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Showing 16901 - 16910 of 17083 matches filtered by 'news item'

  • FSA: Speech by Adair Turner: FSA’s Annual Public Meeting (3 July 2012)

    03/07/2012
    FSA has published the text of the above, in which Adair Turner discusses FSA’s work in the past within the context... of what the FSA has achieved over four years since the onset of the financial crisis. He also considers the recent investment banking issues and suggests “it’s fair to say that in the past the FSA has tended to a somewhat caveat emptor approach to wholesale conduct issues. … An insurance company or pension funds may be itself a large institution, but sitting behind the company or pension fund are retail investors: and any poor practice which unreasonably shifts income to the industry is at the expense of some end retail customer. There are no free lunches, and shoddy wholesale practice is not a victimless act, even in those cases where it is not defined as a crime. We will therefore need to think carefully how far we should shift our past approach to the supervision of wholesale conduct, and what resources and skills we need to be more effective in this area”. This will be an issue covered by an FCA approach document expected in the autumn. He also notes that FSA’s “best current estimate” of the cut over from FSA to FCA/PRA is April 2013, adding “it depends on the parliamentary timetable up to Royal Assent and the time needed thereafter for secondary legislation and regulations. From the point of view of the leadership and staff of the FSA, we want legal cut over to be as soon after March 1 as possible”.
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  • FSCS: Interim levy – tariff issues

    02/07/2012
    FSCS has published a statement on reporting of annual eligible income from CIS. FSCS notes that it as been dealing... with a large number of requests from firms to resubmit tariff data (submitted in 2010 for FSCS levy year 2010/11) under the relieving provisions at 2.3R of FEES. During the course of this levy review process, some firms in the sub-class SD01 were reporting annual eligible income relating to CIS on different bases. FSCS decided to seek advice from leading counsel as to how CIS income should be reported by firms looking to report on the eligible-only income basis and has thus become aware that some firms will have reported CIS income incorrectly and might wish to apply to restate their tariff data under FEES 2.3.
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  • EC: Shadow banking

    02/07/2012
    The EC has published responses to its Green Paper which are available to download individually via the following link.
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  • BIS: Monitoring indicators for intraday liquidity management

    02/07/2012
    This consultation documents seeks comments on proposed monitoring indicators for intraday liquidity management and on the supporting regulatory reporting regime. It... is noted that although the indicators will apply specifically to internationally active banks, they have been designed equally to apply to all banks, including those that access payment and settlement systems indirectly via the services of a correspondent bank. Responses are required by 14 September 2012.
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  • European Parliament: Addendum to the report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) as regards the dates of its transposition and application and the date of repeal of certain Directives

    02/07/2012
    The addendum adds a recital noting that “for reasons of urgency it is justified to proceed to the vote before the... expiry of the deadline of eight weeks laid down in Article 6 of Protocol No 2 on the application of the principles of subsidiarity and proportionality” and sets out the draft Parliament position after “legal-linguistic finalisation” by Parliament and Council services.
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  • FATF: Report to G20 leaders

    02/07/2012
    This report provides a summary of FATF’s standards, as introduced in February 2012 and an update on other ongoing work.
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  • TSC: Disposal of Government stakes in Lloyds Banking Group and Royal Bank of Scotland

    02/07/2012
    TSC has published the transcripts of evidence given on 15 May 2012 at hearings attended by representatives from Rothschild, Solid Solutions,... Autonomous and, separately, ABI, Standard Life and Schroders, together with written evidence. 
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  • HoC/Equitable Life Payment Scheme: Update on progress

    02/07/2012
    In a HoC Written Statement, Mark Hoban confirmed that Equitable Life Payment Scheme has written to approximately 90% of all eligible... individual policyholders to inform them of their status within the scheme, and that payments have been made to 288,823 policyholders. In addition, the Scheme has today published a further progress report (second link).
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  • FSA: Decision Notice: Ewa Karczewska

    02/07/2012
    FSA has published this Decision Notice setting out its reasons for objecting to the acquisition of at least 70% of the... issued share capital of Think Finance.com by Ewa Karczewska. FSA’s concerns are summarised as lack of honesty and integrity; lack of reputation and experience directing the business; acquiring control without giving notice and repeated failure to comply with FSA requirements. In 2010, the individual had acquired 70% of the firm without seeking prior FSA approval and there FSA states that there is now “considerable confusion” regarding the ownership of the firm.
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  • IAIS: New signatories to the IAIS Multilateral MoU

    02/07/2012
    This press release notes that the insurance supervisors of Chile, Hong Kong, Qatar and the UK (ie. FSA) have joined the... MMoU, an international supervisory cooperation and information exchange agreement. There are now 26 jurisdictions admitted as signatories to the MMoU, representing slightly more than 40% of worldwide premium volume. The four new jurisdictions constitute almost 8% of worldwide premium volume.
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