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  • BoE: Speech by Paul Fisher: Developments in financial markets, monetary and macroprudential policy (25 September 2012)

    25/09/2012
    Text of the above, given at Richmond University, follows. Topics include: liquidity, the “funding for lending” scheme and the effect... of regulation on financial markets. He notes: “The key is for financial risks to be properly appraised, priced, managed and provisioned. And we should discourage some of the cross-subsidisation of different types of risk taking if we want risk capital to be appropriately allocated. … We also want to avoid profits being made out of dishonest practices such as insufficient provision of information, the deliberate mis-pricing of risk or other market abuses. The new Financial Conduct Authority will have an important role to play in that”.
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  • ESMA: Key Investor Information Document (KIID) for UCITS

    25/09/2012
    The purpose of this document is to promote common supervisory approaches and practices in the application of the UCITS Directive and... its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the UCITS framework. The document is expected to be edited and updated as new questions are received.
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  • European Parliament: Supervision of financial markets

    25/09/2012
    This press release, which sets out what is being discussed in the European Parliament this week, notes that ECON starts discussing... on Wednesday 26 September the banking supervision plans, which internal market commissioner Michel Barnier presented to the Parliament during the September plenary. The committee will also vote on the directive on the financial services market. Its aim is to make financial markets more stable, efficient and transparent while offering sufficient protection to investors. It also notes Monday’s meeting with financial experts including Gary Gensler of CFTC which discussed LIBOR.
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  • FSA: FG12/19: General guidance on proportionality: The Remuneration Code (SYSC 19A) & Pillar 3 disclosures on remuneration (BIPRU 11)

    25/09/2012
    Following the July 2012 consultation, FSA has now published finalised guidance. The guidance sets out FSA’s proportionate approach to implementing... the Remuneration Code and the Pillar 3 remuneration disclosure rules. It also clarifies how firms may comply with the Remuneration Code and disclosure rules in a manner that takes account of their size, internal organisation and the nature, scope and complexity of their activities. In addition, FSA has published a summary of feedback received..
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  • FSA: Speech by Martin Wheatley: My vision for conduct regulation and how it will affect asset managers (25 September 2012)

    25/09/2012
    Text of this speech, given at FSA’s asset management conference, follows. Topics include: the role of the asset management sector;... issues within the sector (charging; competition; view of consumers; FCA and culture change. He notes: “At the heart of the FCA will be a new department that acts as the radar of our new organisation – combining research into what is happening in the market and to consumers, and better analysis of the risks out there. They will then feed that in to our policymaking and our supervision of firms. We want to really understand what is happening to your customers, the deal they are getting and the issues they face”.
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  • FSA: The UK notification process for market-making activities and primary market operations

    25/09/2012
    As of 1 November 2012 the Regulation (EU) No 236/2012 of the European Parliament and the Council on short selling and... certain aspects of credit default swaps (the Short Selling Regulation) will be directly applicable in the UK. This will result in the current UK short selling regime being repealed from 1 November and consequently removed from FINMAR 2. This document sets out information on definitions, exemptions, general principles and criteria of market making activities and notifications.
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  • FSA: Transition to the PRA: detailed information

    25/09/2012
    FSA has published this document which is in Q&A format and covers topics under the following general main headings: general; authorisation... and transitional arrangements; supervision; policy material; fees and costs; coordination with FCA. It concludes with a list of key documents already published and in the pipeline.
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  • FSB: Meeting notes

    25/09/2012
    FSB has published press releases, giving synopses of meetings held by the FSB Regional Consultative Groups for Europe and Sub-Saharan Africa... on 24 and 25 September 2012 respectively. Topics for the former included LEI, LIBOR and resolution regimes.
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  • LSE: Corporate governance for main market and AIM companies

    25/09/2012
    This guide is designed to assist companies in understanding all aspects of governance and the nuances of its application whether they... are aspiring to the highest standards of operation, preparing for an IPO or as part of best practice once listed as a public company. Individual chapters are written by FRC, trade associations and various law firms.
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  • BIS: Principles for the supervision of financial conglomerates - final report

    24/09/2012
    The report provides a set of principles which supersedes the compendium of principles on this topic developed in 1999 and published... in 2001. They include guidance for policymakers on the powers and authority necessary for supervisors of financial conglomerates. They also focus on supervisory responsibility and guidance for supervisors on the governance, capital, liquidity and risk management frameworks of financial conglomerates.
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