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Showing 16681 - 16690 of 16899 matches filtered by 'news item'

  • BoE: FPC meeting (22 June 2012)

    06/07/2012
    FPC has now published the full record of the above-mentioned meeting. It agreed the following policy recommendations. FSA to work... with banks to ensure they build a sufficient cushion of loss-absorbing capital in order to help to protect against the currently heightened risk of losses which may temporarily be above that implied by the official transition path to Basel III standards. FSA to encourage banks to improve the resilience of their balance sheets. Banks work to assess, manage and mitigate specific risks to their balance sheets stemming from current and future potential stress in the euro area. FSA to clarify to banks that they are free to use their regulatory liquid asset buffers in the event of a liquidity stress and that FSA considers whether adjustments to microprudential liquidity guidance are appropriate, taking some account of this additional liquidity insurance. UK banks work with the FSA and BBA to ensure greater consistency and comparability of their Pillar 3 disclosures
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  • EC: Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse)

    06/07/2012
    This Presidency compromise text has been published ahead of discussions at a meeting of the Working Party on Financial Services on... 11 July 2012.. The document is marked up to show changes.
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  • ESMA: Speech by Steven Majoor: Europlace Financial Forum (4 July 2012)

    06/07/2012
    Text of the above speech, in which Steven Majoor discusses market structures, particularly relating to derivatives.
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  • HoC: Professional standards in the banking industry (5 July 2012)

    06/07/2012
    The HoC debate on the proposed Joint Committee to look at banking culture begins on p35 and concludes on p67 of... this document.
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  • SOCA: Annual Report & Accounts 2011/12

    06/07/2012
    The report discusses aspects of SOCA’s work throughout the year, with sections on criminal finances and profits, cyber crime and fraud... and also considers “next steps” for 2012/13. SOCA notes that it is working with the Home Office to ensure continuity of service and a smooth transition into NCA.
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  • HoC: Bank of England (Appointment of Governor) Bill

    06/07/2012
    The second reading of this Bill took place on 6 July. The purpose of the Bill is to give TSC,... or its successor bodies, the power to consent to the appointment of the Governor of BoE. John McDonnell MP notes that “the Government’s Financial Services Bill is creating an immensely powerful post in the Governor of the Bank of England … Between the time of choosing the appointment of the Governor of the Bank of England as the subject of my private Member’s Bill and debating it, the world has changed somewhat. Last week’s revelations about the role of Barclays bank—and, more than likely, others—in the LIBOR scandal have given the Bill a new context, and there is a new significance in the appointment of the Governor of the Bank of England”. Mark Hoban responded by arguing that “we are improving the parliamentary scrutiny of the Bank. As a result of the Financial Services Bill, we will see more regular reports into regulatory failure … There are risks, however, in giving the Treasury Committee a veto over appointments. There could be an impact on market stability, with a risk of undermining market confidence”. The debate was adjourned and will resume on 13 July 2012.
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  • ESMA: Guidelines on certain aspects of the MiFID suitability requirements/Guidelines on certain aspects of the MiFID compliance function requirements

    06/07/2012
    ESMA has published two final sets of guidelines aimed at both market participants and national competent authorities who should incorporate them... into their supervisory practices. It is noted that ESMA found a number of shortcomings in the implementation of the MiFID suitability requirements, including failure to ask clients the right questions; failure to collect the necessary and relevant information; failure to interpret correctly the information provided by the client; and failure to recommend a suitable investment when the right information has been provided. The suitability guidelines focus on the need for firms to have in place appropriate arrangements to enable them to meet the suitability requirements on an on-going and consistent basis for any client, and irrespective of the distribution channel used.  The compliance function guidelines focus on: the responsibilities of the compliance function for monitoring, reporting and advising; the organisational requirements of the compliance function for the standards of effectiveness, permanence and independence; the extent of interaction of the compliance function with other functions, and the outsourcing of the tasks of the compliance function; and approaches for competent authority review of compliance function requirements. Competent authorities will have two months following the publication of the official translations of these documents to confirm their compliance or intention to comply, with reasons for non-compliance, to ESMA. The guidelines will then apply 60 days after the end of the reporting period for competent authorities. Financial market participants are not required to report whether they comply with these guidelines.
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  • HMT: The future of building societies

    06/07/2012
    In this discussion paper, HMT sets out its aspirations for the building societies sector, including the key role it sees for... the sector as part of the future for UK financial services, including its proposed approach to developing the legislative framework for building societies. Section 3 of the document sets out Government proposals pm how it proposes to apply the principles behind the Independent Commission on Banking reforms to the building societies and its current attitude to other potential legislative developments of relevance to the sector. The Government intends to amend the Building Societies Act so that the prohibitions applied to ring-fenced banks will also be applied to building societies. Responses are required by 6 September 2012.
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  • European Parliament: Basic banking services

    05/07/2012
    This press release notes that a resolution has been adopted which calls on the EC to tackle financial inclusion. In... a report by Jürgen Klute, he argued that banks and other institutions offering payment accounts should not be able to refuse granting such an account on grounds such as low income, type of employment, credit history, or level of indebtedness. Payment service providers should be required to ensure that among the products that they offer the basic payment account is always the most affordable account for basic transactions. The resolution also asks the Commission to submit by January 2013 a proposal for a directive ensuring access to basic payment services to all consumers legally residing in the EU.
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  • Takeover Panel: Takeover Code proposed amendments

    05/07/2012
    The following three consultation papers setting out proposed amendments to the Takeover Code have been published. These concern profit forecasts,... quantified financial benefits statements, material changes in information and other amendments to the Takeover Code; pension scheme trustee issues and companies subject to the Takeover Code. Responses are required by 28 September 2012.
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