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Showing 18781 - 18790 of 19303 matches filtered by 'news item'

  • FSA: Digital Protect

    07/09/2012
    FSA has published this press release noting that Digital Protect Ltd – also known as Sampora and Domestic Protect – has... been offering insurance for home entertainment and digital equipment without FSA authorisation and that Digital Protect will not be able to arrange new policies or renew existing policies of insurance while they are unauthorised.
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  • IOSCO: Taskforce on unregulated markets and products

    07/09/2012
    In this press release, IOSCO discusses a meeting it is holding in Brussels at the invitation of the Belgian Financial Services... and Markets Authority to discuss structured products and securitisation-related issues.
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  • FSA: Ulster Bank, NatWest and RBS to refund customers after computer problems

    07/09/2012
    In this press release, aimed at consumers, FSA notes that .Ulster Bank, NatWest and RBS are now working to refund and... compensate customers affected by recent computer problems at the banks.
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  • CP12/22**: Client assets regime: EMIR, multiple pools and the wider review

    06/09/2012
    This combined CP/DP proposes a number of changes to the client assets regime. The paper is split into three parts.... Part I outlines the segregation and porting measures in Articles 39 and 48 of EMIR and consequential changes to CASS. Part II sets out proposals for introducing multiple pooling, which FSA suggests could result in the most significant changes made to the client assets regime in over 20 years. It proposes to permit firms to create multiple client money sub-pools in relation to any investment business, with the discretion left to the firm and the clients to determine the basis. For example, a firm may wish to create a separate client money sub-pool for its prime brokerage business, separating it from other parts of business. Alternatively, a client may agree with a firm to have only its own client money held in a client money sub-pool, separate from all other clients’ money. FSA also asks whether firms should be forced to operate certain client money sub-pools, for example splitting out retail from wholesale clients. Part III is a discussion on the wider client assets review currently underway, which is focused on getting a better result in the context of client assets in a firm’s insolvency. Comments must be received by 16 October (for proposals in Part I) and 30 November 2012 (for Parts II and III). FSA expects to publish a FS and final rules in December 2012 (with regard to Part I and feedback and final rules in the first half of 2013 (with regard to Parts II and III). FSA notes that it will provide relevant feedback to the Government to assist in the review of the Investment Banking Special Administration Regulations.
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  • EC: Speech by Michel Barnier: Making financial centres contribute to the wider economy (6 September 2012)

    06/09/2012
    Text of this speech, given at the European Financial Centre Roundtable in Brussels, follows. Topics include: EU financial regulation in... general; the banking union and the structure of the EU’s banking sector.
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  • HoC: Pension scheme charges

    06/09/2012
    This library research paper provides an overview for MPs and describes different charges that apply, the impact they can, the regulatory... framework and measures considered by the Government to mitigate the impact of charges on pension savings
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  • Government Office for Science: Economic impact assessments on MiFID II policy measures related to computer trading in financial markets

    06/09/2012
    This working paper presents important interim findings of the international Foresight project entitled “The Future of Computer Trading in Financial Markets”.... In particular, it considers the costs, risks and benefits of six possible regulatory measures which are currently being considered within MiFID II. It precedes the final project report which will be published later in 2012, and which will consider a broader set of issues surrounding computer-based trading over the next ten years. The report found general support from the evidence for the use of circuit breakers, particularly for those designed to limit periodic illiquidity induced by temporary imbalances in limit order books. There is also support for tick size policy across similar markets. It found less support for policies imposing market maker obligations and suggested that minimum resting times can impinge upon hedging strategies which operate by placing orders across markets and expose liquidity providers to increased ‘pick-off risk’ if they are unable to cancel stale order. It found that the effectiveness of proposed measures to require notification of algorithms or minimum order-to-execution ratios were not supported by the evidence and suggested that although an order-to-execution ratio could potentially reduce undesirable manipulative trading strategies, beneficial strategies may also be curtailed..
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  • TSC: Retrospective tax action

    06/09/2012
    TSC has published a letter from George Osborne , regarding the retrospective tax action taken against Barclays in February 2012, and... comments on the matter in the accompanying press release.
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  • IAIS: 2012 Common Framework

    06/09/2012
    IAIS has published a document which sets out comments provided by respondents on the “ComFrame” consultation. The comments are in... the sequential order of the “questions” (general questions, then comments to modules and elements). Where questions received more than one comment, they are in alphabetical order by respondent.
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  • BoE: Speech/paper by Andrew Haldane:The dog and the frisbee (31 August 2012)

    05/09/2012
    In a paper given at the Federal Reserve Bank of Kansas City’s 36th economic policy symposium, Andrew Haldane discussed why the... type of complex financial regulation developed over recent decades may be sub-optimal for crisis control. The paper is co-written with a BoE colleague, Vasileios Madouros. He argued that regulatory responses to financial crises, past and present, have been to increase complexity with: “...a combination of more risk management, more regulation and more regulators”. He suggested that the Basel framework could take: “...a more sceptical view of the role and robustness of internal risk models in the regulatory framework...simplified, standardised approaches to measuring credit and market risk, on a broad asset class basis, could be used.” And called for a new approach to financial supervision, suggesting that it will require more experienced regulators working to a smaller, less detailed rulebook and that greater simplicity and consistency in disclosure practices could also strengthen market discipline.
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