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  • EC: Bank supervision: Council confirms agreement with European Parliament

    19/04/2013
    The Council’s Permanent Representatives Committee has approved a compromise agreed with the European Parliament on the establishment of a single supervisory... mechanism (SSM) for the oversight of credit institutions. The SSM will be composed of the ECB and the supervisory authorities in the member states. The ECB will be responsible for the overall functioning of the SSM. It will have direct oversight of eurozone banks, although in a differentiated way and in close cooperation with national supervisory authorities. Non-eurozone member states wishing to participate in the SSM will be able to do so by entering into close cooperation arrangements. The ECB's monetary tasks will be strictly separated from its new supervisory tasks, in order to eliminate potential conflicts of interest between the objectives of monetary policy and prudential supervision. A supervisory board responsible for the preparation of supervisory tasks will be set up within the ECB. Non-eurozone countries participating in the SSM will have full and equal voting rights on the supervisory board. The board's draft decisions will be deemed adopted unless rejected by the ECB governing council. National supervisors will remain in charge of tasks not conferred on the ECB (eg. consumer protection, money laundering, payment services, and branches of third country banks). EBA will retain its competence for further developing the single rulebook and ensuring convergence and consistency in supervisory practice. ECB will assume its supervisory tasks within the SSM either on 1 March 2014 or 12 months after entry into force of the legislation, whichever is later, subject to operational arrangements.
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  • FCA: Santander UK

    19/04/2013
    FCA reports that Santander UK has agreed to contact more than 270,000 mortgage customers that it did not give clear information... when it raised the cap margin linked to its SVR in 2008. The regulator believes letters the bank sent to borrowers in 2008 failed to clearly explain the SVR cap margin increase and what it would mean for them. Some customers did not even receive any notification about the SVR cap margin increase and thus borrowers may not have understood their options, which for some customers may have included an opportunity to move their loan to a lender offering a lower rate or exit their mortgage without incurring an early repayment charge.
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  • PRA: Conducting statutory investigations

    18/04/2013
    This short policy statement sets out how PRA will identify whether the conditions for an investigation into regulatory failure are met,... and how it will carry out investigations both into regulatory failure and matters of public interest. The statement has been approved by the PRA Board and HMT.
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  • European Parliament: CRD IV

    18/04/2013
    Adopted texts of the Regulation and Directive following the vote earlier this week are available to download via the following ...links.
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  • Final Notice: Kevin Wells

    18/04/2013
    FCA has issued a prohibition order against this individual, MD of Montpelier Pension Administration Services Limited, from performing any significant influence... function at any regulated firm, and also censured him. He would have been fined £58,500 but for the fact that he was able to show that the penalty would cause serious financial hardship. FCA had concluded that he did not have an adequate understanding of the SIPP operator’s regulated activities and corresponding regulatory responsibilities or of his own responsibilities as MD. FCA states that he had led a rapid expansion of the business, away from standard investments, but had not identified or mitigated the risks involved for the firm’s SIPPs and SIPP members as a result and that he did not understand, or make reasonable efforts to understand, the firm’s capital and compliance needs. FCA found that client assets rules had been breached; third parties had not been vetted and monitored and that there was inadequate knowledge of the assets the firm administered for clients. In the accompanying press release, Tracey McDermott states: "I would recommend that anybody operating, or thinking of operating, a SIPP reads the final notice in detail; it covers almost all aspects of SIPP operation and is a good indicator of the standards we expect”. .It is noted that this is the first time senior management of a SIPP operator has been banned and that the regulator’s focus on SIPP operators remains ongoing The firm cancelled its authorisation in October 2011 and the business book was purchased by another SIPP operator.
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  • FSB: Data gaps Initiative on a common data template for G-SIBs

    18/04/2013
    FSB has announced that its working group convened to deliver improvements to the availability, quality and consistency of data on these... major global financial institutions has implemented the first phase of the initiative, with the start in March 2013 of the harmonised collection and pooling of improved consolidated data on bilateral counterparty credit exposures of major systemic banks, as well as their consolidated aggregated exposures. The latter are to be reported according to the guidelines already implemented in the context of BIS statistics. Confidential data will be held centrally by an international data hub hosted by BIS, and reports based on these data will be shared only with national supervisory authorities participating in the network pursuant to a multilateral framework. Participating authorities have formed a governance group to oversee the pooling and sharing of information. The item also notes plans for the next two phases.
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  • IOSCO: Regulation of retail structured products

    18/04/2013
    This consultation analyses trends in the retail structured product market and proposes a regulatory toolkit for IOSCO members. The toolkit... covers: a potential regulatory approach to retail structured products; potential regulation of the product design and issuance; potential regulation of product disclosure and marketing; potential regulation of the product distribution; and potential regulation of post-sales practices. Responses are required by 13 June 2013.
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  • FCA: How the Financial Conduct Authority will investigate and report on regulatory failure

    18/04/2013
    This document sets out FCA’s thinking on how it will meet the new statutory requirement to investigate possible instances of regulatory... failure and provide reports to HMT. The statement of policy, which has been approved by the FCA Transitional Board and which HMT has given its consent for FCA to publish, is included as Annex 1 to this document. Chapter 6 of the document sets out hypothetical examples to illustrate whether FCA thinks the statutory test would or would not have been met and Chapter 7 details the investigation process. The statement of policy applies from 1 April 2013 for events arising on or after that date. FSA states that it expects to learn whether it has set the threshold for events with a significant adverse effect on its objectives at the right level, and whether it has placed the right emphasis on the related qualitative factors, through the experience of applying the policy. It notes that, given the changing regulatory landscape, including the change in the scope of FCA to regulate consumer credit from April 2014, and the continuing development of its strategy to meet the competition objective and duty, FCA expects to review the policy after a year in operation. FCA welcomes comment on the document, which it will feed into its review (although it is emphasised that any changes in the statement of policy will have to be approved by HMT).
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  • BIS/IOSCO: Implementation of principles for financial market infrastructures

    17/04/2013
    It has been announced that BIS and IOSCO have started the process of monitoring implementation of the principles (international standards for... payment, clearing and settlement systems, including CCPs and trade repositories) which were originally issued in April 2012. A first assessment is currently underway examining whether jurisdictions have made regulatory changes that reflect the principles and responsibilities in the principles. Results of this assessment are due to be published in Q3 2013.
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  • EC: Green Paper on the insurance of natural and man-made disasters

    17/04/2013
    The document poses a number of questions concerning the adequacy and availability of appropriate disaster insurance in order to assess whether... or not action at EU level could be appropriate or warranted to improve the market for disaster insurance in the EU.  Responses are required by 30 June 2013.
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