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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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  • FSA: Solvency II

    20/07/2012
    FSA notes that the short amending Directive adopted on 3 July (second link below) which means that the original implementation date... of 1 November 2012 has been changed, with the new timetable requiring transposition by member states on 30 June 2013 and implementation by firms from 1 January 2014. The European Parliament is now in recess and the Omnibus II Directive is scheduled for a plenary vote on 22 October. FSA says that it will continue to monitor developments over the coming months and consider any implications for its implementation plan, but will continue to work with firms towards the implementation date of 1 January 2014
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  • EBA/EIOPA/ESMA: Identification of financial conglomerates

    20/07/2012
    The ESAs have published a list of identified financial conglomerates, as at 1 July 2012, as required under Article 4(3) of... the Financial Conglomerates Directive.
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  • HMT: Setting the strategy for UK payments

    19/07/2012
    This consultation invites views on three options for reforming the regulation and governance of payments networks in the UK. The... first option builds on the present approach to UK payments strategy. It proposes a series of changes that could be carried out within the existing Payments Council intended to make the Payments Council more responsive to the needs and views of end users, including consumers. The second option proposes introducing a new public body to set strategy across the UK payments industry (the Payments Strategy Board). This would monitor, report on and make public recommendations to the payments industry; be composed of senior industry representatives, senior non-industry representatives (such as consumer bodies) and independent directors; be overseen by FCA which would, at a minimum, set up the Board, make appointments, approve the business plan and budgets and could appoint an independent person to report on its effectiveness; and be funded through a levy, set and collected by FCA.. At this stage of the consultation process, this is the Government’s preferred option. The third option would be to create a new regulator for the payments industry to be built on a similar model to that of utility regulators. Responses are required by 10 October 2012.
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  • HoL: Financial Services Bill

    19/07/2012
    A further sitting of the Committee stage was held on 18 July. Amendments discussed covered clause 5 of the Bill. ... The Hansard transcription follows. Committee stage continues on 25 July when further amendments will be discussed.
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