non-life insurance portfolio belonging to the French insurance company Gan Eurocourtage SA. The portfolio comprises insurance contracts and related brokerage businesses, assets and liabilities. The EC’s investigation confirmed that the notified operation would not raise competition concerns because it would not significantly alter the market structure.
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  • EIOPA: Report on the role of insurance guarantee schemes in the winding-up procedures of insolvent insurance undertakings in the EU/EEA

    24/07/2012
    This report, dated May 2012, has now been published on EIOPA’s website. A questionnaire was sent to 30 EU/EEA states... and 24 Member States responded. The report found a lack of harmonisation in a number of areas, including: which authority takes the decision to intervene when an insurance undertaking becomes insolvent; the ability to provide for portfolio transfer; a lack of pre-warning system when an insurance undertaking is in difficulty; and the role of the supervisory authority when an insurance undertaking becomes insolvent.
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