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  • ESMA: EMIR

    15/03/2013
    ESMA notes that EMIR enters into force on 15 March 2013 and has published an information page on the Regulation which... includes links to key documents.
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  • ESMA: Guidelines and recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements

    15/03/2013
    These guidelines and recommendations set out ESMA’s view of how EU law should be applied in a particular area, or of... appropriate supervisory practices within the European system of financial supervision. ESMA expects all relevant national competent authorities to comply with them. This final report also contains feedback received from ESMA’s December 2012 consultation and subsequent changes to the draft guidelines and recommendations made by ESMA. The guidelines and recommendations will become effective one month after their publication by ESMA on its website in the EU official languages.
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  • Parliamentary Commission on Banking Standards: Proprietary trading

    15/03/2013
    In the course of its work, PCBS had received evidence about risks that could be posed to attempts to improve the... culture and standards of banks through banks being able to undertake proprietary trading. The report looks at this issue, including a consideration of the meaning of prop trading, the extent of prop trading and methods to control it. It reports he main UK-headquartered banks have told PCBS that they do not engage in proprietary trading at the present time and do not wish to do so. PCBS recommends that PRA, with immediate effect, ensures that its regular scrutiny of banks monitors this assertion and, should a bank be unable to demonstrate satisfactorily that certain trading activities relate to their core business of serving customers, argues that PRA should use its existing tools such as capital add-ons or variations of permission to bear down on such activity and incentivise the firm to exercise tighter control. PCBS recommends that banks agree a published statement of risk exposures in their trading book and of control issues in their trading operations raised by PRA during the last year. Parliament will expect PRA to report on these statements. PCBS suggests that the Government consult the regulators on whether the current legislation needs amendment to give regulators the authority to carry out such activities. It suggests that regulators produce a detailed report within three years to include a full assessment of the case for and against a ban on proprietary trading. This report would be expected to be presented to HMT and Parliament and serve as the basis of full and independent review of the case for action in relation to proprietary trading by banks. Finally, PCBS recommends that legislation be introduced to provide for such a review and to provide assurances about its independence, including a role for TSC in the appointment of the persons to carry out the review.
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  • BoE: Quarterly Bulletin Q1 2013

    14/03/2013
    This is available to download by section via the following link. markets and operations, which reviews developments in financial markets,... including discussion of a prospective new tool for reducing counterparty credit risk exposures in OTC derivatives and changes to BoE, which looks at the regulatory changes introduced by the Financial Services Act.
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  • EBA: Draft regulatory technical standards on the conditions for assessing the materiality of extensions and changes of internal approaches when calculating own funds requirements for credit, market and operational risk under articles 138(5), 301(3)(a) and 352(3)(a) of Regulation (EU) XX/XXXX of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms [CRR]

    14/03/2013
    The draft CRR contains, amongst other matters, mandates for EBA to develop draft regulatory technical standards to specify the conditions... for assessing the materiality of extensions and changes of internal approaches when calculating own funds requirements for credit, market and operational risk. It is noted that as the CRR is still in a draft form at the time of publishing of this draft RTS, following the end of the consultation period, and to the extent that the final text of the CRR changes before the adoption of the standards, EBA will adapt the draft standards accordingly to reflect any developments. Responses are required by 11 June 2013.
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  • EBA/EIOPA/ESMA: Possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts

    14/03/2013
    The ESAs have published this letter to Michel Barnier dated 7 March 2013 which sets out details of their initiatives and... concerns with regard to the above.
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  • FSA: Complaints Commissioner: GE-L01481

    14/03/2013
    The complainant alleged unprofessional conduct and lack of integrity on the part of FSA when it visited a firm to discuss... a suspicious transaction report. CC upheld the complaint and has directed FSA to make apologies and to ensure that its board, and those of the successor bodies, have regard to particular points made in the Fourteenth Report for the Committee on Standards in Public Life (reproduced in an appendix). In its response, FSA notes that it has already addressed the matter of apologies and acknowledged that “mistaken judgements made before the visit to the firm were compounded by poor handling by our staff of a difficult situation … [we] will communicate the importance of the Commissioner’s findings to all staff, and will incorporate lessons learned into our training programmes”. It notes that “we would usually explain the purpose of meetings to firms in advance and would explain why we have requested specific documents or information. However, there will be exceptions where advance disclosure is either not practical or could prevent us from achieving our objectives. We also believe it is appropriate for our staff to ask unscripted questions or raise new issues that arise during the course of meetings. Identifying circumstances where advance disclosure is not appropriate is a matter of judgement. We accept the facts of the case as laid out in the Commissioner’s Final Decision and we accept the Commissioner’s conclusion that the FSA “was not sufficiently open with the complainants”. However, whilst we believe that the decision to not disclose the dual purpose of the meeting was a mistaken judgement in this case, we do not believe the judgement was the result of a lack of integrity”.
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  • FSA: FCA firm classification

    14/03/2013
    FSA has published a webpage which provides copies of a document supplied to firms on FCA’s approach to the supervision of... firms; a letter to firms and a fact sheet. In late April 2013, all firms that have a dedicated supervisor will be contacted to confirm the details of who their supervisor will be or if a firm has changed to no longer having a dedicated supervisor and what this means for the firm in more detail.
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  • FSA: Notifications and exemptions under EMIR – what you need to know

    14/03/2013
    This webpage contains Information about the process for making notifications and the information that will need to be provided to FSA,... including links to forms for non-financial counterparties exceeding/no longer exceeding the clearing threshold. These forms will become active from 15 March 2013.
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  • HMT: Sergeant review of simple financial products - final report

    14/03/2013
    The report sets out a number of final recommendations for simple financial products. ’ The first set of simple financial... products developed will be: an easy access savings account; a 30-day notice savings account; .a regular savings account; and a fixed term life insurance product. A whole-of-life insurance product should be the next product added to the suite and ABi will lead further work on a simple income replacement product and report back in six months. All simple financial products are to comply with an agreed set of high-level principles, which cover product features, language, terms and conditions, pricing transparency, purchasing process, and regular information and product updates. A simple financial products badge will be created and awarded to qualifying products which will be awarded BSI kitemarks. Credit unions will be invited to develop credit union specific simple financial products. HMT will host a progress review in twelve months with industry representatives and consumer groups.
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