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  • BIS: Speech by Wayne Byres: Regulatory reforms - incentives matter (can we make bankers more like pilots?) (24 October 2012)

    24/10/2012
    Text of the above, given at a Bank of Portugal conference, follows in which Wayne Byres argues: “Basel III is not... just a set of minimum requirements, but it also creates a set of incentives. When examining the merits of regulatory reform, it is important to look at both the minimum requirements imposed at a given point in time, and the incentives they create for the future. We believe that Basel III creates the right type of framework for safe banking”.
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  • EC: 2013 work programme

    24/10/2012
    This document notes that the EC plans to “propose additional legislation to further enhance stability, transparency and consumer protection in the... financial sector (for example, on the systemic risks related to non-banks and shadow banking)” and will “fight tax fraud and evasion, including an initiative on tax havens”,
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  • Final Notices: Plus500UK Limited/James Sharp and Company

    24/10/2012
    FSA has highlighted these Final Notices in a single press release, noting that the first of these (Plus500) is the first... regulated firm to be fined in respect of transaction reporting failures under the new FSA penalties policy. This policy was intended to provide a consistent and more transparent framework for the calculation of financial penalties and came into force on 6 March 2010.  It applies to any breaches which occur on or after that date. As a result the penalty imposed on Plus500, which was based on the number of affected transactions, was larger than it would have been under the previous regime. Plus500UK was fined £205,128 and James Sharp and Company (James Sharp) was fined £49,000 for failing to provide accurate and timely transaction reports to FSA in respect of all the reportable transactions they carried out. Between 29 June 2010 and 5 November 2011 Plus500, an online CFD trading facility provider, conducted 1,332,000 reportable transactions. However, the firm failed to report any of these accurately and failed to report 189,000 of them at all. The firm’s systems and controls were inadequate in that it failed to set up appropriate reporting systems, did not have any documented procedures in place in relation to transaction reporting and failed to provide any relevant training to staff. It therefore breached rules in SUP 17 and Principle 3 . Between 5 November 2007 and 8 February 2011 James Sharp, an independent stockbroking firm, failed to report any of the approximately 71,000 reportable transactions that it undertook. The firm’s systems and controls were inadequate in that it did not have any documented procedures in place and failed to provide and relevant training to staff. It therefore breached rules in SUP 17 and Principle 3. The firms have taken steps to improve their processes and resolve the errors, resubmitting reports to FSA where necessary, cooperated with FSA and settled at an early stage, thus both qualifying for a 30% discount.
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  • FSA: Unauthorised business crackdown

    24/10/2012
    This press release provides details of two separate investigations. In one case, FSA has charged Gary Hexley, a former approved... person who was subsequently issued with a prohibition order, with six offences relating to investment advice given whilst unauthorised. John Cooper, Gary Hexley’s business partner has also been charged with three offences. The other case concerns an unnamed mortgage adviser. With the assistance of Kent Police, FSA has executed a search warrant at an address in Kent in connection with an investigation into the provision of mortgage advice by a prohibited individual and a man has been arrested on suspicion of committing offences under FSMA.
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  • TSC: Macroprudential tools

    24/10/2012
    TSC has published the uncorrected text of the hearing held on 16 October attended by BBA, BSA and CML execs
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  • ABI: Speech by Stephen Gay: Pensions governance and charges (18 October 2012)

    23/10/2012
    Text of the above, given at the NAPF conference, follows. He discusses auto-enrolment, trust vs contract schemes and the disclosure... of charges.
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  • BIS/BERR: The future of computer trading in financial markets

    23/10/2012
    The final report on this project has now been published. It concludes that computer based trading has several beneficial effects... on markets, including improved liquidity and falling transaction costs, but the report also draws attention to concerns over a greater potential for periodic illiquidity, market manipulation and challenges to regulators among other matters.
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  • EBA: Assessment of SME proposals for CRD IV/CRR

    23/10/2012
    This report, requested by the EC, analyses the appropriateness of the risk weights for Retail SME lending proposed in the CRD... IV/CRR framework and assesses the possible effects of a reduction by one third in relation to the current regulation and the effect of an increase from €1m to €5mn on the regulatory thresholds for SMEs.
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  • EBA/EIOPA/ESMA: Feedback on comments received from stakeholders to the joint consultation paper on its proposed response to the EC’s call for advice on the fundamental review of the Financial Conglomerates Directive

    23/10/2012
    Further to the May 2012 consultation, a short feedback document has now been published.
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  • EC: Enhanced cooperation on financial transactions tax

    23/10/2012
    A Council Decision adopted by the EC argues that the 10 Member States that wish to apply an EU financial transaction... tax through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. The proposal must be adopted by a qualified majority of Member States, and receive the Parliament's consent, in order for the 10 Member States to move forward. Later in the year, the EC intends to table the substantive proposal on the harmonised FTT, for discussion and adoption by the participating Member States. That proposal is reported to be very much along the lines of the original FTT proposal tabled by the EC in September 2011, as requested by the Member States in their letters. However, the ECn will carefully examine whether some adjustments are required to reflect the smaller number of Member States that would be applying.
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