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Showing 18771 - 18780 of 19355 matches filtered by 'news item'

  • FOA: Guidance on systems and controls for electronic trading environments

    20/09/2012
    This document supports and seeks to provide more detailed guidance on ESMA guidelines on systems and controls in an automated trading... environment’ (February 2012). It is intended to establish a standard for members to judge the appropriateness of their own control environments in relation to the ESMA guidelines; clarify the obligations and responsibilities that market participants have to one another, to their respective regulators and to the market as a whole; establish example documentation and information required to be provided between industry participants to assist in the efficient but safe operation of the markets; and explain how the industry is implementing the FSMA Guidelines in practice to ensure there is an appropriate control environment to minimise the risks posed by electronic trading. FOA intends to review this guidance periodically to take account of future market or regulatory developments.
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  • EBA/ESMA: Statements of Andrea Enria and Steven Majoor at ECON hearing

    19/09/2012
    EBA and ESMA have published statements made by their chairmen. Andrea Enria notes: “The strong pressure we faced to address... the difficult situation in banking markets and in contributing to the reform of banking rules determined a slower start in the accomplishment of our tasks in the area of consumer protection. … The urgency of making progress in this area is confirmed by the recent episodes of mis-selling, poor compliance with anti-money laundering rules and manipulation of market benchmarks. We are now working at a much higher speed in these areas and envisage issuing important guidelines in the area of mortgage lending - on responsible lending and on arrears management. Reviews of the risks for consumers and banks from financial innovations such as Exchange Traded Funds, Contacts for Differences and structured products are also being finalised. Further work is taking place under the aegis of the Joint Committee”. Steven Majoor sets out the work of the Joint Committee (which he chairs) and goes on to set out ESMA’s activities.
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  • ESMA: Speech by Steven Majoor: Financing European growth: the challenge for markets, policy-makers and investors (18 September 2012)

    19/09/2012
    Text of the above, given at the AFME Roundtable in Brussels, follows. He discusses the role of financial regulation in... the current economic climate and highlights examples of work undertaken by ESMA. He also argues that “capital markets, shadow banking, and new forms of SME financing may indeed play a vital part in alleviating potential credit-funding gaps”.
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  • EC: Österreichische Volksbanken AG

    19/09/2012
    The EC has concluded that restructuring aid granted by Austria to the Austrian bank Österreichische Volksbanken AG (ÖVAG) is in line... with state aid rules. Public support was granted to ÖVAG in the form of capital injections totalling €1 250m, liquidity guarantees totalling €3 000m and an asset guarantee of €100m..
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  • European Parliament: Draft report with recommendations to the Commission on the report of the Presidents of the European Council, the EC, the ECB and the Eurogroup "Towards a genuine Economic and Monetary Union" (2012/2151(INI)

    19/09/2012
    This draft report prepared by rapporteur Marianne Thyssen sets out this topic, including the proposed banking union.
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  • FSA: Speech by Bob Ferguson: Beating the fraudster (13 September 2012)

    19/09/2012
    Text of the above, given at ABI follows. He discusses how FCA will tackle its financial crime responsibilities, particularly in... relation to insurance fraud; and the approach to financial crime and new agencies in the new regime.
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  • HMRC: Implementing the UK-US FATCA Agreement

    19/09/2012
    This consultation sets out how the Government intends to legislate to deliver the commitments made in the FATCA Agreement and seeks... views on the proposed approach. It also requests information on the expected costs of complying with FATCA to inform the impact assessment. It is noted that the content and consultation questions focus solely on aspects requiring implementation in the UK (rather than, for example, the requirements placed on US financial institutions by the US). Responses are required by 23 November 2012.
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  • OFT: Hermes Property Services Limited

    19/09/2012
    OFT has granted Hermes Property Services Limited the right to use the trading name Log Book Loans. Before doing so, it... conducted a detailed investigation and is satisfied that the firm has no ongoing relationship with the owners of Nine Regions Limited (Nine Regions) - a business that previously used the Log Book Loans trading name. The firm had acquired part of the loan book, the staff and business premises of Nine Regions in February 2012, shortly after the First Tier Tribunal struck out Nine Regions' appeal against the revocation of its consumer credit licence and the business went into administration. OFT notes that it had concerns over Hermes Property Services Limited’s business practices. OFT has accepted proposals to address these and imposed requirements to secure the changes to its business practices and to ensure it complies fully with the OFT guidance and law. The firm could be fined if it fails to comply with the requirements, which include relevant parts of the Consumer Credit Trade Association Code of Practice on log book lending..'
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  • TSC: Correspondence on FSA’s approval of the appointment of Bob Diamond as Barclays CEO in September 2010

    19/09/2012
    TSC has published three items of correspondence. The first is a recent letter from Hector Sants to Andrew Tyrie in... which he responds to the LIBOR report and comments on aspects of the approval of Bob Diamond as Barclays CEO. He notes that a statement in the report that FSA did not consider the LIBOR investigation at the time of the appointment was incorrect and that “since the investigation was not concluded it would not have been appropriate to pre judge its outcome. The fact that there were certain conclusions which might be reached which would have precluded Mr Diamond from holding the CEO role were fully appreciated by the FSA at the time and were discussed at an Executive Committee and minuted … , І specifically made clear that we reserved the right to re-assess his suitability in the light of the conclusions reached by this investigation and requested [Marcus Agius] make this clear to Mr Diamond. The reason this point was not made in the letter was because we did not wish to prejudice our enforcement process”. The second link is to information provided by FSA in respect of Hector Sants’ letter. The third item is Andrew Tyrie’s response to Hector Sants.
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  • ABI: Conduct regulation: the way forward/Introductory speech by Otto Thoresen

    18/09/2012
    ABI has set out how the insurance industry wants to work in partnership with FCA to ensure regulation delivers for consumers... in a report which proposes a partnership approach between the insurance industry and the regulator. A speech by Otto Thoresen at the ABI event gives a synopsis of the report and he argues: “We cannot expect to build consumer confidence, if we get stuck in a predator/prey; poacher/gamekeeper; industry versus regulator mentality. The way ahead for regulation, has to be one where the industry and regulator work in partnership to focus on what needs to be done for consumers”
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