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  • HMT: Post-legislative assessment of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007

    30/10/2012
    This memorandum has been prepared by HMT for submission to the TSC. It is noted that the Act has been partially... implemented. So far, only Sections 3, 4, 5 and 6 have been commenced. Section 6 was commenced on royal assent and sections 3, 4 and 5 by commencement order on 16 January 2009. The only other section of the Act that the Government is considering implementing is Section 2. HMT’s July consultation noted the Government’s intention to introduce insured depositor preference for bank depositors. It also stated its intention to use the provision in the Act to adjust the creditor hierarchy, before making any further required changes to align the position for building societies with the final position for banks, once this has been finalised. However, the report concludes that both institutions that used the provisions of the Act are now running successfully under their new identities.
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  • HMT: Post-legislative assessment of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007

    30/10/2012
    HMT has published today a memorandum to the TSC assessing the implementation of the Building Societies (Funding) and Mutual Societies (Transfers)... Act 2007, which has been partially implemented.  The memorandum concludes that the reforms made by the Act have been used successfully and have been cost-effective.  The only remaining section of the Act that the government is considering bringing into force is section 2.
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  • TSC: FOS Annual Review

    30/10/2012
    Natalie Ceeney CBE, Chief Ombudsman and Chief Executive, and Tony Boorman, Deputy CEO and Deputy Chief Ombudsman, today appeared before the... TSC to answer questions relating to the Ombudsman's Annual Review for 2011/12.  Following the hearing, some related correspondence has been published on the TSC's website.
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  • BIS: Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation

    29/10/2012
    The report updates the G20 on the progress made by BCBS members in implementing Basel III (which includes Basel II and... Basel 2.5). It also highlights specific areas that require attention if the goal of achieving timely and consistent implementation is to be achieved (including in relation to certain aspects of the EU's CRD IV). All members should have the necessary regulations in place by 1 January 2013.
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  • BIS: Report to G20 finance ministers and central bank governors on Basel III implementation

    29/10/2012
    This report updates on the progress made by Basel Committee member jurisdictions in implementing the Basel III standards (including Basel II... and Basel 2.5, which now form integral parts of Basel III). It also highlights specific areas that require attention if the goal of achieving timely and consistent implementation is to be achieved.
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  • BIS: Report to the G20 Finance Ministers and Central Bank Governors

    29/10/2012
    The report reviews progress in introducing the Basel standards ahead of the globally agreed start date of 1 January 2013. Eight... of the 27 member jurisdictions of the Basel Committee have issued final regulations, of which Japan has undergone a detailed assessment of its final set of regulations. Two further assessments have been conducted on draft regulations in the European Union and United States, and these jurisdictions now have the opportunity to address the identified gaps as they finalise their rules. The evaluation of banks' calculation of risk-weighted assets for banking and trading book exposures relevant for the implementation of the Basel III framework is underway and the findings are expected to be published during 2013.
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  • BoE: Speech - Andrew G Haldane - "A new leaf being turned"

    29/10/2012
    A speech by Andrew Haldane commenting upon how changes in the banking sector are leading to the major banks returning to... a more "socially useful" model and a significant change in the culture of banks.
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  • BoE: Speech by Andrew Haldane: A new leaf being turned (29 October 2012)

    29/10/2012
    Text of a speech made as part of a “socially useful banking” conference in London follows in which Andrew Haldane discusses... changes in banking culture.
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  • FSA: BNY Mellon Trust & Depositary (UK) Limited/HSBC Bank plc- requirements included in the firms’ permissions at the request of the firms under s44 FSMA

    29/10/2012
    FSA has published the text of the above-mentioned agreement in respect of CF Arch Cru.
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  • FSA: Consultation Paper - Regulatory fees and levies: policy proposals for 2013/14

    29/10/2012
    To accommodate regulatory reform, the FSA are consulting on the changes to their fees methodology so they can adapt it for... the new Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to fund their first period of operation – 2013/14. They are also consulting on other proposed changes, not related to regulatory reform. The regulatory reform proposals: ¶ introduce some separate fee-blocks for PRA and FCA firms; ¶ give the basis for PRA/FCA minimum fees; ¶ revise fees discounts for European Economic Area (EEA) firms with branches in the UK ¶ give the basis for the PRA and FCA to levy restructuring special project fees; and ¶ give the basis that the FCA should allocate the cost of funding the inherited FSA-defined pension benefit deficit. ¶ They are also seeking to bring fee-payers’ attention to the government’s proposed amendments to the way financial penalties from enforcement action are to be treated.
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