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  • BoE: Speech by Andrew Haldane: The Bank and the banks (18 October 2012)

    18/10/2012
    Text of the above, given at Queen’s University, follows. He looks at BoE’s response to financial crises over its history,... up to and including the new regulatory framework (“supervision will be front-foot, testing for stress before it strikes and visits to the zoo need to be cancelled. It will be also tolerant of bank failure – Barings Mark 2 rather than Mark 1 – so that market discipline can work its magic.”).
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  • EBA: Speech by Andrea Enria: Deleveraging and segmentation of the Single Market (18 October 2012)

    18/10/2012
    Text of the above, given at the National Bank of Poland’s conference, follows. He discusses issues surrounding deleveraging and also... notes: A lot of emphasis is being put on the need to find delicate and complex balances in weighing the votes of Member States’ representatives at the relevant tables, both at the EBA and the ECB. I would invite to think out of the box and consider also decision making mechanisms that are less based on country representation and more on technical skills and accountability frameworks. We need the best people we have in Europe to design high quality rules and implement effective supervision, in the common interest of savers in the whole area; and we need mechanisms to ensure that their decisions do not unduly penalise any actor in the Single Market. More reliance on independent decision making bodies, composed of experts selected on the basis of their technical skills, would put all countries, in and outside the euro area, on the same footing”.
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  • Final Notice: Sun Life Assurance Company of Canada (UK) Limited

    18/10/2012
    FSA has fined the firm £600,000 for failings in the governance of its with-profits business. The firm’s governance failings came to... light following two significant transactions it executed in 2008 and 2009. These transactions impacted upon one of the firm’s with-profits funds, holding approximately 114,000 policies and £1.2bon in assets. The firm’s with-profits committee failed to adequately review these transactions, while its board of directors did not approve the transactions. It is noted that FSA has not criticised the merits of these two transactions, but has found that the review and approval process followed by the firm was deficient. which led to an unacceptable risk that proper independent judgement would not be applied to the transactions. The firm would have been fined £750,000, but agreed to settle and thus qualified for a 20% (Stage 2) discount.
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  • FSA: Speech by Martin Wheatley: The FCA: the future of conduct regulation (17 October 2012)

    18/10/2012
    A further speech given at BBA's conference has been published.  Topics include: FCA's approach (specifically to consumer protection, competition and... LIBOR/market integrity) and how FCA will operate.
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  • HMT/NAPF: Pensions Investment Platform

    18/10/2012
    It is reported that NAPF and PPF have announced that several major UK pension funds have signed up to the Pension... Investment Platform (PIP). NAPF states that these include the BAE Systems Pension Funds, BT Pension Scheme, Pension Protection Fund, The Railways Pension Scheme, Strathclyde Pension Fund, and West Midlands Pension Fund. The intention is that the founding investors will provide around half of the target £2bn of investment capital for the fund, before it launches in early 2013.
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  • HoC: EU Savings Directive : recent developments

    18/10/2012
    This HoC library document considers the background of the EU Savings Directive and the implications on withholding tax.
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  • HoL: Financial Services Bill

    18/10/2012
    A further sitting of the Committee stage was held on 17 October 2012. Amendments discussed covered clauses 57- 62 of the... Bill. Committee stage continues on 24 October when further amendments will be discussed
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  • ICO Decision: Financial Services Authority

    18/10/2012
    The complainant requested from the FSA information relating to the circumstances in which a company (Capita Trust Company Ltd) ceased to... be regulated. FSA confirmed it held information covered by the request but considered it exempt from disclosure under s44 FOIA by virtue of s348 FSMA. It was ruled that s348 FSMA does provide a statutory bar to disclosure and therefore s44 FOIA was correctly applied by FSA.
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  • SEC: Rules for security-based swap dealers and major security-based swap participants

    18/10/2012
    SEC has voted unanimously to propose capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants. Under... the Dodd-Frank Act, SEC must impose margin and capital requirements to help ensure the safety and soundness of security-based swap dealers and major security-based swap participants. The margin rules are required to be appropriate for the risk associated with security-based swaps that are not “cleared” by a security-based swap clearing agency. The proposed segregation rules are intended to facilitate the prompt return of customer property to customers before or during a liquidation proceeding if a security-based swap dealer fails. SEC has now proposed — and in some cases adopted — substantially all of the rules that create the new regulatory regime for derivatives within its jurisdiction.
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  • BoE: Speech by Paul Tucker: Competition, the pressure for returns, and stability (17 October 2012)

    17/10/2012
    Text of the above, given at BBA, follows. Topics include: factors driving excessive risk-taking in the financial system leading up... the crisis and key aspects of the reform of banking. Specific topics discussed include resolution arrangements – he suggests the prospect of taking losses via resolution gives debt holders a strong incentive to monitor banks’ risk taking – he suggests that management should be mainly paid in subordinated debt; ringfencing; .changes in prudential regulation; microprudential supervision and macroprudential policy).
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