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  • EBA: Draft regulatory technical standards for credit valuation adjustment risk on the determination of a proxy spread and the specification of a limited number of smaller portfolios (EBA/CP/2012/09)

    11/07/2012
    EBA has published this consultation, responses to which must be received by 19 September 2012. It is noted that these... standards will be part of the single rulebook aimed at enhancing regulatory harmonisation in Europe.
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  • EBA: Update on the implementation of the capital exercise

    11/07/2012
    EBA has published an overview report on the implementation of the capital exercise which notes that the vast majority of the... banks in the sample meet the required ratio of 9% Core Tier 1 (CT1). For the few banks that were not fully able to meet the capital level using private sources, backstop measures are currently being implemented  EBA will publish a final report on the exercise in September 2012 based on banks’ actual capital positions as at the end of June 2012. The final report will provide information on a bank-by-bank basis. A Q&A is also available to download via the following link..
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  • EC: Council meeting (10 July 2012)

    11/07/2012
    A note of the above-mentioned meeting follows. Topics include: the banking union; CRD4 and bank resolution and recovery plans. With... regard to the banking union, it is noted that the President of the European Council has been invited, with the presidents of the EC, the Eurogroup and ECB, to develop a programme, with an interim report in October and a final report at the end of 2012. The establishment of a single banking supervisor will depend on EC proposals scheduled to be announced in the autumn. With regard to bank resolution and recovery plans, it is hoped the Council will agree a general approach by December, subsequent to which negotiations with the Parliament will start, with a view to adoption of the proposed directive at first reading
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  • EIOPA: Final report on reporting and disclosure requirements for insurance undertakings and insurance groups

    11/07/2012
    The report states the level of granularity of the information that supervisory authorities will need to receive. EIOPA notes that... the ongoing discussions related to the Omnibus II Directive and the future implementing measures are expected to lead to changes in the reporting requirements. The design or structure of the templates may also be affected by the development of the respective IT reporting standards, but EIOPA argues that the industry should use this package already now in order to start the implementation phase. EIOPA expects that the full package on reporting and disclosure with all the changes incorporated will be available later in 2012.
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  • HoL: Financial Services Bill

    11/07/2012
    A further sitting of the Committee stage was held on 10 July. Amendments discussed covered clauses 3. 4 and 5 of... the Bill. The Hansard transcription follows. Committee stage continues on 18 July when further amendments will be discussed.
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  • The Payment Services Regulations 2012/1791

    11/07/2012
    These Regulations amend the Money Laundering Regulations 2007/2157, the Payment Services Regulations 2009/209 and the Electronic Money Regulations 2011/99) in relation... to the provision of payment services and electronic money. Regulation 2 amends the Money Laundering Regulations 2007 in order to enable the Commissioners for HMRC to cancel the registration of a money service business maintained under those Regulations where the money service business: (a) is providing or purporting to provide a payment service in the UK’ (b) is not included in the register of payment service providers maintained by FSA for the purposes of the Payment Services Regulations 2009; and (c) does not benefit from any relevant exception to inclusion on the register of payment service providers. Paragraphs (1) to (5) of regulation 3 amend the Payment Services Regulations 2009 in order to impose additional registration requirements on small payment institutions. Regulations 3(6) and 4 amend the Payment Services Regulations 2009 and the Electronic Money Regulations 2011 to reflect the fact that, as part of a restructuring of FRC, the Auditing Practices Board has been dissolved. (Dates in force: 1/08/12 for the purposes of regulations 3(6) and 4’ 1/10/112 for all other purposes
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  • TSC: LIBOR

    11/07/2012
    Two hearings have been arranged for 16 July 2012. Jerry del Missier, former Barclays COO, will attend the first whilst... Adair Turner, Andrew Bailey and Tracey McDermott of FSA will attend the second.
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  • FSA: CP12/13***: Transposition of Solvency II - Part 2

    11/07/2012
    This CP follows CP11/22, which focused on Level 1 requirements set out in Solvency II and picks up some of the... topics held over from that, including areas where FSA has national discretion and rules specific to the UK insurance sector – in particular, Lloyd’s market and with-profits business. Section I of CP12/13 sets out how Solvency II aligns with the on-going European legislative process and the programme of regulatory reform in the UK. Section II contains feedback on CP11/22, in response to specific questions on transposing the prudential aspects of Solvency II. FSA has reconsidered its approach in certain policy areas. Section III sets out some new rules and guidance to form part of SOLPRU – the new prudential sourcebook for Solvency II insurers. The proposed rules and guidance address areas that were not covered, or were only partially covered, in CP11/22. On the Lloyd’s market, FSA intends the rules to be woven into each chapter of SOLPRU, with the addition of a new application chapter at the end of SOLPRU. Section IV proposes amendments to rules and guidance relating to other sourcebooks. The first two chapters relate to with-profits and unit-linked products where FSA intends to make respective changes to other sourcebook requirements, primarily COBS, in light of Solvency II. These changes will take effect at the same time as Solvency II is implemented, unless otherwise indicated. On with-profits, the rule changes aim to distinguish between Solvency II firms and out of scope Solvency II firms. FSA emphasizes that none of the proposed changes impact on out of scope or otherwise non-directive firms, which will be subject to existing Handbook provisions. The third chapter in this section deals with application rules (originally earmarked in CP11/22) and further consequential amendments to the sourcebooks. The draft rules and changes to the Handbook (including SOLPRU) as a result of the proposals are set out in the Appendices. Issues not covered in this CP: (1) National Specific Reporting Templates – work on which has been integrated within an overall review of reporting and notification requirements under the jurisdiction of PRA and FCA. (2) External audit – on which discussions are still ongoing within EIOPA and on which level 3 guidance is still being developed. (3) Further amendments to FIT and SUP to reflect changes in controlled functions (EIOPA guidance on the fit and proper assessment has yet to be finalised) and the need to understand the changes required to divide the approved persons regime between PRA and FCA before FSA can confirm the final detail of any changes arising from Solvency II. FSA has now decided not to implement separate CF14 (risk function) and CF15 (internal audit) for Solvency II firms, as indicated in CP11/22, but to continue to regulate these functions under the existing CF28 function for the time being. (4) Grandfathering existing Insurance Special Purpose Vehicles. (5) Cost comparisons of using internal models v Standard Formula for calculating firms’ (6) FSA intends to communicate further on these issues as and when appropriate. FSA adds that it is in the process of are communicating with insurance firms about the review and ongoing monitoring of internal models. Responses to the CP must be received by 11 October 2012 and FSA will publish feedback together with final rules relating to both this CP and CP11/22.
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  • EC: Legislative proposals: PRIPS/IMD/UCITS

    10/07/2012
    Further to last week's announcement, final versions of the proposals have now been published. 
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  • HMT: Speech by Mark Hoban: Banking union in the eurozone (9 July 2012)

    10/07/2012
    Text of the above, given in Brussels, follows. He discusses the banking union and recent banking scandals, including LIBOR. He... notes “we will need to go further now and work with the Commission to extend the market abuse regime to cover attempted manipulation of benchmarks. Regulators need full access to telephone records, including those with retail clients. Retail customers can be responsible for market abuse, as well as victims of it. And as the investigation of the fixing of LIBOR and other rates demonstrated in the 21st Century, written records simply won't suffice”.
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