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  • ESMA: Activity report on IFRS enforcement in the EEA in 2011

    29/06/2012
    The report provides an overview of the monitoring of compliance of financial information with IIFRS and enforcement action taken in the... EEA in 2011, including a summary of European Enforcers Coordination Sessions’ engagement with third country accounting enforcers.
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  • BIS: The internal audit function in banks - final document

    28/06/2012
    This revised supervisory guidance for assessing the effectiveness of the internal audit function replaces the 2001 document “Internal audit in banks... and the supervisor's relationship with auditors”. It is based on 20 principles, organised into the following sections: supervisory expectations relevant to the internal audit function; the relationship of the supervisory authority with the internal audit function and supervisory assessment of the internal audit function. Annex 2 details responsibilities of a bank's audit committee.
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  • EBA: Annual Report 2011

    28/06/2012
    EBA’s report provides an account its activities and achievements in its first year of existence. It also notes priorities for... 2012, which include laying a leading role in the creation of the Single Rulebook for the EU banking system,
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  • BIS/BERR: Consultation on revised remuneration reporting regulations

    28/06/2012
    This consultation seeks views on the Government’s proposals to increase transparency in pay reporting and in particular on draft regulations which... will determine the content of directors’ remuneration reports. These regulations will revoke and replace Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008/419. The draft regulations specify that the directors’ remuneration report is to contain two distinct parts: a policy report setting out all elements of a company’s remuneration policy and key factors that were taken into account in setting the policy which will only be required when there is a shareholder vote on the policy and a report on how the policy was implemented in the past financial year, setting out actual payments to directors and details on the link between company performance and pay. Responses are required by 26 September 2012.
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  • ESMA: Guidelines on remuneration of alternative investment fund managers

    28/06/2012
    ESMA is consulting on future guidelines which will apply to managers managing alternative investment funds including hedge funds, private equity funds... and real estate funds. These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking, Key elements of the guidelines include: AIFs’ internal governance; types of remuneration; and bonuses/fees. Responses are required by 27 September 2012. ESMA intends to publish a final report before the end of 2012, so that the guidelines will be in place in advance of the AIFM Directive transposition deadline of 22 July 2013.
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  • Final Notice: Laila Karan

    28/06/2012
    Further to the recent Upper Tribunal Decision, FSA has now published this Final Notices which imposes a financial penalty of £75,000... and a prohibition n the order with effect from 27 June 2012).
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  • FSA: Guidance consultation and thematic review: examples of good and poor practice in “Banks’ defences against investment fraud”

    28/06/2012
    FSA has published a thematic review (third link below) which sets out the findings of FSA’s visits to seven retail banks... and one building society to assess the systems and controls in place to contain the risks posed by investment fraudsters. This sets out examples of good and poor practice identified which will go towards new text for the fraud chapter of “Financial crime: a guide for firms” drawn from those examples, forms the guidance material on which FSA is consulting (second link below). It is noted that none of this material has been previously consulted on.
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  • FSA: RDR Newsletter Issue 6

    28/06/2012
    Topics include: the recent platforms CP; information about gap-fill; FSA’s stance post-RDR on fund switches within pensions; and help with the... independent and restricted advice requirements.
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  • HoC: LIBOR (FSA investigation) (28 June 2012)

    28/06/2012
    George Osborne has made a statement in HoC in the light of the FSA/CFTC action against Barclays. He reports that... FSA is continuing to investigate the conduct of a number of other banks in relation to LIBOR and then raises the broader issue of financial regulation, noting that LIBOR was not regulated under FSMA. He adds “we will examine if there are any gaps in the criminal regime inherited by this Government and we will take the necessary steps to address them. I cannot comment today on possible criminal investigations into individuals involved in this activity. The authorities are exploring every avenue open to them but, shockingly, the scope of the FSA’s criminal powers, granted by the previous Government, does not extend to being able to impose criminal sanctions for manipulation of LIBOR. As part of our review into LIBOR and the strength of the financial regulatory architecture, we are examining whether strengthening the criminal sanctions regime for market abuse and market manipulation is warranted, and if so, we will provide for these powers quickly”. George Osborne notes that HMT is to publish a consultation in response to the report on the failure of RBS next week which will consider the possibility of criminal sanctions for directors of failed banks when there is proven criminal negligence. It is noted that the Government is considering amendments to the Financial Services Bill to ensure that “fines of this nature go to help the tax-paying public, not the financial industry. I have also asked my officials to investigate urgently whether that legislation could be applied to the fine imposed on Barclays Bank”. Ongoing discussions are taking place between FSA and SFO on the case of individuals being investigated in the LIBOR case. A link to the transcript of George Osborne’s statement and MPs’ reactions follow.
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  • Final Notice: Barclays Bank plc

    27/06/2012
    FSA has fined Barclays Bank Plc £59.5m for misconduct relating to LIBOR and EURIBOR - the largest fine ever imposed by... the FSA. Barclays’ breaches of the FSA’s requirements encompassed a number of issues, involved a significant number of employees and occurred over a number of years. Barclays’ misconduct included: making submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays’ interest rate derivatives traders. These traders were motivated by profit and sought to benefit Barclays’ trading positions; seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process; and reducing its LIBOR submissions during the financial crisis as a result of senior management’s concerns over negative media comment. In addition, Barclays failed to have adequate systems and controls in place relating to its LIBOR and EURIBOR submissions processes until June 2010 and failed to review its systems and controls at a number of appropriate points. Barclays also failed to deal with issues relating to its LIBOR submissions when these were escalated to Barclays’ Investment Banking compliance function in 2007 and 2008. BBA is currently undertaking a review of the way LIBOR is set and will publish its findings shortly. It is noted that FSA, along with the other tripartite authorities, is working to support market-led reviews of existing arrangements, with the goal of ensuring such arrangements continue to command the confidence of all stakeholders. FSA also thanks CFTC, DoJ, FBI and SEC for their cooperation in this investigation, adding that CFT brought attempted manipulation and false reporting charges against Barclays for similar failings, which the bank agreed to settle. CFTC imposed a penalty of US$200 million. In addition, as part of an agreement with the DOJ, Barclays admitted to its misconduct and agreed to pay a penalty of US$160 million.
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