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  • CC: Private healthcare market investigation

    25/06/2012
    Further to OFT’s referral to CC with regard to the above, CC has now published an issues statement to assist those... submitting evidence to focus on the issues it envisages being relevant to this investigation. Responses are required by 20 July 2012.
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  • ESMA: Annual Report 2011

    25/06/2012
    ESMA has published its first annual report, which provides an overview of the first year of ESMA’s operations as an independent... ESA. It also sets out ESMA’s work programme for 2012.
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  • ECOFIN: 22 May 2012 meeting

    25/06/2012
    This report notes recent progress on CRD 4, CRA 3, Mortgage Credit Directive and a draft directive on the harmonisation of... transparency requirements for listed companies. With regard to the financial transaction tax, it is noted that “support for an FTT as proposed by the Commission was not unanimous. It also noted the support of a significant number of delegations for considering enhanced cooperation, which would allow a limited number of member states to proceed amongst themselves, making use of the EU institutions. The presidency noted that formal requirements for enhanced cooperation would have to be met, and that next steps will be handled by the incoming Cyprus presidency”
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  • HoL/HMT: Delegated Powers and Regulatory Reform Committee: Financial Services Bill memorandum and report

    25/06/2012
    The report (which also covers other non-FS bills) notes clause 91 (consumer credit) which, it argues, is “a power of the... unusual breadth and significance which is, unless limited by amendment to the Bill, capable of being used in ways that can make significant inroads into the current rights and duties of consumers and providers under current consumer credit legislation”. A memorandum prepared by HMT to assist the DPRRC in their consideration of the Bill which identifies the provisions for delegated legislation in the Bill and explains the purpose of the delegated powers taken, has also been published
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  • ESMA: Draft technical standards for the regulation on OTC derivatives, CCPs and trade repositories

    25/06/2012
    ESMA has launched this consultation, containing draft regulatory technical standards and draft implementing technical standards which set out the specific details... of how EMIR’s requirements are to be implemented. It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. Responses are required by 5 August 2012 and the final draft standards are intended to be submitted to the EC for endorsement by 30 September 2012.
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  • HoC: Interest rate swap products

    25/06/2012
    The following is a link to the transcript of a debate instigated by Guto Bebb MP to move that “this House... has considered the matter of the mis-selling of interest rate swap products to small and medium-sized businesses; notes the work undertaken by the Financial Services Authority in this respect; and calls for a prompt resolution of the matter”. At the end of the debate, Chloe Smith of HMT noted that FSA will be reporting on its findings by the end of June, noting that “FSA’s review is also going to establish a clear understanding of banks’ sales practices, including whether they were advised sales or non-advised sales, and whether the downside risks were clearly communicated orally as well as on paper. The review will also look at break costs, which several businesses suggest were not disclosed to them when they purchased the product, and it will also attempt to establish whether the banks told customers explicitly or otherwise that the hedging product was a requirement of the loan … I share hon. Members’ serious concerns about that; banks should not be able to treat customers unfairly in that way. The examples that hon. Members have been giving do not seem consistent with the principle of treating customers fairly. The Government want to be assured that those making complaints will not be punished as a consequence. When the FSA produces its report, I am sure that we will be able to go into more detail with the evidence in front of us”.
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  • EC: Forthcoming legislative proposals

    22/06/2012
    In this press release, the EC announces that on 3 July 2012, it will present what it describes as a three-part... legislative package dedicated to rebuilding consumer trust in financial markets. It includes a proposal for a regulation on transparency in PRIPS, a revision of IMD, and a proposal for an amendment to the UCITS Directive.
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  • EC: The banking union

    22/06/2012
    This press release considers the concept of a banking union, noting that the President of the European Council will present a... report in close collaboration with the President of the EC, the Chair of the Eurogroup and the President of ECB to the next European Council (28-29 June). Once there is agreement at political level, the EC intends to propose the necessary measures for implementation, which could be as early as autumn 2012. The EC also urges the European Council and European Parliament to. accelerate the decision-making process on key legislation already in the pipeline, which are noted in this item.
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  • ESMA: MiFID Q&A - investor protection & intermediaries

    22/06/2012
    This updated document includes a new answer to a question regarding automatic execution of trade signals.
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  • FMLC: Further discussion of legal uncertainty which could arise from bail-in: an addendum to the FMLC paper entitled “Observations on legal uncertainties which may arise from the introduction of bail-in powers”

    22/06/2012
    Further to its earlier paper, FMLC has now published an addendum, available to download via the following link. This provides... further detail on the problems of legal uncertainty posed by bail-in in light of a discussion paper regarding such powers from DG Internal Market and Services and develops the analysis of classes of creditor and claim, with respect to which the application of bail-in raises particular issues of legal uncertainty, found in the original document.
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