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Showing 19051 - 19060 of 19263 matches filtered by 'news item'

  • EC: Proposal for a Directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation

    05/07/2012
    This document highlights outstanding issues in MAD ahead of Working Party discussions on 9-10 July 2012. These include descriptions of... administrative and criminal offences; the ne bis in idem principle; privilege against self-incrimination and penalties.
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  • EC: Short selling

    05/07/2012
    The EC has today adopted a Delegated Act which sets out important technical rules needed to ensure the uniform application and... enforcement of the Short Selling Regulation. This specifies the cases in which sovereign credit default swaps are considered covered, and therefore not banned in accordance with the Regulation. Investors can demonstrate that the sovereign credit default swap contracts they have entered into are covered by demonstrating either a quantitative or a qualitative correlation between the hedged assets and liabilities and the sovereign credit default swap. Other issues addressed include technical rules relating to the reporting of short positions in shares and sovereign debt, and the thresholds which can trigger a short term suspension of short selling in illiquid shares and other financial instruments. A related regulatory technical standard on short selling was also adopted by the EC, based on a draft submitted by ESMA. The Implementing Regulation will enter into force on the day following its publication in the Official Journal, and shall apply from 1 November 2012, except for the provisions on the principal trading venue which shall apply from the date of entry into force.
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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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  • FSA: FG12/16: Assessing suitability: Replacement business and centralised investment propositions

    05/07/2012
    Further to its April 2012 guidance consultation, FSA has now published the finalised guidance together with a summary of feedback received... noting where changes have been made to clarify the guidance.  It considers the factors firms must consider when deciding whether a recommendation to switch a client's investment is in the client’s best interests, the steps firms should take when designing or adopting a CIP and FSA’s expectations of firms to ensure that individual recommendations to invest into a CIP are suitable.
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  • FSCP: Speech by Adam Philips: FSA Annual Public Meeting (3 July 2012)

    05/07/2012
    Text of the above follows. Topics include: MMR; RDR; regulation of consumer credit and FSCP’s priorities for next year. He... comments: “The FSA has been being slow to act to stop mis-selling, to expose and publicise bad behaviour and to discourage the industry from launching products which are poor value. … We are looking forward to the FCA becoming an effective regulator, which is something the FSA has found difficult. To be fair, the FSA has made a serious attempt over the past two years to engage with outcome-focused regulation in the retail market, but the financial crisis has not made that easy. The conduct-focused role of the FCA gives it a better chance of meeting that aspiration, but to be effective it will have to be clearer than the FSA has been about what it expects and more determined to achieve what it sets out to do”.
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  • FSCS: 2011/12 Annual Report & Accounts

    05/07/2012
    In its R&A, FSCS notes that it paid out £347m in compensation to more than 86,000 claimants in 2011/12 and received... almost 97,000 new claims during the year (an increase of 145% on the number received in 2010/11), with the vast majority of new claims relating to PPI.
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  • HoC: LIBOR, public inquiries & FSA disciplinary powers

    05/07/2012
    This library research paper provides an overview for MPs on the key points relating to the LIBOR scandal. It looks at... issues surrounding public enquiries and at the role and limitations of FSA’s disciplinary powers.
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  • OFT: Debit card surcharges

    05/07/2012
    Following OFT enforcement action, 12 airlines have agreed to include debit card surcharges in the headline price rather than at the... end of the booking process. OFT notes that it believes that people should not have to incur surcharges to use a debit card online, but that traders may still impose surcharges for credit cards, which can be more costly to process. However, it is critical that these charges are transparent and not at the end of the booking process.
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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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  • The Pensions Regulator: Report & Accounts 2011/12

    05/07/2012
    The R&A sets out the Pensions Regulator’s progress in its strategic themes, which included improving governance and administration and reducing risks... to DB and DC scheme members.
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