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  • ESMA: Restoring investors’ trust in Europe’s markets (17 October 2012)

    17/10/2012
    Text of the above, given at BBA, follows. Topics include: factor which has contributed to the undermining of investor trust... in the securities market; investor protection; the single rule book; MiFID; EMIR; interest rate benchmarks and credit rating agencies.
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  • European Parliament: Draft report on the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010

    17/10/2012
    This report by rapporteur: Gunnar Hökmark sets out proposed amended text and an explanatory statement.
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  • European Parliament: Tomorrow's EMU needs all-round

    17/10/2012
    This press release notes a resolution which has been adopted setting out priorities for achieving full economic and monetary union. ... For EU bank supervision, the resolution says that the European Parliament should be empowered to approve the bank supervisor chairperson, who should be required to report to Parliament and attend hearings there. Parliament should also have the right to investigate any perceived failings of the supervisor. The European Stability Mechanism (ESM) chairperson would likewise need to be approved by Parliament and would be subject to regular reporting requirements.
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  • FSA: Speech by Andrew Bailey: The future of banking regulation in the UK (17 October 2012)

    17/10/2012
    Text of the above, given at BBA, follows. He discusses issues around bank regulation and macroeconomic policy; FPC; bank capital... (including FSA’s stance); forbearance; funding for lending.
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  • HMT: Financial sector resolution

    17/10/2012
    HMT has published a summary of responses with regard to its August 2012 consultation. The main changes to the legislation... in light of the consultation are as follows: scope to narrow the definition of investment firms, through secondary legislation; an extension of the stabilisation powers to group companies to facilitate the resolution of a failing entity, but subject to conditions to be set by HMT in secondary legislation; an additional objective for intervention in a failing CCP, which seeks to maintain the continuity of critical services; and an exclusion of the initial proposal to make the members of a CCP liable for any losses that go above and beyond the provisions already in place (i.e. a cash call). However, as part of the work around the consultation, the authorities are considering making these loss allocation rules part of the operational requirements that a CCP must have, in order to operate as a clearing house in the UK. The Government will re-consult on this new proposal in due course. With regard to non-CCP financial market infrastructures and insurers, the case for a full resolution regime was considered less clear-cut and the Government is proposing to consider the responses to the consultation further before deciding a way forward. This may involve further consultation on more specific proposals in due course.
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  • HMT: Wheatley Review of LIBOR

    17/10/2012
    HMT has announced that it has accepted the Wheatley Review in full. It will amend the Financial Services Bill, to... bring LIBOR activities within the scope of statutory regulation, including the submission and administration of LIBOR; to create a new criminal offence for misleading statements in relation to benchmarks such as LIBOR, as well as amending the language of existing offences; and to provide FCA with a specific power to make rules requiring banks to submit to LIBOR, with reference to a Code of Practice produced by the rate administrator. It is also confirmed that baroness Hogg will now lead a panel to identify an appropriate operational LIBOR administrator.
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  • IAIS: Global Systematically Important Insurers: proposed policy measures

    17/10/2012
    IAIS has published this consultation, which proposes a framework of policy measures for G-SIIs based upon the general framework published by... the FSB with adjustments that, as with the proposed assessment methodology, reflect the factors that make insurers different from other financial institutions. The proposal consists of three main types of measures – enhanced supervision; effective resolution and higher loss absorption capacity. Responses are required by 16 December 2012.
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  • EC: Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions

    16/10/2012
    This has now been published in the Official Journal.
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  • EIOPA: QIS for occupational pensions

    16/10/2012
    EIOPA is launching the first Quantitative Impact Study (QIS) on IORPS as part of its process to advise the EC on... the review of the IORP Directive. This will assess the financial impact of different sets of options for the valuation of the holistic balance sheet and the calculation of capital requirements. It will also deal with the quantification of the security and benefit adjustment mechanisms existing in different countries. The exercise is targeted at IORPs that run defined benefit pension plans. It is noted that the nine European countries in which defined benefit pension plans are most prevalent have volunteered to participate in the study (ie. Belgium, France, Germany, Ireland, Netherlands, Norway, Portugal, Sweden and UK). The exercise will be performed by either selected IORPs or by the national supervisory authorities themselves using real or aggregate data; or by actuarial firms acting on behalf of NSAs; or a combination. EIOPA will coordinate the QIS at the European level, will be in charge of a Q&A procedure and will analyse the individual data in order to ensure consistency of the results. The exercise runs until 17 December 2012 and the report on the QIS outcome is expected to be released in spring 2013.
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  • FSA: Changes to authorisations

    16/10/2012
    In this press release FSA notes the effect of the FCA/PRA split on authorisations. The Prudential Business Unit and the... Conduct Business Unit will assess future dual-regulated firms, but it is noted that the application submission process will not change – the change will concern how the application is processed internally. here will be a CBU case officer and a PBU supervisor responsible for each application and they will coordinate to minimise duplication or the impact on applicant firms and individuals. The final decision will need to be agreed by both PBU and CBU to ensure a single FSA decision during transition to the new regulatory structure.
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