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  • EIOPA: Multi-annual Work programme 2012 2014

    21/01/2013
    This document has now been published in all the official languages of the EU.  It provides a general overview of... EIOPA activities in 2012 and of its plans for 2013-2014. It contains strategic directions for the following areas: regulatory tasks; supervisory tasks; consumer protection and financial innovation; common supervisory culture; financial stability, crisis prevention, management and resolution; external relations and EIOPA’s internal organisation.
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  • Financial Services Act 2012

    21/01/2013
    The explanatory notes to the Act have now been published.
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  • FSA Handbook Notice 126/Instruments

    21/01/2013
    The FSA notes that at a board meeting on 13 December 2012 changes were made in an instrument which provides consumers... that invested in Arch cru funds with a redress scheme (Arch cru Funds Consumer Redress Scheme Instrument 2012/77)
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  • FSA Handbook Notice 126/Instruments

    21/01/2013
    On 17 January 2013, the FSA Board made changes to the Handbook in instruments which implement a funding model for FSCS... which helps ensure consumer protection and maintains marketconfidence (Financial Services Compensation Scheme (Funding Review) Instrument 2013/1)
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  • FSA Handbook Notice 126/Instruments

    21/01/2013
    On 17 January 2013, the FSA Board made changes to the Handbook in instruments which remove the transitional rules for the... simplified buffer requirements, add a rule to ensure the quality of assets in the liquid assets buffer and correct cross referencing in the guidance for liquidity reporting data items (Liquidity Standards (Miscellaneous Amendments No 7) Instrument 2013/2)
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  • FSA Handbook Notice 126/Instruments

    21/01/2013
    On 17 January 2013, the FSA Board made changes to the Handbook in instruments which clarify a rule in COLL and... the GLOSS definition of ‘income equalisation’ to include a reference to conversions, so it is clear that transfers between capital and income accounts can be made in certain circumstances (Collective Investment Schemes Sourcebook (Amendment No 7) Instrument 2013/3)
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  • FSA: Statement on PPI

    21/01/2013
    In this press release, FSA notes that it has been approached by BBA to discuss the potential for introducing a time... limit for PPI complaints and that it is “prepared to consider the merits of this and other options. A key consideration will be the potential to get compensation to more consumers, more quickly”. FSA intends to continue to hold discussions with BBA and will seek the opinions of consumer groups and other stakeholders. It emphasizes that no changes to FSA/FCA rule would take place without a full public consultation.
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  • HoC: Government bank rescues: financial consequences

    21/01/2013
    This HoC library note provides some basic numbers concerning the government's net expenditure on banks rescued during the financial crisis of... 2008-9 and the debts owed to it by other organisations.
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  • IOSCO: Suitability requirements with respect to the distribution of complex financial products

    21/01/2013
    IOSCO has published its final report on the above, which sets out principles relating to the distribution by intermediaries of complex... financial products to retail and non-retail customers. These nine principles cover the following areas: classification of customers; general duties irrespective of customer classification; disclosure requirements; protection of customers for non-advisory services; suitability protections for advisory services (including portfolio management) compliance function and internal suitability policies and procedures; incentives and enforcement.
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  • ESMA: European enforcers review of impairment of goodwill and other intangible assets in the IFRS financial statements

    21/01/2013
    ESMA has published a review of 2011 IFRS financial statements related to impairment testing of goodwill and other intangible assets. ... The review, which looked into the accounting practices of a sample of 235 European issuers from 23 countries, found €800bn (€790bn in 2010) worth of goodwill balances in the 2011 financial statements of issuers, with 5% (c. €40bn) of that amount recognised as impairment losses in 2011. The report indicated that significant impairment losses of goodwill were limited to a handful of issuers, mostly in the financial services (€19,2bn) and telecommunication industry (€9,7bn). ESMA recommends that users: better specify the key assumptions used in the impairment test; include sensitivity analyses with sufficient detail and transparency, especially in situations when indicators are present that impairment might have occurred; determine the growth rates used to extrapolate cash flows projections based on budgets and forecasts; and disclose specific discount rates for each material cash-generating unit rather than average discount rates. ESMA and national competent authorities responsible for IFRS enforcement will use the review’s findings as areas to focus their assessments on when reviewing 2012 IFRS financial statements. ESMA expects issuers and their auditors to consider the findings of this review when preparing and auditing their IFRS financial statements. In addition, national competent authorities will take, or have already, taken appropriate enforcement action whenever material misstatements are identified. ESMA will collect data on how European listed entities have applied IFRS requirements in this area in 2012 and will report its findings to the market.
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