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Showing 18791 - 18800 of 19303 matches filtered by 'news item'

  • EC: Commission clears the creation of a mobile commerce joint venture by UK mobile operators Telefónica, Vodafone and Everything Everywhere

    05/09/2012
    The EC has unconditionally approved, on the basis of the EU Merger Regulation, the proposed creation of a joint venture between... Vodafone, Telefónica and Everything Everywhere in the field of mobile commerce in the UK. The EC’s preliminary investigation had indicated potential competition concerns in the mobile wallets sector and had earlier opened an inquiry into the matter.
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  • EC: Consultation on a possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts

    05/09/2012
    Following the recent manipulation of LIBOR, the Commission has today launched a consultation inviting stakeholders to comment on possible new rules... for the production and use of indices serving as benchmarks in financial and other contracts. It covers all benchmarks, not just interest rate benchmarks such as LIBOR but also commodities and real estate price indices for example and it seeks to identify possible shortcomings at every stage in the production and use of benchmarks. The press release notes “all options are on the table but any solution should guarantee that benchmarks are not subject to conflicts of interest, reflect the economic reality that they are intended to measure and are used appropriately”. Responses are required by 15 November 2012.
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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)

    05/09/2012
    This Presidency compromise text has been published ahead of Working Party discussions taking place on 10 September 2012.. The document... is marked up to show changes.
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  • FSA: Risks to customers from financial incentives/Speech by Martin Wheatley: The incentivisation of sales staff – are consumers getting a fair deal?

    05/09/2012
    FSA has highlighted a speech made by Martin Wheatley at Thomson Reuters today in which he suggested “financial institutions have changed... their view of consumers from someone to serve to someone to sell to … we, as the regulator, intend to change this culture of viewing consumers simply as sales targets and I am going to be personally involved in getting this right. This will be part of the ongoing improvements we make to regulation as we seek to make markets work well and give people a fair deal.” He notes the results of a review of 22 firms which found that “most of the incentive schemes we looked at were likely to drive people to mis-sell in order to meet targets and receive a bonus, and these risks were not being properly managed.”. FSA and FCA will take forward a programme of work to reduce such risks involving further supervisory work, a wider review of incentive schemes, enforcement proceedings, and a “possible strengthening” of rules. The guidance consultation, which contains full details of the review also contains proposed guidance, that FSA wants all authorised firms to consider when setting up and managing incentive schemes in future. and gives a strong indication of how, in the future, FCA will expect firms to treat customers fairly. The proposed guidance applies to all firms that deal with consumers and have sales staff or advisers who are part of an incentive scheme. Responses are required by 31 October 2012.
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  • SFO: Gilher Inc

    05/09/2012
    Further to a report earlier this month on the convictions, SFO reports that three people have been sentenced to prison terms... of up to nine years for their roles in an investment fraud conducted against expatriates in Majorca. Around £10m was entrusted for claimed high return growth on the US stock market via Gilher Inc, a Seychelles registered entity, but none of it was invested. Confiscation/compensation proceedings are to follow.
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  • TSC: Access to cash machines for basic bank account holders

    05/09/2012
    TSC has published a report setting out its conclusions and recommendations on this topic. It recommends that RBS and Lloyds... reconsider its restrictions on access to cash machines for basic bank account holders and welcomes the public commitment given by Barclays, HSBC and Santander to continue to provide basic bank account holders with unrestricted access to cash machines. TSC intends to write to the other institutions that provide basic bank accounts asking them to confirm that that they will continue to offer this service, and that they do not intend to restrict cash machine access for any of their customers and will publish their responses. The report also includes minutes, written evidence and correspondence.
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  • Antitrust: Commission opens proceedings against Gazprom

    04/09/2012
    The European Commission has opened formal proceedings to investigate whether Gazprom, the Russian producer and supplier of natural gas, might be... hindering competition in Central and Eastern European gas markets, in breach of EU antitrust rules.
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  • Council compromise proposal on MiFIR dated 31 August 2012

    04/09/2012
    The Presidency of the Council of the EU has published a compromise proposal (dated 31 August 2012) on the proposed Markets... in Financial Instruments Regulation (MiFIR).
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  • Eurozone Crisis tops first day back

    04/09/2012
    Bank supervision, wider economic governance and the European Central Bank's role in stemming the Eurozone crisis dominated discussions on Monday in... parliament
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  • FSA update on progress made on banks' interest rate hedging products review and redress exercise

    04/09/2012
    The FSA has udpated its interest rate hedging products webpage to report on progress made on the review and redress exercise... that a number of banks are currently arranging in relation to their sales of these products to small and medium-sized enterprises.
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